Dhaka, Bangladesh (BBN)– The country’s top apparel sector leaders have urged the central bank to take initiative to settle all overdue accepted bills immediately for facilitating the leading export-oriented sector.

The appeal came at a meeting among stakeholders of apparel sector, senior private bankers and top officials of the central bank on Wednesday with Bangladesh Bank (BB) Governor, the country’s central bank, Atiur Rahman in the chair.

“We’ve talked to the BB about the ongoing problems of the apparel sector for solving them. The bankers were present here. The banks do not honour the accepted bills. As a result, we are passing hard time,” BGMEA President Shafiul Islam Mohiuddin told reporters after the meeting. “We think that the entire business sector should not suffer for any corrupted businessman or group, they should be punished and good business should be honoured,” he added. 

“We’ve sought intervention from the central bank to settle the overdue inland bill purchase (IBP), generally known as accommodation bill,” he said, adding that said some bankers are not settling the accepted bill properly. “As a result, we are passing hard time.”

At the meeting, the commercial banks have assured the country’s major export sectors, especially the ready-made garments (RMG) industry, of settlement of the bills in line with BB’s instructions.

“We’ve been assured by the central bank that no bank could show unwillingness to settle the bills,” Mr. Mohiuddin said, adding that the central bank will strengthen its monitoring and supervision in this connection.

The central bank has assured the apparel leaders for taking effective measures in this connection aiming to facilitate foreign trade through ensuring adequate liquidity support.

“The BB will pursue the commercial banks to settle the bills without any delay,” a BB senior official told BBN in Dhaka, adding that the banks will act as facilitator for import-export businesses through settling or purchasing the bills.

The central bank has taken the latest measure against the backdrop of reluctance shown by some commercial banks for purchasing or setting inland bills after Hall Mark loan scam in Bangladesh.

Among others, top leaders of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Bangladesh Textile Mills Association (BTMA) and Association of Bankers, Bangladesh (ABB) also attended the meeting.

BBN/SSR/AD-20Feb13-9:50 pm (BST)