Surge in import LC openings, settlements in March amid dollar liquidity boost

The opening and settlement of import Letters of Credit (LCs) in March saw a notable increase compared to February. Bankers attributed this rise to an improvement in the dollar liquidity situation within the banking sector. According to central bank data, banks opened import LCs totalling $6.13 billion in March, marking a 17% increase from February’s figure of $5.28 billion. The opening of import LCs in March 2023 amounted to less than $6 billion. Over the past year, there have been only three instances where import LCs exceeded $6 billion. In recent months, with exports exceeding $5 billion monthly and robust remittance inflows, dollar liquidity has improved in the banking sector. Consequently, banks are now considering opening Import Letters of Credit (LCs) for previously overlooked products. Central bank data reveals that the settlement of import LCs in March amounted to $5.45 billion, marking a 14.5% increase from February’s settlement of $4.76 billion. Banks affirm their ability to open LCs, but traders contend that they are unable to open enough LCs. Furthermore, the dollar price remains elevated in LC settlements, with banks indicating settlement rates in the range of Tk114-115.

Source: https://www.tbsnews.net/economy/march-sees-surge-import-lc-openings-settlements-amid-dollar-liquidity-boost-835841

Grameenphone’s profit grows to Tk 1,338 crore in Q1

Grameenphone, the largest mobile phone operator in Bangladesh, logged a Tk 1,338 crore profit in the first quarter of the financial year 2024, riding on reduced net finance costs and foreign exchange gains. 72 percent higher profit in the January-March quarter from a year ago, thanks also to reduced income tax expenses, according to its unaudited financial statement posted on its website late yesterday. The earnings result by the phone operator having the highest subscribers comes two days after Robi Axiata Ltd, the country’s second-largest mobile phone operator, reported a 153 percent jump in profit to Tk 106 crore for the identical three-month period. Grameenphone said its revenue grew 5 percent year on year to Tk 3,734 crore in the first quarter. But the operating profit grew only 3 percent because of an increase in the overall cost. In January-March, earnings per share grew to Tk 9.91 from 5.77 a year ago. The mobile phone operator, which reported Tk 3,306 crore in profit in the last financial year, closed almost flat at Tk 232.50 on the Dhaka Stock Exchange.

Source: https://www.thedailystar.net/business/news/grameenphones-profit-grows-tk-1338-crore-q1-3594861

Mauritius invited to invest in BD’s special Economic Zone

State Minister for Information and Broadcasting Mohammad Ali Arafat, now on a visit to Mauritius, urged the Indian Ocean country on Wednesday to invest in the special economic zone (EZ) in Bangladesh. Different bilateral issues, including trade and investments, as well as the matters of anthropological and cultural cooperation were discussed in the meeting. Arafat said Mauritius is the gateway to the African continent. So, investment in the Indian Ocean island would brighten Bangladesh’s business prospect in Africa.

Source: https://today.thefinancialexpress.com.bd/trade-market/mauritius-invited-to-invest-in-bds-special-ez-1713988166

Bajus decreases gold price by Tk2,099 per bhori

The Bangladesh Jeweller’s Association (Bajus) today (24 April) decreased gold price by Tk2,099 per bhori, followed by a price drop in the local bullion market, fixing good quality 22-carat gold price at Tk1,14,190 per bhori. The apex body of gold traders changed the gold price for 7th time in April so far. As per the new price, per bhori (11.664 grams) of 22-carat gold will cost Tk1,14,190 per bhori as Tk9,790 per gram. Apart from this, the price of 21-carat gold has been set at Tk1,09,000 per bhori, 18-carat gold at Tk93,428 per bhori, and the traditional method price set at Tk75,209. Though the price of gold has decreased, the price of silver has been kept unchanged. According to the category, currently, the price of 22-carat silver is Tk2,100, 21-carat is Tk2,006, 18-carat is Tk1,715 and the price of traditional silver in traditional is Tk1,283.

Source: https://www.tbsnews.net/economy/bajus-decreases-gold-price-tk2099-bhori-835531

Visa appoints Mr. Sabbir Ahmed as country manager of BD, Nepal, Bhutan

Visa, the global leader in payments, has appointed Sabbir Ahmed as the country manager for Bangladesh, Nepal and Bhutan, reports BSS. With over 27 years of rich experience in banking and payments across Bangladesh and Vietnam, Mr. Sabbir will now lead the market operations for Visa in the three countries, with a team based out of the Dhaka office. With Mr. Sabbir Ahmed’s appointment, Visa reiterates its leadership and commitment to the Bangladesh market, along with Nepal and Bhutan. Mr. Sabbir will be responsible for charting Visa’s business priorities in Bangladesh and other South Asian markets of Nepal and Bhutan. He and the local team will manage Visa’s relationships with clients, partners, regulators and ecosystem participants. He will also be a part of Visa’s leadership team for India and South Asia.

Source: https://today.thefinancialexpress.com.bd/trade-market/visa-appoints-sabbir-ahmed-as-country-manager-of-bd-nepal-bhutan-1713988147