BGMEA president: Bank forgery accounts for high business cost

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BGMEA President Siddiqur Rahman has claimed that bank owners are withdrawing thousands of money from financial institutions through forgery and imposing higher interest on the borrowers which is increasing business cost.

The president of Bangladesh Garment Manufacturers and Exporters Association made the statement while addressing a round table discussion on “Export Business and Future” held in Dhaka on Saturday. Siddiqur Rahman said: “If banking sector collapses then the whole country will collapse with it. Business is linked with banking service. Banks should refrain from forgeries.” Exporters Association of Bangladesh (EAB) president Salam Murshedy said: “Now that new entrepreneurship is growing in Bangladesh, the government should introduce a specific business guideline for it. “Many new businesses became default due to lack of electricity connection and energy supply,” he said demanding assurance of energy and electricity. Criticising the role of central bank on disbursing foreign fund Murshedy said: “Bangladesh Bank gets foreign fund for refinancing the business maximum at 1% interest rate but the borrowers are getting it in more than 9%.” He also urged the central bank to set the interest rate against foreign finance maximum at 5% for businesses. Stating that recently many countries have depreciated their currencies considering the global market movement, he urged the government to take policy decision considering international market. Mafruha Sultana, vice-chairman and CEO of Export Promotion Bureau, said: “Product and market diversification is a challenge for Bangladesh’s export business. Our export business is still limited to export garment products.” Source: Dhaka Tribune

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