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Bangladesh BTMA seeks extension of usance period for import payments

17 Jan '25
1 min read
Bangladesh BTMA seeks extension of usance period for import payments
Pic: Adobe Stock

Insights

  • The Bangladesh Textile Mills Association (BTMA) has urged the Bangladesh Bank to extend the usance period for payment on imports of industrial raw materials as export-oriented textile firms are facing problems due to expiry of a central bank circular.
  • BTMA said that period was extended from 180 days to 360 days maintaining the arrangement until December 31, 2024, to facilitate import and export.
The Bangladesh Textile Mills Association (BTMA) recently urged the Bangladesh Bank governor to extend the usance period for payment on imports of industrial raw materials as export-oriented textile firms are facing problems due to expiry of a central bank circular.

In foreign trade, usance is the allowable period of time permitted by the customs between the issuance of a bill and its payment.

In a letter to the central bank governor, BTMA said the period for payment on imports of industrial raw materials was extended from 180 days to 360 days maintaining the arrangement until December 31, 2024, to facilitate import and export, domestic media outlets reported.

Export-oriented textile mills have faced exchange rate losses while importing raw materials as taka devaluated against foreign currencies due to a number of reasons, BTMA secretary general Mohammad Zakir Hossain wrote.

Mills also cannot utilise their full capacity due to shortage of gas and electricity, hikes in gas prices and workers' wages and the recent political turmoil and labour unrest, the letter added.

Fibre2Fashion News Desk (DS)

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