DHAKA: Bangladesh is finalising deals with India and others to import a total of 330,000 tonnes of rice as it races to replenish reserves and cool domestic prices, two officials with direct knowledge of the matter said. Soaring prices of the staple grain for the Country’s 165 million people pose a problem for the Government, which plans to expand cut-price rice sales to help people hard-hit by high costs.

The South Asian Country will buy 100,000 tonnes of parboiled rice from an Indian public sector firm and 200,000 tonnes of parboiled rice and 30,000 tonnes of white rice from Vietnam, the Government officials said.

Bangladesh recently slashed import duty on rice to 15% from 25%, cutting it for the second time since July in a bid to boost private imports.

Its private rice import plan, however, faces a setback with only 36,000 tonnes bought since July, after the government allowed private traders to import nearly 1 million tonnes of the staple grain after slashing duty to 25.0% from 62.5%.