Bangladesh Bank has extended the usance period for imports of industrial raw materials, agricultural machinery, and chemical fertilizers by another six months. This extension means the grace period for making payments for goods imported through letters of credit (LC) will now end on December 31, rather than today. Previously, on December 14 last year, the central bank had extended the usance period from 180 days to 360 days, effective until June 30 this year. The 360-day usance period applies to the imports of industrial raw materials, including back-to-back imports, and imports of agricultural implements and chemical fertilizers under the buyer’s credit. However, this extension will not apply to imports financed through loans from the Export Development Fund of Bangladesh Bank. This move aims to provide more flexibility to importers in managing their payment schedules amid ongoing economic challenges.
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