But we do not know when it will be over,” said the letter signed by Md Alamgir Kabir, president of the Bangladesh Cement Manufacturers Association (BCMA). The BB had previously introduced a loan moratorium facility for borrowers to save them from becoming defaulters due to non-payment of instalments. The ongoing moratorium facility, which is set to expire on December 31, helped the sector to turn around. Meanwhile, the cement manufacturers claimed that the non-bank financial institutions are charging 13 to 15 per cent interest on lending, which increased their cost of doing business. The country’s cement sector is going through a tough time as the pandemic had a negative impact on the consumption of construction materials.

Source: Dhaka Tribune December 24, 2020 19:18 UTC