Bangladesh outshines China in knitwear exports for first time

Bangladesh surpassed China in knitwear exports to the European Union during the first nine months of this year. The country shipped knit items worth 8.31 billion Euro during the January-September period, slightly higher than its main competitor China that shipped the same category of items worth 8.27 billion Euro, according to Eurostat data. Local woven garments fetched 5.37 billion Euro while China bagged 8.85 billion Euro during the same period. All major exporting countries, however, witnessed double digit negative growth during the period under review as the EU’s overall imports declined by 14.10 per cent to 63.51 billion Euro. The EU imported garments worth 73.94 billion Euro during the corresponding period of last year. Bangladesh’s overall RMG exports to its largest destination in the bloc stood at 13.69 billion Euro during the nine-month period, recording a 17.66 per cent fall from 16.62 billion Euro in the corresponding period of 2022. China recorded a 20.17 per cent fall to 17.12 billion Euro while Turkey recorded a 12.67 per cent decline to 7.57 billion Euro during the period. India earned 3.35 billion Euro marking a 10.37 per cent decrease while Vietnam fetched 2.81 billion Euro with 10.59 per cent negative growth. Bangladesh holds a significant market share of 22.1 per cent after China holding 29.2 per cent of the EU’s market share in 2022. China’s share in the EU market has been decreasing since 2010 while that of Bangladesh’s has been increasing gradually mainly because of the duty-free market there.

Source: https://today.thefinancialexpress.com.bd/first-page/bangladesh-outshines-china-for-first-time-1701884106

The digital money magic in rural economy

In the early 2010s, mobile financial services (MFS) emerged from tireless efforts by the banking industry and regulators, presenting an innovation that quietly revolutionised the money transfer process in Bangladesh. Fast forward to the present day. All it takes is a tap on digital devices to effortlessly send and receive money through MFS and internet banking. The securely stored funds in the digital wallet can be conveniently withdrawn from any of the 16.30 lakh agent points nationwide, often conveniently located at shops nearest to people. Cash-out and cash-in transactions at agent points take just a minute, allowing even residents in remote villages to promptly settle their electricity and gas bills, admission and job recruitment fees, and shopping expenses using their own digital wallet or through an agent point. Besides, the advent of agent banking, ATMs, and online banking has streamlined financial transactions, making them faster and more convenient. According to Bangladesh Bank data, daily MFS transactions averaged Tk4,258 crore in August of this year. The country boasts more than 21.50 crore MFS account holders, with 55% of MFS users residing in rural areas and nearly 42% being women.

Source: https://www.tbsnews.net/economy/digital-money-magic-rural-economy-754058

Mr. S. M. Anisuzzaman promoted as DMD of Bank Asia

M. Anisuzzaman has recently been promoted as deputy managing director of Bank Asia Limited. Prior to his promotion, Mr. Anisuzzaman was senior executive vice president and company secretary and head of research & strategy of the bank. He started his banking career with IFIC Bank Ltd in 1996 as probationary officer. Later, he had stint with Prime Bank and BRAC Bank. Mr. Anisuzzaman joined Bank Asia in October 2015 in the capacity of executive vice president. During his more than 8-year career with Bank Asia, he excelled in leading the innovation, transformation, corporate governance, and regulatory affairs function of the bank.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/anisuzzaman-promoted-as-dmd-of-bank-asia-1702136290