Regulatory Alerts2020-10-28
Added · Updated
FE Circular No. 47: Interest rate on borrowing from Export Development Fund (EDF)
The document reduces the interest rate on Export Development Fund (EDF) loans to 1.75 percent per annum for eligible borrowers for disbursements made until March 31, 2021. Authorized Dealers are required to pay Bangladesh Bank an interest rate of 0.75 percent per annum, while retaining the remaining 1.00 percent per annum as their interest income. This directive is effective immediately and applies to all Authorized Dealers in Foreign Exchange in Bangladesh.
Foreign Exchange Policy Department Bangladesh Bank Head Office Dhaka. www.bb.org.bd FE Circular No. 47 Date: October 28, 2020 All Authorized Dealers in Foreign Exchange in Bangladesh Dear Sirs, Interest rate on borrowing from Export Development Fund (EDF) Please refer to paragraph 2 of FE Circular No. 18, dated April 07, 2020 regarding interest rate on EDF loans. 02. Given the ongoing situation due to COVID-19, it has been decided to reduce interest rate on EDF loans at 1.75 percent pa chargeable to eligible borrowers; for disbursements until March 31, 2021. In accordance with the decision, ADs shall make interest payments to Bangladesh Bank at 0.75 percent pa; the remainder 1.00 percent pa as before will be retained by ADs as their interest income. Other relevant instructions on EDF shall remain unchanged. Please bring the contents of this circular, effective immediately, to the notice of your concerned clientele. Yours faithfully, (Mohammad Khurshid Wahab) General Manager Phone: 9530123
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