BB takes Refinance Scheme of Pre-shipment Credit : Dy Governor

BB takes Refinance Scheme of Pre-shipment Credit : Dy Governor

Dhaka, Feb 28 - Bangladesh Bank Deputy Governor Kazi Sayedur Rahman on Wednesday said, to ensure uninterrupted exports, the Central Bank has taken up a number of Refinance Scheme of Pre-shipment Credit for all export oriented industries. 

The Deputy Governor informed that the scheme is fully funded by Bangladesh Bank with interest rate of 5%. Exporters are also availing Export Development Fund facilities at a lower interest rate in foreign Currency.

He was speaking as chief guest at a review workshop on “Trade Services Operations of Banks” at Bangladesh Institute of Bank Management (BIBM) at Mirpur in Dhaka. 

The Deputy Governor further said, for an efficient and dynamic  offshore banking operations, Bangladesh Bank is closely working with the government.  As foreign exchange market is very volatile, the central Bank has brought changes in trade financing in foreign currency and currency swap. The BB has introduced  a currency swap guideline for the first time, which is expected to rebuild foreign exchange reserves and ease local currency liquidity stress.

Besides, he said, prevention of trade-based money laundering is another key factor for the stability of foreign exchange market, where Bangladesh Bank is continuously advising and supervising banks so that mis invoicing can be detected. In this regard, the central Bank has required banks to inform it 24 hours before opening an import letter of credit (LC) worth USD 3 million or above – as part of its measure to save dollars amid volatility in the foreign currency market. 

Dr Shah Md Ahsan Habib, Professor of BIBM presented the keynote paper. Among others, Mosleh Uddin Ahmed, MD and CEO Shahjalal  Islami Bank PLC, discussed on the keynote paper.

Dr Md Akhteruzzaman, Director General, BIBM, Chaired the programme.