Regulatory Alerts2020-04-22
Added · Updated
SFD Circular No. 01: Refinance Scheme for Pre-Shipment Credit to Mitigate the Crisis due to Novel Corona Virus
The Sustainable Finance Department of Bangladesh Bank establishes a BDT 5,000 crore refinance scheme for scheduled banks to provide pre-shipment export credit during the novel coronavirus crisis. Participating banks must sign an agreement with the department and submit weekly applications for refinancing after goods are shipped, accompanied by specific documentation including loan distribution certificates and inspection reports. The scheme sets interest rates at 6% per annum for borrowers and 3% per annum for banks, requires quarterly reporting on loan disbursement and recovery within 15 days of quarter-end, and mandates that banks maintain a minimum 10% cash margin or collateral coverage.
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