Bangladesh Bank has directed all banks to introduce a new loan facility on simple terms to help active exporters pay workers’ wages for August. The central bank issued this directive on Sunday, citing disruptions in business due to recent domestic political and global economic challenges, which have hindered production in export-oriented industries and delayed the repatriation of export earnings. Consequently, many factories are struggling to meet wage and allowance obligations.
To support these industries and maintain the export momentum, Bangladesh Bank has specified that industries exporting 80% of their total production will qualify for this loan facility. Eligible factories must have paid workers’ wages from May to July this year, as verified by trade associations like the BGMEA or BKMEA.
The loan amount will be based on the average wages and allowances of the last three months, with the prevailing market interest rate applicable. Banks will directly disburse the August wages to workers’ bank or mobile financial service accounts. The total debt, including this loan, must remain within the factory’s single loan limit. The loan is repayable in equal installments over a maximum of one year, with a three-month grace period.
Earlier, BGMEA leaders met with Bangladesh Bank Governor Ahsan H Mansur, seeking easy-term loans to cover one month’s wages for workers in the export-oriented garment industry.
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