FBCCI seeks further flexibilities in BB policy

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The Federation of Bangladesh Chambers of Commerce and Industry has called for further relaxations in the loan rescheduling policy of the Bangladesh Bank to overcome the global economic crisis due to the Covid pandemic and the Russian-Ukrainian war.

FBCCI Chairman Md Jashim Uddin on Thursday sent a letter to the central bank governor in this regard.

In the letter, Jashim demanded that the central bank ensure equal facilities for all types of borrowers under the BB’s new rescheduling guidelines granting an eight-year repayment term on term loans and fixed-term loans. view for both large and small scale borrowers.

It also demanded a loan rescheduling facility with a 2.5% down payment for all types of borrowers.

In the letter, Jashim said they had previously asked the central bank to set the loan repayment rate for CMSMEs and agricultural borrowers, and for large industries at 15% to 25% of the outstanding loan amount. respectively under easing. loan classification system.

He also appreciated the latest changes to the BB’s loan rescheduling policy, saying the offers have helped businesses survive amid the Covid crisis.

On July 18, Bangladesh Bank issued a new policy on rescheduling classified loans, allowing defaulters to reschedule their loans more than three times with very low down payments.

According to the policy, defaulters would have the option of rescheduling their loans for up to 29 years.

The down payment amount, a prerequisite for rescheduling delinquent loans, has been sharply reduced to 2.5% from 10% of the outstanding loan amount.

Even if a loan has already been rescheduled for four or more terms, banks are allowed to reschedule the same loan for another term and the scope will remain valid until December 2023.

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