The Bangladesh Bank has eased loan rescheduling policy for raw-jute exporters for the next two years.
The central bank on Sunday in a circular stated that raw-jute exporters could reschedule loans with a 2 per cent down payment of their outstanding loans. The loan outstanding will be calculated based on March 31, 2024.
As a result, the traders can get loans from scheduled banks as their moratorium will be accepted by banks.
Though Bangladesh is the global top raw jute exporter country, the traders have faced difficulties in exporting the item in the past few years.
The traders of this sector said that production costs had increased while export prices had stagnated on the global market.
鈥極ut-dated technology and old machinery have decreased the efficiency of the industry. Inefficient management and corruption have led to operational losses,鈥� said Abu Sufiya, a raw-jute exporter.
A lack of investment in modernisation and innovation has made the industry less competitive, he said.