business
Standard Chartered Bank clinches “Best International Bank in Bangladesh” award
Standard Chartered Bank has achieved the award for “Best International Bank in Bangladesh” at the 2023 Asiamoney Best Bank Awards.
The prestigious title celebrates the bank’s commitment to accelerating sustainable solutions; revolutionising customer experience through digitalisation; driving inclusion across communities; and powering continuous innovation – both within the industry and beyond it, said a press release.
This landmark achievement is the bank’s seventh consecutive win in this category at the Asiamoney Best Bank Awards.
In the award citation, Asiamoney commended the bank for its progress towards its net-zero ambitions – for supporting and financing low-carbon efforts and activities that are transforming the nation’s agricultural and entrepreneurial landscape.
Read: Standard Chartered Bank signs MoU with Hyundai, Nissan, Ssang Yong
The bank’s focus on developing digital tools and technologies has led to the transmission of the nation’s first end-to-end digital cross-border Letter of Credit; the completion of the country’s first automated over-the-weekend loan disbursement; and the implementation of bespoke and cash and liquidity management solutions for dozens of companies.
Standard Chartered’s community engagement efforts have also continued to lift the participation for members of marginalised communities.
Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh, said, “With our roots in Bangladesh reaching back 118 years, we have unique insights on how we can support our nation’s incredible journey of progress and development.
This award is a recognition of our dedication to making a difference; building a cashless economy; using technology to accelerate trade and investment; leveraging sustainable finance to help businesses grow; and powering community investments that are transforming the lives of char farmers and empowering the next generation to learn, earn and grow, he added.
Read: Digital deposit collection: Standard Chartered partners with IDLC
“We are proud of our journey thus far and look forward to all the opportunities that lie ahead”.
He also extend thank you to the bank’s valued clients, regulators, communities, and other stakeholders for working with the institution to build a better future.
With over 118 years of uninterrupted presence, Standard Chartered is the only multinational universal bank in Bangladesh.
As a pioneer in the banking industry, Standard Chartered remains dedicated to embracing latest technologies and innovation to build resilience and achieve transformative growth. Standard Chartered’s commitment to supporting Bangladesh’s continued journey of prosperity saw the bank secure over 25 major international awards in 2022.
Asiamoney is a quarterly publication focused on content related to business and finance. Each issue of Asiamoney contains in-depth reports and banking awards in up to eight markets in Asia.
Read more: SCB executes country's first legal blockchain transaction
The aim of the Asiamoney Best Bank Awards is to identify which banks in each market have excelled across a range of core banking activities over the past 12 months, said the press release.
Bangladesh Bank introduces 'market-based' dollar exchange rate with rate cap
Bangladesh Bank (BB) has introduced a 'market-based' US dollar exchange rate, setting a cap on the maximum rate for H1 of the new fiscal year 2023-24.
The central bank is selling dollars to commercial banks at Tk108.85 per dollar, increasing Tk2.85 from the previous rate.
Through the regulator selling dollars at a market-based rate, the price of dollars in interbank transactions has also been fixed at a maximum of Tk 109.
Also read: Dollar exchange rate for repatriated export income increased to Tk107.5
However, the foreign exchange market is still volatile and banks are selling US dollars at different rates to clients on Tuesday (July 4), importers paid Tk112 per dollar for LCs, which is against the competitive exchange rate formula.
Banks are taking higher rates for import LCs and the traders raised questions regarding whether the exchange rate is market-based or setting the willingness of banks.
A businessman, Rubayet Hossain, who went to open LCs at a private bank in Motijheel on Tuesday to import raw materials for an export-based industry, had to pay Tk112 per dollar for LCs.
Despite the higher rate, Rubayet got half the amount of dollars that he required, and described to UNB the situation as annoying for business.
Also read: Interbank dollar exchange rate jumped to Tk109
Earlier, Governor Abdur Rauf Talukder said that Bangladesh Bank will not sell any more dollars to the banks at a discount rate from FY 24. So, the dollars will be sold at market-based rates, at the highest price in the interbank transaction.
Besides, Bangladesh Foreign Exchange Dealers Association (BAFEDA) has fixed the maximum dollar rate of Tk 109 under the interbank exchange rate.
According to BAFEDA, from now on dealer banks will add one taka to the rate at which they buy dollars and will give the BC (bills for collection) selling rate.
However, this rate cannot be more than Tk109. Banks now buy export bills at Tk 107.50 and remittances at Tk108.50.
Also read: Interbank dollar exchange rate hit another record high
BAFEDA and the Association of Bankers, Bangladesh, or ABB, fixed the import price by adding a maximum of one taka to the average dollar buying price.
HSBC arranges thought leadership digital session with airline industry
The Hongkong and Shanghai Banking Corporation Limited (HSBC) recently arranged an event titled, “Navigating Digital Payment Landscape in the Airline Industry” for the airline industry in Bangladesh.
The event highlighted the importance of digitalisation for growth and demonstrated HSBC's unwavering commitment towards this industry.
As a leading international bank, HSBC has been consistently investing in innovative technologies and solutions to help its valued clients with better experience and to ensure maximised benefit of digitalisation, said a media release on Tuesday.
Also read: HSBC, DNCC to foster collaboration, innovation on sustainable development
During the event, Clarice Kwa, Regional Sales, Global Payments solutions, Singapore took the stage to showcase HSBC’s ongoing digital advancements relevant for the airline industry across the globe. SSL Commerce, a leading fintech company in Bangladesh delivered a keynote speech on the past and future of the digital payment landscape in Bangladesh.
Commenting on the significance of digitalisatio, Gerard Haughey, Country Head of Wholesale Banking, HSBC Bangladesh said, ”Today, the landscape of the airline industry is rapidly transforming, driven by advancements in technology and changing customer expectations, digitalisation has become the cornerstone of this transformation. Consequently, we offer a comprehensive cash management and treasury services suite designed specifically for the airline industry.”
Also read: FBCCI-HSBC to work together to boost exports between Bangladesh-UK
HSBC understands that the airline industry faces unique cash management challenges, requiring specialised solutions to streamline financial operations, optimise cash flow, and improve liquidity management. To address these challenges head-on, HSBC provides a wide array of specialised cash management and treasury services designed exclusively for its airline clients. These services aim to empower airlines to navigate the intricacies of their financial landscape with ease.
In the Euromoney Cash Management Survey 2022,HSBC Bangladesh achieved the top ranking in both the Market Leader and Best Service categories in Bangladesh. This is the 13th time that HSBC has received the Market Leader award and 5th consecutive time that HSBC has received Best Service category award.
Also read: HSBC, CCCI bring stakeholders working ‘Together for Climate’
Gold vs Diamond: Which Should You Choose for Investment?
Are you considering investing in precious materials but unsure whether to choose gold or diamonds? Understanding their key differences is crucial when making investment decisions. In this article, we will weigh in on the benefits and shortcomings of both gold and diamonds. By the end, you'll have the insights you need to determine which investment aligns best with your financial goals and risk appetite.
Advantages of Investing in Gold
Safe-Haven Asset:
Gold is often considered a safe-haven asset during economic uncertainties and market volatility. It tends to retain its value and can act as a hedge against inflation and currency fluctuations.
Diversification Benefits:
Adding gold to an investment portfolio can provide diversification benefits, as it typically has a low correlation with other assets like stocks and bonds. This can help reduce overall portfolio risk.
Read more: Gold Buyer's Guide: Know the types, colors, karats of the precious metal
Tangible Asset:
Gold is a physical asset that you can hold in the form of coins, bars, or jewellery. This tangibility can provide a sense of security and ownership compared to other investments like stocks or bonds.
Bangladesh Bank Recruitment Circular 2023: Bangladesh Bank will hire 100 Assistant Directors
Bangladesh Bank has released a recruitment circular for the post of Assistant Director (AD). This time Bangladesh Bank will hire 100 Assistant Managers. Those who haven't applied yet, hurry up. The application period ends next Thursday (July 6).
Qualifications required by candidates to apply to Bangladesh Bank:
A four-year Bachelor (Honours) or Master's degree in any subject from a recognized university can apply for the post of Assistant Director (General). Must have first division/class or equivalent CGPA in at least two of SSC and above level examinations. No third category will be accepted at any stage.
Candidates, whose results of post-graduation or four-year graduation examination have been published or will be published on or before July 6, can apply.
Read more: 10 Ways You Can Improve Your English Pronunciation
Bangladesh Bank Application Age Limit:
Applicants should be between 21 to 30 years of age. However, in case of children of freedom fighters/martyred freedom fighters and disabled candidates, the maximum age limit is 32 years.
Bangladesh Bank Assistant Director Pay Scale:
Appointed persons will be given salary in the scale of Tk 22,000-53,060 as per National Pay Scale 2015 and other benefits as per bank rules.
Bangladesh Bank recruitment process:
According to the notification, the candidates have to participate in preliminary, written and oral examination. The pass number of preliminary examination will be decided by Bangladesh Bank. In this case, the decision of Bangladesh Bank will be final.
Visit this link (https://erecruitment.bb.org.bd/career/may302023_bb_18.pdf) for details about recruitment.
Read more: DESCO Job Circular: 122 people will be recruited in 3 category positions
RMG exports in FY23 almost $47bn, 85% of total exports
A total of $4.36bn RMG products were exported in June, against total exports of $5.05bn in the month, pushing the total export earnings for the sector in the just concluded 2022-23 fiscal to $46.99 billion - the highest in a single year.
RMG exports mainly comprise two categories - woven and knitwear. Among the exports, woven clothing fetched $ 1.90 billion and knit clothing worth $2.46 billion were exported in June, said Mohiuddin Rubel, director of BGMEA in a press release. The total for the 2022-23 fiscal comprised $21.25 billion for woven and $25.74 billion for knitwear.
Also read: Exports raked in $55.56bn in FY23, highest in history
The target for the fiscal was $46.80 billion, so RMG exports exceeded the target.
Data released by the Export Promotion Bureau (EPB) on Monday showed Bangladesh exported goods and services worth a record $55.56 billion in the 2022-23 fiscal. So the RMG sector's earnings amounted to 84.6 percent of the total.
Also read: RMG exports growth over 10% in first 11 months of FY2022-23
Exports raked in $55.56bn in FY23, highest in history
Bangladesh exported goods and services worth a record $55.56 billion in the just-concluded 2022-23 fiscal, an increase of 6.67 percent year-on-year even amid the global economic slowdown, the Export Promotion Bureau (EPB) revealed on Monday.
Exports increased by $3.47 billion or 6.67 percent in FY23 compared to FY22, when the export earnings were $52.28 billion.
Also read: Bangladesh earned $50.52 billion from exports in 11 months of FY23: EPB
The FY23 figure is the highest in the history of the country. However, the target for the fiscal year was $58 billion. Exports fell short of that target by 4.21 percent or $2.44 billion.
The EPB data showed that in June, goods worth $5.03 billion were exported. Compared to June last year, this export was 2.51 percent higher.
The country's economy has been under pressure due to the dollar crisis. And the main two sources of foreign exchange income are expatriate income remittances and the export of goods. Foreign exchange inflows from both sources fell slightly late last fiscal year due to the Russia-Ukraine war. But later it turned around again.
Also read: RMG exports growth over 10% in first 11 months of FY2022-23
In FY23, remittances received were $21.61 billion, which saw an increase of 3 percent compared to the previous FY22.
EPB data showed that exports of readymade garments, plastic products, and non-leather footwear have increased in the outgoing fiscal year.
On the other hand, exports of leather and leather products, jute and jute products, frozen food, agro-processed products, home textiles, and engineering products have declined.
According to EPB data, readymade garments exports were worth $46.99 billion in the just-ended fiscal year. This export is 10.27 percent more than last fiscal year FY22.
Also read: RMG exports reached $ 38.57bn during July-April of FY 2022-23
The second highest exports of leather and leather products after ready-made garments were $1.22 billion. In this case, the export decreased by 2 percent.
General inflation slides to 9.74 percent in June: BBS
The monthly inflation rate dropped slightly to 9.74 percent in June, a 0.2 percent decrease from the previous month.
The Bangladesh Bureau of Statistics (BBS) released this data on Monday. Bangladesh recorded an inflation rate of 9.94 percent in May, the highest in a decade.
According to the BBS, food inflation stood at 9.73 percent in June, an increase from 9.24 percent in May, while non-food inflation hit 9.6 percent, down from 9.96 percent in May.
Also read: PM Hasina orders measures to contain inflation
The rural general inflation dropped to 9.82 percent in June from 9.84 percent in May. The rural flood inflation increased to 9.95 percent in June from 9.32 percent in May.
Urban general inflation stood at 9.45 percent in June from 9.98 percent in May, while food inflation increased from (May) 9.13 percent to 9.26 percent in June.
Also read: Ex-governors optimistic MPS can claw back inflation, implementation the key
The inflation rate based on the consumer price index (CPI) reflects the average change over time in the prices of a specified set of final commodities and services representing the market basket of a given group of consumers.
The CPI release presents three groups of the population as national, urban, and rural. Modernization of the CPI Compilation by BBS from April 2023 is basically a paradigm shift of CPI compilation in Bangladesh following the latest 2020 CPI manual of the IMF.
Also read: Inflation decreased slightly to 9.24 percent in April: BBS
FBCCI Board of Directors' poll on July 31, candidates submitting nomination papers
The poll to elect the Board of Directors of the Federation of Chamber of Commerce and Industries (FBCCI) will be held on July 31.
On the polling day, the FBCCI members will cast votes in favor of their chosen candidate from 9 am to 4 pm. The names of elected directors will be announced on that day.
The election to the posts of FBCCI president, senior vice-president, and six vice-presidents will be held on August 2 by the vote of elected directors for the period of 2023-2025.
FBCCI-HSBC to work together to boost exports between Bangladesh-UK
The FBCCI election schedule was announced on May 11, 2023.
Mahbubur Alam has submitted his nomination papers as the panel leader for the 2023-25 term of the board of directors of the FBCCI. He is the President of the Chittagong Chamber of Commerce & Industry and former Vice President of FBCCI.
If Mahbubur Alam is elected as the panel leader, then he will be the next president of the FBCCI. He submitted nomination papers on Saturday (July 1) to the Chamber Bhaban in Motijheel on Saturday.
FBCCI and Faction sign MoU to boost research, innovation
The chairman of the Election Board A Matin Chowdhury accepted the nomination papers while election board members Shamsul Alam and KMN Manjurul Haque were present at that time.
FBCCI president Jasim Uddin, Senior Vice President Mostafa Azad Chowdhury Babu, Vice President MA Momen, Amin Helali, Habib Ullah Don, MA Razzak Khan Raj, Former Senior Vice President Md. Ali, former vice president Helal Uddin, BGMEA president Faruk Hassan and other senior leaders of different associations were present.
Policy support needed in budget for import-alternative industry in Bangladesh: FBCCI President tells ERF discussion
First methanol consignment to Bangladesh flagged off from India’s Assam
The first methanol consignment to Bangladesh has been flagged off from Assam Petrochemical Plant in India, Himanta Biswa Sarma, chief minister of Assam, confirmed in a tweet today.
“We are one step closer to establish Assam as a major exporter of petrochemicals,” he tweeted.
Also read: Fuel import from India through pipeline to start from 2023: PM
“Today, we flagged off the first methanol consignment to Bangladesh from Assam Petrochemical Plant, which was inaugurated by Hon PM in April '23,” his tweet also read.
“The govt of Assam is heavily investing in the petrochemical sector by increasing its stake in Numaligarh Refinery Limited, investing in new projects of Assam Petrochemicals Limited among others,” the chief minister said.
Also read: 25-member Bangladesh team starts 4-day visit to Assam
Indian Prime Minister Narendra Modi inaugurated the 500 TPD plant of APL on April 14, 2023 and the plant has started producing methanol.
Also read: Assam Chief Minister praises PM Hasina for stance against terror
The methanol produced is being transported to neighbouring countries including Bangladesh, Nepal and Bhutan, the minister’s post also read.