Loan defaulters get a big break

Bangladesh Bank yesterday substantially relaxed the policy for rescheduling defaulted loans, allowing defaulters to repay term loans over a maximum period of eight years whereas it was previously two years. Defaulters will also be allowed to reschedule their non-performing loans (NPLs) four times whereas previously they could do so three times, according to a Bangladesh Bank notice. The BB said the new rules have been issued to keep the financial sector stable from the adverse impacts stemming from the long-lasting effects of the coronavirus pandemic and the prolonging Russia-Ukraine war. As per the new rules, defaulters who took term loans would be allowed to repay funds over a period of six years to eight years. In contrast, it was previously nine months to two years.

Source: https://www.thedailystar.net/business/economy/news/loan-defaulters-get-big-break-3073776

BD products to get duty-free access

Australia will continue to provide Bangladesh with duty-free access to its market even after the country’s graduation from the LDC category in view of the prospects of higher trade and investment flow. High Commissioner of Australia to Bangladesh Jeremy Bruer informed his government’s decision to BGMEA President Faruque Hassan during a courtesy meeting, as a BGMEA delegation visited the Australian High Commission on Sunday. Australia has emerged as a prospective destination for Bangladeshi ready-made garments in recent years, as shipments increased to US $812 million in the just ended financial year (FY 22), marking a 12 per cent growth over the previous FY, according to the Export Promotion Bureau (EPB). They sought cooperation of Australia in developing knowledge and skills of the students of BGMEA University of Fashion and Technology (BUFT) in textile, apparel, fashion, design and business through collaboration with leading Australian universities and fashion institutes.

Source: https://today.thefinancialexpress.com.bd/trade-market/bd-products-to-get-duty-free-access-1658162318

Oil price jumps

Oil prices extended gains on Monday, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread Covid-19 lockdowns in China again reducing fuel demand. Brent crude futures for September settlement rose $2.44, or 2.4 per cent, to $103.60 a barrel by 0900 GMT, having advanced by 2.1 per cent on Friday. US West Texas Intermediate (WTI) crude futures for August delivery gained $2.17, or 2.2 per cent, to $99.76 after rising by 1.9 per cent in the previous session. Global markets are focused this week on the resumption of Russian gas flows to Europe via the Nord Stream 1 pipeline, which is scheduled to end maintenance on July 21.

Source: https://www.thedailystar.net/business/global-economy/news/oil-price-jumps-3073746