The Bangladesh Bank has brought down the interest rate by 0.5 per cent to 3 per cent against the short-term trade finance in foreign currency considering the ongoing global market trends.
The central bank on Tuesday issued a notice saying that the revised all-in-cost ceiling per annum is set with a mark-up of 3.00 per cent over the benchmark rate applicable to the relevant currency against short-term permissible trade finance.
The notice also asked banks to continue financing arrangements with LIBOR (London Interbank Offer Rate) as the benchmark rate till its usability is ceased.
Earlier the rate was 3.50 per cent over the relevant benchmark rate.
Industry insiders said that the revision will save importers for imports under buyer’s credit in foreign currency.
