Home ›› 08 Jul 2022 ›› News
The raw jute exporters have been provided with a two-year moratorium facility with repayment of their loans in 10 years.
“The privilege was offered to bring the raw jute exporters back in business,” said the Bangladesh Bank in a circular on Thursday.
The central bank issued the circular in response to an instruction given by the finance ministry on June 29.
The default borrowers will be allowed to enjoy the block account facility until March 31, 2022 against their outstanding loans, considering the sector’s current ailing condition, the circular said.
To get the opportunity, the default borrowers will have to pay 2 per cent down payment. The rate of interest on the transferred fund will have to be fixed based on the cost of the fund.
The ministry suggested that existing lawsuits against defaulters can be settled through compromise after introducing the block account system. In case of new lending, the banks can decide on the basis of their relationship with the customers.
Raw jute exports increased 56.48 per cent to $216.18 million in FY22 compared to the previous financial year.
