Remittances to lower income countries ease in 2022: WB
Cash transfers to low- and middle-income countries eased this year, with rising prices taking a toll on migrants’ incomes, the World Bank said Wednesday. Remittances to lower-income countries rose around five percent to $626 billion, lower than the 10.2 percent jump in 2021, the bank added in a report. While the reopening of economies as the pandemic receded helped with employment, rising costs “adversely affected migrants’ real incomes,” the Washington-based development lender said. And in 2023, the increase of such remittance flows is projected to slow further to two percent, as GDP growth in wealthier countries moderates. “Downside risks remain substantial, including a further deterioration of the war in Ukraine, volatile oil prices and currency exchange rates, and a deeper-than-expected downturn in major high-income countries,” said the World Bank in its report. Meanwhile, rising oil prices and continued demand for migrant workers boosted remittances to Central Asian countries, while the ruble’s appreciation against the US dollar translated into higher value of outward transfers.
DSEX bounces back at the end of a volatile month
Stocks spiraling down over a volatile November gained momentum in the last two consecutive sessions as bargain hunters cautiously tried to bag some oversold shares. Hitting a 15-week low of 6,173 on Tuesday morning, DSEX, the broad-based index of the Dhaka Stock Exchange (DSE) bounced back on the same day continuing its slow recovery till the closing bell on Wednesday, to a nine-day high of 6,235. Daily turnover had dropped to Tk300-400 crore in a bearish market that left more and more stocks stuck on the floor. But in the last session of the month, turnover increased 34.5% to Tk449.4 crore as many investors bought some large-cap stocks at or slightly above the floor price.
Investors staying away from banking stocks
Once one of the most sought-after securities, banking stocks in Bangladesh are now struggling as investors have stayed away from them for the last couple of months due to a lack of trust in their financial reports, escalating non-performing loans and alleged irregularities. Just two years back, banking stocks regularly accounted for more than 10 per cent of the market’s total turnover of the Dhaka Stock Exchange (DSE). It has now dropped to around 3 per cent. The overall stock market has been gloomy for several months because of the global economic uncertainty, higher inflation and the volatility in the foreign exchange market. “Now banking stocks are facing the worst and are unable to attract investors,” said a top official of an asset management company.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↑ 737.24||↑ 2.18%|
|FTSE100||$ 7,573.05||↑ 61.05 ||↑ 0.81%|
|Nikkei 225||$ 28,267.39||↑ 298.40||↑ 1.07%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 80.43||↓ 0.12||↓ 0.15%|
|Crude Oil (Brent)||$ 85.43 ||↑ 2.40||↑ 2.89%|
|Gold Spot||$1,780.22 ||↑ 11.69||↑ 0.66%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 101.0000||BDT 103.6000|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<