Bangladesh Garment Manufacturers and Exporters Association (BGMEA) sent a letter to Bangladesh Bank seeking interest waivers as the apparel makers could not ship their products due to continuous hartals and blockades.
The letter was sent on 5th this month signed by BGMEA vice president Shahidullah Azim.
But Bangladesh Bank sources said the central bank is not the authority to ask the banks for interest waiver.
They said it is the matter of respective banks if they would come up with such facility for the apparel makers.
BGMEA letter claimed due to political and labour unrests, the garment manufacturers failed to meet supply orders from international buyers,
Wages of the workers also could not be paid, it said, adding that running of business has become difficult for the garment owners.
BGMEA is set to hold a meeting today with managing directors of all commercial banks in respect of interest waiver facility.
Bangladesh Bank sources meanwhile said many garment owners were also trying to reschedule their loan accounts claiming that they had been affected by the political unrest.
“We could not ship our products on 21 days in last two months because of hartals, blockades and violence.
Owners and workers are the sufferers,” said Shahidullah Azim.
He said BGMEA wants interest waiver till the end of the current political turmoil.
When contacted, a high official of Bangladesh Bank said the central bank is not authority to ask the banks for providing interest waivers.
“It is the matter of respective banks whether they will waive interest,” he said.
Bangladesh Bank data showed Janata Bank’s client Angels Composite Knitting Industry applied for rescheduling of a demand loans of Tk23.5 crore for the second time. The firm opened the account against back to back letter of credit.
Angels Composite said it has been affected by global economic recession, political turmoil, labour unrest, price hike of raw materials and decrease of products price.
Janata Bank’s board of directors already approved the rescheduling application of Angels Composite. The approved application was sent to Bangladesh Bank for non-objection.
In a special initiative for the fire-ravaged Standard Group, Bangladesh Bank offered five-year loan scheduling without any down payment with one year grace period.
A central bank meeting with five banks, BMGEA leaders and Standard Group took the decision on Sunday.
Bangladesh Bank governor Dr Atiur Rahman presided over the meeting.
Standard Group has loans of $31.84 million as of December 4, 2013 under the export development fund facility, said Bangladesh Bank.
The meeting also decided to give low-cost loans of $50 million or Tk400 crore to make a comeback. Bangladesh Bank and commercial banks will provide the loans.
Based on a rumour of a worker’s death in police attack, a group of workers set ablaze a ten-story factory building of Standard Group in Gazipur last month.
The workers were allegedly outsiders. The fire ravage the factory
