Export earnings grow 15% in first month of new fiscal year
Bangladesh’s export earnings saw around 15% growth, rising to $3.98 billion in the first month of the new fiscal year. Of the export earnings, RMG shipments earned over $3.36 billion, registering a 16.61% growth year-on-year, according to data released by the Export Promotion Bureau (EPB) on Tuesday. Export receipts surpassed the $3.92 billion target set for the month. Export has been 14.72% higher than the $3.47 billion of July last year. Of the receipts, more than $1,854 million came from knitwear shipments, while woven items fetched around $1,512 million. According to the Bangladesh Bank data, the country’s trade deficit hit a historic high of $33.25 billion in the fiscal 2021-22 due to a surge in imports and commodity price hikes in the global market. The trade deficit in FY21 stood at $23.78 billion. Between July and June last fiscal year, imports increased to $82.50 billion, up 35.95% year-on-year when exports grew 33.45% to $49.25 billion. The current account deficit also surpassed $18.50 billion during the time.
Dollar price for LC settlement rising despite fall in kerb market
The price of dollar for import payments against letters of credit has been on the rise despite a fall in the kerb market. On Tuesday, banks charged importers up to Tk107 for a dollar, which was Tk105 last week, while the interbank exchange rate has been constant at Tk94.70 for the last eight days. The greenback fell to Tk107 in the kerb market on Tuesday from a record high of Tk112 on 26 July, thanks to the ongoing central bank’s raids and other regulatory measures. According to the latest data, the central bank sold dollars to commercial banks at the rate of Tk94.70. At the beginning of May, it was just TK86.45.
Action plan unveiled for impact investment
The National Advisory Board (NAB), a committee that guides impact investment in Bangladesh, has unveiled a strategic action plan to attract local and global investment, particularly from the private sector, to help fund sustainable development in the country. Planning Minister MA Mannan and BIDA Executive Chairman Md Sirazul Islam jointly unveiled the plan, styled “Bangladesh Impact Investment Strategy and Action Plan (BIISAP)” at the Bangladesh Investment Development Authority (BIDA). The strategic plan will help attract more investment opportunities to minimise the financial gaps for fulfilling the sustainable development goals (SDGs) of Bangladesh. The central bank has already declared Tk 1,000 crore for one of the funds aimed at helping start-ups expand and flourish in a bid to encourage youth entrepreneurs.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↓ 402.23||↓ 1.23 %|
|FTSE100||$ 7,409.11||↓ 4.31||↓ 0.06 %|
|Nikkei 225||$ 27,736.59||↑ 141.86||↑ 0.51 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 94.08||↓ 0.34||↓ 0.36 %|
|Crude Oil (Brent)||$ 100.14||↓ 0.40||↓ 0.40 %|
|Gold Spot||$ 1,769.83||↑ 9.44||↑ 0.54 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 94.7000|
|GBP 1||BDT 116.0264|
|EUR 1||BDT 97.2096|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<