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Bangladesh Bank cuts EDF interest rate further

Staff Correspondent | Published: 22:34, Oct 28,2020

 
 

The Bangladesh Bank on Wednesday lowered the interest rate on loans from the export development fund by 0.25 percentage points to bring some ease for the exports in the context of falling interest rate on the global market.

The BB issued circular in this regard on the day lowering the EDF fund interest rate at 1.75 per cent from 2 per cent.

The central bank said that the reduced interest rate would remain effective until March 31, 2021.

From now on, bank will get loans from the central bank at the rate of 0.75 per cent which they will have to disburse to eligible customers at the rate of 1.75 per cent.

The BB lowered the rate afresh within a few months of lowering the rate to 2 per cent in April this year immediately after the coronavirus outbreak.

In April, the central bank also enhanced the size of the EDF to $5 billion from $3.5 billion.

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