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October 15, 2024
Economy Tag : Export
The Export Promotion Bureau (EPB) identified six key reasons for discrepancies in Bangladesh’s export data, including duplicate entries, sales discounts, and local sales by export-oriented companies. Updated figures show export earnings of $44.47 billion for FY 2023-24, correcting an earlier miscalculation of $55.29 billion. The target for FY 2024-25 is set at $57.5 billion. EPB plans to release regular, transparent data and is developing software to improve access for stakeholders.
October 15, 2024
Economy Tag : Debt

Bangladesh’s foreign debt servicing is set to reach a record $5.3 billion in FY27, with $1.9 billion for interest and $3.4 billion for principal repayments. While this peak is expected, repayments will decline in subsequent years. In FY26, total servicing is projected at $5 billion.

The finance ministry reports that just three months of inward remittances could cover the entire year’s external debt liabilities. Despite rising external debt linked to infrastructure projects, the IMF rates Bangladesh at low risk of debt distress, with a public debt-to-GDP ratio of 15.59%—well below the 40% threshold.

Over the past 15 years, external debt has surged 242.56%, with repayments increasing 283.42%, from $875.58 million in 2009 to $3.36 billion in FY24. The government is urged to maintain prudent borrowing to ensure sustainable debt management.

October 14, 2024
Economy Tag : Trade

Bangladesh’s Foreign Secretary, Md. Jashim Uddin, is in Washington for a series of meetings aimed at strengthening ties with the United States. Uddin, who recently attended the UN General Assembly in New York, seeks U.S. support for Bangladesh’s reform initiatives in areas such as the economy, trade, investment, labor rights, governance, and the Rohingya crisis. He will also meet with officials from the National Security Council and the State Department. This visit marks the first engagement between Bangladeshi officials and senior U.S. representatives in Washington since the interim government led by Dr. Muhammad Yunus took office on August 8.

October 15, 2024
Industry : Bank

BRAC Bank’s Astha app has rapidly grown to 700,000 users, reflecting its rising popularity in digital banking. In September 2024, the app set a record with over Tk 1,250 billion in monthly transactions and a total of Tk 9,200 billion for the year, up from Tk 7,100 billion in 2023. Starting 2024 with 500,000 users, Astha added 200,000 more in under a year. Offering features like fund transfers, bill payments, and secure OTP-based transactions, the app has introduced innovations such as ‘Astha Lifestyle’ and ‘Charge-free banking,’ enhancing its appeal and market impact.

October 15, 2024
Industry : Logistics & Shipping

The Mongla port-upgrading project, funded by India, is facing challenges as the Indian consultant proposed an 84% cost increase, raising the total from Tk 60.14 billion to Tk 110.91 billion. The project involves constructing terminals, jetties, roads, and acquiring vessels. Officials are concerned about its financial feasibility and suggest prioritizing key components, like the container terminal and road expansion. They are also considering appointing multiple contractors to accelerate progress. The Mongla Port Authority is now focusing on essential elements needed over the next few yea

October 15, 2024
Industry : LNG

Bangladesh’s first permanent land-based LNG terminal project has stalled after the Rupantorito Prakritik Gas Company Ltd (RPGCL) canceled the short-listing of bidders due to an interim government directive to halt all energy project negotiations. Planned for Matarbari, Cox’s Bazar, the terminal aims to reduce reliance on expensive floating storage and regasification units (FSRUs). Despite initial plans dating back to 2014, the project has faced delays from land acquisition issues and private-sector lobbying for FSRUs. The government intended to purchase land from the Coal Power Generation Company Bangladesh Ltd, but the transfer has yet to occur due to unpaid amounts. Experts stress the need for the land-based terminal as a more cost-effective and stable solution for LNG regasification compared to temporary FSRUs, of which Bangladesh currently operates two, with a capacity of 1,100 million cubic feet per day (mmcfd).

 

October 15, 2024

BRAC Bank’s Astha app has rapidly grown to 700,000 users, reflecting its rising popularity in digital banking. In September 2024, the app set a record with over Tk 1,250 billion in monthly transactions and a total of Tk 9,200 billion for the year, up from Tk 7,100 billion in 2023. Starting 2024 with 500,000 users, Astha added 200,000 more in under a year. Offering features like fund transfers, bill payments, and secure OTP-based transactions, the app has introduced innovations such as ‘Astha Lifestyle’ and ‘Charge-free banking,’ enhancing its appeal and market impact.

October 15, 2024

The Anti-Discrimination Officers Forum of Bangladesh Bank has demanded the resignation of Deputy Governors Nurun Nahar and Dr. Habibur Rahman, accusing them of corruption and malpractice. In a letter to Governor Dr. Ahsan H Mansur, the forum stated their continued presence undermines the bank’s integrity.

They also raised concerns about the upcoming “BB Night” event on October 20, urging the governor not to attend due to perceived favoritism within the organizing council. The forum highlighted that several high-ranking officials have resigned under similar corruption allegations.

October 15, 2024

Karnaphuli Gas Distribution Company has withheld Tk3,000 crore from gas sales to Kafco over 13 years, defying orders to transfer the funds to its parent, Petrobangla. This accumulated amount comes from charging Kafco a higher gas rate than the state-owned fertiliser companies pay. The situation adds to Petrobangla’s financial struggles, affecting LNG imports and payments to international oil firms. Despite a 2023 committee’s recommendations to resolve the issue and distribute funds accordingly, no progress has been made. Meanwhile, Karnaphuli Gas benefits from these funds, and the energy ministry’s involvement appears to support its stance.

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BRAC Bank's Astha App Reaches 700K Subscribers
October 15, 2024
Industry : Bank

BRAC Bank's Astha app has rapidly grown to 700,000 users, reflecting its rising popularity in digital banking. In September 2024, the app set a record with over Tk 1,250 billion in monthly transactions and a total of Tk 9,200 billion for the year, up from Tk 7,100 billion in 2023. 

Mongla Port Project Faces 84% Cost Hike
October 15, 2024

The Mongla port-upgrading project, funded by India, is facing challenges as the Indian consultant proposed an 84% cost increase, raising the total from Tk 60.14 billion to Tk 110.91 billion. The project involves constructing terminals, jetties, roads, and acquiring vessels.

Energy Directive Halts Bangladesh's First LNG Terminal Project
October 15, 2024
Industry : LNG

Bangladesh's first permanent land-based LNG terminal project has stalled after the Rupantorito Prakritik Gas Company Ltd (RPGCL) canceled the short-listing of bidders due to an interim government directive to halt all energy project negotiations.

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BRAC Bank's Astha App Reaches 700K Subscribers
October 15, 2024

BRAC Bank's Astha app has rapidly grown to 700,000 users, reflecting its rising popularity in digital banking. In September 2024, the app set a record with over Tk 1,250 billion in monthly transactions and a total of Tk 9,200 billion for the year, up from Tk 7,100 billion in 2023. 

Bangladesh Bank Deputy Governors Face Resignation Demand
October 15, 2024

The Anti-Discrimination Officers Forum of Bangladesh Bank has demanded the resignation of Deputy Governors Nurun Nahar and Dr. Habibur Rahman, accusing them of corruption and malpractice. In a letter to Governor Dr. Ahsan H Mansur, the forum stated their continued presence undermines the bank's integrity.

Karnaphuli Gas Withholds Tk3,000 Crore from Kafco Sales
October 15, 2024

Karnaphuli Gas Distribution Company has withheld Tk3,000 crore from gas sales to Kafco over 13 years, defying orders to transfer the funds to its parent, Petrobangla. This accumulated amount comes from charging Kafco a higher gas rate than the state-owned fertiliser companies pay.

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EPB Identifies 6 Reasons Behind Export Data Discrepancies
October 15, 2024
Economic Tag : Export

The Export Promotion Bureau (EPB) identified six key reasons for discrepancies in Bangladesh’s export data, including duplicate entries, sales discounts, and local sales by export-oriented companies. Updated figures show export earnings of $44.47 billion for FY 2023-24, correcting an earlier miscalculation of $55.29 billion. The target for FY 2024-25 is set at $57.5 billion. EPB plans to release regular, transparent data and is developing software to improve access for stakeholders.

Bangladesh's Debt Servicing to Hit $5.3B in FY27
October 15, 2024
Economic Tag : Debt

Bangladesh's foreign debt servicing is set to reach a record $5.3 billion in FY27, with $1.9 billion for interest and $3.4 billion for principal repayments. While this peak is expected, repayments will decline in subsequent years. In FY26, total servicing is projected at $5 billion.

Foreign Secretary Engages in US Talks to Boost Trade
October 14, 2024
Economic Tag : Trade

Bangladesh's Foreign Secretary, Md. Jashim Uddin, is in Washington for a series of meetings aimed at strengthening ties with the United States. Uddin, who recently attended the UN General Assembly in New York, seeks U.S. support for Bangladesh's reform initiatives in areas such as the economy, trade, investment, labor rights, governance, and the Rohingya crisis.

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