Bangladesh Bank (BB) has asked banks not to finance the purchase of any car older than five years.

The central bank emphasised that the banks willing to finance the purchase of used cars must prepare a set of uniform guidelines to determine the value of the vehicles.

“However, in no case the banks will finance the cars older than five years,” it said in a notice to the scheduled banks.

The central bank also instructed the banks to finance the vehicles imported as described in the existing import policy order.

Source: The Daily Star