Bangladesh Bank extends support for textile-RMG sector

The Bangladesh Bank recently extended the tenure of its policy support for textile and readymade garments (RMG) businesses for export-import till March 31 next year. The support, announced earlier to help the sector recover from the pandemic, was scheduled to end on September 30. Several stimulus packages were also launched by the government.

The circular said the bankers are allowed to extend the period for realisation of the export proceeds by up to 90 days in addition to the stipulated four months’ timeframe from the date of shipment. In March, the bank allowed the banks to extend the period of realisation of the export proceeds by up to 60 days.

Other facilities, which were granted in March this year, would remain unchanged, Bangla media reported citing the bank circular.

The bank circular of March also extended the tenure of the Export Development Fund loans, which would now be six months from the existing tenure of three months.

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