business
Forex reserves below $38 billion despite tightened imports
Bangladesh’s forex reserves remain under stress despite curbing imports.
This is happening due to the selling pressure of US dollars for import LCs, surge in individual demands to meet travel, medical treatment expenses, and tuition fees for Bangladeshi students at foreign universities.
Bangladesh’s forex reserves for July-August will stand at US$38 billion after payment of $1.75 billion import bills due, — of the Asian Clearing Union (ACU) — said an official of Bangladesh Bank.
The central bank will pay this debt by tomorrow. Then the forex reserves will be below $38 billion, to around $37.50 billion, he said.
Also read: Hope amidst forex crisis: Bangladesh received $2.03bn remittance in Aug
Last Thursday (Sep1,2022), the forex reserves of Bangladesh were $39.05 billion.
Bangladesh Bank has been selling dollars from the reserves to bring 'stability' to the forex market. On Thursday, $76 million dollars were sold to some banks.
In total, the central bank has sold $2.57 billion from reserves in two months.
Former Bangladesh Bank governor Atiur Rahman said that despite the increase in remittance, the forex reserves fell due to the continued sale of dollars.
Also read: BB sets cost ceiling for short-term trade finance in forex
"There is no problem even if the reserves fall to $38 billion in the current global context. Because, with this reserve, it is possible to meet the import expenses of more than six months,” he added.
“Imports are falling; remittance and export earnings are increasing. In this situation, it seems that the forex reserves will increase in the coming days,” he hoped.
The central bank sold $7.67 billion from reserves in FY 2021-22 to stabilize the forex market. Bangladesh never sold such a high amount of dollars from the reserve in a single fiscal year earlier.
However, in the previous financial year (2020-21), Bangladesh Bank bought a record $8 billion to keep the forex market stable during the falling trend of imports for the Covid-19 pandemic.
Read Fuel, forex reserves may run out after power crisis: Fakhrul
Instant transaction of foreign currencies: Bangladesh Bank launches RTGS
Bangladesh Bank has started instant foreign currency transactions, from bank to bank, through online-based real time gross settlement (RTGS).
Banks are primarily clearing and settling in US dollars, pounds, euros, Canadian dollars, and Japanese yen.
Bangladesh Bank Governor Abdur Rouf Talukder officially inaugurated the RTGS program at the headquarters of the central bank in Motijheel today (September 4, 2022). Deputy governors Ahmed Jamal and Kazi Sayedur Rahman, President of FBCCI Md. Jasim Uddin, MCCI president Saiful Islam, Chairman of Association of Bankers, Bangladesh Selim RF Hossain, and senior officials of the central bank, among others, were present at the event.
Read: Banks instructed to campaign for bringing back laundered money
Earlier, these five currencies – US dollar, British pound, euro, Canadian dollar, and Japanese yen – were settled in the traditional transaction system. In this method, banks use paper documents, and the bank officials settle the transaction. It was time-consuming and costly, said Md Serajul Islam, executive director and spokesperson of Bangladesh Bank.
From today (Sunday), banks will be able to settle transactions instantly without any hassle through the RTGS system, he said.
The Chinese currency yuan can be traded against five foreign currencies.
Bangladesh Bank issued a notification on August 28 to start instant foreign currency transactions through RTGS.
Bangladesh’s exports worth $4.60bn in Aug, up by 36.18%: EPB data
Despite the ongoing global crisis and inflation, Bangladesh exported over USD $4.6 billion worth of goods in August with a record 36.18 percent growth.
Bangladesh's export worth in August also exceeded the set target. The export target for the second month of the current financial year (2022-23) was $4.3 billion, Export Promotion Bureau (EPB) revealed the data today (September 4, 2022).
According to the statistics, the export earnings growth of Bangladesh has reached to 25.31 percent at the end of the first two months of the current financial year. The total export in two months was $8.59 billion, which is 4.52 percent over the target.
Also read: All export-oriented industries should get equal facilities: Salman F Rahman
According to EPB, in FY2021-22, goods worth $3.38 billion were exported in August. Compared to the last financial year, $1.22 billion more in exports have been made this year.
On the other hand, in July, the first month of this fiscal year, the export of goods worth Tk $3.98 billion was 14.72 percent more compared to the same period of the previous year.
Readymade garment products, home textiles, and other apparel products have played a significant role in exports as always. Garment exports in July and August were worth $7.11 billion. The growth is 26 percent.
Read: Exports to China can grow with extension of duty-free access to 380-plus new products
At the same time, the export of leather and leather products was worth $22.32 crore. The growth is about 28 percent. And the export of jute goods was $15.66 crore, where the growth is about 23 percent.
Pran-RFL scoops up Bangladesh Business Awards 2021
Pran-RFL Group has received the Bangladesh Business Awards 2021 for its contribution to the business sector.
Planning Minister MA Mannan handed over the award to Pran-RFL Chair and Chief Executive Officer Ahsan Khan Chowdhury at a Dhaka hotel Friday.
Read: PRAN-RFL targets $2 billion export by 2030
This year, one entrepreneur and two enterprises won the Bangladesh Business Awards for making significant progress in their respective areas in 2021.
Pran-RFL received the award in the enterprise of the year category.
DHL Express and The Daily Star introduced the Bangladesh Business Awards in 2000 to inspire and motivate the business fraternity to achieve greater heights of productivity.
Read Bangladesh's Nuzhat Choudhury wins Outstanding Service in Prevention of Blindness Award
Banglalink SDG hackathon Code for a Cause 3.0 finale held
The finale of Banglalink hackathon Code for a Cause was held in Dhaka Saturday to encourage young problem solvers to come up with innovative solutions to sustainable development goals (SDGs) challenges.
After a 24-hour competition, winners of the hackathon were officially announced by Banglalink's panel of judges.
Young problem solvers from across the country participated in the Banglalink SDG hackathon through online applications. Based on the prototype solutions they submitted, 15 teams were selected and invited to the hackathon to develop and pitch digital ideas on solving SDG problems related to corporate culture, quality education, climate action, gender equality, entertainment, and gaming.
Read: Banglalink introduces monetisation on Toffee
Team Electric, Team Ubermensch, and Team FarmEx were declared champions, first runners-up and second runners-up.
The teams were awarded prizes and partnership opportunities with Banglalink.
Taimur Rahman, chief corporate and regulatory affairs officer, Banglalink, said: "One of the most effective ways to find innovative solutions to SDG challenges is to engage young minds with the problem-solving processes."
"Banglalink has been successfully organising the hackathon with this objective for the last few years."
Pizza Hut opens its first all-women powered outlet in Dhaka
Pizza Hut, Bangladesh's most popular and trusted pizza brand, has opened its first all-women powered outlet at Jamuna Future Park in the capital, furthering its commitment to induct and empower more females in the workforce and ensure an equal slice for everyone.
Amit Thapa, CEO of Transcom Foods Limited, the company owning the pizza chain, said, "The last two years have been a challenging year for Pizza Hut due to the pandemic. This year, with the opening of our 20th store at Gulshan 2, we are on a steady growth trajectory and plan to enter several new areas by the end of 2022."
"Today, we are proud to step in a new chapter and create history by opening our first all-women store in Bangladesh that puts women at the front and centre of action. The store will have all women staff, where they will handle all aspects of the restaurant, right from customer service, managing the store, day-to-day administration to food preparation.
Also read: Diverse voices needed so that all people can benefit from women exercising leadership roles: O’Neill
"We are truly humbled and grateful for the unwavering love and trust of our customers and thank them for this momentous achievement. Pizza Hut is a continuously growing brand, and as we plan to open numerous stores in the coming days, we look forward to continuing this initiative of having a greater number of stores be all-women operated. My best wishes to the team and kudos for the example they are setting by breaking boundaries and inspiring other women." he said.
Transcom Foods Limited continues the global Pizza Hut initiatives in Bangladesh to champion greater gender equality, diversity, and inclusion. With 20 outlets across the country servicing for Dine-In, Take-Away, and Delivery, Pizza Hut has the largest footprint amongst all pizza chains in Bangladesh.
Job Circular in Fire Service and Civil Defense: 735 job opportunities
Fire service and civil defense directorate has published a direct job circular for several posts under the revenue sector. A total of 735 employees will be appointed in 7 types of posts in this institution. Interested candidates have to apply by filling the form online.
Details of Fire service and civil defense recruitment
Fire Fighter (Male)
A maximum of 550 people will be recruited for the post of Fire Fighter (Male).
SSC or equivalent pass with at least second class or equivalent GPA. Height should be minimum 5 feet 6 inches and chest size should be minimum 32 inches. Must be unmarried and have flawless physique. Pay Scale TK.9,000-21,800 (Grade-17).
Driver
150 people will be appointed as drivers. Interested candidates must be single. 8th class/JSC pass can apply. Height must be minimum 5 feet 4 inches, chest size 32 inches and weight minimum 110 pounds. Flawless physique. Must have valid license and experience in driving heavy vehicles. Pay Scale TK..9,700-23,490 (Grade-15).
Read: UGC Job Circular: UGC will recruit multiple officers, application fee 800-1000
Master Driver (Marine) Vacancies 3
There are 3 vacancies for the post of If you have a certificate in the relevant subject from a recognized institution, you can apply. Pay Scale TK.9, 700-23,490 (Grade-15). 4 people will be appointed for the post of Engine Driver (Marine). Applicants must have a certificate in the relevant subject from a recognized institution. Pay Scale TK.9, 700-23,490 (Grade-15).
Speedboat Driver (Vacancies 4)
If you have a certificate in the relevant subject from a recognized institution, you can apply. Pay Scale TK.9,700-23,490 (Grade-15). 7 people will be appointed as diver (male). Minimum qualification for application is SSC pass. In terms of physical qualification, height should be at least 5 feet 6 inches and chest size should be 32 inches. Pay scale TK.9,000-21,800.
7 Vacancies for Nursing Attendant (Male)
Minimum qualification for application is SSC pass. In terms of physical qualification, height should be at least 5 feet 6 inches and chest size should be 32 inches. Pay scale TK.9,000-21,800.
Read How to ace a Job Interview?
How to apply Fire Service and Civil Defense
Interested candidates should apply by filling the form on this website (http://fscd.teletalk.com.bd/home.php). Detailed information regarding application procedure, fee submission and recruitment can be known from the website of Directorate of Fire Service and Civil Defense. For any information and technical support contact Teletalk customer care or call 121 from Teletalk mobile phone.
Application fee for Fire Service and Civil Defense
Within 72 hours of filling the form online, for the post of Driver, Master Driver (Marine), Engine Driver (Marine) and Speedboat Driver, Tk 100, Teletalk service charge of Tk 12, total Tk 112 should be submitted via SMS from Teletalk prepaid mobile number. Apart from this, for the rest of the positions, a total of Tk 56 should be deposited including Tk 50, teletalk service charge Tk 6.
Application Deadline
Last date to apply for the post of Diver and Nursing Attendant is 25th September. Apart from this, the application deadline for the remaining posts is September 21.
Read Best Job Searching Websites in Bangladesh
Hope amidst forex crisis: Bangladesh received $2.03bn remittance in Aug
Bangladesh received inward remittance worth USD 2.03 billion in August — raising hope amidst a forex crisis.
In July, the first month of FY 2022-23, migrant workers sent home $2.09 billion remittance, said a Bangladesh Bank report.
The inward remittance flow was $1.87 billion in July and $1.81 billion in August in FY 2021-22.
Also read: Bangladesh receives $2.09 billion remittance in July; highest in 14 months
Bangladesh received $21.03 billion remittance in FY 22, showing a 15 per cent fall from $24.77 billion inward remittance in FY 21. The remittance flow in the first two months of the current fiscal year is providing a glimmer of hope for forex reserve — crucial to meet the growing import demands.
Md Serajul Islam, executive director and spokesperson of Bangladesh Bank, told UNB that the central bank has simplified various processes to attract more remittances through banking channels.
The government is also extending remittance incentives as well as providing policy support. Now the dollar rate is getting higher, he said.
Also read: Banks report $1.72 billion inward remittances till August 25
The sector insiders said that Bangladesh’s inward remittance flow will grow more as manpower export hit a new high in the past fiscal thanks to the post-pandemic rebound of the overseas job market.
The data of the Bureau of Manpower Employment and Training (BMET) showed over 9.88 lakh workers had gone abroad in FY 22 while this figure was 2.71 lakh in FY 21.
This happens to be the highest number of annual overseas jobs in the last seven years.
Read How to safely send remittance to Bangladesh?
Officials hope the outflow of workers would increase in the current fiscal year as Malaysia is going to restart hiring manpower from the country, following a negotiated deal.
The statistics showed that a low number of 271,445 workers found jobs in FY 21 during the peak pandemic while 498,983 in FY 20, 659,044 in FY 19, 866,417 in FY 18, 893,736 in FY 17, and 672,721 in FY 16.
All export-oriented industries should get equal facilities: Salman F Rahman
Salman F. Rahman, adviser on the private sector to the Prime Minister and one of the country's leading businessmen, has said all export-oriented industries should get similar facilities to meet the objective of export diversification.
Salman, also a first-time MP, was speaking as the chief guest at a webinar organized by the think-tank Policy Research Institute (PRI) on improving export trade facilities.
The Prime Minister's private industry and investment adviser admitted that there is a problem with bureaucracy. Although the bureaucratic mentality in the administration has changed at the highest level, at the ground level it still remains the same. Every export-oriented sector can be improved if the bureaucratic complexities are reformed, he said.
Read: Austerity reducing imports to $6 billion a month: Salman F. Rahman
“I always say that everything was confined to high-level bureaucracy earlier. But now the problem has been reduced. There is a positive mental change at the highest levels of the bureaucracy. However, problems remain at the lower level and field level,” said Salman.
The National Board of Revenue (NBR) and Commerce Ministry are working on these challenges to improve the business environment, he said.
"We have to change the mindset of the bureaucracy at the field level. We all have to think about the geopolitical situation, how it is affecting the supply chain,” he added.
Read Uniform rate: Tk 108/dollar max for remittance, Tk 99/dollar for export income from tomorrow
Salman also focused on increasing the capacity of ports for increasing export opportunities.
He said, “The capacity of Chittagong Port will be further increased. It is being worked on. Work is underway on the proposed deep sea port in the Matarbari area of Cox's Bazar district. It will be constructed as a full-fledged commercial port by expanding the coal-carrying jetty.”
Once these are done, exports can be further increased, he said.
State Minister for Planning Shamsul Alam also participated in the webinar. PRI Executive Director Ahsan H. Mansur, Chairman Dr Zaidi Sattar, Policy Exchange Chairman Dr M Masrur Riaz, IFC Manager Selma Rasavac, NBR Member (Customs Audit) Dr Abdul Mannan Sikder, Additional commerce secretary Hafizur Rahman, former president of BKMEA Fazlul Haque, CEO of Standard Chartered Bank Enamul Hoque, Country Manager of IFC Martin Holtmann among others, also joined the program.
Read Govt served legal notice to ban Hilsa export to India in 7 days
Economic zones can turn Bangladesh into global investment destination: FBCCI
Federation of Bangladesh Chambers of Commerce and Industries President Md Jashim Uddin has called for branding Bangladesh as the most favourable investment destination in Asia by attracting local and global investment in the economic zones.
He made this call at a courtesy meeting with Safwan Sobhan Tasvir, president of Bangladesh Economic Zone Investors Association and Bashundhara Group vice-chair, in the capital Wednesday.
The government is providing the most investment-friendly infrastructure and policy support in Asia for investment in special economic zones, Jashim said.
Read: FBCCI to provide safety equipment to healthcare professionals, essential service workers
He urged the Economic Zone Investors Association to convey these benefits to global entrepreneurs.
Safwan highlighted the current investment status in Bangabandhu Sheikh Mujib Shilpanagar at Mirsarai and other economic zones.
Bangladesh has huge potential in toy manufacturing, polyvinyl chloride (PVC) and the petrochemical industry, he added.