Bangladesh Bank (BB) recently extended policy support for external trade transactions from December 31 last year to June 30 this year, considering the pandemic’s impact on economic activities. A circular from the central bank said external trade activities of the country are found changing gears and the decision was taken to facilitate a smooth transition.

The usance period—the allowable period permitted by customs between the date of the bill and its payment—for import of industrial raw materials, including back-to-back imports and import of agricultural implements and chemical fertilizers under suppliers’ or buyers’ credit, can be extended up to 270 days. Earlier the bank has fixed it at 180 days for external trade transactions.

The notification also increased the Export Development Fund (EDF) loans’ limit of $25 million to $30 million till June 30 for member factories of two garment sector trade bodies, according to Bangla media reports.

Bangladesh Bank (BB) recently extended policy support for external trade transactions from December 31 last year to June 30 this year, considering the pandemic’s impact on economic activities. A circular from the central bank said external trade activities of the country are found changing gears and the decision was taken to facilitate a smooth transition.

Businessmen in the sector say the policy assistance provided by Bangladesh Bank will ease foreign trade and help revive economic activities.

Fibre2Fashion News Desk (DS)