Banks asked not to quote higher than BC selling rate

The central bank on Tuesday issued a fresh directive for quoting rates to the overseas exchange houses engaged in remitting money, aimed at reining in volatility on the forex market. The authorised dealer (AD) banks have been asked not to quote higher than the BC (bills for collection) selling rate under any circumstance. Besides, the banks will have to provide information on purchasing foreign currency from the overseas exchange houses as per the prescribed format on a daily basis from now on. The BB’s latest move came against the backdrop of volatility in the forex market in the recent months as some banks were allegedly quoting higher rates to their customers bypassing the announced rates. The US currency was quoted at Tk 87.90 each on the inter-bank market on Tuesday — unchanged from the previous level — while the rate for the sale of bills for collection, generally known as BC, was Tk 88.00. In the current fiscal year (FY 2021-22), The central bank has so far sold $5.76 billion from the reserves directly to the commercial banks to facilitate settling their import-payment obligations. The local currency lost its value by Tk 2.10 or 2.45 per cent since January 2022. The dollar was traded at Tk 85.80 on January 08 last.

Source: https://today.thefinancialexpress.com.bd/first-page/banks-asked-not-to-quote-higher-than-bc-selling-rate-1653415664

48% mobile phone customers in Bangladesh have a smartphone

Smartphone penetration in Bangladesh is fast approaching 50 per cent as the coronavirus pandemic has accelerated the adoption of digital technologies to work, study and find entertainment using smart devices. Pre-virus, 38 per cent of mobile phone customers in the country had a smart device. Currently, it stands at 48 per cent. Presently, there is about 58 per cent tax on smartphone imports, whereas the tax on the locally assembled and manufactured handsets is around 15 per cent. Since FY18, 14 plants have been set up in Bangladesh, creating jobs for around 16,000 people. and another four are in the pipeline. The number of locally manufactured handsets was 2.6 crore in the last fiscal year, with smartphones accounting for 42 per cent. From March 2020 to March 2022, mobile network operators added 1.8 crore new internet users, taking the total number of subscribers to 11.39 crore. Around 50 per cent of Banglalink’s 38.70 million subscribers have smart devices at the present, while 42 per cent of Grameenphone’s 83.87 million users use smartphones. Device manufacturers sold 2.85 million smartphones in the January-March quarter, up by only 20,000 devices compared to the same quarter a year ago.

Source: https://www.thedailystar.net/business/telecom/news/smartphone-penetration-fast-approaching-50pc-3031216

Samsung Group commits $356b in investments

South Korean conglomerate Samsung Group on Tuesday unveiled a massive 450 trillion won ($356 billion) investment blueprint for the next five years aimed at making it a frontrunner in a wide range of sectors from semiconductors to biologics. The 80,000 new jobs would be created “primarily in core businesses including semiconductors and biopharmaceuticals” through 2026. Of the 450 trillion won Samsung plans to spend over the next five years, it will commit 360 trillion won to South Korea.

Source: https://www.thedailystar.net/business/organisation-news/news/samsung-group-commits-356b-investments-3031121