Remittance hits 10-month high

Remittance inflows hit a record high of $2.17 billion in May, which was the highest since August this fiscal year, thanks to the hard-earned money sent by migrant workers amid the second wave of the Covid-19 pandemic. Migrants sent 44 per cent higher remittance in May compared to the same period a year ago, when it was $1.5 billion, Bangladesh Bank data shows.With the May figure, the total remittance inflow exceeded last fiscal year’s total to stand at $22.8 billion, the highest in a single year. Bangladesh received $18.2 billion in remittance in total in fiscal 2019-20. In the wake of the Covid-19 pandemic, the remittance inflow, one of the main barometers of the economy, dipped from March to May of 2020.Last month, the highest amount of $639.36 million was sent through Islamic Bank Ltd while the second highest amount of $242.80 billion was sent through the state-own Agrani Bank.The inflow of remittance, one of the main barometers of the economy, continues to rise at a time when the outflow of migrant workers for jobs abroad dropped by 69 per cent year-on-year to 217,669 in 2020. According to Bangladesh Bank, the number of total outgoing workers was 33,271 in May this year and it was 64,259 in the same month last year, a 48.22 per cent decrease in the number of the outgoing expatriates. According to data of the Bureau of Manpower, Employment and Training, 85,242 workers left for jobs abroad as of February this year.

Source: https://www.thedailystar.net/business/news/remittance-hits-10-month-high-2103269

Second auction for Tk4,000 crore sukuk bond on 9 June

The Islamic sukuk bond’s second round of auction will be held on 9 June to raise another Tk4,000 crore to implement a safe water supply project across the country. The auction will be held at the Islamic Securities Section of the Debt Management Department of the Bangladesh Bank. Bids can be submitted in the manner described in the auction notice between 10am and 12pm.The sukuk bond will expire on 29 December 2025. Investors of sukuk will be paid a return of 4.69% per annum on a half-yearly basis, according to a press release of the central bank issued on Tuesday.Banks and financial institutions will be able to submit bids for the purchase of sukuk for themselves or for any client in multiples of Tk10,000. Earlier, in the first phase, the government raised Tk4,000 crore for the safe water project last December through the issuance of sukuk bond. Then, many banks and individuals placed bids worth Tk15,153 crore against the target of Tk4,000 crore. The estimated cost of the safe water project is Tk8,851 crore.

Source: https://www.tbsnews.net/economy/banking/second-auction-tk4000-crore-sukuk-bond-9-june-254428

‘MBL Rainbow’ to be launched today

Considering the sufferings of the customers caused by the Covid pandemic, Mercantile Bank launches its digital banking services “MBL Rainbow” today (Wednesday) to mark the bank’s 22nd anniversary. Customers can enjoy required banking services such as opening bank account, fund transfer, payment of utility bill and mobile recharge etc. During this pandemic situation, Mercantile Bank succeeded with the concerted effort of the respected customers, well-wishers, shareholders, sponsors, directors, management and employees of the bank.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/mbl-rainbow-to-be-launched-today-1622564856