Bangladeshi textile manufacturers say it is difficult to issue letters of credit
According to a report by Bangladesh’s “Financial Express” on September 12, the Bangladesh Textile Manufacturers Association announced this Sunday that most commercial banks in Bangladesh are issuing credit cards due to the tight dollar. The letter of credit has an unsupportive attitude. This situation will affect the import of raw materials by Bangladeshi textile manufacturers, which will in turn affect Bangladesh’s garment exports, further exacerbating the pressure on the US dollar. The chairman of the association also wrote to the Bangladesh Bank, reflecting that Bangladeshi textile manufacturers are unable to import key raw materials, such as cotton, polyester staple fiber, short fiber and other raw materials needed for Bangladesh’s garment manufacturing industry. The association also said that major textile manufacturers in Bangladesh currently only have raw material stocks for three months. Since it usually takes 3-4 months to import raw materials, the current inventory of raw materials is not enough to maintain the normal operation of textile mills. The association hopes that the Bangladesh Bank will give priority to providing foreign exchange support to Bangladesh Commercial Banks that handle more import and export trade businesses, and encourage Bangladesh Commercial Banks to actively issue letters of credit for importers.
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