Dhaka, Bangladesh (BBN)– Country’s commercial banks have been advised to reduce interest rates on lending along with providing long term repayment facility to ship building industry, officials said.
The Bangladesh Bank (BB), the country’s central bank, issued a circular letter in this connection on Wednesday and advised the managing directors and chief executive officers of all scheduled banks to follow the instructions properly.
Talking to the BBN, a BB senior official said the central bank has just communicated a decision of the ministry of finance to the banks through issuing the letter.
Under the decisions, the banks and non-banking financial institutions (NBFIs) may restructure the outstanding working capital as on December 31, 2017 into 10 years term-loan repayable quarterly with three years moratorium period without taking any down payment to minimise the liquidity problem of export-oriented shipyards.
Besides, liabilities of rescheduling on the loans, provided by banks and NBFIs concerned earlier, may be repayable under the facility, it added.