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RMG destruction might affect banking sector

26
May '06
Destructions at readymade garments (RMG) units might have serious implications on liquidity position of country's banking sector as renovation of these units would require further loans from banks.

Moreover, closure of hundreds of RMG units has affected country's exports earnings as workers have torched factories producing apparel.

According to the central bank, credits to the RMG sector, provided by all scheduled banks, reduced from 3.18 percent in June 2005 to 3.07 percent of the outstanding bank credits in September 2005.

Payment of total loans and advances to the RMG sector slightly decreased from Tk35.53 billion in June last to Tk46.8 million in September 2005. The loans and advances to the RMG sector recorded a noticeable cut of Tk35.49 billion last September.

During the period, only 92 new bank accounts were opened to operate fresh garments business across the country.

Know more about RMG in Bangladesh


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