The Bangladesh Bank decided Sunday to increase the cash incentive for the leather export sector from 12.5 per cent to 15 per cent for the current fiscal year.
The BB is likely to issue a circular on the increased cash incentive for export of leather products today.
Besides, the central bank has decided that the 4 per cent export subsidy for finished leather and 3 per cent for crust leather given in FY2010-11 would also continue in the current fiscal year, said a BB official.
The decision came in response to the demand raised by the leather and leather goods exporters for increasing policy support to the sector, which they argued was facing a number of problems.
Bangladesh Finished Leather, Leather Goods and Footwear Exporters’ Association former president Rezaul Karim Ansari said the government should increase the existing cash subsidies to 20 per cent to promote export of leather and leather goods in the coming days.
A circular issued on July 17 by the Foreign Exchange Policy Department of BB said exporters would receive cash subsidy for 19 categories of products against net repatriation of the freight on board prices in FY2011-12.
In that circular, the central bank said the cash incentive for the leather export sector would be 12.5 per cent in FY2011-12, down from 15 per cent in FY2010-11.
According to Export Promotion Bureau data, export of leather fetched $297.83 million and that of leather goods $55.42 million in the last fiscal year.
http://newagebd.com/newspaper1/business/29090.html
The BB is likely to issue a circular on the increased cash incentive for export of leather products today.
Besides, the central bank has decided that the 4 per cent export subsidy for finished leather and 3 per cent for crust leather given in FY2010-11 would also continue in the current fiscal year, said a BB official.
The decision came in response to the demand raised by the leather and leather goods exporters for increasing policy support to the sector, which they argued was facing a number of problems.
Bangladesh Finished Leather, Leather Goods and Footwear Exporters’ Association former president Rezaul Karim Ansari said the government should increase the existing cash subsidies to 20 per cent to promote export of leather and leather goods in the coming days.
A circular issued on July 17 by the Foreign Exchange Policy Department of BB said exporters would receive cash subsidy for 19 categories of products against net repatriation of the freight on board prices in FY2011-12.
In that circular, the central bank said the cash incentive for the leather export sector would be 12.5 per cent in FY2011-12, down from 15 per cent in FY2010-11.
According to Export Promotion Bureau data, export of leather fetched $297.83 million and that of leather goods $55.42 million in the last fiscal year.
http://newagebd.com/newspaper1/business/29090.html
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