business
Bangladesh’s forex reserves fall below $20 billion again
Bangladesh’s foreign exchange reserves have fallen below US $20 billion.
According to the latest data of Bangladesh Bank in line with the International Monetary Fund (IMF) BPM-6, foreign exchange reserves dropped to $19.89 billion on April 17.
The gross reserves (BB’s own reserves calculation method) on the same day were $25.30 billion. The gross reserves were much higher at this time last year ($31.18 billion).
The reserves increased slightly due to rise in overall exports and remittance inflow before Eid.
After Eid, reserves have started to decrease again due to the pressure of imports along with the decrease in inward remittance flow.
As per BPM-6 on April 8 (before Eid), the reserves were $20.11 billion, while the gross reserves on that day were $25.39 billion.
In the last 10 days, the reserve of BPM-6 has decreased by $211 million.
At the beginning of the fiscal year 2023-24, gross reserves were $29.73 billion. And according to BPM-6 it was $23.37 billion.
Gold prices hit new record high
Gold has become costlier as the Bangladesh Jeweller’s Association (Bajus) has increased prices by Tk 2065 per bhori (11.664 grams).
It has fixed price of 22-carat gold at Tk 119638 per bhori, the highest of all time.
Gold price goes up by Tk 3,499 per bhori over just two days
In April Bajus has increased gold prices thrice so far (April 6, 8 and 18) claiming a price hike in the global market.
The prices of gold are increasing in the global market rapidly due to Middle East tension and the US policy rate cut, said Bajus.
Gold to drop by Tk 1750 a bhori from Wednesday
In line with that, the Bajus today (Thursday-April 18) announced the price hike, which came into effect from 7 pm today, according to a press release.
Masudur Rahman, Chairman of the Price Determination and Price Monitoring Standing Committee of Bajus issued the press release.
BAJUS wants a 10-year tax holiday for gold refiners
As per the new price, per bhori (11.664 grams) of 22-carat gold will cost Tk 119638 as Tk 10,257 per gram.
Apart from this, the price of 21-gold has been set at Tk114202, 18-carat gold at Tk 97884.
The Bajus also decreased price of traditionsl gold and set its price at Tk78802 per bhori.
Though the price of gold has increased, the price of silver has been kept unchanged.
According to the category, currently, the price of 22-carat silver is Tk2100, 21-carat is Tk2006, 18-carat is Tk1715 and the price of silver in traditional is Tk1283.
Govt. hikes per litre bottle of soybean oil by Tk 4, cuts by Tk 2 on unpacked oil
A day after edible oil refiners demanded an increase of Tk 10 against per litre bottle of soybean oil, the government on Thursday fixed the price of per litre bottle of edible oil at Tk 167, hiking by Tk 4.
Civil society group protests decision of refiners to raise edible oil price
State Minister for Commerce Ahsanul Islam Titu said this at a press conference on the reassessment of price of edible oil at the conference room of the Ministry of Commerce on Thursday.
Following the government move, a consumer now will have to pay an extra amount of Tk 18 to purchase a five litre bottle of edible oil, which earlier cost Tk 800.
Traders propose raising edible oil prices by Tk 10 per litre as VAT exemption period ends
On the other hand, the government cut the price of per litre of unpacked oil by Tk 2 which now will cost Tk 147.
Sale of loose edible oil increases health risks: PROGGA
Earlier on Wednesday, the edible oil refiners sought to hike its retail price by Tk 10 per litre, saying that a value added tax (VAT) reduction, which they had been enjoying for the last two months, expired last Monday.
Bank Asia to take over foreign bank Alfalah
Bangladesh Bank has permitted Bank Asia to take over Alfalah, a foreign bank, in a departure from its decision that no more merger of banks will be allowed.
As part of the new dimension, Bank Asia, a private commercial of Bangladesh plans to acquire foreign Bank Alfalah.
BASIC Bank to merge with City Bank in strategic consolidation move
Karachi-based Bank Alfalah disclosed the information to the Pakistan Stock Exchange on April 17.
The disclosure said the board of directors of Bank Alfalah Ltd had given approval in-principal for the non-binding indicative offer received from Bank Asia Ltd to acquire the bank's Bangladesh operations, assets, and liabilities, subject to compliance with all applicable laws, regulations and obtaining of necessary regulatory approvals.
The disclosure said that the Bank Alfalah is now seeking approval from the State Bank of Pakistan for Bank Asia to commence due diligence on Bank Alfalah, Bangladesh.
BDBL to merge with Sonali Bank while BKB with RKUB
Sohail RK Hussain, Managing Director of Bank Asia said this is an ongoing process and it's not part of much talk about mergers.
The issue of acquiring will get a final shape in the next week in the meeting with to executives of both the banks, sources said.
Universal pension promotion fair to be held across country to ensure people’s participation
The government has decided to arrange universal pension promotion fair across the country to attract people to this scheme.
According to the National Pension Authority (NPA), pension fairs will be held in 64 districts of of eight divisions to remove the apprehensions of people and ensure spontaneous participation of all classes of people.
As part of the initiative, the NPA is going to organise a fair in Rajshahi division. The fair will be held at Haji Muhammad Mohsin Government High School premises in Rajshahi city on April 19.
Bangladesh’s second quarter GDP growth slowed to 3.78%: BBS
Principal Secretary of the Prime Minister's Office Mohammad Tofazzel Hossain Miah will open the fair as the chief guest.
There will be a total of 70 stalls of different institutions at the fair. There will be also booths of Sonali Bank, Agrani, City, and BRAC Bank for financial transactions.
Local administration will assist the NPA to organise the fair smoothly.
Civil society group protests decision of refiners to raise edible oil price
Bangladesh Common Civil Society (BCCS), an organisation of common citizens, has protested the decision of the Vegetable Oil Refinery Association to increase the edible oil price by Tk 10 per liter.
Traders propose raising edible oil prices by Tk 10 per litre as VAT exemption period ends
In a statement, the BCCS alleged that the vegetable oil refiners have increased the price of edible oil by Tk 10 per litre before any such decision was announced by the Tariff Commission or the Ministry of Commerce.
“This is not only illogical, but it is a kind of thumbs up to the government to set their own arbitrary decision to set the oil prices,” it said.
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Convenor of the BCCS Mohiuddin Ahmed said it’s contrary to the previous statement of state minister for commerce.
The BCCS said the opinion of the common people has no value in this country. Just when the people are returning to work after Eid, the news of increasing the price by Tk 10 per liter on the second working day has disappointed the citizens.
Sale of loose edible oil increases health risks: PROGGA
“The will push up the monthly expense of a normal family by between Tk 100-200. We strongly protest and condemn such callous decisions on behalf of the common people,” said the statement.
Traders propose raising edible oil prices by Tk 10 per litre as VAT exemption period ends
Traders have proposed increasing the prices of edible oil by Tk 10 per litre as the tax exemption deadline on it expired on April 15.
Bangladesh Vegetables Oil Refiners' and Vanaspati Manufacturer's Association (BVORVMFA) sent a letter to the senior secretary of the commerce ministry in this regard on Monday.
The letter was issued by executive officer of BVORVMFA Nurul Islam Mollah.
Dhaka district receives lion's share of remittances so far in current fiscal: BB Report
The letter stated that as tax exemption on the import of raw materials and production of edible expired on April 15 so it will be supplied at the prices fixed before the exemption of VAT.
As per new rate, a litre bottle of soybean oil will be sold at Tk 173, while 5 litre bottle at Tk 845 and a litre palm oil at Tk 132.
In February the National Board of Revenue reduced the Value Added Tax on refined and crude (non-refined) soybean and palm oil to 10 percent from 15 percent.
However, state minister for commerce Ahasanul Islam Titu at a meet the press at Dhaka Reporters ‘Unity on Tuesday said there is no scope to hike prices of edible oil.
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He said the edible oil price can be adjusted with the international market rate but it will take time.
The state minister also said the price hike would be considered on the import of new shipment of the edible oil.
Azeeza Khan joins the ranks of YGL 2024
Azeeza Aziz Khan ACCA, Director, Summit Group of Companies, has been inducted as a Young Global Leader (YGL) by the World Economic Forum (WEF) for the class of 2024, according to a press release of the Summit Group.
On this occasion Azeeza Aziz Khan said, “Excited to begin this new chapter and join the 2024 Class of Young Global Leaders with the World Economic Forum (WEF). Always a firm believer in the power of collective advocacy and activism, I look forward to bringing about impactful changes alongside my fellow WEF Leaders”.
Together, with all your support and prayers, I look forward to advancing our shared vision for a world that offers sustainable, affordable, and clean energy to all sections of our communities, she added.
She is among the exceptional individuals selected globally into the YGL community of outstanding leaders. These responsible leaders will undertake a transformative 3-year journey, addressing global challenges and driving positive change.
Azeeza Aziz Khan's induction into the YGL Class of 2024 recognises her exceptional leadership and visionary approach to finance, sustainability, and social responsibility.
It is also a testament to her relentless dedication, innovative strategies, and compassionate initiatives that have propelled Summit Group to new heights, along with her significant contributions to the well-being of marginalised communities and the Empowerment of Women within Bangladesh.
Bangladesh’s second quarter GDP growth slowed to 3.78%: BBS
Bangladesh’s gross domestic product (GDP) growth in the second quarter of the current fiscal year, 2023-24, has been estimated at 3.78 percent.
Bangladesh Bureau of Statistics (BBS) on Monday revealed this information as the quarterly growth in the second quarter (October-December 2023).
According to BBS, based on currently available data, the GDP estimates for the second quarter of the FY 2023-24 have been assessed. As per the GDP growth rate for the second quarter of FY 2023-24 is 3.78 percent. In the second quarter of FY 2022-23 the growth was 7.08 percent and in the second quarter of FY 2021-22 the growth was 9.30 percent.
The agricultural sector in the second quarter was 4.65 percent, compared to 4.22 percent in the second quarter of FY 2022-23 and 2.20 percent in the second quarter of FY 2021-22.
The growth of the industrial sector was 3.24 percent. Which was 10 percent in the second quarter of FY23 and 14.50 percent in the second quarter of FY22.
Besides, the services sector grew by 3.06 percent in the second quarter of FY2023-24. Which was 6.62 percent in the second quarter of FY 2022-23 and 7.25 percent in the second quarter of FY 2021-22.
The BBS undertakes quarterly GDP estimates as per the decision of the government and subsequently on the advice of the International Monetary Fund (IMF). Like other countries in the world, BBS estimates quarterly GDP by production method.
However, annual GDP is estimated using the production and expenditure method.
Dhaka district receives lion's share of remittances so far in current fiscal: BB Report
A large portion of expatriates' income remittances in Bangladesh comes through the bank branches located in Dhaka, according to Bangladesh Bank (BB) analyst on the District-wise scenario of inward remittances.
This figure means that most of the families of expatriates stay in Dhaka or they have most of their accounts in the bank branches of Dhaka.
Chittagong ranks second while Sylhet and Comilla are in third and fourth position in terms of expatriate income or remittances.
March sees 7.77% decline in remittance, despite pre-Eid expectations
After that, the position of coastal district Noakhali, Brahmanbaria, Feni, Moulvibazar, Chandpur, and Narsingdi. This position is calculated from July 2023 last year to February 2024, which is revealed in the central bank's district-wise expatriate income report.
According to the report, in eight months from July-February, expatriates sent remittances amount US $15.07 billion. Out of this, the expatriates sent $2.16 billion last February. In the previous month of January, the expatriate income in the country was $2.10 billion.
Among this, Dhaka district received $5.23 billion in July-February, and Chittagong district received $1.42 billion in expatriate income. During this period, Sylhet district received $870 million, Comilla $810 million, and Noakhali $460 million. Apart from this, $380 million came in Brahmanbaria, $370 million in Feni, $360 million in Moulvibazar, $350 million in Chandpur, and $250 million in Narsingdi.
BRAC Bank wins Top Ten Remittance Award
Bank officials say more expatriate income is expected to come from expatriate-dominated districts. But that is not as many expatriates have settled abroad.
Rather, they (Expatriates) are selling the wealth in the country and taking it abroad. As a result, money laundering is increasing, they said.