Reserves fall to $20.46b after ACU payment

The country’s foreign exchange reserves fell to US$20.46 billion on Wednesday after a payment of US$1.42 billion to the Asian Clearing Union (ACU) for the May-June period. The information was posted in a WhatsApp group for journalists on Wednesday by Bangladesh Bank’s acting spokesperson Saiful Islam. Earlier on July 2, gross reserves increased to US$21.79 billion, according to the International Monetary Fund’s (IMF) Balance of Payments Manual (BPM6), following a US$2.0 billion inflow of funds from the IMF and other sources. This latest decrease is attributed to a higher payment to the ACU compared to May, likely due to increased imports during the Eid-ul-Azha holiday period. Earlier in May, Bangladesh cleared $1.6 billion in payment for the March-April period with the ACU.

Source: https://today.thefinancialexpress.com.bd/first-page/reserves-fall-to-2046b-after-acu-payment-1720635409

Ship-breaking still in rough waters despite import uptick

The ship-breaking industry in Bangladesh, a global leader in the sector, continues to face headwinds as new challenges have emerged after the dollar crisis improved a bit. Despite a slight increase in ship imports during the first half of 2024, the industry is still struggling after experiencing its lowest import volume in a decade in 2023. Factors such as high price of dollar, disparities between international and local markets, reduced number of ships available for scrapping due to increased shipping freight costs, and the central bank’s instruction to obtain permission for opening Letters of Credit (LC) for amounts exceeding $3 million have all impacted imports, even though dollars are available in banks. According to the Bangladesh Ship Breakers and Recyclers Association, only 74 ships weighing a total of 4,08,835 tonnes were imported in the first six months of the fiscal 2023-24, from July to December. Overall, the fiscal 2023-24 saw the import of 165 ships weighing 9,75,095 tonnes. Despite a 65% decrease in ship-breaking activities, Bangladesh maintained its position as the top ship recycling nation in 2023, according to a report by the United Nations Conference on Trade and Development. The NGO Shipbreaking Platform reported that 446 ocean-going commercial ships and offshore units were scrapped in 2023, with 173 dismantled in Bangladesh.

Source: https://www.tbsnews.net/bangladesh/ship-breaking-still-rough-waters-despite-import-uptick-896796

Kiam to invest Tk1,200cr in new glassware manufacturing facility

Kiam Glassware Industries Ltd, a sister concern of the BRB Group, is set to invest Tk1,200 crore to establish a state-of-the-art glassware manufacturing facility at Bangabandhu Sheikh Mujib Shilpa Nagar. The first unit of the factory is scheduled to begin production in February 2025. The factory will produce a variety of glassware products, including plates, glasses, jugs, cups, and bowls, and generate employment opportunities for approximately 2,500-3,000 people. The project is planned to be completed in two phases. The first phase involves the construction of a soda-lime glass manufacturing factory that will produce 70 tonnes of glassware products daily, with an investment of Tk500-600 crore.

Source: https://www.tbsnews.net/economy/industry/kiam-invest-tk1200cr-new-glassware-manufacturing-facility-896776

Ms Zakia Rouf Chowdhury re-elected as vice chairman of Bank Asia

Ms Zakia Rouf Chowdhury has been re-elected as vice chairman of Bank Asia at the board of directors’ meeting held recently. She has an illustrious business career of more than 35 years in the private sector of Bangladesh. She has been holding leadership positions at several concerns of Rangs Group, one of the largest business conglomerates in Bangladesh. Presently, she serves as the chairman of Sea Resources Group, Rangs Pharmaceuticals Limited, Ranks Construction Limited, Ranks-Agro Industries Limited, and Zhen Natural Limited. She is also the managing director of Ranks Real Estate Limited and Ranks Food & Beverage Limited. She is one of the directors of Rangs Limited, Rangs Motors Limited, Rangs Properties Limited, Rancon Autos Limited, Ranks Interior Limited, Ranks Appliance Limited, and a few other Rangs’ concerns.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/zakia-rouf-chowdhury-re-elected-as-vice-chairman-of-bank-asia-1720633750