Ministry Of Commerce: Bangladesh'S Garment Manufacturers Owe Spinning Dollars, Resulting In Greater Pressure On Bangladesh'S Foreign Exchange Reserves

According to the Daily Star of Bangladesh on October 30, the Bangladesh Textile Mills Association (BTMA) proposed that clothing exporters owed their members more than 376 million dollars. BTMA has set up a team to monitor the delay in payment to the spinning mill. Delayed payments to textile mills make it more difficult for textile mills to repay loans from the Export Development Fund of the Bank of Bangladesh. This has also led to greater pressure on Bangladesh's foreign exchange reserves. The clothing manufacturers failed to pay in time, mainly because the yarn price in the local market has risen sharply since July this year.