Private importers get more than a year for deferred payment

The central bank has said the private-sector businesses involving foreign loan/supplier credit would now get deferred payment time limit beyond one year.

The regulator of the banking system issued a circular to this effect on Tuesday.

It said any eligible importer might submit an application to the BIDA (Bangladesh Investment Development Authority) for extension of usance period/refinancing to be allowed by suppliers/lenders against permissible deferred imports with credit exposure to the importers beyond one year.

But the Bangladesh Bank said applications will have to submit to BIDA (formerly Board of Investment) at least one month before maturity of the deferred imports concerned.

Earlier, importers used to get such facility up to one year.

Md Shahidul Islam, general manager (current charge) at the foreign exchange policy department of the banking regulator, signed the order.

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