Bangladesh'S Central Bank Cuts Interest Rates On Corporate Loans
In July 21st, the Central Bank of Bangladesh announced that the lending rate of 270 ailing clothing companies will be reduced from 15% to 8%.
Executive director of Bangladesh central bank Jahangir Alam and Bangladesh
Garment manufacturing
The leaders of the Exporters Association (BGMEA) said that even if the interest rate was reduced to 8%, the owners would also assume 5%, and the rest of the interest rate would be subsidized by the government.
Alam said that the central bank's move will enable troubled garment owners to get loans at a rate of 8%, thereby alleviating the cost pressures of enterprises in the fierce market competition.
He further revealed that of the 280 companies, 88 currently received loans from private commercial banks, while the remaining 182 received loans from public commercial banks.
According to Bangladesh clothing exporters' appeal, Bangladesh central bank governor also agreed to increase the current export of US $400 million.
Development Fund
。
However, he did not specifically disclose the quota of the newly upgraded Export Development Fund.
In addition, the central bank also reduced the current 120 day export repurchase time, aiming to prompt exporters to withdraw foreign exchange in a shorter time.
Mr. Alam said that due to the fact that the foreign exchange receipts were too long, Bangladesh still had $2 billion in export payments to be withdrawn.
He further said that the central bank will soon provide second stimulus packages for garment exporters to restore their business recession due to global economic turmoil as soon as possible.
According to statistics, the first 11 months of the 2010~2011 financial year of Bangladesh (July 2010 ~2011 June)
Export volume of garments
It reached $15 billion 959 million, up from 43% over the same period.
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