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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.
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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.
Banks, offices, courts to open on April 15 after Eid, Pahela Baishakh holidays
After 6 days of Eid and Pahela Baisakh vacation, offices, courts, banks-stock markets are set to open on Monday.
The holidaymakers are arriving in the capital after celebrating Eid-ul-Fitr on Thursday, the biggest religious festival of the Muslim community.
On the occasion of Eid, April 10, 11, and 12 (Wednesday, Thursday, and Friday) were public holidays. After Eid, there was a weekly holiday on Saturday, April 13, and a Bengali New Year holiday on the occasion of Pahela Baishakh on Sunday, April 14. As a result, employees are enjoying holidays from 10th to 14th April.
After six consecutive days of holidays, all will join work on Monday.
However, many of the government and private sector workers who have gone outside Dhaka for Eid have taken optional leave. As a result, it will take a few more days to start the proceedings in full swing in the offices, courts, banks, and stock market.
Besides, schools and colleges will also open next week. Then the capital will return to normal.
In previous years, it has been seen that on the first working day after the Eid holiday turnout remains poor.
Grameenphone’s Shopno Jabe Bari goes beyond borders in Malaysia
Grameenphone's iconic campaign, Shopno Jabe Bari, has evolved into more than just a song and television commercial.
It has become a soulful anthem, representing the universal longing for homecoming resonating with millions of people and symbolizing the deep emotions and warmth of reuniting with loved ones, on the joyous occasion of Eid, according to a press release.
This year, the campaign extends its reach beyond borders, touching the lives of Bangladeshis residing in Malaysia.
With millions of Bangladeshis working tirelessly overseas, celebrating Eid together with their families remains a distant dream. While they strive abroad, their families eagerly await their return to Bangladesh, keeping the flame of hope alive.
Recognizing this bittersweet reality, Grameenphone has now taken a remarkable step to carry the love and emotions of families beyond borders. Grameenphone embarked on a heartfelt journey to collect the untold emotions and capture the unspoken sentiments of the cherished family members of Bangladeshis residing in Malaysia, sharing them with their loved ones in Malaysia during the joyous occasion of Eid.
The compiled video of these messages of love, longing, togetherness, and affectionate Eid wishes was displayed across Malaysia on a van equipped with large LED screen, surprising the expatriate community who least expected to see their families on large screens in a foreign country.
"While Shopno Jabe Bari began as a campaign by Grameenphone, its message transcends borders and resonates universally" said Mohammad Sajjad Hasib, Chief Marketing Officer of Grameenphone.
He added, "In a world where millions of non-resident Bangladeshis yearn to return home, Grameenphone acknowledges their sacrifices and dreams. This effort in bringing families closer and instilling a sense of belonging during Eid embodies our brand values of inclusiveness, delivering superior customer experiences and making a meaningful difference in the lives of Bangladeshis both at home and abroad. By extending Shopno Jabe Bari beyond borders, we exemplify our dedication to connecting people, bridging distances, and spreading joy.”
Through this extraordinary initiative, Grameenphone aims to bridge the gap despite the physical distance and make the expatriate community feel connected and cherished on this special day, giving them a sense of closeness to their families back home.
ADB forecasts Bangladesh's GDP growth at 6.1% in FY 2023-24, anticipates rise to 6.6% next year
Riding on exports, Bangladesh’s economy is projected to grow at 6.1 percent in the fiscal 2023-24, according to the Asian Development Bank (ADB).
Bangladesh's gross domestic product (GDP) growth is expected to be 6.1 percent in the fiscal year 2023-24 while it may go up 6.6 percent in the next fiscal year, said the Manila-based lender in the Asian Development Outlook on Thursday.
Developing economies in Asia and the Pacific are expected to expand by 4.9% on average this year as the region continues its resilient growth amid robust domestic demand, improving semiconductor exports, and recovering tourism.
Growth will continue at the same rate next year, according to the Asian Development Outlook (ADO) April 2024, released today by ADB.
Inflation is expected to moderate in 2024 and 2025, after being pushed up by higher food prices in many economies over the past two years.
Stronger growth in South and Southeast Asia—fueled by both domestic demand and exports—is offsetting a slowdown in the People’s Republic of China (PRC) caused by weakness in the property market and subdued consumption.
India is expected to remain a major growth engine in Asia and the Pacific, with a 7.0% expansion this year and 7.2% next year.
The PRC’s growth is forecast to slow to 4.8% this year and 4.5% next year, from 5.2% last year.
“We see strong, stable growth for the majority of economies in developing Asia this year and next,” said ADB Chief Economist Albert Park.
“Consumer confidence is improving, and investment is resilient overall. External demand also appears to be turning a corner, particularly with regard to semiconductors,” he said.
Policymakers should remain vigilant, however, as there are a number of risks. These include supply chaindisruptions, uncertainty about US monetary policy, the effects of extreme weather, and further property market weakness in the PRC.
Inflation in developing Asia and the Pacific is expected to decline to 3.2% this year and 3.0% next year, as global price pressures ease and as monetary policy remains tight in many economies. However, for the region excluding the PRC, inflation is still higher than before the COVID-19 pandemic.
Rice prices have contributed to higher food inflation, especially for import-reliant economies. Prices for rice are likely to stay elevated this year, according to ADO April 2024. Reasons include crop losses due to adverse weather and India’s restrictions on rice exports. Increased global shipping costs, due to attacks against ships in the Red Sea and drought in the Panama Canal, may also add to inflation in Asia, according to the report.
To tackle surging rice prices and protect food security, governments can give targeted subsidies to vulnerable populations and enhance market transparency and monitoring to prevent price manipulation and hoarding.
In the medium to longer term, policy should focus on establishing strategic rice reserves to stabilise prices, promoting sustainable farming and crop diversification, and investing in agricultural technology and infrastructure to raise productivity.
Regional cooperation can also help manage rice prices and their impact, the report says.
All factories have paid March salaries and Eid bonuses: BGMEA President
SM Mannan, the newly elected president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), has expressed profound gratitude toward garment factory owners for successfully disbursing workers' salaries and bonuses in full before the Eid-ul-Fitr festivities.
In a press release, Mannan highlighted the commendable efforts of the factory owners, ensuring that garment workers could enjoy the upcoming Eid celebrations with their loved ones.
The BGMEA president extended his appreciation to various stakeholders, including the government, law enforcement, labour leaders, and the media, for their integral roles in facilitating this smooth financial transition.
Mannan specifically acknowledged the critical surveillance over 450 factories deemed at risk of delayed payments. Direct intervention in 26 critical cases by BGMEA was crucial to achieving this landmark success, he stated.
Mannan proudly announced that, as a result of these concerted efforts, all factories had fulfilled their obligation of paying March salaries and Eid bonuses. A minimal number of factories are finalising their disbursements, expected to conclude by day's end.
The role of the financial sector was also emphasised, with Mannan thanking the Bangladesh Bank and various scheduled banks for operating on government holidays in areas dense with garment factories. This exceptional measure played a pivotal role in ensuring timely and complete payment to workers.
Looking ahead, Mannan urged the government to prioritise safety during the Eid holiday season, specifically calling for measures to prevent overloading of buses, trains, and boats.
Urban areas hit harder as Bangladesh's inflation reaches 9.81% in March
The Bangladesh Bureau of Statistics (BBS) reported on Tuesday that the nation's inflation rate reached 9.81% in March, up from 9.67% in February.
The latest BBS figures reveal increases in both food and non-food inflation for the month. Food inflation escalated to 9.87%, while non-food inflation increased to 9.64%. In comparison, February's figures were 9.44% for food and 9.33% for non-food inflation, respectively.
MoU signed between BTRC and BIGF
Urban areas experienced a higher inflationary impact than rural regions, with urban inflation hitting 9.94% compared to 9.68% in rural areas. Urban food inflation reached 9.98%, and non-food inflation was 9.71%, whereas rural figures stood at 9.86% for food and 9.41% for non-food inflation in March.
Dr. Ahsan H. Mansur, a former senior economist at the IMF, highlighted that the country has been grappling with high inflation for over 18 months, heavily impacting those with limited incomes.
In response, the Bangladesh Bank has implemented several strategies, including an increase in the policy interest rate. Consequently, the bank loan interest rate has soared to over 13.55%. However, Dr. Mansur noted that these measures have yet to show significant economic impact due to delays and bureaucratic hurdles.
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Economists point to an unregulated market system and rising product prices as the primary culprits behind the persistent high inflation rate.
MoU signed between BTRC and BIGF
A Memorandum of Understanding (MoU) has been signed between the Bangladesh Telecommunication Regulatory Commission (BTRC) and the Bangladesh Internet Governance Forum (BIGF).
On Tuesday morning, director of the Systems and Services Division of the Commission, Lt. Colonel SM Rezaur Rahman, and the Secretary General of BIGF, Mohammad Abdul Haq, signed the agreement on behalf of their respective organisations at the BTRC office at Agargaon, Dhaka, according to a press release.
According to the MoU, the organisations will collaborate on activities related to raising public awareness about internet governance, exchanging views with stakeholders, and Bangladesh's position on the "Summit for the Future" and the "Global Digital Compact" conferences.
BTRC Chairman Engineer Md Moinuddin Ahmed said at the event that BTRC has been assisting BIGF in various activities related to internet policy governance in recent years and that the signing of this MoU will further accelerate and make these activities more meaningful.
BIGF Chairperson Hasanul Haq Inu said that the signing of the MoU has created further opportunities to work with BTRC on the implementation of the "Summit for the Future" and the Digital Compact and on internet policy issues.
The event was moderated by the Director General of the Systems and Services Division of BTRC, Brig Gen Mohammad Khalil-ur-Rahman, and was attended by the Vice-Chairman of the Commission, Mr. Aminul Haq, Commissioner of the Spectrum Division, Engineer Sheikh Riaz Ahmed, Commissioner of Finance, Accounts and Revenue Division, Dr. Mushfiq Mannan Chowdhury, Commissioner Mr. Md. Delwar Hossain, all Directors General of the Commission, and senior officials of BTRC and BIGF.
Banglalink launches campaign to boost 4G, 5G smartphone adoption
Telecom operator Banglalink has launched a campaign to boost 4G and 5G smartphone adoption, enabling a comprehensive digital lifestyle experience for all.
Under this campaign, tailored to suit every budget and preference, Banglalink has a range of smartphone offers, according to a press release.
The campaigns include six months of free internet, 50 percent bonus internet on data packs above Tk 100, Toffee subscription, and trial access to several innovative digital and Value-Added Services including Islamic Service, Banglaflix and Caffe Adda with complimentary trials. By dialing *121*701# customers will enjoy this free offer.
Additionally, customers can now enjoy the nation's Ookla®️ certified fastest 4G network, along with six months of free 9GB internet.This includes 4GB free in the first month and 5GB per month for the subsequent five months, each valid for 7 days.This attractive bundle offer is available on 4G & 5G smartphones from major brands like Samsung, Vivo, Xiaomi, itel, Tecno, Infinix, Oppo and can be availed from brand outlets and Banglalink Customer Care Centers.
Mehedi Al Amin, Banglalink's Marketing Operations Director, stated, “As Bangladesh's fastest 4G service provider, our aim is to provide our valued customers with seamless digital experiences. We are delighted to build strong partnership with all major smartphone brands and enable customers to get the best possible utilization from their smartphone by experiencing digital lifestyle through banglalink offering. Banglalink is continuously working to empower users embracing digital ecosystem, accelerating progress towards our goal of a Smart Bangladesh.”
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.