Bangladesh's Export Development Fund has been cut by one billion dollars

Bangladesh’s Export Development Fund has been cut by one billion dollars

0 minutes, 32 seconds Read

The Export Development Fund, set up to help exporters with foreign exchange on comfortable terms, has fallen from $1 billion to $6 billion, a development that could ease pressure on forex reserves.

According to Bangladesh Bank spokesperson Mezbal Haq, businesses were borrowing less from the foreign currency fund as Bangladesh Bank formed an alternative fund in local currency.

EDF was established in 1989 with a small amount of reserves, which gradually grew to $7 billion. Exporters can repay their loans from the proceeds of their exports. When the export proceeds are wired, the bank deducts the loan amount, converts the remaining amount into taka and transfers the amount to the customer.

559 Total Views 1 Views Today
Spread the love

Similar Posts