Stock Market Crash
Draft MoU on Tk 900-crore refinancing scheme finalised
Bangladesh Bank, Bangladesh Securities and Exchange Commission and Investment Corporation of Bangladesh on Wednesday finalised the draft memorandum of understanding that the three entities will sign on Tk 900 crore refinancing scheme for stock investors.
BB officials said that the first Tk 300 crore instalment of scheme would be released through the ICB to brokerage houses and merchant banks for affected investors after the MoU among the organisations signed in a day or two.
BB executive director SM Moniruzzaman, ICB managing director Md Fayekuzzaman and BSEC executive director Saifur Rahman finalised the MoU draft at a meeting at the central bank on Wednesday.
Earlier on Monday, the finance ministry approved a guideline on disbursement of Tk 900 crore in
loans to the small-scale investors affected by the market crash, raising the interest rate to 9 per cent from 8 per cent proposed by a committee.
The ministry endorsed the guideline drafted by a ministry-formed five-member committee, headed by BSEC commissioner Arif Khan.
A finance ministry guideline had proposed earlier 10 per cent interest for the loans the small-scale investors will take from the merchant banks and brokerage houses under the scheme.
According to the final guideline, the Investment Corporation of Bangladesh will get the fund of Tk 900 crore at 5 per cent interest from Bangladesh Bank and the ICB will disburse it to the merchant banks and brokerage houses at 7 per cent interest.
The merchant banks and brokerage houses will apply for the refinance scheme loans to a loan approval committee which will be formed by the ICB.
-With New Age input
