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Turkish Airlines usually operates 14 Bangladesh flights each week, but has cut half of them since November as it cannot remit $24 million in revenues and most other foreign airlines face the same issue and have slashed their flight frequencies from this critical garment and textile source.
The International Air Transport Association (IATA) warned that the amount of airline funds for repatriation being blocked by governments rose by more than 25% ($394 million) in the last six months on 2022, with total funds blocked close to $2.0 billion.
Airline funds are being blocked from repatriation in more than 27 countries and territories.
The top five markets with blocked funds are:
- Nigeria: $551 million
- Pakistan: $225 million
- Bangladesh: $208 million
- Lebanon: $144 million
- Algeria: $140 million
Fund repatriation by foreign airlines operating in Bangladesh has remained suspended since March 2022, with IATA calling on governments to remove barriers to airlines repatriating their revenues, in line with international agreements and treaty obligations.
Moreover, carriers are having to pay for refuelling their aircraft in Bangladesh by bringing in dollars through inward remittances, having been asked to pay it in dollars several years ago.
The country’s tourist trade body has predicted that the number of flights by foreign airlines from Bangladesh may decrease by 60% in the next six months to one year.
Currently around 80-90 international flights currently operate from Dhaka airport each day, which is equivalent to a 40% drop on last year.
We continue to have our cargo uplifted from Bangladesh and have contingencies in place, should the situation deteriorate, including alternative gateway airports and land-bridge or ocean first-leg connections.
If you have any questions or concerns, regarding the situation in Bangladesh please EMAIL Matt Fullard.
Unit 1, Alpha Way, Thorpe Industrial Estate