Dhaka, Bangladesh (BBN) – The central bank of Bangladesh is going to introduce a BDT 1.0 billion refinancing scheme aiming to revive the country’s jute sector through ensuring its fair price at the farmers’ level.
“We’re going to introduce the scheme within this calendar year to revitalise the country’s jute sector,” Bangladesh Bank (BB) deputy governor SK Sur Chowdhury said while announcing the refinancing scheme at a press conference at the central bank in the capital Dhaka on Wednesday.
He also said jute traders and mill owners will be allowed to avail such loans at single digit interest rate under the new scheme.
A high-powered committee, headed by the BB deputy governor, has already been formed to finalise the procedures of the refinancing scheme.
“We’ll meet after the Eid-ul-Azha festival to fix the interest rate and the maximum amount of the loan to be sanctioned to a single borrower,” the deputy governor said while replying to a query.
He also said the BB will sign a memorandum of understanding (MoU) with commercial banks interested to implement the scheme. “The banks will be eligible to receive funds under the scheme immediately after they sign MoUs with the BB.”
SM Moniruzzaman, BB executive director, also spoke on the occasion.
BBN/SSR/AD-09Oct13-9:23 pm (BST)