The textile mill owners in Bangladesh have called upon the country’s central bank, Bangladesh Bank, to revise the dollar rate to Taka 108 from Taka 99 for encashment of export proceeds, for them.
Reports claimed this while adding the textile mill owners made this request to help them stay afloat and survive the multifarious external and internal shocks.
As per the mill owners, they are already under stress owing to increased fuel and raw materials prices, increase in freight charges in the wake of the coronavirus pandemic and are now forced to deal with shortages in electricity and gas, which all combined to reduce output and shoot up overhead cost.
The ‘discriminatory’ exchange rates, if not streamlined, will turn the capital-intensive textile industry sick within a short time, reportedly, expressed fears the industry people.
Meanwhile, a letter written by President of Bangladesh Textile Mill Association Mohammad Ali Khokon to the Bangladesh Bank Governor underlined, “The central bank announced different dollar rates for payment of import bills and encashment of export proceeds, which will make our survival difficult.”
