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Demand for separate exchange rate for RMG sector in Bangladesh

To keep up with competition, the readymade garment industry has urged the Bangladesh government to fix a separate exchange rate for Taka against the dollar. This demand was made recently by MdAtiqul Islam, President of the Bangladesh Garment Manufacturers and Exporters Association(BGMEA).The demand was for a separate exchange rate for the apparel sector to narrow the difference between the cost of importing raw materials for export and the actual export rate.The past few months saw declining order for Bangladesh as several buyers were moving to India and Vietnam.“India’s readymade garment manufacturers can easily accept order now as the value of rupee against dollar has depreciated. On the other hand, our Taka has gained. This development has set us back in the competition,” said Atiqul.

Former BGMEA President Abdus Salam Murshedi agreed.“Bangladesh’s readymade garment is becoming less able to compete in the international market for many reasons. A fresh blow is the neighbouring country’s inflation.”

 
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