March 29, 2023
Economy Tag : Remittance
Remittance inflow reached $1598 million (around $1.6 billion) in the first 24 days of the current March, which is $36 million more than it did for the entire month of February, according to the most recent information from Bangladesh Bank (BB). The total amount of remittances in February of this year was $1561 million. Nonetheless, since the start of the current fiscal year, remittances have totaled $15.6 billion as of 24 March.
According to the March remittance influx, it may reach $2 billion by March 31. A top BB official predicts that the remittance inflow would likely continue to increase in the upcoming month of April. State-owned banks that accept remittances received $195.67 million in the first 24 days of the running month of March. Foreign commercial banks received $4.85 million, private commercial banks received $1361.54 million, and specialized banks received $35.47 million.
Seven banks didn’t get any money transferred throughout those days. The bank that receives the most remittances is Islami Bank Bangladesh Limited. Out of $1598 million distributed among 59 banks, the bank received $371 million on its own. Three out of the nine overseas banks received no remittances. The highest was 3.89 million by Standard Chartered Bank. Agrani Bank was the state-owned institution that received the most remittances. In the first 24 days of March, it brought in $79 million.
March 29, 2023
Economy Tag : Forex
The amount of foreign currency held by the country’s commercial banks increased to a 14-month high in February as a result of increased remittance and export profits as well as import restrictions.
From $4,849.28 million in January, the gross foreign currency balance with banks increased to $5,240 million in February. According to data from Bangladesh Bank (BB), the gross holding of foreign exchange by banks climbed for four straight months, reaching $4,708 million in December, $4,708 million in November, and $4,505 million in October.
Since July 2021, when commercial banks held $6.00 billion in foreign currencies, banks’ holdings of foreign exchange have decreased, according to the statistics. On February 28, Bangladesh’s foreign exchange reserves fell to $32.33 billion as Bangladesh Bank expanded dollar sales to address the market’s dollar crisis. As a result, within a year, the exchange rate versus the US dollar increased significantly, rising to Tk 107 from Tk 84.8. On September 14, 2022, the BB approved a floating dollar exchange rate.
March 29, 2023
Economy Tag : Bank
The amount of foreign currency held by the country’s commercial banks increased to a 14-month high in February as a result of increased remittance and export profits as well as import restrictions.
From $4,849.28 million in January, the gross foreign currency balance with banks increased to $5,240 million in February. According to data from Bangladesh Bank (BB), the gross holding of foreign exchange by banks climbed for four straight months, reaching $4,708 million in December, $4,708 million in November, and $4,505 million in October.
Since July 2021, when commercial banks held $6.00 billion in foreign currencies, banks’ holdings of foreign exchange have decreased, according to the statistics. On February 28, Bangladesh’s foreign exchange reserves fell to $32.33 billion as Bangladesh Bank expanded dollar sales to address the market’s dollar crisis. As a result, within a year, the exchange rate versus the US dollar increased significantly, rising to Tk 107 from Tk 84.8. On September 14, 2022, the BB approved a floating dollar exchange rate.
March 29, 2023
Industry : Commodity
After hitting an all-time high of Tk 280-290 a kg on March 20, the price of broiler chicken has dropped significantly in the last four days, marking a decline of Tk 80-90 per kg in the city markets of Bangladesh. On 28th March, 2023 the price stood at Tk 200-210 a kg, which is Tk 40-50 less than the previous day.
Major poultry companies like Kazi, Paragon, CP, Aftab, Nourish, and Quality reduced their farm price drastically, which caused this plunge. The farm price of these companies’ broiler was reduced to Tk 150-160 a kg on compared to Tk 195 a kg on the previous day. However, the minimum cost to produce broiler has increased to Tk 160 a kg for farmers as feed prices increased by 100% in a year. CAB vice president S M Nazer Hossain has urged the government to monitor the situation properly to avoid dramatic price fluctuations in the future.
March 29, 2023
Industry : Commodity
A recent study by the Centre for Policy Dialogue (CPD) has found that the average monthly food expenses for a four-member household in Dhaka have increased by up to 51% over the past four years due to high inflation. The study also revealed that even if a family refrains from eating meat or fish for a month, they would still have to spend at least Tk 7,131 on food as of February 2023, up 51% from February 2019. If they include meat and fish, they would have to spend around Tk 22,664, up 44% from four years ago.
The research fellow of the CPDÂ stated that the increase in food expenses of 25% in the past year is difficult for minimum wage earners, whose salaries usually only increase by 5% annually. The study calculated data based on the Bangladesh Urban Socio-Economic Assessment Survey and found that the rising cost of living is forcing low and minimum-income groups to compromise their needs.
The CPD has recommended that the government consider increasing the minimum wage and reducing the duties and taxes on essential commodities.
March 29, 2023
Industry : FMCG
Akij Bashir Group, one of Bangladesh’s leading business conglomerates, is entering the country’s growing paint market by establishing a manufacturing plant at Akij Economic Zone in Trishal of Mymensingh. Currently, multinational companies hold around 85% of the paint market share in Bangladesh, leaving little room for local manufacturers. The group aims to produce a variety of paints, including household, decorative, and industrial paints, focusing on quality, innovation, and variation.
The Bangladesh Paint Manufacturer’s Association (BPMA) estimates that the decorative paint market size is Tk 413 crore, with 80% of total paint use accounted for by decorative paints. Akij Bashir Group is expecting to enter the market within six months. However, newcomers in the paint market face challenges in building business relationships with dealers, who hold significant influence on customer purchasing decisions.
Furthermore, paint raw materials are mostly imported, and local manufacturers face additional taxes, making it difficult to compete with imported paints.
March 29, 2023
Akij Bashir Group, one of Bangladesh’s leading business conglomerates, is entering the country’s growing paint market by establishing a manufacturing plant at Akij Economic Zone in Trishal of Mymensingh. Currently, multinational companies hold around 85% of the paint market share in Bangladesh, leaving little room for local manufacturers. The group aims to produce a variety of paints, including household, decorative, and industrial paints, focusing on quality, innovation, and variation.
The Bangladesh Paint Manufacturer’s Association (BPMA) estimates that the decorative paint market size is Tk 413 crore, with 80% of total paint use accounted for by decorative paints. Akij Bashir Group is expecting to enter the market within six months. However, newcomers in the paint market face challenges in building business relationships with dealers, who hold significant influence on customer purchasing decisions.
Furthermore, paint raw materials are mostly imported, and local manufacturers face additional taxes, making it difficult to compete with imported paints.
March 29, 2023
Promixco Limited, a well-known manufacturer of medical equipment in the nation, and Andhra Pradesh MedTech Zone (AMTZ), an organization in India, have inked an agreement to make it easier to develop cutting-edge, affordable medical equipment. Although Promixco is building an incubation center in Bangladesh to give students and researchers cutting-edge resources to learn about cutting-edge innovations, AMTZ is India’s first manufacturing hub for medical devices.
Promixco is working with ATMZ to get technical assistance and other support in the areas of research, innovation, and product development. In addition to more than 100 medical devices and equipment, the two organizations are collaborating to manufacture medtech, biotech, and biomedical products as well as training and research. The Agreement aims to advance the sector’s success and assist the Indian counterpart in furthering their development. The government recently recognized the manufacture of medical equipment as an industry.
March 29, 2023
Eastern Bank Ltd (EBL) and Abu Dhabi Commercial Bank (ADCB) have signed a Master Forfaiting Agreement with ADCB and successfully completed a pilot forfaiting transaction, under “the Uniform Rules for Forfaiting (ICC Publication no. 800)”, recently.
In the pilot transaction, ADCB purchased an export LC risk through a forfaiting agreement with Eastern Bank and supplied prompt cash on a no-recourse basis, while Eastern Bank handled all LC papers for the exporter. This solution benefits both exporters and Bangladesh as a country in terms of faster realization of export revenues, particularly in the current environment where foreign currency is in high demand to manage rising imports. Eastern Bank and ADCB have agreed to work together in converting the pilot transactions into a commercialized flow of business between both banks.
This solution benefits both exporters and Bangladesh as a country by allowing for faster realization of export proceeds, especially in the current environment where foreign currency is in high demand to manage rising imports.
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Broiler chicken prices dropped to Tk 200-210 per kg
March 29, 2023
Industry : Commodity
After hitting an all-time high of Tk 280-290 a kg on March 20, the price of broiler chicken has dropped significantly in the last four days, marking a decline of Tk 80-90 per kg in the city markets of Bangladesh. On 28th March, 2023 the price stood at Tk 200-210 a kg, which is Tk 40-50 less than the previous day.
Monthly food expenses increased by 51% in 4 years
March 29, 2023
Industry : Commodity
A recent study by the Centre for Policy Dialogue (CPD) has found that the average monthly food expenses for a four-member household in Dhaka have increased by up to 51% over the past four years due to high inflation. The study also revealed that even if a family refrains from eating meat or fish for a month, they would still have to spend at least Tk 7,131 on food as of February 2023, up 51% from February 2019. If they include meat and fish, they would have to spend around Tk 22,664, up 44% from four years ago.
Akij Bashir wants to expand paint market share
March 29, 2023
Industry : FMCG
Akij Bashir Group, one of Bangladesh's leading business conglomerates, is entering the country's growing paint market by establishing a manufacturing plant at Akij Economic Zone in Trishal of Mymensingh. Currently, multinational companies hold around 85% of the paint market share in Bangladesh, leaving little room for local manufacturers. The group aims to produce a variety of paints, including household, decorative, and industrial paints, focusing on quality, innovation, and variation.
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Akij Bashir wants to expand paint market share
March 29, 2023
Company: Akij Bashir Group
Akij Bashir Group, one of Bangladesh's leading business conglomerates, is entering the country's growing paint market by establishing a manufacturing plant at Akij Economic Zone in Trishal of Mymensingh. Currently, multinational companies hold around 85% of the paint market share in Bangladesh, leaving little room for local manufacturers. The group aims to produce a variety of paints, including household, decorative, and industrial paints, focusing on quality, innovation, and variation.
Promixco partners with AMTZ to manufacture med equipment
March 29, 2023
Company: Promixco Limited
Promixco Limited, a well-known manufacturer of medical equipment in the nation, and Andhra Pradesh MedTech Zone (AMTZ), an organization in India, have inked an agreement to make it easier to develop cutting-edge, affordable medical equipment. Although Promixco is building an incubation center in Bangladesh to give students and researchers cutting-edge resources to learn about cutting-edge innovations, AMTZ is India's first manufacturing hub for medical devices.
EBL and ADCB sign a master forfaiting agreement
March 29, 2023
Company: Abu Dhabi Commercial Bank (ADCB)
Eastern Bank Ltd (EBL) and Abu Dhabi Commercial Bank (ADCB) have signed a Master Forfaiting Agreement with ADCB and successfully completed a pilot forfaiting transaction, under "the Uniform Rules for Forfaiting (ICC Publication no. 800)", recently. In the pilot transaction, ADCB purchased an export LC risk under the forfaiting agreement with Eastern Bank and provided immediate cash on a without recourse basis while Eastern Bank handled all the documents under the LC for the exporter.
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Remittance inflow stands at $1.6b in 24 days
March 29, 2023
Economic Tag : Remittance
Remittance inflow reached $1598 million (around $1.6 billion) in the first 24 days of the current March, which is $36 million more than it did for the entire month of February, according to the most recent information from Bangladesh Bank (BB). The total amount of remittances in February of this year was $1561 million. Nonetheless, since the start of the current fiscal year, remittances have totaled $15.6 billion as of 24 March.
Banks' foreign exchange holding increases
March 29, 2023
Economic Tag : Forex
The amount of foreign currency held by the country's commercial banks increased to a 14-month high in February as a result of increased remittance and export profits as well as import restrictions. From $4,849.28 million in January, the gross foreign currency balance with banks increased to $5,240 million in February. According to data from Bangladesh Bank (BB), the gross holding of foreign exchange by banks climbed for four straight months, reaching $4,708 million in December, $4,708 million in November, and $4,505 million in October.
Duty-free market access sought for apparel products made of US cotton
March 29, 2023
Economic Tag : Export
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has requested US policymakers and a diplomat to persuade the United States government to give duty-free market access to Bangladeshi apparel products made of US cotton. The BGMEA president made the request through separate letters to US senator Ted Cruz, Texas State governor Greg Abbott and US Ambassador to Bangladesh Peter Haas.
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