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Loan from Export Development Fund (EDF) for opening LC (24 June,2014)

Type: Circular
Issuing Agency: Bangladesh Bank
Responsible Agency: Bangladesh Bank
Issuing Date: 24-06-2014
Foreign Exchange Policy Department
Bangladesh Bank
Head Office Dhaka.
FE Circular No.26                                                                                                         Date: 24 June, 2014
All Authorized Dealers of Foreign Exchange in Bangladesh
Dear Sirs,
Export Development Fund (EDF)
Please refer to paragraph 5 of FE Circular No. 25, dated December 22, 2009 read with FE Circular No. 13, dated October 10, 2013 in terms of which an Authorized Dealer may borrow maximum USD 12.00 million loan from EDF against their foreign currency financing of input procurement for a manufacturer-exporter against an export LC/firm export contract/inland back to back LC. This maximum borrowing limit is also admissible for a member mill of BTMA making bulk import of raw cotton and other fibres against local deliveries of yarn to manufacturer-exporters through inland back to back LCs in foreign exchange.
02. It has now been decided to enhance the existing limit of USD 12.00 million to USD 15.00 million as a maximum single borrower limit for manufacturer- exporter/BTMA mill including BGMEA/BKMEA mill.
Other instructions contained in FE Circular No. 25, dated December 22, 2009 and relevant instructions of subsequent circulars shall remain unchanged.
      Yours faithfully,
(Md. Zakir Hossain Chowdhury)
Deputy General Manager 
Phone: 9530250

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