Bangladesh’s first ever gold policy has received the Cabinet’s green light in an effort regulate trade of the precious metal in the country.
The ‘Gold Policy 2018’ will allow the central bank to license businesses to import as well export it after value addition, Cabinet Secretary Mohammad Shafiul Alam told media on Wednesday (Oct 3).
In May this year, the Cabinet Committee for Economic Affairs cleared the proposed policy, which was later forwarded to the PMO to place before the Cabinet.
But the PMO sent it back as the prime minister asked to revise the draft with incorporating provisions from the 1996 draft.
The ‘Gold Policy 2018’ aims to ensure accountability in the trade of the precious metal, Finance Minister AMA Muhith, who chairs the committee, told the media in May.
“Until now gold was not imported, all of it was smuggled in, which will not be the case anymore,” Muhith told the media.
The Bangladesh Bank will appoint dealers for importing gold bars to meet the country's requirement, he added while elaborating on the regulatory framework.
The dealers will be allowed to import gold through bonds, but for that, they will have to get bond licences in line with the existing law.
The policy also allows export of gold as well, according to Additional Cabinet Secretary Mostafizur Rahman.
“There’s provision to add value to imported gold for export,” he told the media earlier this year.