BB releases Tk2,000cr initially from govt stimulus package

Sunbd Desk || Published: 2020-05-03 14:20:28 || Updated: 2020-05-03 14:24:37

Due to the coronavirus government declard Tk5,000 crore stimulus package from that Bangladesh Bank has released initially Tk2,000 crore to banks  .

’38 banks applied for Tk2,566.19 crore from package’

“We have already released Tk2,000 crore from the stimulus package after getting loans applications from the respective banks. However, 38 banks applied for Tk2,566.19 crore from the package,” said BB Executive Director Md Serajul Islam, also the central bank’s spokesperson, told on Sunday.

He also added that the central bank has applied to the Finance Ministry to get the rest of the money.

Earlier, export-oriented businesses were asked to submit loan application to their respective banks within May 2 to avail the benefits of the government’s stimulus package.

As per a central bank circular, banks have also been allowed to disburse the fund for the payment of wages of the respective businesses from Sunday.

“The Tk5,000 crore fund would be disbursed as wages to workers and employees equally for three months from April to June,” according to BB guidelines.

As per the guidelines, companies availing the loans under the package will have to pay back the sum within two years, or else they will be considered as defaulters.

The interest-free loan, which will be used to pay wages to the employees of the industrial units, will carry 2% service charge and has a repayment period of two years, including a grace period for six months from July to December this year.

On March 25, Prime Minister Sheikh Hasina announced a stimulus package of Tk5,000 crore for export-oriented industries.

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