DHAKA, July 1 (Xinhua) -- The Bangladeshi government has slashed export subsidies for almost all sectors to deal with fiscal pressures.
The reduced export incentive will apply to sectors including readymade garments, jute and jute goods, leather and leather products, frozen fish and agro products, said Bangladesh Bank in a notice Sunday.
For the 2024-25 new fiscal year beginning Monday, the central bank said the maximum rate of export incentive has been set at 10 percent and the minimum at 0.3 percent.
Bangladesh provided cash assistance ranging from 1 to 15 percent on export earnings between February and June last fiscal year (July 2023-June 2024).
Officials said the reduced export incentive is also aimed at encouraging exporters to prepare for competing in the global market without state support after the country graduates from the least developed country status in 2026. ■
