Digital wage pays off for workers: WB

Wage disbursements through digital payment methods is beneficial for employees as it helps increase savings and improves their ability to mitigate unanticipated financial shocks, according to a recent World Bank (WB) study. Before a new payroll system was introduced in June last year, nearly 90 per cent of the country’s workforce received their wages in cash, which was both time consuming and difficult given the volume of disbursements that needed to be made.The study styled “Learning to navigate a new financial technology” was conducted with a sample of 3,136 workers.Still, workers sometimes complain about the deduction of fees such as service charge when cashing out from an MFS but at least there are no such charges when using an automated teller machine (ATM). Besides, there are times when the workers cannot get their money in a timely manner since the agents of MFS companies like bkash, Rocket and Nagad at times do not have enough cash on had to make the large disbursements, especially on payday.Channelling wage payments into formal accounts is the obvious next step with potentially large positive implications for access to finance and consumer learning in low and middle-income countries, where wage payments are still predominantly made in cash.Anecdotally, many workers reported not feeling comfortable using bank branches or mobile money agents, despite having clear savings goals.

Source: https://www.thedailystar.net/business/news/digital-wage-pays-workers-wb-2021509

Dhaka Bank gets new AMD

Dhaka Bank hass recently promoted its deputy managing director (international banking), Mohammad Abu Jafar, to the post of additional managing director (AMD). Mr. Jafar had joined the position in 2015 and was earlier serving as senior executive vice president of National Bank, according to a statement. He started his professional career at Uttara Bank as probationary officer in 1990 on obtaining honours and master’s degrees in economics from the University of Chittagong.

Source: https://www.thedailystar.net/business/news/dhaka-bank-gets-new-amd-2021405

Islami Bank Bangladesh gets new MD

Islami Bank Bangladesh has recently promoted its additional managing director, Mohammed MonirulMoula, to the post of managing director and chief executive officer. Moula started his career at the bank as a probationary officer in 1986. Moula also served as head of the corporate investment wing, investment (credit) committee, credit risk management committee and committee for recruitment and promotion. He attained honours and master’s degrees in economics from the University of Chittagong.

Source: https://www.thedailystar.net/business/news/islami-bank-bangladesh-gets-new-md-2021425

MTB gets new chairman, vice chairman

MdWakiluddin and Md Abdul Malek have recently been elected chairman and vice chairman of Mutual Trust Bank respectively. Mr. Wakiluddin is chairman of Baridhara Corporation and Baridhara Agro & Food Processing Ltd, managing director of Swadesh Properties and Swadesh Global Media, director of HURDCO International School and president of the editorial board of the Daily Swadesh Pratidin. Mr. Malek was the chairman of Sheltech Consultants (Pvt) and attained a civil engineering degree from the Bangladesh University of Engineering and Technology.

Source: https://www.thedailystar.net/business/news/mtb-gets-new-chairman-vice-chairman-2021393

NRB Global Bank turns Global Islami Bank

NRB Global Bank is switching into full-fledged Shariah-based Islami banking operations starting this year. As a part of it, the fourth generation bank adopted “Global Islami Bank” as its new nomenclature. Its services begin today.Earlier, with Bangladesh Bank’s approval, the bank finalised preparations for the conversion in the past few weeks. Launched in 2013, the bank now has 80 branches, 25 sub-branches and 78 ATM booths.

Source: https://www.thedailystar.net/business/news/nrb-global-bank-turns-global-islami-bank-2021421

Cotton import grows despite pandemic

Bangladesh’s cotton imports grew by about 9 per cent to 75 lakh bales in the 2019-20 marketing year (MY) despite the ongoing coronavirus pandemic, according to data from the United States Department of Agriculture (USDA). The cotton marketing year begins in August and ends in July and one bale equals to 480 pounds. The high demand for cotton during the first half of the year combined with the country’s success in combating Covid-19 has allowed the garment sector to maintain operations despite a few short-term disruptions. US cotton exports to Bangladesh in MY2019-20 reached 1.06 lakh bales, up 28.9 per cent from MY2018-19. The US cotton market share was approximately 14 per cent in MY2019-20, which is second to India’s 23 per cent market share. For MY2020-21, cotton imports will slightly decrease to 71 lakh bales given the uncertainty in global demand and relatively low import in the first months of the year. The ongoing pandemic has disrupted Bangladesh’s textile and apparel industry, resulting in a sharp decline in the sector’s exports to major markets, including the US and EU. Preliminary data from the Bangladesh Export Promotion Bureau shows that the export value of apparel in the first 10 months of 2020 dropped 19 per cent year-on-year to $22.4 billion.According to the Trade Data Monitor (TDM), the value of Bangladesh’s cotton yarn exports in the first 10 months of 2020 dropped 27 per cent year-on-year to $11.3 million.Through the first nine months of 2020, the value of cotton yarn imports was above 12 per cent at $692 million compared to $617 million in 2019.Previous forecasts showed that the country’s cotton consumption would drop sharply in the second half of MY2019-20 and continue to decline in MY2020-21 due to the Covid-19 fallout. However, Bangladesh’s cotton consumption, reflected by cotton imports and domestic demand for cotton yarn, has remained strong due to Asia’s overall success in combating Covid-19.

Source: https://www.thedailystar.net/business/news/cotton-import-grows-despite-pandemic-2021497