The Bangladesh Garment Buyer’s Association (BGBA) has engaged with Bangladesh Bank to discuss critical issues facing the Buying House sector and to promote policy reforms aimed at fostering growth and transparency within the industry.
In a meeting held between BGBA Vice President A.K.M. Saifur Rahman, Joint Secretary General Emdadul Haque Miazi, and Bangladesh Bank’s Executive Director Arif Hossain Khan, the association outlined several key demands to enhance regulatory frameworks and operational efficiency.
Among the main proposals are the removal of the existing US $ 10,000 limit on Sales Man Samples (SMS), which BGBA deems outdated given the current scale of business operations. The association urged Bangladesh Bank to eliminate this restriction to better support the expanding RMG export sector.
Additionally, BGBA called for the implementation of a unique identification code for registered Buying Houses. This move aims to promote transparency, facilitate accurate tracking of letter of credit (L/C) volumes, and identify Buying Houses that face delays in receiving export proceeds.
The association also requested the verification of BGBA membership by authorized banks through a circular. This measure is intended to prevent the operation of non-professional businesses, uphold industry standards, and ensure that only contracts mentioning BGBA membership are honored.
Furthermore, BGBA proposed monitoring and reporting mechanisms for delayed export proceeds, recommending that delays exceeding four months be identified and reported to improve compliance and accountability across the sector.
Expressing optimism about future reforms, BGBA appreciated the opportunity to collaborate with Bangladesh Bank and emphasized its commitment to strengthening the Buying House industry, which plays a vital role in Bangladesh’s RMG supply chain and export growth.
