The nation has kicked off talks with ratings agencies to lay the groundwork for a return to international debt markets
Bank guarantee in forex won’t need BB nod
Local contractors will no more require Bangladesh Bank permission in advance for bank guarantee in foreign exchange while implementing a government project for which international tenders are invited.
Published : 16 April 2014, 06:50 PM
Updated : 16 April 2014, 06:50 PM
The central bank confirmed it in a circular issued on Wednesday.
Both foreign and local contractors have to provide bank guarantee in foreign exchange to prove that they have the ability to buy materials and services for the projects.
Before the new provision, local contractors would require central bank permission for the guarantee in advance.
The circular said if local contractors secured the implementation job of any such project, they would not need advance Bangladesh Bank permission for bid bond, performance bond or guarantee in foreign exchange.
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