Garment manufacturers on Thursday alleged that the commercial banks continued to stop granting them fresh loans if there were substandard classified
loans against their names violating central bank order.
They also alleged that a number of banks had not been purchasing local documentary bills for imports on the pretext of the Hallmark Group-Sonali Bank scam, which had plunged the garments sector in a crisis.
The allegations came at a meeting between the Bangladesh Bank and the leaders of Bangladesh Garment Manufacturers and Exporters’ Association at the central bank headquarters in the capital with BB governor Atiur Rahman in the chair.
Following the meeting, BGMEA president Md Atiqul Islam told reporters that the central bank had assured them of taking necessary measures to this end.
The BB and the BGMEA at the meeting also decided to form a joint monitoring committee to address the commercial banks’ reluctance to clear the inland documentary bills on credit and to resolve the other issues.
BB executive director SM Moniruzzaman and BGMEA vice-president Nasir Uddin Ahmed Chowdhury have primarily been nominated the members of the committee.
A BB official said the central bank had earlier asked all the scheduled banks to grant loans to the clients even if they had sub-standard loans.
The BB had also asked the banks to purchase flawless local documentary bills so that the real exporters did not face any problem.
‘Besides, we requested BGMEA leaders to inform the central bank should they face any hassle regarding this at a commercial bank. The BB would take necessary measures to this end as early as possible,’ he said.
The BGMEA also urged the BB to bring down the high interest rate of bank loans, the official added.
The central bank promised in the meeting that it would take steps in this regard, he said.
-With New Age input
