Although Bangladesh is almost self-sufficient in food, it has to import food grains. In order to reduce import dependence, Bangladesh Bank has set a target of Tk 38000 crore for agricultural loan distribution by increasing Tk 3000 crore in the current financial year 2024-25. However, the disbursement of agricultural credit was decreasing due to various reasons including contractionary monetary policy. Finally it started growing.
Within a month, disbursement of agricultural loans has increased by more than 500 crore rupees. The collection increased by more than 8.5 billion. This information has emerged in the latest updated report of Bangladesh Bank.
According to the data of the central bank, in September this year, the banks have distributed loans to the agricultural sector of 2 thousand 587 crores. In the previous month of August, the banks had disbursed Tk 2,800 crore. According to that, the disbursement of agricultural loans has increased by Tk 507 crore within a month. However, compared to the same period last year, the disbursement of agricultural loans has decreased significantly.
In September 2023, the disbursement of loans to this sector was Tk 3,516 crore. According to that, the loan disbursement has decreased by 929 crores in one year. According to the data, in the first three months of the current financial year (July, August and September), the banks have disbursed agricultural loans to the tune of Tk 6,458 crore. 8 thousand 824 crore was distributed during the same period of last financial year. Accordingly, the distribution has decreased by 2 thousand 366 crores.
According to the data of the Central Bank, in September this year, the banks have collected disbursed loans from farmers to the tune of Tk 3,764 crore. 2 thousand 911 crore was collected in the previous month. Accordingly, the collection has increased by 853 crores. However, within one year, the collection has increased by 1 thousand crore rupees. In September last year, banks collected loans of Tk 2,763 crore from farmers. Apart from this, in the first three months of the current financial year (July, August and September), the banks have collected 9 thousand 209 crores. 8 thousand 14 crores was collected during the same period of last financial year. According to that, the collection has increased by 1 thousand 195 crores.
Bangladesh Bank announced the agricultural loan target on August 30. In the current fiscal year 2024-25, a target of 38 thousand crore rupees has been set for disbursement of loans to the agricultural sector. Which is about 8 and a half percent higher than the target for the fiscal year 2023-24. In the last financial year, the target was 35 thousand crores.
