BB extends policy supports to exporters

The central bank has relaxed its foreign exchange regulations in a bid to give exporters more time to bring in the export proceeds.

Bangladesh Bank said this in a circular on Monday.

“Given the ongoing situation due to Covid-19, it has been decided to continue the policy support till December 31, 2021,” said the BB.

These policy supports include extension of time to bring back export proceeds and loans from the BB’s Export Development Fund (EDF).

Exporters have hailed the BB’s decision as they think it would give them more time to get money from buyers.

An exporter used to get 120 days to bring in export proceeds, but they will now get 180 days as the ongoing coronavirus pandemic has hit businesses hard across the world.

With this circular, the tenure of EDF loans has also been extended to 180 days instead of 90 days.