Bangladesh will slash the duty on rice imports in an effort to bolster reserves and cool record prices of the staple grain in the country, the food minister said on Sunday.

The import duty on rice will be lowered to 25% from 62.5%, Food Minister Sadhan Chandra Majumdar told reporters.

Bangladesh, traditionally the world’s third-biggest rice producer, has emerged as a big importer of the grain lately due to depleted stocks and record local prices after repeated flooding ravaged its crop.

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