BRPD Circular Letter No. 22: Financial stimulus package to mitigate probable economic impact due to breakout of Novel Corona Virus (COVID-19)

Website: www.bb.org.bd Banking Regulation and Policy Department Bangladesh Bank Head Office Dhaka. 03 May 2020 BRPD Circular Letter No. 22 Date: ----------------- 20 Baishakh 1427 Managing Director/Chief Executive All Scheduled Banks and Financial Institutions operating in Bangladesh. Dear Sir, Regarding financial stimulus to mitigate probable economic impact due to the outbreak of Novel Corona Virus (COVID-19) in Bangladesh. Your attention is drawn to BRPD Circular No. 08/2020 issued on 12 April 2020 regarding the subject mentioned in the title. 2. It has now been decided that paragraph 8(a) of the said circular shall be replaced as follows: ''For the purpose of availing this facility, the loan/investment outstanding (Loan Outstanding) including accrued interest/profit against the loan/investment shall not exceed the sanctioned loan/investment limit. However, if for any reason the loan/investment outstanding exceeds the loan/investment limit due to the imposition of interest/profit, it must be repaid/adjusted by the loan/investment recipient within the subsequent 10 (ten) working days after the end of each quarter;'' 3. Furthermore, to ensure the smooth execution of the activities mentioned in the said circular, banks and financial institutions may, if necessary, seek assistance from FBCCI or its member chambers/associations in activities related to borrower selection, loan/investment disbursement, supervision, and recovery. 4. All other terms and conditions of the circular shall remain unchanged. This instruction shall be effective immediately. Yours faithfully, (Md. Nurul Alam) Deputy General Manager Phone: 9530359