Woven garment export makes a strong comeback
The stunning rebound of woven garment export after one and a half years helped lift merchandise shipment from Bangladesh in the just-concluded year, helped by rising demand and inflow of increased orders. With the improvement of the Covid-19 scenario worldwide, which prompted people to return to work and take part in formal events, the woven shipment began recovering from August after going through more than 10 per cent negative growth months after months for 18 months. In August, woven exporters fetched $1.15 billion, registering 4.48 per cent year-on-year growth. December’s receipts were even better as Bangladesh broke records after bringing home $1.86 billion, the highest in a single month and up 48.17 per cent year-on-year. What is more, woven shipment grew to $8.74 billion in the second half of 2021, an increase of 24.50 per cent compared to the same period a year ago.
Remittance slightly up in December after six months
Remittance flow to the country was slightly up in December, about $7 million, after plummeting for the last six months since June of last fiscal year. But the amount received in December of 2021 is over 20% less compared to the same month of the previous year. In December of FY2020-21, Bangladesh received $2.05 billion, which came down to $1.63 billion in December of FY2021-22. The government has set a target to earn a $26 billion remittance in the current fiscal. But remittance inflow has been only $10.23 billion in the first six months of the FY2021-22, which is only 39.37% of the target. The Bangladesh Bank report, published on Sunday, said that remittance flow increased 18.60% in 2020 against 2019. But in 2021, the remittance flow increased by only 1.5%. In 2021, a total of $22.07 billion remittances was received which was $21.74 billion in 2020. In 2019, the amount was $18.33 billion. The government has raised the incentive amount of remittance by 50% to achieve the target.
HSBC recognised as Best Cash Management Bank
The Hongkong and Shanghai Banking Corporation Limited (HSBC) has been recognized as the best Cash Management Bank at the Corporate Treasurer Awards 2021. HSBC Bangladesh has a wide range of liquidity management products across payables, receivables, clearing and foreign currency, liquidity, liability and investments. This year the bank launched Cash Flow Forecasting tool to help clients build a more accurate picture of their future finances and manage liquidity. In addition, to support the digital banking requirements of the clients, HSBC Bangladesh has already launched smart digital propositions like: Enhanced Virtual Account, Direct Debit, eVAT, eDuty etc.The bank has invested in continuing the momentum by providing clients with more digital solutions in coming time span.
bKash launches ‘Business Dashboard’
bKash has introduced ‘Business Dashboard’ service to facilitate seamless transactions among the customers and online-based small and medium entrepreneurs, says a statement. By using bKash payment link, entrepreneurs can now receive payment easily through this B2B (Business to Business) service. Other details such as account balance and transaction history can also be viewed from the Business Dashboard. Sellers using online platforms such as Facebook can now receive payments quickly, easily, and safely with the help of bKash Business Dashboard. Users can also make payments transparently and accurately with the bKash payment link without any extra charge. To get the payment link through dashboard, entrepreneurs will have to sign up or register at business.bkash.com with their merchant account/personal retail account and an active email account. The ‘Payment Link’ will be available after the completion of registration which can be used for payments by sharing via messaging platforms, SMS, or Email.