3 thousand crores of export funds are stuck in 4 banks of the capital market.
Officials of Bangladesh Bank say that a large part of Tk 10,000 crore of import of raw materials for export orders has been blocked in 4 banks listed in the capital market.
This has made it difficult for banks to get enough liquidity from the Export Facilitation Pre-Finance Fund (EFPF) to lend to local exporters to purchase raw materials from overseas markets.
These four banks are – Islami Bank, Social Islami Bank, First Security Islami Bank and Union Bank.
Earlier the board of directors of the banks was under the control of businessman group S Alam. After the political change on August 5, S Alam’s close associates were removed from the board after restructuring the board of directors of the banks.
Still, due to the liquidity crisis, banks are struggling to pay Bangladesh Bank 3,350 million taka. Therefore, the central bank is increasing the loan repayment period.
Bangladesh Bank is hoping that the situation of the banks is gradually improving. Like other banks, these banks will also be able to repay their loans.
