Chittagong Chamber of Commerce wants loan classification deadline changed to 31 Dec
Chamber President Mahbubul Alam made the request on Sunday in a letter to Bangladesh Bank Governor Fazle Kabir
The Chittagong Chamber of Commerce and Industry (CCC) recently requested Bangladesh Bank (BB) Governor Fazle Kabir to extend the deadline for loan status classification, from 30 June to 31 December instead.
CCC President Mahbubul Alam made the request on Sunday in a letter to Governor Kabir, citing the severe impact of the ongoing Covid-19 impact on the country's economy.
Alam wrote, "The global economy is facing a downturn due to the Covid-19 pandemic. We do not know when this disease will end. This pandemic has had an adverse effect on Bangladesh as well."
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The current government of Bangladesh and the Bangladesh Bank have taken various measures to overcome this situation and its negative impact, said the CCC president.
"Bangladesh Bank, through a BRPD and DFIM circular, directed scheduled banks and non-banking financial institutions to extend the loan term and deadline for loan status classification of business entities till June this year," Alam wrote in the letter.
"However, existing terms of all ongoing demand leases and advance loan instalments, need to be extended till December 2021," he said, adding that there should be no adverse classification if businesses fail to pay their instalments in due time.
Alam hoped the country's economy and industry would be able to recover from the current downturn if the loan repayment and loan classification deadlines are extended from June to December this year.
