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Track Your Competitor's Move
Business Monitor allows you to monitor your competitors' activities, strategies, and market positions.
Stay Ahead of Your Competitors
Gain a competitive advantage by tracking your competitors' activities, strategies, and market positions.
Actionable Insights
identify potential risks and opportunities, adjust their strategy based on changing market conditions
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Get access to the latest economic updates and make informed decisions based on real-time insights.
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A five-day internet outage in Bangladesh caused a sharp decline in digital banking transactions, revealing the sector's heavy reliance on stable internet connectivity. Following the launch of 4G and the Covid-19 pandemic, cashless transactions had surged.
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.
NRB Bank has launched an offshore banking unit (OBU) with the slogan "Banking Beyond Boundary", inaugurated by chairman Mohammed Mahtabur Rahman at the bank's corporate head office in Dhaka, attended by vice-chairmen Golam Kabir and Mohammed Jamil Iqbal.
NRB Bank reported a profit of Tk 850 million in Q2 2021, up from a loss of Tk 28.5 million in the same quarter the previous year. The bank's foreign exchange gain and operational efficiency contributed to the turnaround. The bank's half-yearly results also showed positive results, with a profit of Tk 100 million in January-June 2021.
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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.
NRB Bank has launched an offshore banking unit (OBU) with the slogan "Banking Beyond Boundary", inaugurated by chairman Mohammed Mahtabur Rahman at the bank's corporate head office in Dhaka, attended by vice-chairmen Golam Kabir and Mohammed Jamil Iqbal.
NRB Bank reported a profit of Tk 850 million in Q2 2021, up from a loss of Tk 28.5 million in the same quarter the previous year. The bank's foreign exchange gain and operational efficiency contributed to the turnaround. The bank's half-yearly results also showed positive results, with a profit of Tk 100 million in January-June 2021.
Stock trading in Bangladesh resumed after a three-day break, resulting in a 1.5-year low turnover at the Dhaka Stock Exchange. The market indices saw a decline, with the benchmark DSEX dropping 95 points to 5,350. The shariah-based DSES fell 21 points, and the blue-chip DS-30 plummeted 37 points. Investor confidence was affected by the ongoing quota reform movement, leading to selling pressure. Trading was limited due to an internet blackout. The market analyst suggested that the market may improve once internet access is restored.
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Businesses in Chattogram are experiencing significant losses due to protests, curfews, and internet blackouts. The Khatunganj wholesale market has seen a drastic fall in buying and selling of goods, with traders reporting losses of Tk10,000 crore. The market, which previously relied on banking channels, has been disrupted by internet outages, shutdowns, and bank closures.
The three-day shutdown and subsequent violence over the quota reform movement have severely disrupted Bangladesh's economy, already struggling with high inflation, falling exports, and dwindling forex reserves. Factories, including the key garment sector, shut down, fearing further violence and arson.
India's budget for 2024-25 allocates 120 crore rupees to Bangladesh, down 80 crore rupees from the previous year. The Ministry of External Affairs' total development assistance is 4,883 crore rupees. Bhutan receives the highest aid at 2,068.56 crore rupees, reduced from 2,400 crore rupees last year.
The Asian Development Bank (ADB) revised down Bangladesh's economic growth projection to 6.5% for FY2024-25 from an earlier forecast of 6.6% due to sluggish industrial growth. This projection is lower than the government's target of 6.75%. The revision came amid five days of severe economic disruptions caused by an internet outage, violence related to public job quota reforms, and a subsequent curfew. Monthly inflation rates in Bangladesh have been near double digits for the first 11 months of FY2024 and may continue due to high domestic food prices.