Bangladesh Bank instructed the managing directors and chief executive officers of all banks to introduce a fresh loan facility on simple terms to the active exporters of the country to pay the workers’ wages for August.
In this regard, the central bank issued a directive on Sunday saying that due to the disruption of the business environment in the recent domestic political and global economic context, the production activities of export-oriented industries and the process of timely repatriation of export value have been hindered.
As a result, the factory’s ability to pay the workers’ wages and allowances has decreased.
For this, it has become necessary to help various export-oriented industries continue the export trend while maintaining productivity.
As per Bangladesh Bank’s guidance, the industries that export 80% of the total production will be considered export-oriented industries and will get separate loans.
Moreover, the industries that have paid the workers’ wages from last May to July of this year will be considered active factories and will be verified through certificates from the concerned trade associations like the BGMEA or BKMEA.
Bangladesh Bank also said that the amount of the loan facility will not be more than the average wages and allowances of the last three months of the recipient factories.
The prevailing market rate of interest will be applicable against the loan.
Banks will directly pay the August wages of the workers as a bank (also with financial services or MFS) of the concerned workers, said the central bank.
The total debt of the factories including this loan to pay the wages of the workers should be within the single loan limit.
The Bangladesh Bank also instructed that the bank can collect this loan in equal installments in a maximum of one year with a grace period of three months in the form of a term loan.
Earlier, the leaders of the BGMEA met Bangladesh Bank Governor Ahsan H Mansur last week and demanded a loan from the interim government on easy terms to pay one month’s wages to the workers of the export-oriented garment industry.
Before that, the leaders of BGMEA made the same demand in a meeting with Finance and Commerce Adviser Salehuddin Ahmed.
news Sources :
