Textile millers want unified dollar rate

Business Desk :
To overcome ongoing business challenges, the Bangladesh Textile Mills Association (BTMA) has demanded a unified US dollar exchange rate for export and remittance earnings, along with an increase in the letter of credit (LC) limit and Covid-19 stimulus loan repayment extensions.

The trade body, representing primary textile millers, urged the government to extend the repayment period for loans provided under the Covid-19 stimulus package by an additional two years.

In a letter to the Bangladesh Bank on December 5, BTMA President Mohammad Ali Khokon made the pleas, arguing that they are crucial to the industry’s survival amid the global recession fueled by the Russia-Ukraine war, post-pandemic recovery and the ongoing dollar crisis.

Khokon said that while the initial impact of Covid-19 was mitigated by the government’s stimulus package, the industry has faced renewed challenges in recent months due to the war, the global economic crisis, the dollar crisis and local political instability.