business
Bangladesh Bank introduces dollar booking policy for max 1 year
Bangladesh Bank has introduced a US dollar booking policy for maximum 1 year, at a higher rate, to meet future requirements.
According to the new rules, after one year, the bank will be able to charge a maximum of 5 percent more than the current dollar price with a 'SMART' rate.
The central bank issued a circular in this regard on Sunday.
Despite Bangladesh Bank Governor’s decision to not raise exchange rate before election, dollar rate hiked again
Under the new rules, dollars can be kept with bookings for up to one year. For this, the buyer has to pay extra. It will be determined by the method with which loan interest rate is determined now.
Currently, the dollar price for import is fixed at Tk 110.5. If anyone wants to book a dollar for future, he/she will have to pay Tk 123 per dollar after one year.
Selling dollars at higher prices: What is Bangladesh Bank’s action against treasury heads of 10 banks?
Despite Bangladesh Bank Governor’s decision to not raise exchange rate before election, dollar rate hiked again
Bangladesh Bank decided not to bring major changes in the US dollar exchange rate before the upcoming national election. The central bank’s Governor Abdur Rouf Talukder informed of this decision at a meeting with managing directors and CEOs of banks recently.
At that meeting, the governor said that Bangladesh Bank will not make any policy changes regarding the dollar market or the foreign currency market before the national election.
Despite this decision, the dollar rate has been raised by Tk .50 or 50 paisa in all cases. The price of the dollar has increased to Tk 110 in case of export and expatriates’ income, and to Tk 110.50 in case of import.
Read: Selling dollars at higher prices: What is Bangladesh Bank’s action against treasury heads of 10 banks?The dollar rate was hiked again yesterday, which is effective from today.
The dollar crisis in the country has become evident since March 2023, following the downturn caused by the Russia-Ukraine war.
To deal with this crisis, Bangladesh Bank fixed the dollar price at the beginning. This worsened the crisis. Later, last September, Bangladesh Bank withdrew from determining the price of the dollar.
Read: Bangladesh Bank seeks explanations from 13 banks for selling dollars at higher prices
This responsibility has been given to the Association of Bankers, Bangladesh (ABB) and Bangladesh Foreign Exchange Dealers’ Association (BAFEDA).
Since then the two organizations have been jointly setting the dollar price for export, remittance earnings, and payment of import liabilities.
Read more: Dollar goes off kerb market after central bank-led raids of money exchanges
UBL appoinst Syeda Durdana Kabir as HR Director
Unilever Bangladesh Limited (UBL), the country’s leading Fast-Moving Consumer Goods (FMCG) company, has appointed Syeda Durdana Kabir as their new Human Resources (HR) Director.
With this appointment, Durdana has joined the Management Committee of Unilever Bangladesh and South Asia HR Leadership Team, said a press release.
With over 25 years of experience in the industry, Syeda Durdana Kabir possesses extensive expertise in various HR business partnering and leadership roles. Her extensive background equips her with profound knowledge in collaborating with global, regional, and local stakeholders within complex matrix structures.
Prior to joining UBL, Durdana served in diverse capacities at Nestle, including being the first female HR Director in 2015. She has also worked as Regional Head of Talent and Organizational Development for Nestle Malaysia & Singapore Region, and later for Central and West Africa Region. She commenced her illustrious career at British Airways.
Syeda Durdana Kabir completed her MA in English Literature from the University of Dhaka and obtained EMBA from North South University.
Zaved Akhtar, chairman and MD of Unilever Bangladesh Limited, expressed his enthusiasm, saying, "I warmly welcome Syeda Durdana Kabir as our HR Director and as a valuable addition to the Management Committee of UBL. Our company is committed to fostering a culture where everyone can thrive, where all individuals are treated fairly and respectfully, and where their unique qualities are celebrated. People are at the core of our business, and Unilever Bangladesh has been recognized for decades as the School of Leaders, and we have been the top employer of choice. I believe that Durdana's extensive experience in both global and local markets will significantly contribute to Unilever's commitment to pioneering the future of the workplace and propelling the company to new heights.
Shopowners’ Association seeks immediate withdrawal of 1% supervision charge in CMSME loans
Bangladesh Dokan Malik Samity, an association of shopowners, has demanded withdrawal of 1 percent supervision charged in CMSME loans.
The association made the announcement today in a press conference held at its office in Mogbazar, Dhaka.
Leaders of the association, in a written note, at the press conference said that Bangladesh Bank raised interest from 9 percent to 10.10 percent and the interest rate will be hiked further, as indicated by high-ups.
Read: Emirates, SriLankan Airlines ink interline agreement to boost connectivity
“Shopowners are running their businesses with marginal profits, at times counting losses, due to raised VAT, tax and utility charges, and fall in sale volume. The central bank’s 1 percent supervision charge, in addition to the interest rate, is illogical and should be withdrawn immediately,” said Helal Uddin, president of Dokan Malik Samity.
He said if the supervision charge is not withdrawn and the money taken already is not returned by October 15, shopowners will move against it across the country.
Read: Walton brings new models of single door all-rounder fridge
Helal Uddin said, “We have sent a letter on behalf of Bangladesh Shopowners’ Association to the Governor of Bangladesh Bank on August 27, requesting him to withdraw the circular and take necessary measures to return the deducted money to the accounts of all traders.”
The association is not aware of any action taken in this regard so far. Such a decision during a prolonged downturn in sales is a serious threat to entrepreneurs in the CMSME sector, he said.
Read: IBCF Task Committee’s 40th meeting held
Leaders of shopowners’ association and 23 other bodies from different sectors were present at the press conference.
Banglalink signs agreement with Palli Sanchay Bank to provide high quality digital solutions
Banglalink has signed an agreement with Palli Sanchay Bank aiming to provide the employees of the state-owned bank with a range of advanced digital services including corporate connections, data connectivity, 4G internet, SMS broadcast and other high quality digital solutions.
The agreement was signed by Banglalink’s Enterprise Business Director Rubaiyat A. Tanzeen Palli Sanchay Bank (PSB) MD Sheikh Md. Jaminur Rahman at Banglalink's office in Dhaka, according to an official press release.
The signing ceremony was also attended by Banglalink CEO Erik Aas.
Also read: Banglalink wins Ookla Award for the 7th consecutive time
“We look forward to providing Palli Sanchay Bank employees across Bangladesh with Banglalink's fastest 4G network and diverse range of digital services,” Banglalink CEO Erik Aas said. “As a Digital Operator, we are committed to delivering superior network quality and innovative digital solutions to our customers and partner organizations across the nation.”
PSB’s Managing Director Sheikh Md. Jaminur Rahman said: Through this strategic partnership, Palli Sanchay Bank reaffirms its dedication to tech-driven innovation in business. We have come a long way since our inception, embracing innovation to accelerate our business and we are thrilled to welcome Banglalink as our official communication partner.”
“We firmly believe that this collaboration will drive our growth, bolstered by best-in-class digital transformation,” he added.
Also read: Banglalink app offers free healthcare for dengue treatment
Also present at the signing ceremony were Deputy Managing Director Khan Iqbal Hasan, General Manager Deepankar Roy, General Manager Md. Ala Uddin, Senior Systems Analyst Md. Shahed Alamgir, and System Analyst Allama Mohammad Yahya Tanhar from Palli Sanchay Bank along with Banglalink’s Commercial Transformation & B2B Marketing Director Muhammad Abdul Hai, Head of Strategic Business SM Shamsur Rahman, Head of Enterprise Operations Mohammad Ahasun Habib, and Corporate Account Manager Tanvir Ahmed.
Also read: Banglalink, a2i team up to 'accelerate' Smart Bangladesh Vision
Emirates, SriLankan Airlines ink interline agreement to boost connectivity
Emirates and SriLankan Airlines have signed a reciprocal interline agreement to boost connectivity for passengers of both airlines.
The partnership will enable access to new points on each other’s networks via Colombo and Dubai, utilising a single ticket and enjoying the convenience of baggage transfers.
Read: Walton brings new models of single door all-rounder fridge
The interline partnership unlocks 15 regional destinations operated by SriLankan Airlines via Colombo, for Emirates’ passengers to choose from. The interline network includes two new Indian destinations- Madurai and Tiruchirapally, in addition to Gan Island in the Maldives. Far East and South Asian destinations also include Cochin, Chennai, Bangalore, Hyderabad, Malé, Bangkok, Kuala Lumpur, Singapore, Jakarta, Guangzhou, Seoul and Tokyo, according to a press release.
SriLankan Airlines’ passengers are also set to benefit from access to Emirates’ global network and connect to 15 cities across the Middle East, Africa, Russia and the US operated by Emirates beyond Dubai. SriLankan’s customers will enjoy a premium travel experience and partnership benefits while flying on Emirates to Bahrain, Amman, Dammam, Medina, Cairo, Muscat, Nairobi, Moscow, Tel Aviv, and a host of US cities including New York JFK, Los Angeles, San Franciso, Chicago, Boston and Houston.
Read: Speakers at a seminar focus on human dignity for sustainable development
Travel itineraries can be booked immediately on emirates.com, srilankan.com and preferred online and offline travel agencies.
Emirates now serves Dhaka with 21 weekly flights and via Dubai offers convenient connections to nearly 140 destination across six continents.
Walton brings new models of single door all-rounder fridge
Country's super electronics brand 'Walton' has brought new models of single door all-rounder refrigerator in the domestic market, which are suitable for use in small families, bachelors, pharmacies, hospitals, hotels, resorts, restaurants and shops.
The local multinational electronics giant is producing lucrative designed and models of single door refrigerator with different capacities, ranging from 50 to 225 liters, at state-of-the art fridge manufacturing plant at Walton headquarters in Gazipur’s Chandra, said a press release.
The single-door model refrigerator's has more usable space than other models. This fridge has 90 percent normal refrigeration section and 10 percent freezer section. In addition, these models of refrigerators are 30 percent more energy saving than a regular fridge of the same size.
Read: Walton Plaza fulfills Jonayed's dream of flying in the sky
Tofail Ahmed, chief business officer of Walton Refrigerator, said Walton developed single door model of refrigerator for the multipurpose users. A small family of 1 to 4 people can use the single door fridge at an affordable cost. In addition, this model of refrigerator has great demand in pharmacies for storing medicines.
He noted that the market share of single door refrigerators in South Asian countries is about 75 percent. Walton has already exported a large amount of single door refrigerators to the Asian countries. Walton's highest exported refrigerator model is single door.
He expected that Walton single door refrigerator will become a hot cake for the domestic buyers.
Read: Walton starts export trades with India in Rupee
Walton Refrigerator Research and Innovation Center's Head Azmal Ferdous said, the single door refrigerators are specially designed. 'Silver Clean++' technology is being used in this model. This technology automatically prevents harmful bacteria into the refrigerated food. And, world-wide recognized fully environment-friendly R600a refrigerant and optimized cooling circuit are used in this model of refrigerator, which are resulted in saving huge energy. The body of the fridge has an onion tray on the stand. Onions and potatoes can be easily stored in it. Walton's single door refrigerator also acquired the most accepted UL certificate of the United States. The UL testing and certification ensure that an electrical product satisfies the safety requirement to enter the US and Canadian markets.
At present, Walton is manufacturing and marketing more than 10 models of single door refrigerators with 4 plus different designs in the domestic market. Prices of these fridges are set between Tk14,990 and Tk30,000.
Customers are getting one year replacement facility with a 12-year guarantee on compressor.
Speakers at a seminar focus on human dignity for sustainable development
Speakers at a seminar emphasized human dignity and social justice, irrespective of religion and color, are essential for the sustainable development of a country.
The speaker said this in a seminar on ‘Human Dignity and Sustainable Development: Road to Islam’ organized by the Department of Islamic Studies, Shanto-Mariam University of Creative Technology, Dhaka.
Dr. Md. Iqbal Hossain, Professor Department of Da’wah and Islamic Studies, Islamic University, Kushtia presented a paper on the topic.
Dr. Md. Shah-E-Alam, vice-chancellor of the university, was present as the chief guest.
Professor Mostafizul Haque, Chairman of the Board of Trustees of Shanto-Mariam University of Creative Technology, was present as the special guest and Prof. Dr. M. Abdul Halim Shaikh, Dean of the Faculty of Management, were present as the special guests. Mohammad Ishaque, associate professor and head of the department of Islamic Studies, presided over the seminar.
A number of faculties and students of the university participated in the seminar.
Trade ties with US won't be disrupted by visa policy: Salman F Rahman
Private Industry and Investment Adviser to Prime Minister Salman F Rahman on Saturday said the US visa policy for Bangladesh will not disrupt the trade relation between the two countries.
He told reporters this after attending the ICURP Conference held in a city hotel on Saturday.
Salman said that the USA is the most prominent market for Bangladesh's RMG industry, where Bangladeshi products enter at a competitive tax of 15.5 percent. Bangladesh is not getting any extra privileges in that market, he said.
Read: Visa restrictions: US didn’t issue any statement regarding anyone in particular, says Home Minister
In reply to a query, he clarified that unlike other regions such as Europe, the United States does not grant any special trade facility like GSP to Bangladesh.
Salman welcomed the US visa policy in addressing potential obstructions to the electoral process while asserting that the policy aims to target not only obstacles but also instances of violence in election time.
Read more: 'Nothing to lose' from visa restrictions: Shahriar Alam
Sri Lanka pay off $200 million loan from Bangladesh with $4.5 million interest
Sri Lanka has paid off the entirety of USD $200 million loan from Bangladesh, taken through a currency exchange agreement two years ago to survive the severe dollar shortage.
In the last installment, Sri Lanka paid about $50 million and $4.5 million in interest on the loan on Thursday night, a senior official of Bangladesh Bank confirmed to UNB today.
Sri Lanka took this loan for a period of one year in May 2021. However, the country failed to repay the loan due to a worsening domestic economic crisis and the Sri Lankan government declared itself bankrupt. That's why the country took extension to repay the debt several times.
Read: Sri Lanka repays $100million in second installment of loan taken from Bangladesh
This year, Sri Lanka's economy started to turn around and the country was able to repay the debt.
According to Bangladesh Bank, Sri Lanka initially repaid $50 million on August 20. Then on August 31, it returned $100 million. Finally, they returned the remaining $50 million on Thursday night.
Sri Lanka has paid off the loan taken from Bangladesh in three installments.
Read more: $200 million loan: Sri Lanka repaid $50 million to Bangladesh, says central bank