The government has authorised imports of green chillies and plans to reduce the existing taxes on those imports.
Agriculture Minister Mohammad Amin Ur Rashid said the measures were intended to stabilise prices.
He said import operations would start on 3 August.
The minister said he expected prices to reach a tolerable level within two to five days, an outlook that has not yet been verified.
Green chillies were selling for Tk320 to Tk380 per kilogram in Dhaka markets on 2 August.
The retail price had risen to as much as Tk400 per kilogram two to three days earlier.
The commerce, agriculture and food ministries held a meeting to review conditions for essential food and agricultural goods before the announcement.
The commerce minister, agriculture minister and state minister for food later visited Shantinagar kitchen market in Dhaka.
Dhaka South City Corporation Administrator Md Abdus Salam was also present during the market visit.
Commerce Minister Khandaker Abdul Muktadir said the government would take necessary steps to keep the market affordable for consumers.
The announced measures did not specify the revised tax rate, import volumes, countries of origin or participating importers.