Businessmen in cash crunch

 "I was given the opportunity to withdraw only 10,000 rupees. I repeatedly request the bank officials that I need 40 thousand rupees for family needs. They didn't believe it. I do not understand how to collect the remaining money.

Due to the lack of cash, the businessmen of Bangladesh are in a kind of crisis. Because the central bank of the country has fixed the daily cash withdrawal limit from the bank.

Customers are crowding the bank for not being able to raise money from the booth. Photo

Traders told The Daily Star about their concerns on Sunday.

Last Saturday, the banks were told that not more than two lakh rupees can be withdrawn from each account daily. Before raising this amount, the central bank had last Thursday limited daily cash withdrawals to Tk 1 lakh.

Around 450 police stations were attacked after the fall of Sheikh Hasina's government after 15 years of rule. The central bank took this decision for security reasons as the police have not yet fully returned to work.

Due to shortage of cash in the bank, many customers did not get their required amount. Due to lack of security, regular cash cannot be sent to ATM booths and bank branches.

A school teacher in Dhaka's Doha lamented and told the Daily Star, 'I am only given the opportunity to withdraw 10,000 taka. I repeatedly request the bank officials that I need 40 thousand rupees for family needs. They didn't believe it. I don't know how to raise the rest of the money.'

Some traders have told the Daily Star that they may be able to run this week. If the cash crisis is increasing and the restrictions continue next week, they will be in a more difficult situation.

They also said that their business was closed in mid -July when violence spread around the quota reform movement of the students.

Abu Bakar Siddique, a wholesaler for oil in Dhaka, one of the largest raw markets in Dhaka, told the Daily Star, “No more than one lakh taka can be raised from the bank where my account is. This is a problem. I'm having trouble running business. '

He said most business transactions are now being sent from the bank to the bank.

Taslim Shahriar, deputy general manager of the Meghna Group of Industries, told the importer and processing company, "Not all traders take checks." Many have to pay cash. Now the transaction is only being done from the bank to the bank. Is going through the check. The sooner the problem is solved, the better. '

'Due to lack of bank account, the raw material suppliers are having trouble paying. Many small dealers and local dealers do not have bank accounts. They have to pay cash. I am suffering from cash crisis due to limitations to raise money. '

President of Bangladesh Sugar Traders Association Abul Hashem told Daily Star, 'I am not able to withdraw the required amount of cash. This is a big problem.'

A senior official of another major importer and processing company told Daily Star on condition of anonymity, 'I could not send the amount of money that was supposed to be sent to my factory on Sunday. I need 10 lakh rupees. I got only two lakh rupees.'

He also said, 'I cannot pay the full amount to those who work on a daily basis. I asked the workers to wait this week. Because now there is no way to withdraw cash.'

According to him, the day laborers are now in a very difficult situation.

'It's inhumane to them. If this situation continues for a long time, it will be difficult to do business.'

Riyad Mahmud, managing director of National Polymer Group, told Daily Star, 'Due to lack of bank accounts, raw material suppliers are having trouble paying. Many small sellers and local dealers do not have bank accounts. They have to pay in cash. I am suffering from cash shortage as there are restrictions on withdrawing money.'

He added, 'Besides, we give cash to the casual staff every week. So we need cash constantly.'

However, he also commented that if it lasts for a short period of time, there will not be much problem.

Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) executive president Mohammad Hatim told the Daily Star, 'Some investors have complained that they are in trouble because of the sudden decision.'

He also said, 'Salary should not be a problem. There is also difficulty meeting sudden expenses or other immediate needs like buying spare parts.'

Mohammad Amirul Haque, Managing Director of Premier Cement Mills Limited, told Daily Star, "As a result of this decision, there has been a short-term cash crunch."

In this regard, finance and planning advisor. Salehuddin Ahmed told reporters yesterday, considering the current situation, it is necessary to specify the amount of cash withdrawal.

Managing Director and Chief Executive Officer of Pubali Bank Limited Mohammad Ali thinks, 'It is better to do online transactions in the current situation.'

He told the Daily Star, 'The culture of online transactions should be developed. Everyone should understand that it is safe. It is a good thing that the central bank has imposed limits for safety reasons.'

He also said, 'It is not credible that someone who earns 50 thousand to 1 lakh rupees does not have a bank or development account. If someone said such a thing, it would seem unreasonable.'