business
Uniform rate: Tk 108/dollar max for remittance, Tk 99/dollar for export income from tomorrow
Association of Bankers, Bangladesh (ABB) and Bangladesh Foreign Exchange Dealers’ Association (BAFEDA) have announced a uniform rate for buying and selling US dollars from foreign exchange houses, following Bangladesh Bank’s decision to keep the currency market stable.
The exchange rate of dollar for inward remittance will be maximum Tk 108 from tomorrow (September 12, 2022). Traders will get a maximum Tk 99 per dollar in terms of export income. And in case of opening import LC, the exchange rate will be determined by averaging the exchange rate of remittance and export.
Md. Afzal Karim, chairman of BAFEDA and managing director of Sonali Bank, announced the exchange rate after a meeting with ABB leaders today.
Also read: ABB, BAFEDA will meet tomorrow to set uniform dollar rate for banks
The dollar kerb market has become unstable again after an interval of around 20- 25 days.
Today, the US dollar was selling at Tk 114 to 114.5 in the kerb market while banks sold dollars for LC at Tk 101 to 106. Bangladesh Bank sold dollar at Tk 95 today.
A syndicate is trying to create instability in the foreign exchange market again – to gain profits from illegal dollar stock, economic intelligence reported to the central bank, a director of the latter told UNB.
Read How to safely send remittance to Bangladesh?
The report stated, “Banks’ rate of dollar increased while kerb (open) market became unstable. Taking advantage, cash dollar traders are making a profit.”
Talking to various commercial banks and exchange houses, the UNB correspondent learnt that a dollar is being sold at Tk 114 in Motijheel, Dilkusha and Gulshan areas of the capital.
The commercial banks are taking Tk 101 to 106 per dollar at the import level. And cash dollar is selling at Tk 106 to 108.
Read Bangladesh performing well in 3 major economic indicators, data shows
Earlier, the dollar rate rose to Tk 120 in the kerb market on August 10 and 11 this year.
President of Money Exchangers’ Association of Bangladesh, AKM Ismail Haque, told UNB, “The price has not increased much. Today, we are buying dollars at Tk 106 and selling at Tk 107.5.”
When asked about selling at Tk 113 to Tk 114, he said that legitimate people do not sell dollars at a higher prices.
Also read: Illegal dollar trade: BB summons account details of 28 exchanges
According to earlier decision, the banks will determine price of the dollar. The price of dollar will be different in every transaction, including remittance, export earnings, and import bill settlement. But the banks will buy and sell dollar at the same price in different segments. And the maximum profit in trading per dollar will be Tk 1.
Bangladesh, Indonesia need to work together as partners: BGMEA chief
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan has said Bangladesh and Indonesia need to view each other as comprehensive friends and partners and expand collaboration to prosper together.
During his meeting with Indonesian Ambassador to Bangladesh Heru Hartanto Subolo on Sunday, the BGMEA chief said collaborative engagement is needed to identify the opportunities and ways to realise them.
BGMEA Vice President Shahidullah Azim, Director Barrister Vidiya Amrit Khan and Chair of BGMEA Standing Committee on Foreign Affairs Shams Mahmud were also present at the courtesy meeting held at the embassy.
They discussed various trade-related issues with special emphasis on possible avenues of collaboration between Bangladesh and Indonesia to unlock mutual trade potential.
They also talked about how both countries can complement each other for the development of the RMG and textile industry.
Bangladesh’s RMG sector has attached due importance to diversification of products, especially high-value non-cotton apparels and technical textiles, according to the BGMEA.
Read: BGMEA chief appraises US govt officials about the significant strides made by RMG industry
While the Indonesian textile sector can meet the demand of Bangladesh’s RMG sector for man-made fibre, Indonesia can import ready-made garments from Bangladesh, said the BGMEA chief.
It would create a win-win situation for both countries, he added.
The BGMEA President invited the Ambassador to the “Made in Bangladesh Week” and also Indonesian RMG and textile businessmen to participate in the weeklong event.
BGMEA in partnership with Bangladesh Apparel Exchange will organise the mega event in Dhaka on November 12-18 this year to promote the apparel industry of Bangladesh globally and showcase its strengths.
Indian businesses for investing in fuel, transport: Commerce Minister
Commerce Minister Tipu Munshi on Saturday said Indian businesses have expressed their interest in investing in some sectors like fuel, transport and agro processing in Bangladesh.
He said this while responding to queries from journalists at his residence on Central Road in Rangpur city.
Minister Munshi said the Indian investors expressed the interest and sought cooperation while holding meeting with Prime Minister Sheikh Hasina during her a four day state visit in the neighbouring country.
Upon the discussion, the premier also assured them of offering of all sorts of cooperation in doing business, he said.
Terming the prime minister’s visit as effective, he said the Indian Adani Group proposed to invest Tk 4,000 crore to the Bangladesh.
“Indian Prime Minister Narendra Modi also sought Bangladesh beside it to go ahead,” the minister said.
He hoped that the Tessta water sharing deal will be done within a short time as a positive response from the West Bengal came in this regard – although he didn’t
Replying to a question, the commerce minister said the price of soybean oil will be decreased one more step after adjusting with the global market soon.
Read: Govt doing its best to rein in prices of essential commodities: PM
Munshi also said that prices of essential commodities will be cut as initiatives have been taken to export food gains from countries including Russia and Ukraine.
Elaborating the government measures, he claimed that ten million people of the country have been enjoying cheap rates of essential commodities through Trading Corporation of Bangladesh across the country.
Nagad to disburse allowances under govt’s employment generation program
The Postal Department's mobile financial service Nagad will disburse the daily wages to 1.5 lac workers under the Employment Generation Programme for the Poorest (EGPP) scheme of the Disaster Management and Relief Ministry.
A tripartite agreement has been signed by the Directorate of Disaster Management, the Directorate of Bangladesh Post and Nagad Limited in this regard recently. Md. Atiqul Haque, Director General of Disaster Management Directorate, and Sheikh Aminur Rahman, Chief Business Officer of Nagad, signed the agreement on behalf of their respective organizations.
Read: Nagad ED Shafayet Alam lauded by UK economy journal
Tanvir Chowdhury, Deputy General Manager of Nagad, along with other higher officials from both organizations, were present during the signing ceremony, says a Nagad press release.
Under the initiative, the daily wages of almost 1.46 lac workers from 114 Upazilas of 18 districts and three divisions of the country will be deposited into their Nagad wallets. Each worker will receive a remuneration of BDT 400 per day under the program.
In 2022-2023, these otherwise unemployed hands will receive 80 days of salary in two installments into their Nagad accounts. Cash-out fees will be covered with this disbursed amount, allowing the beneficiaries to conveniently withdraw this money from the nearest Nagad 'Uddokta' point at no cost.
Read: Nagad recognises winners of 'Aurjon O Bijoyullash' campaign
The EGPP is administered by the Directorate of Disaster Management. The program is one of the government's initiatives to guarantee social security, through which the impoverished and the functional workforces are provided with financial stability. The program additionally contributes to rural infrastructure development, including construction, maintenance, renovations, roads, drainage system, maintaining market cleanliness, etc.
Speaking at the signing ceremony, Sheikh Aminur Rahman, Chief Business Officer of Nagad Limited said, "Nagad has disbursed several government social safety allowances since its inception. In this sense, we are unwavering in our commitment to maintaining openness. We believe, the Ministry of Disaster Management and Relief has entrusted us because Nagad has excelled at the disbursement of all types of allowances.”
BGMEA seeks uninterrupted energy supply by special arrangements
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has requested the government to make special arrangements to ensure uninterrupted supply of gas and electricity to the export-oriented factories in an effort to keep production unhurt.
BGMEA President Faruque Hassan made the request recognizing the energy crisis globally and its impact domestically including on the readymade garment industry.
He was speaking at a press conference at the BGMEA Complex which was arranged to brief the media about the “Made in Bangladesh Week.”
Read: BGMEA for shoring up Bangladesh-India interactions in apparel, textile
BGMEA Vice President Md. Shahidullah Azim, Vice President (Finance) Khandoker Rafiqul Islam and its Directors were present.
“Made in Bangladesh Week” will be organized by the BGMEA in partnership with Bangladesh Apparel Exchange (BAE) on November 12-18 to showcase the impressive stories of Bangladesh apparel industry as well as its continuous strive to pursue excellence.
Prime Minister Sheikh Hasina is scheduled to open the “Made in Bangladesh Week” on November 13.
The BGMEA President said the industry witnessed uninterrupted growth over the last one year – August 2021 to August 2022.
“We are observing with concern that the work orders have gradually been declining,” the BGMEA chief said, adding that the work orders have come down by 20-30 percent for the next season due to inflation and likely recession in Bangladesh’s two major export markets – Europe and the United States.
Faruque Hassan said the retailers have been struggling to adapt with the growing inflation and many brands are witnessing a declining trend of sales which ultimately increased their unsold stocks.
“Considering all these things, our exports might witness a negative trend in the coming months,” said the BGMEA chief.
Read: BGMEA seeks Netherlands' support for Bangladesh's smooth LDC graduation
The government imposed 1 percent source tax on export profits for the current fiscal. The BGMEA chief requested the government to keep it like the previous year (0.5 per cent).
The week-long initiative will present physical events comprising summits, expositions, exhibitions, awards, factory tours, cultural shows and networking.
It is a signature event of Bangladesh which is the world’s second largest apparel exporting country. The country exports ‘Made in Bangladesh’ apparel to over 160 countries in the world.
The ‘Made in Bangladesh Week’ aims to bring under one roof all the stakeholders of Bangladesh apparel industry to initiate collaborations as well as discuss prospects and roadmap for the future.
In addition, the event will work towards a collective promise of promoting sustainability and responsible business.
The week, alongside showcasing the strength of the country’s apparel industry, aims to identify future priorities and scopes of collaboration among the stakeholders to ensure Bangladesh remains as a preferred destination for global apparel sourcing, BGMEA said.
Made in Bangladesh Week will be a milestone event for Bangladesh apparel industry, it said.
Recognizing the importance of strengthening Bangladesh’s presence in the global fashion market and to initiate a greater collaboration with the global stakeholders for sustainable manufacturing and sourcing, BGMEA and BKMEA pursued IAF to organize the 37th World Fashion Convention in Bangladesh.
IAF has agreed to that proposition and the 37th World Fashion Convention will be hosted in Bangladesh in collaboration with BGMEA and BKMEA during 12-15 November 2022 at Radisson BLU Dhaka.
Summit's Aziz Khan now 42nd richest man in Singapore
Bangladesh-born Muhammed Aziz Khan, the chairman of Summit Group, has become the 42nd richest man in Singapore on the list of Forbes 2022.
His net worth was stated to be $1 billion in the list as of Friday.
Khan started Summit as a trading firm but went on to focus on infrastructure. Summit has interests in power, ports, fiber optics and real estate.
Read: Forbes features Hasina at 43 on its most powerful women list
In 2019, Khan sold a 22% stake in Summit Power International to Japan's JERA for $330 million, which valued the company at $1.5 billion, according to Forbes website.
He was also listed among the richest in Singapore by Forbes in 2018. Often called a visionary and now a living legend, his business acumen is only matched by his dedication to improving the lives of others, a philanthropist and avid connoisseur of art.
He was recognised as the ‘Global Asian of the Year 2018’ under the Power & Energy category by AsiaOne magazine for his contribution to the sector in 2019.
Read: Bangladeshis dominate Forbes 30 Under 30 Asia 2021 list
Meanwhile, with a net worth of $15.6 billion, Li Xiting, founder and chairman of medical equipment provider Shenzhen Mindray Bio-Medical Electronics, topped the list of Singapore's 50 wealthiest citizens.
Nagad ED Shafayet Alam lauded by UK economy journal
UK-based economy journal ‘Business Tabloid’ has named Executive Director of Nagad Limited, Md. Shafayet Alam, as ‘Visionary Leader in Digital Finance’.
Md. Shafayet Alam, is the first individual from the Bangladesh fintech industry to get this accolade in the area of leadership.
Since 2019, ‘Business Tabloid’ recognizes globally renowned personalities based on their merits and the expertise they hold in their respective industry. Every year, nominations are evaluated by an independent committee chosen by the publication based on various criteria such as innovations, accomplishments, leadership, and contributions.
Also read: Nagad opens 11 new permanent service centers
This year, the publication honored and awarded 10 prominent leaders from all across the world who strived hard to bring revolutionary changes to their economies.
Shafayet, has over 26-year of an extensive career in the telecommunications, information technology, electronics and digital financial services (DFS) sector.
Expressing his thoughts on receiving the award, Md. Shafayet Alam, said he is honored and delighted that the prestigious publication recognized his contribution.
“Nagad has launched a number of game-changing initiatives that have significantly impacted the country's financial business environment. I am proud to have helped the journey of the world's fastest-growing fintech company,” he said.
Also read: A group has long been unhappy with Nagad's success: Jabbar
Notable award winners in 2022 include Mr. Matteo Boffa of Thaely, UAE, in the ‘Green Entrepreneur of the year’ category, Mr. Shahid Yousaf of SY Capital Estates – UAE in the ‘Outstanding Contribution towards Real Estate Industry’ category, Mr. Shahid Yousaf of SY Capital Estates – UAE in the ‘Outstanding Contribution towards Real Estate Industry’ category, Dr. Shanavas Koya of ADNOC Distribution – UAE in the ‘Best HR Transformational Leader’, Mr. Zaid Al Abdullatif from Oman in the ‘Outstanding contribution in the Banking Sector’ category, Mr. Christian Patouraux of Kacific Broadband Satellites Ltd – Singapore as the ‘Best Satellite Executive’, Mr. Abay Sarkulov of Development Bank of Kazakhstan in the Best Banking Chairman category, and many others.
Earlier in 2020 Business Tabloid awarded Nagad, as ‘the best digital financial service provider of 2020’.
Government Job Circular 2022: Multiple job opportunities in Ministry of Lands
New Manpower recruitment circular has been published in the Accounts Control Office of the Ministry of Lands. Three positions will be taken in this institution. Interested candidates should apply online.
1. Post Name: Auditor (Revenue)
No. of Posts: 12
Qualification: Graduation or equivalent pass
Pay Scale: TK.12,500-30,230
Read:Sales Cakri Mela to create 3,000 new jobs in Chattogram
2. Post Name: Office Assistant cum Computer Numerologist
No. of Posts: 4
Qualification: HSC or equivalent pass
Pay Scale: TK.9,300-22,490
Read Resume vs CV: What are the key differences?
3. Post Name: Office Assistant
No. of Posts: 6
Qualification: SSC or equivalent pass
Pay Scale: TK.8,250-20,010
How to apply
Interested candidates can apply online through this website link: http://coarevland.teletalk.com.bd/. Detailed information regarding application procedure, fee submission and recruitment can be known from this link. http://coa-revenue.gov.bd/sites/default/files/files/coa-revenue.portal.gov.bd/go_ultimate/edcf8696_2883_494d_a488_2e2bacb3c0c9/2022-09-06-03-42-c10bbe623ecc6fbb4a0059034b49d51c.pdf
Read:Job Circular in Jamuna Group, will hire 500 employees
Application fee
Within 72 hours of applying online, an examination fee of Tk 100 for 1st and 2nd post, a total of Tk 112 including Teletalk service charge of Tk 12 and a total of Tk 56 including service charge for post number 3 must be submitted via SMS from Teletalk prepaid number.
Application Deadline:
15 September to 15 October 2022
Read Best Job Searching Websites in Bangladesh
MSMEs: Experts want realistic steps taken to enhance service quality, business development
Experts have said it is imperative to take realistic steps to enhance the quality of services and development of business for increasing productivity in the micro, small and medium enterprise (MSMEs) sector.
They suggested increasing direct investment for expanding business for women, easy availability of loans from banks and other financial institutions, and increasing the amount of loans for the private sector to overcome challenges in the MSMEs sector.
Read: BB revises cluster credit guidelines to boost small enterprises
The experts were speaking at the programme "Corporate Connect Event for MSMEs" at the city hotel Wednesday.
They also called for making the process of getting a trade licence easier and arranging training for entrepreneurs.
Bank accounts with Tk 1 crore and above now 1,08,457: Bangladesh Bank
The number of account holders with deposits of Tk 1 crore and above, has gone up to 1,08,457 as of June in Bangladeshi banks, amid the economic crisis.
Bangladesh Bank’s updated data revealed that at the end of June quarter, the number of accounts with Tk 1 crore and above deposit stood at 1,08,457. In March quarter, the number of these accounts was 1,03,597.
Read: Bangladesh Bank extends retention period to 30 days for repatriating export income
This means, the number of accounts with Tk 1 crore and above has increased by 4,860 in three months.
Economist and former governor of Bangladesh Bank, Dr. Salehuddin Ahmed, told UNB that it happened due to the country’s income and wealth inequality.
He said the rich are getting richer and the incomes of the lower-middle and middle-income people are shrinking.
At the beginning of this year, in the quarter of December 2021, the number was 1,00976. And a year ago in June 2021, the number of bank accounts with Tk 1 crore and above was 99,918.
Read: Saving electricity: Bangladesh Bank issues notice to close evening banking
According to the Bangladesh Bank report, the total number of depositors in the banking sector till June 2022 stood at 12,95,14,513. The deposit amount was around Tk 15.74 lakh crore.
The number of depositors till March 2022 was 12,73,52,893 and total deposits were Tk 15.15 lakh crore.