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Trade through Bangladesh’s 10 Shariah-compliant banks is dwindling, with loans surpassing deposits, creating liquidity challenges. Exports facilitated by these banks dropped by almost 39% in Q2, contrasting the nation’s overall export growth of 7%.
Imports through Islamic banks also declined by 47%. Despite a year-on-year deposit growth of 0.85%, loan disbursements increased by 8.73%, causing an imbalance. Allegations of irregular lending contribute to a crisis of confidence among businesses, affecting deposits. Excess liquidity in these banks fell by nearly 91% to Tk1,073 crore compared to the previous year.
Remittances, however, saw surprising growth, up over 39% year-on-year in Q3, attributed to outstanding import bills and competitive remittance rates. Irregularities and negative attitudes pose challenges, signaling potential difficulties in meeting long-term liabilities for Islamic banks.
US investors have been pulling out of Bangladesh’s stock market over the last three fiscal years, as seen by the US portfolio investment falling to $629.71 million at the end of FY23, down 21.20% from FY22. The total amount of foreign portfolio investments decreased by more than 20% year over year to $2.33 billion in FY23 from $4.5 billion in FY19.
The decrease is ascribed to problems with governance, the depreciation of Taka, and the implementation of a floor price. Chemicals and pharmaceuticals led investments by industry. The market experienced no notable improvement despite the Bangladesh Securities and Exchange Commission’s roadshow efforts in the US; foreign investors appeared to be discouraged by things like currency devaluation and the recent jump in US interest rates, which made the stock market less alluring.
The National Board of Revenue (NBR) has lowered land registration source tax by Tk30,000 per katha in undeveloped areas of Dhaka, Gazipur, Narayanganj, and Chattogram districts. The statutory regulatory order, effective from November 30, 2023, reduces the maximum source tax per katha in specified Dhaka Upazilas to Tk20,000 from Tk50,000.
Similarly, areas in Chattogram, Narayanganj, and Gazipur also see reductions in maximum source tax per Katha. The move aims to boost land registration, following a previous two-fold increase in source tax during the fiscal year 2023-24 budget. This adjustment aligns with the NBR’s strategy to stimulate land registration, which is crucial for economic activities and real estate transactions in these regions.
To address the ongoing dollar crisis, Bangladesh Bank has mandated that banks offer over 7% interest on resident foreign currency deposits (RFCD). The central bank’s notification allows individuals to deposit up to $10,000 in RFCD, with banks providing a minimum of 1.5% interest in addition to the benchmark rate. This move aims to encourage foreign currency deposits and mitigate the dollar shortage in the country. Furthermore, the notification permits the issuance of two supplementary cards against the deposit, enabling dependents to utilize the cards for various expenses, including education and medical costs abroad. This strategic decision seeks to alleviate the impact of the dollar crisis and enhance the flexibility of foreign currency holdings.
Trade through Bangladesh’s 10 Shariah-compliant banks is dwindling, with loans surpassing deposits, creating liquidity challenges. Exports facilitated by these banks dropped by almost 39% in Q2, contrasting the nation’s overall export growth of 7%.
Imports through Islamic banks also declined by 47%. Despite a year-on-year deposit growth of 0.85%, loan disbursements increased by 8.73%, causing an imbalance. Allegations of irregular lending contribute to a crisis of confidence among businesses, affecting deposits. Excess liquidity in these banks fell by nearly 91% to Tk1,073 crore compared to the previous year.
Remittances, however, saw surprising growth, up over 39% year-on-year in Q3, attributed to outstanding import bills and competitive remittance rates. Irregularities and negative attitudes pose challenges, signaling potential difficulties in meeting long-term liabilities for Islamic banks.
Southeast Bank PLC recently signed a Master Trade Loan agreement with Commercial Bank of Dubai PSC at its Head Office. The collaboration involves the Commercial Bank of Dubai providing trade loans to Southeast Bank for its Offshore Banking Operation. This agreement is expected to enhance Southeast Bank’s financial capabilities and facilitate trade-related activities. The signing ceremony included representatives from both banks and signifies a strategic move to strengthen Southeast Bank’s Offshore Banking Operation through collaboration with Commercial Bank of Dubai.
To address the ongoing dollar crisis, Bangladesh Bank has mandated that banks offer over 7% interest on resident foreign currency deposits (RFCD). The central bank’s notification allows individuals to deposit up to $10,000 in RFCD, with banks providing a minimum of 1.5% interest in addition to the benchmark rate. This move aims to encourage foreign currency deposits and mitigate the dollar shortage in the country. Furthermore, the notification permits the issuance of two supplementary cards against the deposit, enabling dependents to utilize the cards for various expenses, including education and medical costs abroad. This strategic decision seeks to alleviate the impact of the dollar crisis and enhance the flexibility of foreign currency holdings.
Southeast Bank PLC recently signed a Master Trade Loan agreement with Commercial Bank of Dubai PSC at its Head Office. The collaboration involves the Commercial Bank of Dubai providing trade loans to Southeast Bank for its Offshore Banking Operation. This agreement is expected to enhance Southeast Bank’s financial capabilities and facilitate trade-related activities. The signing ceremony included representatives from both banks and signifies a strategic move to strengthen Southeast Bank’s Offshore Banking Operation through collaboration with Commercial Bank of Dubai.
Standard Chartered Bangladesh has joined forces with Thengamara Mohila Sabuj Sangha (TMSS) to enhance the well-being, resilience, and productivity of rural farming communities in Bangladesh. With an investment of approximately BDT 26 million, the bank is launching two agricultural initiatives benefiting 25,500 farmers.
The first project involves distributing 125,000 tree saplings and vegetable seeds in areas facing food insecurity. The second initiative aims to boost sunflower production in Bogura and Patuakhali, providing 1,800 kg of sunflower seeds, resources, training, and agri-processing machinery to 500 farmers. The CEO of Standard Chartered Bangladesh, emphasizes the bank’s commitment to improving lives and livelihoods through sustainable agriculture partnerships.
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To address the ongoing dollar crisis, Bangladesh Bank has mandated that banks offer over 7% interest on resident foreign currency deposits (RFCD). The central bank's notification allows individuals to deposit up to $10,000 in RFCD, with banks providing a minimum of 1.5% interest in addition to the benchmark rate.
Trade through Bangladesh's 10 Shariah-compliant banks is dwindling, with loans surpassing deposits, creating liquidity challenges. Exports facilitated by these banks dropped by almost 39% in Q2, contrasting the nation's overall export growth of 7%.
Southeast Bank PLC recently signed a Master Trade Loan agreement with Commercial Bank of Dubai PSC at its Head Office. The collaboration involves the Commercial Bank of Dubai providing trade loans to Southeast Bank for its Offshore Banking Operation
Company Monitor
To address the ongoing dollar crisis, Bangladesh Bank has mandated that banks offer over 7% interest on resident foreign currency deposits (RFCD). The central bank's notification allows individuals to deposit up to $10,000 in RFCD, with banks providing a minimum of 1.5% interest in addition to the benchmark rate.
Southeast Bank PLC recently signed a Master Trade Loan agreement with Commercial Bank of Dubai PSC at its Head Office. The collaboration involves the Commercial Bank of Dubai providing trade loans to Southeast Bank for its Offshore Banking Operation
Standard Chartered Bangladesh has joined forces with Thengamara Mohila Sabuj Sangha (TMSS) to enhance the well-being, resilience, and productivity of rural farming communities in Bangladesh. With an investment of approximately BDT 26 million, the bank is launching two agricultural initiatives benefiting 25,500 farmers.
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Monitor
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Trade through Bangladesh's 10 Shariah-compliant banks is dwindling, with loans surpassing deposits, creating liquidity challenges. Exports facilitated by these banks dropped by almost 39% in Q2, contrasting the nation's overall export growth of 7%.
US investors have been pulling out of Bangladesh's stock market over the last three fiscal years, as seen by the US portfolio investment falling to $629.71 million at the end of FY23, down 21.20% from FY22. The total amount of foreign portfolio investments decreased by more than 20% year over year to $2.33 billion in FY23 from $4.5 billion in FY19.
The National Board of Revenue (NBR) has lowered land registration source tax by Tk30,000 per katha in undeveloped areas of Dhaka, Gazipur, Narayanganj, and Chattogram districts. The statutory regulatory order, effective from November 30, 2023, reduces the maximum source tax per katha in specified Dhaka Upazilas to Tk20,000 from Tk50,000.
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