Business
Sensing increased demand, traders hike prices of Eid essentials in Dhaka
In the last 48 hours leading up to Eid ul Azha, some unscrupulous traders in capital Dhaka have jacked up their asking price for essential Eid items that are certain to be in high demand during this period.
Visiting one of the capital's busiest markets in Malibagh, UNB found the prices of three such items - aromatic rice, the essential ingredient in pulao, vermicelli, which is used to make popular dessert shemai, as well as jwarda, and sugar, which is used in almost any at a higher price as the traders raised the price of these items ahead of Eid-ul-Azha.
Although there is no change in the prices of packaged products, traders have increased the prices of the products that are being sold in the open market.
Also read: Tipu Munshi under fire in Parliament for runaway prices of essentials
On Tuesday (June 27), aromatic rice was being sold at Tk 140 to Tk 160 per kg, while packaged aromatic rice (Chinigura) is being sold at Tk 170 per kg.
Similarly vermicelli was being sold at Tk 120-130 per kg on Tuesday in loose form. But just two days ago the same vermicelli was being sold at Tk 100-110 per kg. A different variety, laccha vermicelli, was sold at Tk 125-135 per kg on Tuesday, but this was only Tk 110-120 per kg two days ago. In packed form, a 200-gram packet of laccha is being sold at Tk 50, which is a much higher price per unit.
The price of sugar meanwhile remains sticky upwards, with unpacked or loose sugar being sold at Tk 140-150 per kg at Malibagh kitchen market.
Also read: Without monitoring, prices of daily essentials soar in Khulna kitchen markets
Some market-goers lamented they had not yet completed the purchase of their sacrificial cattle, for which they would be going back to the haats in the evening. Many consumers had come to the market braving the afternoon drizzle to complete their kitchen-market purchases. The somewhat sudden hike in the prices of some items left them disappointed.
“I am surprised to see the asking price for most of the essential items jumped by Tk 20 to 30 per kg,” said one such consumer, Abdul Alim, a service-holder by profession. But the traders vigorously defended their move.
Also read: With higher spice prices, consumers feeling the pinch this Eid-ul-Azha
Farooq Hasan, who runs the Haji Farooq General Store in Malibagh market, said their asking price simply reflects that prices have gone up across the board.
“The price of everything is high, so we have to sell at higher prices," said Farooq in a matter-of-fact way.
“Yes I am selling aromatic rice at upto Tk 160 per kg - whoever wants to can buy it. I am not forcing anyone. I am here to make a profit, not a loss,” Farook added.
Shahin Howladar, a businessman of Barisal General Store in the same market, said that he is selling open sugar at Tk 140 to Tk 145 a kg, and good quality sugar for Tk 150 per kg.
Also read: Spice prices soar in Faridpur ahead of Eid-ul-Azha
Meanwhile, broiler chicken is still being sold in the capital at Tk 190 to Tk 200 per kg. Sonali Coke is being sold at Tk 300 to Tk 310 per kg. Domestic indigenous chicken is being sold at Tk600 to 650 per kg.
According to the information of Trading Corporation of Bangladesh (TCB), the state-owned market price regulator, broiler chickens are being sold at Tk 160 to Tk 170 on Tuesday. Sugar is being sold at Tk130 to 140.
Among powdered milk, 1 kg Dano, Diploma, and Fresh milk are being sold at Tk 840 per kg and Marks milk is selling at Tk 830 per kg.
Coca-Cola Bangladesh supports sustainable community through tree plantation initiative
Coca-Cola Bangladesh Beverages Limited distributed over 20,000 saplings to various institutions as part of their tree plantation and environmental awareness program in the Mymensingh division.
The initiative -- in collaboration with the Department of Environment, Mymensingh, and Divisional Forest Office, Mymensingh -- is set to benefit 40,000 community members, according to a press release.
Addressing the challenge of building climate resilience in the country, Coca-Cola Bangladesh Beverages has undertaken several endeavors, including transitioning to Net Zero, Water Stewardship, and World Without Waste, to support the achievement of Sustainable Development Goals (SDGs), the press release reads.
The tree plantation and environmental awareness program were arranged in celebration of World Environment Day 2023, with the theme for this year's 'National Tree Plantation Campaign' and Tree Fair being 'Gach lagiye Jotno Kori, Sushtho Projonmoer Desh Gori' (Plant Trees to Ensure a Healthy and Sustainable Future for Our Nation).
A N M Abdul Wadud, Divisional Forest Officer, Department of Forest, expressed appreciation for Coca-Cola Bangladesh Beverages' initiative in organizing such an impactful program on the occasion of World Environment Day and the National Tree Plantation Campaign 2023 through a public-private partnership.
“Similar collaborations as such will enhance peoples’ awareness on the importance of tree plantation and building climate resilient communities and motivate others to come forward to work towards this goal,” he said.
Dilruba Ahmed, Director, Department of Environment, Mymensingh, applauded the endeavor, stating that it is the responsibility of society to create a safer world for future generations. Ahmed commended the government's efforts, led by Prime Minister Sheikh Hasina, in conserving the environment and tackling climate change.
“It is commendable that Coca-Cola Bangladesh Beverages is playing its part in this transformation journey as a responsible partner. We require more such successful public-private initiatives to save the environment and combat climate change,” she said.
Anowarul Amin, Director of Public Affairs, Communications, and Sustainability at CCBB, expressed the belief that such initiatives play a significant role in ensuring a sustainable future by reducing carbon emissions and contributing to the achievement of the SDGs.
“Every tree planted today is an invaluable investment for tomorrow, and it is up to us to enable the future generations to recognize the significance of such investments,” he said.
Amin expressed gratitude to the Department of Environment, Mymensingh, and the Divisional Forest Office, Mymensingh, for their invaluable support in organizing the program.
During the event, the saplings were handed over to the youth as symbols of building a resilient future.
Abdul Hannan, Director of Legal Affairs at Coca-Cola Bangladesh Beverages was present at the program among others.
Trade between Bangladesh and India through Hili land port to remain suspended for 6 days for Eid-ul-Azha
Export-import activities between Bangladesh and India through the Hili land port will remain suspended for six days, on the occasion of Eid-ul-Azha, one of the largest Muslim festivals.
Read: Green Chilli import through Hili land port begins
Md Mostafizur Rahman, general secretary of Hili Land Port Import-Export Group, said that trade activities will remain closed from June 27 to July 2 for the Eid holidays.
“Trade activities will resume at the land port from July 3,” he said.
Dollar exchange rate for repatriated export income increased to Tk107.5
The US dollar exchange rate has been increased by Tk 0.5 to Tk107.5 per dollar for repatriated export income.
This decision was taken at a meeting of the Bangladesh Foreign Exchange Dealers Association (BAFEDA) and Association of Bankers Bangladesh (ABB), the organization of top executives of banks, which are involved in foreign exchange transactions, held on Monday.
Since September 2022, a joint committee of BAFEDA and ABB has been tasked with setting the exchange rate of taka against the US dollar, the world's reserve currency. It was meant to be a move towards a floating exchange rate, but it hasn't worked out that way.
Economists have decried the prevalence of multiple exchange rates, and called for a move towards a single, unified exchange rate, but the BAFEDA-ABB committee has so far failed to realise that demand.
Read: US Dollar rate Tk108.5 for remittance, Tk107 for exports from Thursday
Following today's announcement, the exporters will get Tk107.5 in the local currency against each dollar.
On the other hand, in case of expatriate income (remittances), the dollar rate remains unchanged at Tk 108.5.
Meanwhile the maximum interbank rate will be Tk109 per US dollar, also unchanged.
The dollar crisis in the country became evident since March last year, in the wake of the Russia-Ukraine war.
To deal with this crisis, Bangladesh Bank fixed the price of the dollar exchange rate in the beginning, but this made the crisis worse.
Later last September, Bangladesh Bank officially withdrew from the responsibility of determining the exchange rate. This responsibility was given to ABB and BAFEDA, but it is done in consultation with the central bank.
Read: ABB, BAFEDA will meet tomorrow to set uniform dollar rate for banks
Since then, these two organizations have been jointly fixing the dollar price for export and repatriation income and payment of import liabilities. Basically, these two organizations are implementing the decision of Bangladesh Bank.
Read more: US dollar rate soars to Tk112 in kerb market amid franctic purchase
Walton reports marked rise in sales of its fridges ahead of Eid-Ul-Azha
Demands as well as sales of fridges have already gone up sharply across the country on the eve of Eid-ul-Azha, considered as the second largest religious festival of the Muslims, to be observed on June 29.
Like every year, Walton brand fridges are at the top of customer's preference. On the eve of Eid-Ul-Azha, locally known as Qurbani Eid, customers are thronging at Walton outlets to purchase their desired refrigerator and freezer, according to a media release of the business organization on Monday.
Walton Plaza managers, distributors and zonal in-charges from Dhaka, Chattogram, Rajshahi, Khulna, Rangpur, Bagerhat, Bogura, Sylhe, Feni, Narsingdhi and other parts of the country informed that there is a sales bonanza of fridges in their outlets.
They said more than 250 models of frost; non-frost refrigerators and freezers are available in the market and prices of those have been fixed considering buying capacity of all classes of income groups.
Centering the upcoming Eid, Walton released an energy saving 50 plus new model of refrigerators with the world's latest technology such as inverters, advanced features and doors, it said.
Customers are also assured of swift and best after sales service under the largest service network in the country. And thus, majority customers have kept their trust and faith in Walton fridge in this year's eid.
Walton has been conducting digital campaign season-18 across the country since May 15 this year. In this season, buyers are getting lakhs of gifts including free cars by buying fridge, TV, air conditioner or washing machine from any Walton Plaza, distributor showroom and online sales platform e-plaza in the country. This offer will continue till July 15.
As of now, four customers of Brahmanbaria, Naogaon, Jessore and Narayanganj got free cars in this season. Moreover many have received various types of free products.
Read: Walton Plaza inaugurated in two new districts
Walton Refrigerators' Chief Business Officer (CBO) Tofail Ahmed said this year the time is very good for the sale of fridge due to political stability, intense heat of summer, no flood as well as corona pandemic before this year's Eid like the previous year.
He claimed that there is a sales bonanza of fridges in Walton outlets. About more than 10 percent of fridges have been sold compared to the previous occasion.
Meanwhile, about 65 percent of the annual refrigerator sales target, set by Walton, has been achieved.
In this Eid, more than 250 models of frost, non-frost refrigerators and freezers of Walton brand with a capacity of 50 liters to 646 liters are available in the market. Among these, over 50 new models of fridges with advanced features and doors are released centering the Qurbani Eid.
The new models include huge energy efficient inverter technology' advanced features AIoT based smart side by side refrigerator, glass doors, BSTI's highest 5-star energy rating certified frost and non-frost fridges. Besides, Walton brand's 22 models of freezers are also available in this Qurani Eid.
Buyers can buy these Walton fridges in a range of Tk 17,000 to Tk 1, 55, 000.
In this Qurbani Eid, vertical freezer with a capacity of 325 liters, convertible freezer with a capacity of 255 liters and the world's first 8-in-1 convertible refrigerator with a capacity of 646 and 619 liters are the new surprises of Walton.
Read: Walton sees surge in fridge sales ahead of Eid-ul-Azha
The 255-liter convertible mood freezer can be converted into a normal fridge once needed. The customers can set the cooling performance of the fridge and freezer compartment of Gianttech series 8-in-1 convertible mood 646 liter GT Pro and 619 liter GT model refrigerators. It will consume less electricity.
Buyers are getting one year replacement warranty, 12-year compressor guarantee and 5-year free after-sales service on Walton fridge.
Walton has the largest team of service experts and ISO certified service management system in Bangladesh to deliver fast and best after sales service to customers. Under this, Walton is providing the highest level of after-sales service at a very short time to the customers through its nationwide 80 service centers spread across the country.
Read more: Walton exports ‘Made in Bangladesh’ ACs to Yemen and Mali
Remittances pick up pace ahead of Eid-ul-Azha
In anticipation of Eid ul Adha, Bangladeshis abroad sent back $1.79 billion in inward remittances in the first 23 days of the current month (June), finally gaining some pace through official channels after a lacklustre few months. The figure has already eclipsed the entire month of May figure, which was $1.69bn, with a full week still left. If the trend continues, remittances in June would exceed the $2bn mark by the end of the month. Although this mark was breached in March ($2.02 billion), the flow of remittances in April ($1.68bn) and May ($1.69bn) was again disappointing.
Read: 10.74 lakh workers went abroad till June in 2022-23 fiscal year: MinisterBangladesh Bank officials noted that people spend more on the Eid festival. On occasion of Eid ul Adha, many expatriates would have their qurbani (sacrifice, usually of cattle) at home through their relatives. So a hike was to be expected in the last month of the 2022-23 fiscal.
IBBL signs agreement to use 'Sonali Payment Gateway'
Islami Bank Bangladesh Limited has inked a deal to use Sonali Bank PLC's own software 'Sonali Payment Gateway'.
Abul Faiz Muhammad Kamluddin, Deputy Managing Director of IBBL, and Nurun Nabi, General Manager of Sonali Bank PLC signed the agreement recently.
Read: IBBL gets new chairman
Mohammed Monirul Moula, Managing Director and CEO of IBBL and Md Afzal Karim, Managing Director and CEO of the Sonali Bank PLC witnessed the signing ceremony.
Under this agreement, Cellfin and mCash customers of IBBL can pay fees/charges and challan of five hundred different institutions through 'Sonali Payment Gateway'.
Read: IBBL organized foundation training for probationary officers
Md. Altaf Hossain, Additional Managing Director Of IBBL, Sanchia Binte Ali, Deputy Managing Director of Sonali Bank PLC, Mir Mofazzal Hossain, Subash Chandra Dash, Kazi Mohammad Wahidul Islam and Parsuma Alam along with top officials of both institutions were present on the occasion.
Read more: IBBL launches new website, two new investment schemes
Green Chilli import through Hili land port begins
Indian trucks loaded with green chilli entered Bangladesh through Hili land port in Dinajpur on Monday as the government has allowed its import in the wake of surging prices in the local market ahead of Eid-ul-Azha.
M/s Satata Banijyalay, BK Trade, Promi Enterprise and Royal Trade International-- have received import permits (IP). These organizations will import around 1,900 metric tons of green chilli.
Read: Bangladesh allows green chilli import as price keeps rising
Shakil, a retail trader of Hili market, said that the price of green chilli increased to Tk 160-200 per kg on Monday morning after 10 months. “Now it's being imported. The price of chilli may come down in 2-1 day.”
Center for Plant Disease Control assistant officer Yusuf Ali said that import of green chilli from India through Hili land port was suspended on August 24 last year.
Green chilli import has started through Hili land as the government again allowed it, the officer added.
Read: Floods push up green chilli prices in Dhaka kitchen markets
The Ministry of Agriculture permitted 30 importing firms to import a total of 11,600 metric tonnes of green chillies, said an official release on Sunday.
Besides, 68 companies have been granted permission to import 55,600 MT of tomatoes, it added.
Read more: India assures smooth supply of essential commodities to Bangladesh: Tipu Munshi
Bangladesh, French Development Agency sign $303 million credit agreements for 3 crucial dev projects
Bangladesh and Agence Française de Développement (AFD) or the French Development Agency have entered credit facility agreements (CFA) for three crucial development projects, totalling EUR 277 million (approximately USD 303 million).
The CFAs were signed on June 22 by Sharifa Khan, secretary to the Economic Relations Division, representing Bangladesh, and Benoit CHASSATTE, AFD country director for Bangladesh.
Under the CFAs, AFD will provide EUR 62 million for the BRT project, EUR 175 million for the Chattogram Metropolitan Sewerage Project, and EUR 40 million for the BEST Project.
Also Read: BHBFC-AFD hold bilateral meeting on green-featured buildings
The first project, known as the Greater Dhaka Sustainable Urban Transport Project (BRT Company Component), aims to establish a sustainable urban transport system in Gazipur City Corporation (GCC). This project will introduce a 20 km Bus Rapid Transit (BRT) corridor — serving as a pilot project to provide a holistic solution for integrated urban mobility.
The second project, the Chattogram Metropolitan Sewerage Project for North Kattoli, addresses the long-awaited needs of Port City dwellers. It involves the construction of a sewerage system and wastewater treatment infrastructure for the North Kattoli catchment area, located in the northwest part of Chattogram city.
The third project, called the Bangladesh Environmental Sustainability and Transformation (BEST) project, is a joint effort between AFD and the World Bank. It aims to enhance environmental regulations and enforcement in Bangladesh. The project focuses on curbing pollution and improving environmental quality by strengthening the country's technical and administrative capacity.
Also Read: France keen on meeting Bangladesh’s needs for green investments: AFD Executive Director
AFD, a bilateral development agency responsible for implementing official development assistance on behalf of the French government, has been actively operating in Bangladesh since 2012.
AFD’s support encompasses a wide range of development projects, including urban development and infrastructure initiatives such as water and sanitation, public transport, and urban services. They also focus on power and green energy projects, including energy efficiency and renewable power, as well as corporate and social responsibility endeavours aimed at enhancing safety standards and environmental and social performance.
To date, AFD has committed EUR 2,101 million in technical assistance projects and has provided Bangladesh with a budget support loan of EUR 300 million, demonstrating its sustained commitment to the country's development.
Read More: HCA signed, €609 million in loans approved by AFD for Bangladesh
IFC providing $50 million to BRAC Bank to support trade finance, preservation of jobs
International Finance Corporation (IFC) is providing BRAC Bank Limited a $50 million loan to aid small and medium-sized enterprises (SMEs) recover from the effects of the COVID-19 pandemic.
This investment is set to contribute to the preservation of jobs and bring foreign exchange liquidity into BRAC Bank to help support the working capital and trade finance requirements of the bank’s SME importer and exporter clients.
Also Read: New program by Australia, IFC to mobilise $50 million to support post-COVID inclusive growth in Bangladesh
This investment, along with a similar loan to Prime Bank in February, will also send a positive signal to the market and contribute towards attracting additional international investors to support the foreign exchange financing needs of local banks and SMEs, IFC said.
The financing package is part of IFC's $8 billion global COVID-19 fast-track financing facility to support companies during the ongoing public health crisis. This new investment comes under the Working Capital Solutions (WCS) program of the COVID-19 response envelope, which is providing $2 billion globally to emerging-market banks, enabling them to support struggling firms.
This project will also be supported by the International Development Association's Private Sector Window Blended Finance Facility, which is also rendering aid to IFC's WCS program.
BRAC Bank is Bangladesh’s third-largest private bank and the only SME-focused bank in the country.
Also Read: First project under IFC’s Global Food Security Platform to tackle food insecurity in Bangladesh
"Our SME and corporate clients continue to confront challenges arising from the disruptive effects of COVID-19. The insufficient availability of foreign exchange has additionally impeded their regular trading operations," said Selim R. F. Hussain, the Managing Director and CEO of BRAC Bank.
The aftermath of the COVID-19 pandemic has resulted in a global economic slowdown, influenced by a series of factors, including geo-political events.
“IFC has been supporting the banking sector in export-driven economies like Bangladesh, which have been facing declines in foreign exchange reserves due to various macroeconomic and geopolitical headwinds,” said Joon Young Park, IFC’s Portfolio Manager for South Asia.
Also Read: Prime Bank receives $50m from IFC to support trade, forex liquidity needs in Bangladesh
"IFC plans to continue providing its steadfast support to key banking partners in Bangladesh who have significant SME portfolios, such as BRAC, with whom IFC has had equity and debt commitments over the past 19 years.”
IFC has invested more than $3.6 billion to promote the growth of the private sector in Bangladesh since 2010, thereby creating job opportunities for the country's citizens. And since the beginning of the COVID-19 crisis, IFC has provided over $360 million in working capital solutions and liquidity support to banks and companies in Bangladesh.
Also Read: IFC giving $32.5 million to ensure food security in Bangladesh
"After three long years of grappling with the impact of the pandemic, businesses in Bangladesh continue to face challenging market conditions,” said Martin Holtmann, IFC Country Manager for Bangladesh, Bhutan, and Nepal. “By supporting BRAC Bank, we are continuing our efforts to help Bangladesh recover and foster a resilient post-pandemic economic landscape.”
Also Read: Implement Teesta Project to save people from manmade disasters: IFC