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Bangladesh is having growing difficulty repaying foreign debts, particularly those for the power sector. A recent lawsuit concerning the Ashuganj Power Station Company Ltd (APSCL) emphasizes the issue. The APSCL failed to make a loan installment payment, causing it to dig into its debt service reserve account. This action has disturbed the loan’s international lenders, who are concerned about the company’s and Bangladesh’s overall liquidity levels. The electricity sector’s repayment issues are part of a larger problem, since the country confronts a foreign cash crisis. This predicament puts pressure on the government to find measures to avert future financial problems.
Expatriate arrivals in Bangladesh significantly dropped recently, with expatriate income from July 19-24 amounting to $78 million. This is a sharp decline from the daily average of $79 million in the first 18 days of July. Banking activities were disrupted from July 19-23 due to a curfew and internet shutdown, affecting legal channels for expatriate income. When banks reopened on July 24, transactions resumed but delays persisted. From July 1-24, expatriate income totaled $1.5 billion, compared to $1.586 billion in the same period last year. The first 18 days of July saw $142.2 million in income, indicating a substantial increase compared to the previous year. June recorded the highest monthly expatriate income in three years at $254 million. Despite efforts by the central bank to attract more foreign currency, the ongoing dollar crisis continues to pressure the economy. In the fiscal year 2022-23, Bangladesh received $2.161 billion in expatriate income, rising to $2.391 billion in the fiscal year 2023-24.
Private sector credit growth in Bangladesh has slowed, decreasing from 10.35% in May to 9.8% in June 2024. This decline is attributed to reduced new investment, a contractionary monetary policy, and rising lending rates. In the fiscal year 2023-24, private sector credit growth averaged 10%, compared to 14% in the previous fiscal year. The decrease in credit growth is linked to decreased private investment and higher interest rates, now over 14%, along with the rising dollar price impacting imports. Import letters of credit (LCs) have dropped from around $8 billion per month in FY 2021-22 to $5 billion, with LC settlement down by 13.93% in the first eight months of FY 2023-24 compared to the previous year. Capital equipment imports fell by 25.36% and industrial raw materials by 25.06%. Private credit growth was 12.62% in January 2023 but has steadily declined since then. The central bank’s new monetary policy for H1 FY 2024-25 targets a private sector credit growth rate of 9.8%.
Bangladesh is having growing difficulty repaying foreign debts, particularly those for the power sector. A recent lawsuit concerning the Ashuganj Power Station Company Ltd (APSCL) emphasizes the issue. The APSCL failed to make a loan installment payment, causing it to dig into its debt service reserve account. This action has disturbed the loan’s international lenders, who are concerned about the company’s and Bangladesh’s overall liquidity levels. The electricity sector’s repayment issues are part of a larger problem, since the country confronts a foreign cash crisis. This predicament puts pressure on the government to find measures to avert future financial problems.
In a new study published by Bangabandhu Sheikh Mujib Medical University (BSMMU), 114 in every 1 lakh people in the country are affected by cancer. The highest incidence occurred among those aged 51 to 60, with lung cancer in males and breast cancer in women being the most prevalent kinds. The study showed a strong connection between cancer and tobacco use, with 73.5% of male patients smoking and more than 60% of both genders using smokeless tobacco or betel leaves. Experts highlighted the significance of cancer preventive awareness, enhanced diagnostic networks, and better treatment facilities to deal with this problem of public health.
Singer Bangladesh Limited reported a 60% decline in net profit for H1 2024, attributing it to rising business costs due to the forex crisis and increased interest rates. Net profit fell to Tk23.59 crore from Tk58.31 crore, with earnings per share at Tk2.37. Sales revenue rose 9% to Tk1,185 crore in H1. In Q2, revenue increased by 10% to Tk785 crore, but net profit dropped 47% to Tk25 crore. The profit margin decline was due to increased sales of trade goods, discounts, and promotional activities. Operating profit decreased by 26% due to higher expenses in advertisement, sales promotion, new shop operations, rent, bad debts, and factory maintenance. Operating expenses increased by 16%, and finance costs rose by 84% due to higher interest rates. To address the forex crisis, the company secured a €27.50 million long-term loan from its parent company in March 2024. On Thursday, Singer’s shares closed at Tk127.30, up 4.26%, with a market capitalization of Tk1,269 crore. Singer holds a 12% market share in refrigerators, 11% in televisions, 13% in air conditioners, and 18% in washing machines, competing with larger brands in these categories.
Singer Bangladesh Limited reported a 60% decline in net profit for H1 2024, attributing it to rising business costs due to the forex crisis and increased interest rates. Net profit fell to Tk23.59 crore from Tk58.31 crore, with earnings per share at Tk2.37. Sales revenue rose 9% to Tk1,185 crore in H1. In Q2, revenue increased by 10% to Tk785 crore, but net profit dropped 47% to Tk25 crore. The profit margin decline was due to increased sales of trade goods, discounts, and promotional activities. Operating profit decreased by 26% due to higher expenses in advertisement, sales promotion, new shop operations, rent, bad debts, and factory maintenance. Operating expenses increased by 16%, and finance costs rose by 84% due to higher interest rates. To address the forex crisis, the company secured a €27.50 million long-term loan from its parent company in March 2024. On Thursday, Singer’s shares closed at Tk127.30, up 4.26%, with a market capitalization of Tk1,269 crore. Singer holds a 12% market share in refrigerators, 11% in televisions, 13% in air conditioners, and 18% in washing machines, competing with larger brands in these categories.
Paperfly, Bangladesh’s biggest logistics company, bought back its 82% interest from Indian investor Ecom Express for a price that was not disclosed. This comes after Ecom Express faced problems in the global investment market, pushing them to withdraw from a planned second round of funding.
“Paperfly” wants to regain market share and profitability by the end of September 2024. They are working on both B2C and B2B markets and see room for expansion in Bangladesh’s growing e-commerce market.
Despite facing funding issues last year, “Paperfly” is back in operations and is confident about its future because of its technology platform, infrastructure, and skilled workforce. They expect to generate more than Tk40 crore in income by 2024.
Banks and NBFIs have been instructed by the central bank to waive fees and interest on delayed repayments for loans, savings schemes, and credit card bills from July 18 to July 25 due to recent country-wide unrest. This directive aims to support clients who may have missed payments amidst internet shutdowns and curfews. Institutions must not penalize clients if dues are settled by the end of this month, and they cannot reduce promised profits or interest on deposits. The measure, effective immediately, applies universally to credit card users, loan borrowers, and savers. Many banks have already opted to comply, refraining from charging any additional fees or interest during this turbulent period.
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Bangladesh is having growing difficulty repaying foreign debts, particularly those for the power sector. A recent lawsuit concerning the Ashuganj Power Station Company Ltd (APSCL) emphasizes the issue.
In a new study published by Bangabandhu Sheikh Mujib Medical University (BSMMU), cancer affects within 1.14% of the population in the researched area. The highest incidence occurred among those aged 51 to 60, with lung cancer in males and breast cancer in women being the most prevalent kinds.
Singer Bangladesh Limited reported a 60% decline in net profit for H1 2024, attributing it to rising business costs due to the forex crisis and increased interest rates. Net profit fell to Tk23.59 crore from Tk58.31 crore, with earnings per share at Tk2.37. Sales revenue rose 9% to Tk1,185 crore in H1. In Q2, revenue increased by 10% to Tk785 crore, but net profit dropped 47% to Tk25 crore.
Company Monitor
Singer Bangladesh Limited reported a 60% decline in net profit for H1 2024, attributing it to rising business costs due to the forex crisis and increased interest rates. Net profit fell to Tk23.59 crore from Tk58.31 crore, with earnings per share at Tk2.37. Sales revenue rose 9% to Tk1,185 crore in H1. In Q2, revenue increased by 10% to Tk785 crore, but net profit dropped 47% to Tk25 crore.
"Paperfly", Bangladesh's biggest logistics company, bought back its 82% interest from Indian investor Ecom Express for a price that was not disclosed. This comes after Ecom Express faced problems in the global investment market, pushing them to withdraw from a planned second round of funding.
Banks and NBFIs have been instructed by the central bank to waive fees and interest on delayed repayments for loans, savings schemes, and credit card bills from July 18 to July 25 due to recent country-wide unrest. This directive aims to support clients who may have missed payments amidst internet shutdowns and curfews.
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Bangladesh is having growing difficulty repaying foreign debts, particularly those for the power sector. A recent lawsuit concerning the Ashuganj Power Station Company Ltd (APSCL) emphasizes the issue.
Expatriate arrivals in Bangladesh significantly dropped recently, with expatriate income from July 19-24 amounting to $78 million. This is a sharp decline from the daily average of $79 million in the first 18 days of July. Banking activities were disrupted from July 19-23 due to a curfew and internet shutdown, affecting legal channels for expatriate income.
Private sector credit growth in Bangladesh has slowed, decreasing from 10.35% in May to 9.8% in June 2024. This decline is attributed to reduced new investment, a contractionary monetary policy, and rising lending rates. In the fiscal year 2023-24, private sector credit growth averaged 10%, compared to 14% in the previous fiscal year.
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Bizdata Insights is a Market Intelligence, Data & Business Advisory platform in Bangladesh driving the Trade, Business & Investment opportunities in Bangladesh.
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