In January this year, one US $ traded at Taka 86 in the banking channel, which skyrocketed to Taka 102 recently.
A sliding local currency usually translates into higher earnings for the exporters since their products become more competitive in the global markets but when it comes to Bangladesh garment makers, it brought little cheers thanks to a host of reasons including substantial increase raw materials cost, hike in shipping charges and inflation, which is seen as a direct fallout of the Russia-Ukraine war.
Speaking to the media, the Managing Director of Narayanganj-based Plummy Fashions Ltd., reportedly, underlined the exporters have not been able to reap the maximum benefit from the fall of the Taka consequent to raw material prices going up even if global buyers are not raising goods’ prices accordingly.
Meanwhile, Chairman of Envoy Textile, Kutubuddin Ahmed, on his part, reportedly, said since the company was importing raw materials at higher costs, it wasn’t gaining much from the depreciation of Taka.
