The government has released a sum of Tk 18.31 billion in favour of the Bangladesh Bank for the payment of cash incentives/subsidy to local exporters, officials said.

It is the first installment of cash incentives/subsidy for the July-September quarter of the current fiscal year (FY), 2020-21.

Of the amount, Tk 1.25 billion will go to the jute sector while Tk 17.06 billion to other sectors, according to the finance division.

A special 1.0 per cent cash incentive support fund for the readymade garment (RMG) industry has also been included in the 1st installment, according to a letter of the ministry of finance (MoF) to the central bank.

The government has yet to announce the rates of cash incentive/subsidy for the current fiscal.

In the last fiscal, the government provided a cash incentive/subsidy facility to exporters in 37 categories, including 1.0 per cent special incentive support for apparel items.

An official of the finance ministry said the installment fund has been released in favour of the central bank.

The Office of the Controller General of Accounts (CGA) will issue debit authority over the released fund.

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