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The Financial Express

Usance period of life-saving drug imports extended

FE REPORT | Published: March 25, 2020 11:09:56 | Updated: March 29, 2020 19:16:10


File photo used for representation purpose (Collected) File photo used for representation purpose (Collected)

The central bank has relaxed foreign exchange regulations, allowing banks to extend the usance period of life-saving drug imports up to six months instead of three months.

It will depend on the actual needs of their concerned clients.

"We've relaxed our regulations to facilitate drug importers, who have faced problem due to supply chain disruptions caused by coronavirus outbreak," a senior Bangladesh Bank official told the FE.

He also said it will help ensuing availability of life-saving drugs in the local market.

In foreign trade, usance is the allowable period of time, permitted by custom, between the date of the bill and its payment.

"With a view to minimizing COVID-19 pandemic related disruptions to imports of life saving drugs, it has been decided to allow the authorized dealers to extend the usance periods up to maximum of 180 days instead of current 90 days depending on the actual needs of their concerned clients."

The central bank made the above statement in a notification on Tuesday.

Such relaxation will be continued till September 30 this calendar year.

siddique.islam@gmail.com

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