Dhaka, Bangladesh (BBN)– The central bank of Bangladesh has sought BDT 21.50 billion from the government to clear the banks’ outstanding cash incentive for major local exporters, officials said.
The Bangladesh Bank (BB) has already sent a letter to the Ministry of Finance (MoF) in this connection seeking the second tranche of cash incentive/subsidy fund.
The MoF has already released the first tranche of BDT 8.75 billion as cash incentive/subsidy in favour of the BB in the current fiscal year (FY), 2015-16.
Of the amount, some BDT 1.25 billion and BDT 7.50 billion were released for the exporters of jute sector and those of other sectors respectively, according to the official statistics.
The banks’ unpaid dues as cash incentive stood at over BDT 10.70 billion until August 20, 2015.
Of the amount, jute sector and other sectors will get over BDT 684 million and BDT 10.02 billion respectively, according to BB data.
The fund sought will be needed for the second tranche of the fund, to be paid in the current FY, according to the banks’ demand trend in the last three months.
The government has fixed the country’s 14 export sectors to provide cash incentive and subsidy facility through the central bank in the FY 16.