• Sunday, Aug 09, 2020
  • Last Update : 10:28 pm

Rawhide traders can reschedule loans with 2% down payment

  • Published at 07:27 pm July 5th, 2020
A man tans cattle hide in the sun to turn it into leather <b>Mahmud Hossain Opu/Dhaka Tribune</b>
Mahmud Hossain Opu/Dhaka Tribune

Current loans could be rescheduled for a maximum six years and term loans for as long as eight years with one year grace period

Leather traders now can reschedule their defaulted loans after paying a minimum 2% down payment and get fresh loans for purchasing raw hides during and after the Eid-ul Azha.

“Banks can reschedule loans of leather traders as of June 30 this year against a minimum 2% down payment for a maximum period of eight years with one year grace period,” said a Bangladesh Bank circular issued on Sunday.

Current loans could be rescheduled for a maximum six years and term loans for as long as eight years with one year grace period, it clarifies.

Traders will have to apply for rescheduling their defaulted loans to their dealing banks within July 30.

A high official of the central bank has said some loans or investment in the leather sector were classified due to non-repayment for various reasons. 

As a result, it is not possible to maintain normal credit flow in this sector unless loans are rescheduled ahead of Eid-ul Azha, he adds.

The BB circular said the export-oriented leather industry is depended on domestic raw materials, like raw hides.

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