Tk886cr export proceeds released thru 2 crisis-hit banks to pay off Aug-Sep wages of garment workers
The association also mentioned that five troubled banks had been unable to disburse export earnings due to severe liquidity shortages, leaving many factories struggling to pay workers on time and hampering regular operations.
The Bangladesh Bank has released Tk886 crore in export proceeds through two crisis-hit banks, enabling nearly 250 garment factories to pay workers' wages and allowances for August and September.
In a statement issued today (4 September), the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said, "To facilitate the payment of two months' wages and allowances to workers in the garment sector, Bangladesh Bank has released Tk886 crore through Exim bank and SIBL."
The association also mentioned that five troubled banks had been unable to disburse export earnings due to severe liquidity shortages, leaving many factories struggling to pay workers on time and hampering regular operations.
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"Bangladesh Bank has released export proceeds through two banks to enable nearly 250 garment factories to pay workers' wages and allowances for two months," BGMEA Vice President Shehab Udduza Chowdhury told The Business Standard.
Earlier, despite the repatriation of export proceeds, the troubled banks were unable to settle back-to-back letters of credit or disburse the exporters' share, leaving garment manufacturers in financial distress.
To resolve the issue, the BGMEA held a meeting with the governor of Bangladesh Bank on 26 August.
