Bangladesh Bank releases $72.77 mn in export proceeds to clear wages

Five troubled banks had been unable to disburse export earnings due to severe liquidity shortage, leaving many factories struggling to pay workers on time and hampering regular operations, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said in a statement.

Earlier, despite the repatriation of export proceeds, the troubled banks were unable to settle back-to-back letters of credit or disburse the exporters' share, leaving garment manufacturers in financial distress, according to domestic media reports.

BGMEA met the governor of Bangladesh Bank late last month to resolve the issue.

ALCHEMPro News Desk (DS)