Business
Vivo brings ‘lakh taka man’ Eid offer
Smartphone company Vivo has launched a “lakh taka man” campaign raffle draw ahead of Eid-ul-Azha.This Eid, customers can win Tk 1 lakh cash back with the purchase of any vivo smartphone, according to a press release.
Also read: Vivo phones in BangladeshThe campaign started on June 20 and will end on June 29, it said.
Also read: Vivo Y01 Review: Is it a worthy entry level budget phone?The first prize of the raffle draw includes cashback of Tk 1 lakh, while the second prize features a Vivo Y36 smartphone. As the third prize, customers can win a bag. Additionally, the fourth prize includes a mug from vivo, and the fifth prize offers a data offer, said the release.
Also read: Does midrange Vivo iQOO Neo 7 worth its value: ReviewTo participate in the Raffle Draw, visit any authorized Vivo showroom and purchase any Vivo smartphone.
Siam Ahmed becomes brand ambassador for Suzuki Motorbikes
Actor Siam Ahmed has been named the regional brand ambassador for Suzuki Motorbikes by its local manufacturer and distributor Rancon Motor Bikes Ltd.
The announcement was made at a ceremony held at RANGS Babylonia in Dhaka on Tuesday night, according to a press release.
Also read: Motorbike Buyer Guide: Some popular models with price in Bangladesh in 2021
Siam expressed his delight at joining the global Suzuki team, stating, "In addition to acting, motorcycles have always been my passion since my teenage years. I used to dream of owning a Suzuki bike and pursuing my passion for riding. Today, I am proud to be a part of this exceptional brand. Suzuki is an inspiring brand that connects with youth and enhances people's lifestyles."
The event was attended by key figures including Shoeb Ahmed, divisional director of Suzuki Motorbike, Chief Operating Officer AKM Tauhidur Rahman, and Mohammad Shams Uddin, head of marketing for Suzuki Motorbike, among others, said the release.
Also read: Suzuki shoots 67 to win Japan Classic by 3 strokes
Expressing his excitement, COO AKM Tauhidur Rahman stated, "We are thrilled to announce that popular actor Siam Ahmed has become our brand ambassador, setting a new milestone. We believe that this partnership will receive an excellent response from the young generation and play a pivotal role in the country's economy."
Also read: 15 Best Motorbikes Under 2 lac taka for daily use, office commute
Shoeb Ahmed highlighted their dedication to providing quality service, approved spare parts, and the best possible customer experience.
BGMEA training on fashion products using local heritage materials ends
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) hosted a grand closing ceremony of a project titled” Creating High-End Fashion Product Using Local Heritage Material” which began two years ago with an aim to develop high-end western apparel items by utilising centuries-old local heritage materials of the country.
The BGMEA implemented this programme with the support of the Ministry of Commerce and the World Trade Organisation (WTO).
Faruque Hassan, BGMEA president, Dr. Mohammad Ileas Mia, deputy secretary of WTO Cell at the Ministry of Commerce; Dr. Engr. Ayub Nabi Khan, pro-vice chancellor of BGMEA University of Fashion and Technology (BUFT) and Neela Hosna Ara, director of BGMEA, among others, were present during the closing event.
President Faruque Hassan said, “The heritage textile materials we have in our country are priceless. Having centuries-old pride, the BGMEA being the promoter of the apparel industry in Bangladesh, felt the urge to double down on heritage resurrection – through our indigenous textile materials and unique craftsmanship. We aspire to redefine luxury fashion by blending invaluable heritage.”
“If we can develop high-value fashionable garments using our locally produced heritage fabrics and link them to the export market, it will create opportunities for our sector with respect to diversification,” he said.
Read: BGMEA organizes blood donation program to serve humanity
Dr. Mohammad Ileas Mia, deputy secretary of the Ministry of Commerce said that under the WTO-supported programme they worked with food processing industry, agriculture, leather and other sectors.
He said that it was initially challenging to implement something like this project in the RMG sector, as the idea was very new and innovative.
“But, to our utter surprise, at the end of the project, RMG has been the best one fulfilling all the components,” he said.
A total of 160 participants from the industry, especially the fashion designers and innovators and local weavers, received training under this project.
During the training, they prepared some mood boards which represent how heritage and culture can be used to design blended luxury items.
Also, nine teams comprising 20 people from fashion designing backgrounds developed some prototypes of the fusion product for example, bridal wear, evening gown, and party dress using local Jamdani, Muslin and silk- all from Bangladesh.
Read: BGMEA President seeks government policy support to achieve RMG industry’s high growth vision
Faruque Hassan informed that the BGMEA has undertaken two other separate projects to promote Khadi, Muslin and local heritage motifs such as waterlily, Royal Bengal Tiger, rickshaw paints and others.
He invited the local designers to collaborate on these projects, in terms of design development and product sourcing.
The BGMEA president launched a new heritage website during the event. The website will present an in-depth feature on the local heritage products, unique design, craftsmanship, weaving techniques, information about weavers and their personal stories.
Read more: BGMEA organizes free eye care program for its employees
Banks to remain open on June 27, 28 in industrial areas
Bank branches will remain open in industrial areas on Tuesday and Wednesday (June 27 & 28) from 10 am to 2 pm, aiming to facilitate the disbursement of wages, bonus and other allowances to garment workers before Eid-ul-Azha.
The Department of Off-site Supervision of the central bank issued a circular in this regard and sent it to the top executives of all the scheduled banks on Wednesday.
Read: Bank branches to remain closed on Tuesday in election areas
The circular said bank branches in Dhaka metropolitans, Ashulia, Tongi, Gazipur, Savar, Bhaluka and Narayanganj will be kept open for full day on Friday and Saturday to disburse garment workers' wages, bonus and other allowances.
It also instructed to keep open bank branches in Chattogram metropolitan and industrial areas.
The central bank asked banks to arrange adequate security in the bank branches in coordination with local administration.
The holy Eid-ul-Azha will be celebrated across the country on June 29.
Read: Islami bank, Sonali bank branches put under lockdown in Naogaon, Bogura
The government has extended the Eid-ul Azha holidays to four days from June 27 to 30.
The decision came at the Cabinet meeting chaired by Prime Minister Sheikh Hasina at her office on Monday.
Read more: Bank branches at Ctg, Mongla, Benapole land ports to operate 15hrs daily
Nagad dangles ‘Ek Takar’ offer on GP mobile recharge
Nagad, a leading mobile financial service in Bangladesh, has come up with an “Ek Takar” offer on a recharge to any Grameenphone numbers through its app or by dialling USSD *167#, to encourage people to more and more digital transactions.
Customers will get a cashback of BDT 199 on the recharge of BDT 200 to GP prepaid, postpaid, and Skitto numbers through Nagad.
The mobile recharges between 5pm and 8pm will be eligible for the cashback offer. Every hour first 100 rechargers will receive this cashback and the amount will be posted to his or her Nagad number in the next working day.
Read: Nagad became a billion-dollar company in just 3 years, 5 more Bangladeshi unicorns by 2025: Palak
The campaign, which was launched on 19 June, will continue till 25th of this month. A customer can participate in this campaign as many times as they like, says a press release on Wednesday.
Besides, a user making the highest number of BDT 200-mobile recharge a day will get a smartphone or a tab from Nagad. The winners will be notified through SMS if selected for this special prize, and the list of winners will be published on the official Facebook page of Nagad Limited.
Sadat Adnan Ahmed, chief marketing officer of Nagad, said, “Nagad wants as many people as possible in the country to get used to digital transactions and use mobile money for daily needs like mobile recharge. That is why we have launched this campaign in partnership with Grameenphone. We want to make customers’ life easier and more comfortable.”
Read: Establishing Digital Bank paramount to build smart Bangladesh: Nagad MD
No one from Nagad Limited will ask customers for PIN number or OTP for this campaign or for any other reasons. Additionally, Nagad representatives will never call customers to make any transactions or recharge their mobile numbers.
Read: Nagad MD proposes cashless transactions to save billions and build a smart Bangladesh
MFS transactions record breached again in April; number of accounts now 26.5 crore
Mobile Financial Services, adopted by Bangladeshis across social strata like ducks to water, continue to grow in volume as more and more financial transactions in the country take place over the platform.The latest statistics on MFS from Bangladesh Bank reveal that Tk1.25 lakh crore was transacted through licensed MFS in April this year. This figure is a record for the volume of monthly transactions, even without the amount transacted over Nagad, which was still offering a similar kind of service in April, but without an MFS license.
Also read: MFS transforming money transactions in Bangladesh, soon to cross Tk. 1 trillion
Adding Nagad’s amount increases the total transacted in April up to Tk1.54 lakh crore. It means on average Tk 5100 crore everyday was being transacted through this digital platform in April. MFS is growing gradually, the BB report states, with typical understatement.
The number of customers is increasing along with transactions in mobile banking. Currently, 13 banks are providing MFS under the names of bkash, Rocket, Ucash, MyCash, SureCash.
Also read: BB re-fixes MFS money transaction limit to ease payment during Eid
At the end of April 2023, the number of customers, or more logically the number of registered accounts with MFS stood at 26.5 crore. This includes the Nagad customer base, after it finally registered as a non-bank financial institution just recently.
Also read: Fintech MFS: Best Mobile Financial Services in Bangladesh
The number of mobile banking agents, meanwhile, has reached 15.55 lakh this time.
‘De-dollarisation’: Bangladesh, India to trade using taka, rupee from September
A silent revolution is underway, as Bangladesh and India will start using Indian rupee and Bangladeshi taka for trade purposes from September 2023.
At the same time, Bangladesh Bank will introduce a debit card called “Taka Pay Card”, through which people can withdraw taka or rupee. People who travel to India will get the facility of paying through this card, said the central bank Governor Abdur Rouf Talukder recently.
Also read: Bangladesh Bank yet to allow Indian rupee in foreign trade
He said, people going for treatment, students, and businessmen will benefit from this system and they can avoid using the US dollar.
From September, India and Bangladesh will open LCs for import and export, using the Indian rupee and Bangladeshi taka.
Also read: “Use rupee, taka”: India asks exporters to refrain from trading in dollars with Bangladesh
Until now, rupee was converted into dollar, and that was converted again into rupee; the same was done with taka.
As a result, Bangladeshi and Indian citizens were losing at least six percent of rupee or taka. As the new system provides for the direct rupee to taka or taka to rupee conversion, no party will be affected, Bangladesh Bank sources said.
Also read: Bangladesh-India: Better cooperation to ensure more trade benefits
The offer was from the Government of India, and Bangladesh accepted it. This will eliminate use of US dollar from trade and personal travel purposes.
IBBL gets new chairman
Ahsanul Alam has been elected as the chairman of Board of Directors of Islami Bank Bangladesh Limited (IBBL).
The decision to elect a chairman was taken at the 324th meeting of the Board of Directors of the bank on Monday, said a media release signed by Nazrul Islam, senior vice president of the bank.
Also: Tk 30,000cr loan from Islami Bank: HC asks S Alam Group to explain reports
Ahsanul is the son of Saiful Alam, chairman of S Alam Group, which has controlled IBBL since 2017.
After completing Bachelor's degree from University of Bradford and Master’s in Business Administration (MBA) from Edinburgh Napier University, United Kingdom, he performed duty as chairman of the Board of Directors of Union Bank Limited.
Also read: Scam-hit Islami Bank earns operational profit in 2022, Basic Bank reports loss
Currently he is the chairman of Hasan Abasan (Pvt.) Limited, S Alam Group's flagship real estate company based in Chattogram, and managing director of a number of other companies controlled by the group, including Artsy Holdings Limited, Shining Assets Limited, Affinity Assets Limited, Wesco Limited, Marina Assets Limited and Kraft Holding Company Limited.
Also read: BB disburses Tk 4000 crore as liquidity support to 5 Islami banks
He is also a director of SS Power-I Limited, the country's largest privately-owned thermal power plant located in Banshkhali. Ahsanul is a prominent businessman in the textile, garment and trading sectors.
Also read: Scam-hit Islami Bank earns operational profit in 2022, Basic Bank reports loss
He has already been conferred with the highest taxpayer from Chattogram award twice.
BHBFC-AFD hold bilateral meeting on green-featured buildings
The Bangladesh House Building Finance Corporation (BHBFC) and France based development partner The Agence Française de Développement (AFD) held a bilateral meeting on Sunday.
The meeting was held at the BHBFC Bhaban in the capital, said a press release.
The board chairman of the organization, Professor Dr Md. Salim Uddin FCA, FCMA was present at the meeting as chief guest.
BHBFC Managing Director Md Abdul Mannan presided over the meeting.
In the meeting different aspects of financing in constructing affordable and green-featured buildings were discussed.
AFD Task Team Leader of Financial System Division Marie Rale and Thomas Josselin and AFD Bangladesh Office Project Officer Tamanna Binte Rahman participated in the discussions.
Ex-governors optimistic MPS can claw back inflation, implementation the key
Two ex-governors of Bangladesh Bank with divergent viewpoints are viewing the H1 Monetary Policy Statement (MPS), applicable to the first half of the 2023-24 fiscal, as a routine response to the call for moving towards a market-based interest rate, towards a unified exchange rate and efforts to curb inflation.
Dr Atiur Rahman, who served as the 10th governor of Bangladesh Bank from 2009-16, told UNB that the rise in the policy rate by 50 basis points (0.5%) would make credit costlier for the banks from the central bank, which would be passed through to borrowers. This will help the central bank mop-up excess liquidity from the market.
Also read: Contractionary monetary policy announced to curb inflation
“Both broad money in circulation and private sector credit growth have been reduced to make the monetary policy look contractionary,” he said, comparing the policy to others in the region. “This is certainly a move in the right direction as many of our neighbouring central banks like RBI and Bank of Thailand have been pursuing such contractionary policy for quite some time achieving inflation rates of 4.3 percent and 2.7 percent respectively.”
“Indeed, inflation is essentially a monetary phenomenon and should be treated as such,” Dr Atiur said, quoting the quantity theory of money, according to which prices vary in proportion to the money supply.
He said the current monetary policy of Bangladesh tries to make credit costlier by raising both policy rates and providing flexibility in setting interest rates based on a reference rate plus a margin of 3 percentage points that banks can add on.
Also read: Bangladesh Bank to announce new monetary policy tomorrow, 9% interest rate cap to be withdrawn
The broad money and private credit growth rates have been reduced to reduce the money supply in the market. If implemented well, Dr Atiur said, this monetary policy will give a proper signal that the central bank is willing to use the tools at its disposal to address inflation which has been rising persistently.
The monthly inflation rate in May soared to a decade-high of 9.94%, up from 9.24% in April, according to the Bangladesh Bureau of Statistics (BBS). Dr Atiur supports the move to come away from the previous policy setting a ceiling on the interest rate.
“Interest ceiling was not a well-designed policy. When inflation crossed this ceiling rate, large entrepreneurs started getting loans at negative real rates of interest. This encouraged the willful borrowers to take more loans, not necessarily for productive investment. The risk of a rise in non-performing loans increased in the process,” he added.
Also read: Central bank to announce new monetary policy soon with focus on macroeconomic stability
He noted that the interest rate cap (ceiling) has been removed partially - the central bank will still have control over the reference rate, which it said will be based on the average interest rate of the six-monthly treasury bond.
“The auctions of this bond are managed by the central bank. Yet, this is a step forward in the right direction,” he said.
“The central bank will continue to print money as the public borrowing will increase by three percentage points. There is nothing wrong in it if the government spends this money for productive development projects instead of salaries or other unproductive activities,” Dr Atiur said.
Also read: CPD dismisses budget's projections on growth, inflation, revenue collection
As for the foreign exchange market, Dr Atiur believes it will stabilise once the single, unified exchange rate is rolled out as there would be less speculation in the forex market. Instead, there will be more competition in the market and the exchange rate will vary within a band (up to 2 percent) as stipulated by the Foreign Exchange Act.
Dr Atiur hopes Bangladesh Bank will guide the foreign exchange market to remain competitive.
His immediate predecessor as governor of the central bank, Dr Salehuddin Ahmed, also said the contractionary monetary policy should help to reduce inflation.
Also read: Market-based interest rate, unified exchange rate from July: Bangladesh Bank
He too expects neither the interest rate nor the exchange rate to be fully market-based as Shapla Chottor would continue to exercise indirect control through its reference rate.
Dr Salehuddin also doubts the inflation rate would ultimately be curbed due to concerns over proper and independent implementation of the monetary policy statement within the current climate.