Import of industrial raw materials has been relaxed by extending usance period in payment by six months till June 2024.
Earlier, this facility was available till December 2023.
In foreign trade, usance is the allowable period of time, permitted by the customs, between the date of the bill and its payment.
The Bangladesh Bank in a circular issued Thursday said such facility will be applicable in case of industrial raw-material imports, including back-to-back imports, and imports of agricultural implements and chemical fertilisers under buyer credit.
The extended usance period will not be applicable to imports under loans from the Export Development Fund, says the circular, issued by Foreign Exchange Policy Department of the central bank.
The central bank has relaxed foreign-exchange regulations, allowing banks to extend the usance period for lifesaving-drug imports up to six months instead of three months.
"We've relaxed our regulations to facilitate import of industrial raw materials as the producers need time to process and export of their goods," a senior Bangladesh Bank official told the FE.
He also hopes the measure will help in ensuing availability of raw materials.
jasimharoon@yahoo.com