BRPD Circular Letter No. 35: Implementation of stimulus packages declared by Bangladesh Bank

Ref No: BRPD Circular Letter No. 35
Banking Regulation and Policy Department
Bangladesh Bank
Head Office, Dhaka.
02 July 2020
BRPD Circular Letter No. 35 Date: --------------------- 18 Asharh 1427 Managing Director/Chief Executive All Scheduled Banks operating in Bangladesh.
Dear Sir,
Regarding the implementation of various loan/investment stimulus packages formulated by Bangladesh Bank.
With reference to the subject above, it is brought to your attention that in light of the outbreak of Covid-19, Bangladesh Bank has announced various loan/investment stimulus packages to reactivate income-generating activities, including the affected industrial, service, and agricultural sectors. If these packages are not implemented in a timely manner, the primary objective of formulating the packages will be thwarted.

2. In order to implement the loan/investment stimulus packages quickly and properly, meetings were held with the Chief Executives of banks that have been allocated 50 billion BDT and above under the package of 30,000 crore Taka announced for providing working capital facilities to institutions in the affected industrial and service sectors, and banks that have been allocated 30 billion BDT and above under the package of 20,000 crore Taka announced for providing working capital facilities to micro (including cottage industries) and small/medium enterprises, presided over by the Governor of Bangladesh Bank on June 17, 2020, and July 2, 2020. In these meetings, bank representatives informed Bangladesh Bank that they have taken all kinds of initiatives to implement the majority of the packages by July 2020. It was also informed to all that Bangladesh Bank will provide all kinds of cooperation for the implementation of the packages through the banks.

3. Based on the statements of the bank representatives present in the aforementioned meetings, it is suggested that the majority of the loan/investment stimulus packages be implemented by July 2020 and the remaining part by August 2020 through the effective steps taken and to be taken by them.

Yours faithfully,
Md. Nazrul Islam
Chief Manager
Phone: 9530252