The country’s top trade body has today urged Bangladesh Bank to take action to ensure that existing borrowers are not classified as defaulters until December this year.
“Businesses are still going through difficult times due to Russia’s invasion of Ukraine and the continued instability in the global market,” said Md Jashim Uddin, President of the Federation of Chambers of Commerce and Industry. of Bangladesh (FBCCI).
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He made the remark during a press briefing after a meeting with BB Governor Fazle Kabir at the central bank’s headquarters in the capital.
“We have requested Bangladesh Bank to review the existing loan classification policy so that companies do not misrepresent loan repayments,” Jashim said.
The FBCCI asked the BB to provide a long-term fund to a bank in the form of a refinancing plan to enable it to lend to businesses because borrowing short does not help borrowers.
Jashim also urged the central bank to increase the size of the export development fund to $10 billion from the current $7.5 billion.
“This is because the price of raw materials has increased globally and many buyers are making deferred payments.