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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.
Stocks witness big fall on first day back from Eid Holidays
The stock market of Bangladesh witnessed a big fall on Monday, the first trading day after five days of Eid holiday.
The key index of the Dhaka Stock Exchange (DSE) was sinking below the 5,800 mark once again, as investors went for panic sell-offs to avoid further losses due to uncertainty in the Middle East, which is treated as a global energy trading hub.
The stock market remained closed for five days, from April 10 to April 14, on the occasion of the Eid-ul-Fitr and Pohela Boishakh, including weekly holidays.
Substantial price erosion of board cap stocks dragged the key index of the DSE over 85 points or 1.45 percent down to settle at 5,778, after remaining almost flat before the Eid holiday.
The prices of stock in the DSE had increased in the last 3 days before Eid holidays.
The DSES Index, which represents Shariah-based companies, also shed 16 points to 1,266 while the blue-chip index DS30, a group of 30 prominent companies, lost 17 points to 2,015.
Over 85 percent of traded shares saw price decline, as out of 395 issues traded, 336 declined, 32 advanced, and 27 remained unchanged on the DSE trading floor.
The Chittagong Stock Exchange plunged with its All Shares Price Index (CASPI) shedding 198 points to 16,534 and the Selective Categories Index (CSCX) losing 119 points to 9,940.
The market opened sharply lower which continued until end of the session with no sign of reversal amid persistently lackluster trade.
The participation of investors was very thin on the trading floor as most of the investors are yet to return to Dhaka after celebrating the Eid festival in their village homes.
Govt's silence about capital market loss suspicious: AB Party
Leaders of Amar Bangladesh Party, AB Party, on Monday criticised the silence of the government on the drastic fall in share price of a large number of companies.
They said groups of influentials have looted people's money by gambling with the share prices, and the market regulators and the government remained silent on the issue to give a safe space to smugglers.
Stock markets end on high note Sunday amid price increase
The AP said this in a briefing held at its office at Kakrail in Dhaka on Monday. AB Party leader Barrister Asaduzzaman Fuaad, and Prof. Dr. Abdul Wahab Minar, among others, spoke in the briefing.
Petrobangla now plans to invite int’l bidding for onshore blocks for hydrocarbon exploration: Chairman
After floating bids for offshore oil and gas exploration, Petrobangla now plans to invite international bidding for onshore hydrocarbon exploration.
“We’re now working on preparing the bidding documents for onshore oil and gas exploration,” said Petrobangla Chairman Zanendra Nath Sarker while speaking at a workshop of the energy reporters at Petrocentre in the city.
He noted that his organisation will appoint a foreign consultant to assist Petrobangla in attracting the international oil companies (IOCs).
Petrobangla organised the workshop for the members of the Forum for Energy Reporters Bangladesh (FERB) to inform them about the technical and financial issues of the “Oil and Natural Gas Exploration Under Bangladesh Offshore Bidding Round 2024”.
Gold price goes up by Tk 3,499 per bhori over just two days
Earlier, Petrobangla, the oil, gas and mineral corporation, floated the offshore bidding on March 10 this year inviting international oil and gas companies to explore in Bangladesh's maritime area in the Bay of Bengal.
The tender, named “Oil and Natural Gas Exploration Under Bangladesh Offshore Bidding Round 2024”, was published in local newspapers and websites of concerned government entities including Bangladeshi missions abroad on Sunday giving six months time until September 9, 2024 for submission of the bids.
As per the floated tender, a total of 24 offshore blocks — of which nine are shallow blocks — and 15 deep sea blocks are available for the bidding round.
The nine shallow sea blocks are SS-01, 02, 03, 05, 06, 07, 08, 10 and 11) and 15 deep sea blocks are DS-08, 09, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21 and 22.
BASIC Bank to merge with City Bank in strategic consolidation move
The bidder, singly or in association with other companies, can bid for one or more blocks.
Contracts will be signed with the successful bidders in line with the Bangladesh Offshore Model Production Sharing Contract 2023, said the tender.
The country has a total of 48 gas blocks of which 26 are offshore and 22 onshore blocks.
The Petrobangla officials informed that some 11 onshore blocks will be placed for bidding as currently two international companies remained engaged in 11 onshore blocks.
Gold price goes up by Tk 3,499 per bhori over just two days
Bangladesh Jewellers Association (BAJUS) has hiked the price of gold today to a historic peak, increasing it by Tk 1,750 per bhori (11.664 grams), thereby setting the price of 22-carat gold at Tk 117,573 per bhori.
This adjustment reflects the fastest pace of growth in the global gold market and marks the highest pricing for gold in the nation's history.
Following the global trend, BAJUS announced the price increment on Monday, effective from 4 pm the same day, as detailed in a press release. This announcement came closely after a similar increase was instituted on Saturday, cumulatively elevating the gold price by Tk 3,499 per bhori over just two days.
Under the new pricing regime, gold of various purities will see revised rates: 22-carat gold is now priced at Tk 117,573 per bhori, or Tk 10,080 per gram; 21-carat at Tk 112,208; 18-carat at Tk 96,228; and traditional gold is set at Tk 80,190 per bhori.
While the cost of gold has seen significant adjustments, the price of silver remains constant, with 22-carat silver priced at Tk 2,100, 21-carat at Tk 2,006, 18-carat at Tk 1,715, and traditional silver at Tk 1,283 per category.
This upward trajectory in gold prices aligns with the global market trends, where the price per ounce (31.103 grams) has escalated to US $2,329, a stark rise from prices below $2,000 observed on February 14.
The surge in gold prices on the international stage is largely attributed to anticipations of a policy interest rate cut by the Federal Reserve of the USA, sparking a rapid increase in gold investments. This phenomenon has significantly influenced the pricing strategy of gold in Bangladesh, reflecting the interconnected nature of global financial markets and commodities.
BASIC Bank to merge with City Bank in strategic consolidation move
In a significant development within Bangladesh's banking sector, BASIC Bank is set to merge with City Bank, following a decision made during a Monday meeting between Bangladesh Bank Governor Abdur Rouf Talukder and top officials from City Bank.
The meeting saw the presence of Aziz Al Kaiser, Chairman of City Bank, and Mashrur Arefin, the bank's Managing Director and CEO, discussing the future of this strategic consolidation with the central bank's governor.
A source from the central bank revealed that the merger between BASIC Bank and City Bank will be carried out on a voluntary basis. This decision comes after City Bank's board recommended the merger on March 19, which was subsequently discussed with BASIC Bank's board and officials from both banking institutions.
Despite the merger, it has been decided that for the next three years, the two banks will continue to report their financials separately, according to sources close to the matter.
Mezbaul Haque, Executive Director and spokesperson for Bangladesh Bank, commented on the broader context of bank mergers in the country. He noted that several banks are currently engaging in discussions with the central bank on various issues, including potential mergers. Haque assured that the public would be informed once a final decision is reached on these matters.
This move comes amidst a trend of bank consolidations within Bangladesh, highlighted by the recent agreement for Padma Bank to merge with EXIM Bank in March, signaling a wave of strategic mergers aimed at strengthening the country's banking sector.
Bangladesh's example of how fast a good economy becomes weak to be taught in textbooks: Prof Mustafiz
Distinguished fellow of Centre for Policy Dialogue (CPD) Professor Mustafizur Rahman said Bangladesh’s example of how fast a strong economy can become a weak one will be placed in the textbooks.
He said Bangladesh’s economy was in a good position even 18 months ago, but now the situation is very uncertain.
Prof Mustafiz said this while spraking as the key speaker in a seminar titled ‘Macro Economy Stability and Next Budget’ organised by Economic Reporters’ Forum (ERF) in its auditorium on Sunday.
34% of Bangladesh's revenue spent on debt repayment: CPD
Waseqa Ayesha Khan MP, State Minister for Finance was present in the seminar as the chief guest. ERF President Mohammad Refayet Ullah Mirdha in the chair, Former BGMEA President Anwar-Ul-Alam Chowdhury (Parvez), business leader Shams Mahmud also spoke in the event.
The State Minister Waseqa Ayesh said that initiatives have been taken to reduce tax deductions in the next budget.
“The National Board of Revenue (NBR) is scrutinizing sectors in this issue. Now there is no need for tax breaks in so many sectors. Priority projects will be given importance in the next budget as well,” she said.
Apart from this, discussions are going on to increase private sector investment, said Waseqa.
She further said that universal pension system will be taken to all people in the next budget.
CPD’s Fellow Mustafiz also said, “If there is a problem in the economy, it will be the first to suffer. Then it’s bleeding. Later gangrene occurs. In the end, surgery is required. So it is better to solve the problem of the economy in the beginning.”
CPD wants adjustment in capacity charges instead of raising power tariff to reduce subsidy
He said, “A businessman travels abroad in business class 10 times a year. Drives a Mercedes Benz all year round. But looking at the income on his tax records, it looks like he needs a charity. Sometimes he is a bank loan defaulter.”
The challenges of the 21st century cannot be met with 20th century institutions. So the institutions and regulators should be reformed and allowed to work independently, said prof Mustafiz.
Broiler chicken price up by Tk100 per kg in Chattogram
People are suffering because of the sudden increase of chicken prices just before Eid in the port city.
The chicken that was sold at the price of Tk 170 per kg during the month of Ramadan is now being sold at Tk 270 per kg.
Prices of meat, chicken and egg rise on Friday
Abdul Jabbar, a buyer of the Chawkbazar area of Chittagong city, said that the price of broiler chicken was high throughout the year. “Now it’s gone out of reach ahead of Eid,” he added.
“Sellers remained silent regarding the sudden price hike. Some, however, claimed that the farmers have raised the price of chicken due to the increase in demand compared to the supply in the market.”
Alamgir, a chicken trader in the city's Riazuddin Bazar, said, "Due to the increased demand, the suppliers are charging higher prices. If the demand increases, the suppliers increase the price. So, we also increase it.”
Another trader wishing to remain anonymous said, "There is no control in the baby chicken market. The price of chicken feed and medicine is high. All the impact of production costs has fallen on the market. That’s why buyers are suffering."
Broiler and Sonali chicken prices increase by Tk 10-30 per kg in a week
It was seen from the market that broiler chicken weighing more than 2 kg is being sold at Tk 270 per kg which was sold last week for Tk 205-210. Layer and golden breed chickens are being sold at 310 to 330 per kg, and domestic chickens are being sold at Tk 500 to 550 per kg.
Mohammad Sattar, a chicken seller at Kazi Deuri market, said that the price of chicken may increase further ahead of Eid. The demand for chicken will increase around Eid. Even the suppliers will not be able to meet the demand.
The chicken market was crowded on Saturday. The buyers are buying 5 to 10 kg of chicken before Eid due to the fear of price increases.
Haji Abdul Hamid, a buyer of Riazuddin Bazaar, said, "Every year when Shabbat Qadr comes, the sellers increase the price of meat. The price of chicken has not come under Tk 200 for the last month. So I'm buying a little earlier before Eid."
The poor and middle-class people mostly consume chicken during Ramadan. However, due to the increase of chicken prices in the weeks around Sob-E-Qadr and Eid, it is now out of reach for many families.
Prospects of Safe Broiler Chicken Farming
SM Najer Hossain, Vice President of Consumers Association of Bangladesh (CAB), said that baby chicken prices or feed prices have not increased. So, there is no reason for the abnormal increase in chicken prices. “Due to the lack of proper monitoring by the administration, the buyers are suffering and the syndicate traders are cutting the pockets of the people,” he added.
Bangladesh requests Brazil to supply cattle during Eid-ul-Azha: State Minister
State Minister for Commerce Ahasanul Islam Titu on Sunday said he requested Brazil to supply sacrificial animals to Bangladesh before Eid-ul-Azha.
Prices of meat, chicken, and fish soar while vegetables and fruits decrease on Friday
He told reporters after a meeting in Dhaka with visiting foreign minister of Brazil Mauro Vieira.
Titu said animal protein was in focus in the bilateral meeting. Brazil in particular an exporter of meat at very low prices.
Prices of meat, chicken and egg rise on Friday
“They talked about it. We requested them in this regard. If it is cheaper. We will look at the possibilities to import cattle or meat,”said the state minister.
Meat and eggs to be sold in trucks at fair prices in Dhaka during Ramadan
Currently, Bangladesh is not importing animal protein or chicken. If Bangladesh imports these items, then a study will be required in this regard, Titu said.
Newly elected Board of Directors led by S. M. Mannan (Kochi) take charge of BGMEA
The newly elected Board of Directors of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) led by its President S. M. Mannan (Kochi) took charge of the trade body for the term 2024-2026.
Outgoing Board of Directors handed over the responsibility to the new Board at the 41st Annual General Meeting (AGM) held at BGMEA Complex in Uttara on April 6.
The audited accounts of BGMEA for the year 2022-2023 were adopted and the budget for the year 2023-2024 was approved in the AGM.
The new Office Bearers of BGMEA are -- Syed Nazrul Islam, First Vice President; Khandoker Rafiqul Islam, Senior Vice President; Arshad Jamal (Dipu), Vice President; Md. Nasir Uddin, Vice President (Finance); Miran Ali, Vice President; Abdullah Hil Rakib, Vice President; and Rakibul Alam Chowdhury, Vice President.
The other Board of Directors from Dhaka are -- Shahidullah Azim, Asif Ashraf, Md. Imranur Rahman, Shovon Islam, Haroon Ar Rashid, Mohammad Sohel Sadat, Ashikur Rahman (Tuhin), Anowar Hossain (Manik), Mesbah Uddin Khan, Shams Mahmud, Rajiv Chowdhury, Abrar Hossain Sayem, Md. Shahadat Hossain, Md. Jakir Hossain, Nusrat Bari Asha, Md. Mohiuddin Rubel, Shehrin Salam Oishee, Md. Nurul Islam, Saifuddin Siddiquie Sagar, and Md. Rezaul Alam (Miru), while Directors from Chattogram are -- Mohammed Musa, Amzad Hossain Chowdhury, M Ahsanul Hoque, Mostafa Sarwar Riyadh, Mohammed Rakib Al Naser, Gazi Md. Shahid Ullah, and Md. Absar Hossain.
The Sammilito Parishad, led by S. M. Mannan (Kochi), achieved a clean sweep by securing all 35 directorship positions – 26 in Dhaka and 9 in Chittagong -- in the BGMEA elections for the 2024-26 term, held on March 9, 2024.