Regulatory Alerts2013-12-15
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FE Circular No. 15: Interest rate on borrowing from Export Development Fund (EDF)
Bangladesh Bank reduces the interest rate charged to Authorized Dealers on Export Development Fund loans from six-month USD LIBOR plus 1% to six-month USD LIBOR plus 0.50%. Authorized Dealers are required to charge exporter-borrowers an interest rate of six-month LIBOR plus 1.50% instead of the previous 2.50%. These reduced rates apply to disbursements made over the next six months from the date of the circular.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. www.bb.org.bd FE Circular No. 15 Date: December 15, 2013 All Authorized Dealers of Foreign Exchange in Bangladesh Dear Sirs, Interest rate on borrowing from Export Development Fund (EDF) Please refer to paragraph 2 of FE Circular No. 25, dated December 22, 2009 in terms of which interest on EDF loan disbursements to Authorized Dealers (ADs) in USD is charged interest by Bangladesh Bank at six-month USD LIBOR + 1%, with the ADs charging at six month LIBOR + 2.50% on their USD loan disbursements to manufacturer -exporters. 02. It has now been decided that to help exporters overcome hardships from the ongoing disruptions in normal shipment activities, interest rates on EDF loans to ADs will be charged by Bangladesh Bank at six-month USD LIBOR + 0.50%, while ADs will charge interest on the exporter-borrowers at six-month LIBOR + 1.50%; for disbursements over the next six months from the date of this circular. Please bring the content of this circular to the notice of all concerned. Yours faithfully, sd/- (Md. Abdul Mannan) Deputy General Manager Phone: 9530319
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