Dhaka: In a significant move to facilitate industrial growth, Bangladesh Bank (BB) has announced that industrial importers are now permitted to import capital goods on a usance term of up to three years. This policy update is aimed at supporting the industrial sector by providing greater flexibility in financial planning and management.
According to Bangladesh Sangbad Sangstha, the central bank issued a circular stating that the decision was made during the 186th meeting of the Scrutiny Committee on Foreign Loan/Supplier's Credit of the Bangladesh Investment Development Authority (BIDA). The meeting, which was chaired by the Governor of Bangladesh Bank, highlighted the importance of this measure in boosting industrial activities.
The circular specifies that Authorized Dealers (ADs) may allow their industrial importers to import capital machinery and/or capital goods on a usance term of up to three years under supplier's/buyer's credit. This extension of the usance tenure is also applicable to imports by industrial enterprises operating in export processing zones, private export processing zones, economic zones, hi-tech parks, and other areas designated as specialized zones by the government. However, the usance period for the import of spares will remain capped at 360 days in all cases.