BB relaxes loan classification policy due to coronavirus
BSS, Dhaka
Bangladesh Bank (BB) has asked the scheduled banks to suspend adverse classification of loans till June 30 to facilitate business activities in view of the coronavirus outbreak. Due to coronavirus, the world trade as well as Bangladesh business has faced the negative impact. For the ongoing adverse effects of the corona virus on the overall economy of the country, including imports and exports, many borrowers are not able to repay their loan in time, said a BB circular issued yesterday.
Under the relaxations, the banks have been instructed not to adversely classify any loans till June 30 from the states of January 01, 2020.
Meanwhile in another circular, BB relaxed foreign exchange regulations for trade transactions for Authorized Dealers (ADs) citing that ADs may allow exporters to extend the tenure of realisation of export proceeds up to 60 days, as additional time from specified period of 4 months from the date of shipment, for bonafide grounds.
