CCCI urges BB to cancel PIF gazette on consumer goods

The Chittagong Chamber of Commerce and Industry president Mahbubul Alam has urged the Bangladesh Bank to repeal the gazette of the credit policy of Post-Import Financing (PIF) for consumer goods considering public interest.

Mahbubul Alam sent a letter to the Bangladesh Bank governor Fazle Kabir seeking cancellation of the gazette on June 21, said a press release on Tuesday.

In the letter, the CCCI president said according to clause 2.2 (Ka) of BRPD circular No-12 on June 13, the central bank fixed 90 days for PIF validity for consumer goods.

Saying actual goods release time is much more days, Mahbubul Alam said cash conversion cycle of the consumer goods is 200-240 days for many valid reasons.

That is why it will not be possible to run business for the importers maintaining 90 days PIF validity. Many importers will be bank loan defaulters as they cannot pay loan in time, he feared.

The CCCI president said the country’s common people are suffering a lot due to the ongoing worldwide Covid-19 pandemic. If import activities are disrupted and prices of the essentials go up, they will be the worst sufferers.

For this reason, Mahbubul Alam urged the Bangladesh Bank to cancel the gazette of the credit policy of PIF for consumer goods for the validity of 90 days for the greater interest of the people.