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28 February 2024

Business Insider Bangladesh

BB unveils export incentives ahead of LDC graduation

BI Desk || BusinessInsider

Published: 00:57, 31 January 2024  
BB unveils export incentives ahead of LDC graduation

Representational photo

Bangladesh Bank (BB) has announced incentives across all export items for aligning with its impending graduation from the Least Developed Country (LDC) status in 2026.

Bangladesh Bank (BB) on Tuesday issued a circular in this regard.

The circular will be effective from 1 January 2024 and will be valid till 30 June 2024.

For example, the special incentive for the readymade garments sector has been scaled down from 1 percent to 0.5 percent.

Also, incentives for venturing into new markets have witnessed a 1-percentage point reduction to 3 percent. This reduction extends to various sectors including jute and jute goods, leather and leather products, frozen fish, agro products, and more.

Before the circular came into effect, the highest incentive rate was for agro products, potatoes, and processed meats at 20 percent, which has now been reduced to 15 percent.