Remittance hits $2b mark for third straight month

Bangladesh has once again gone past the $2-billion mark in remittance income as migrant workers continued to send home a massive amount for the third straight month. In November, migrant workers remitted $2.07 billion, up 34 per cent year-on-year.However, last month’s figure is slightly lower compared to the previous month when the inflow stood at $2.11 billion.Between January and March this year, a total of 181,218 Bangladeshi citizens went abroad, according to data from the Bureau of Manpower, Employment and Training (BMET). No data is available on the BMET website for April onwards. On average, the country sends workforce abroad in the range of 7 to 8 lakh people per year. Last year as much as 700,159 workers went to different countries to manage job.Diversion to formal channels for difficulties in carrying money under travel restrictions amid the pandemic and recent flood damages helped Bangladesh bring remittance flow back to the positive in 2020. The two per cent cash incentive introduced by the government last year has also encouraged the expatriate Bangladeshis to send more money through the formal channel. Between July and November, remittance hit $10.90 billion, up from 41.32 per cent year-on-year. This has had a great impact on the country’s foreign exchange reserve. The reserve stood at $41.18 billion as of November 25 in contrast to $31.72 billion one year earlier.

Source: https://www.thedailystar.net/business/news/remittance-hits-2b-mark-third-straight-month-2004465

Rampal to start its power generation by end of 2021

Bangladesh Power Development Board (BPDB) Chairman Engineer Belayet Hossain today said that the 1320 MW capacity Maitree Super Thermal Power Plant of Bangladesh-India Friendship Power Company Limited (BIFPCL) at Rampal in Bagerhat is expected to start its power generation by the end of 2021.Nearly 10,000 MW power was added to the national grid in the last eleven years and the total generation capacity is now over 20,300 MW and around 98% of the total population are under electricity coverage. BIFPCL Managing Director Animesh Jain, in his presidential speech welcomed the young engineer trainees on their joining BIFPCL and mentioned that project activities had got momentum in all respect since September 2020, and had reached into new height from last month with return of over 1200 skilled manpower from India.

Source: https://today.thefinancialexpress.com.bd/trade-market/rampal-to-start-its-power-generation-by-end-of-2021-bpdb-chairman-1606848321

Premier Bank signs MOU with UDDIPAN

An MOU was signed between The Premier Bank Limited and UDDIPAN for providing credit facilities to the low-income professionals, farmers and holders of small and marginal businesses in order to increase the income generating financial activities in rural area of the Bangladesh through MFI linkage under Bangladesh Bank Refinance Scheme.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/premier-bank-signs-mou-with-uddipan-1606845243

National Life Insurance gets new Chairman

Lawmaker Mr. MorshedAlam has been elected chairman of National Life Insurance Company. The election took place at a meeting of the board of directors through a digital platform recently. Mr. Alam is a sponsor director of the company. He is the chairman of Bengal Group, Mercantile Bank and RTV.

Source: https://www.thedailystar.net/business/news/national-life-insurance-gets-new-chairman-2004425