Bangladesh textile exports will receive fund support

Recently, the Bangladesh Bank decided to increase the allocation of 25% of the Export Development Fund (EDF) special loan to US$1.5 billion on the original basis to support Bangladeshi exporters in their export business.
The Central Bank of Bangladesh stated that the increase in the disbursement of EDF special loans is mainly based on Bangladesh’s good foreign exchange reserves in recent years (Bangladesh’s foreign exchange reserves were 21 billion US dollars on June 24). From June 1 to 20 alone, the remittance of Bangladeshi labor exporters The U.S. dollars returned amounted to 894 million U.S. dollars. The Central Bank of Bangladesh specifically issued a notice to major commercial banks, allowing them to issue EDF loans to member merchants of Bangladesh Textile Association, Garment Import and Export Association and other organizations. The loan interest rate was also correspondingly changed from the previous London Interbank Offered Rate (LIBOR). A rise of 2.5% was adjusted to 1.5%.