Bangladesh Garment Manufacturers Call on Government to Offer Dollar Rate for Export Earnings at 110.70 Taka: Reports

Highlighting the losses incurred due to the difference in the US dollar conversion rate, garment manufacturers in Bangladesh have requested the government to offer the dollar rate for export earnings at 110.70 Taka, which is the rate it has set for remittances.

According to reports, the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) recently wrote to the governor of the country’s central bank (Bangladesh Bank), demanding an upward revision of the dollar rate for export earnings. even though the Bangladesh Stockbrokers Association and the Association of Bankers, Bangladesh decided on September 11 to set the cap on the dollar exchange rate for remittances at 108 taka and for export earnings at 99 taka.

However, the BKMEA called the rate discriminatory while adding that exporters received 99 Taka to collect export invoices while shippers received 110.70 Taka, including 2.5% as an incentive.

This is not acceptable, the trade body reportedly said in its letter to the Governor of the Bangladesh Bank, while adding that the dollar rates for remittance and export earnings should be the same.

Michael O. Stutler