The Bangladesh Bank has extended its relaxed loan repayment system until September 30, taking into account the impact of the coronavirus on the country’s trade and business.
According to a circular issued by the central bank on Monday, the classification of loans will not change between January 1 and September 30 of this year, even if someone has not repaid the loan on schedule.
Previously, the facilities were applicable until June 30 in accordance with the circular published on March 19 of this year.
The new circular, issued by its Department of Banking Regulation and Policy (BRPD), said businesses in Bangladesh were affected like other parts of the world due to the coronavirus outbreak.
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It is speculated that many loan recipients might not be able to repay their loans on schedule, he said.
In such a situation, there is concern that trade and business will be affected and overall employment will be hampered.
Given the situation, it has been decided that the classification of any loan will remain unchanged until September 30 and will be treated as it was from January 1, circular BB mentions.
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But if the classification of the loan is improved, it could be upgraded by then, he added.
