Mohammad Ali becomes Pubali Bank MD, CEO
Mohammad Ali has been appointed as managing director and chief executive officer of Pubali Bank Limited by its board of directors, said a press release. Prior to joining as MD and CEO, he held position of additional managing director and chief operating officer of the bank since July 1, 2020. He joined Pubali Bank as general manager and chief technical officer in 2008. Later, he was promoted to deputy managing director of the Bank. He also served as credit committee chairman along with chief risk officer, CAMLCO and CTO of the bank.
Worker outflow hits record high but remittance falls
Bangladesh sent the highest number of migrant workers in its history in 2022 thanks to a surge in demand for labourers in the Middle Eastern countries but remittance receipts did not go up proportionately. More than 11.35 lakh Bangladeshis left the country for jobs abroad last year, nearly doubling from 6.17 lakh migrant workers who flew abroad the previous year, data released by the Bureau of Manpower Employment and Training (BMET) showed. Despite the surge, the country did not see a higher inflow of remittances, the cheapest source of foreign currencies for Bangladesh, and a vital source of household income for the lower-income groups in the country. Rather, money transferred by workers through the official channel dropped 6.65 per cent to $21.28 billion in 2022 from $22 billion a year earlier. The discrepancy – a record outflow of migrant workers and a fall in remittance inflow – comes at a time when Bangladesh faces a dollar crisis to pay for higher trade costs. Analysts and recruiting agents blame the growing use of informal channels, also known as hundi, by migrant workers for the decline in remittances.
Dhaka stocks gain for 2nd day, turnover tops Tk 500cr
Dhaka stocks gained for the second day on Wednesday, while the turnover topped Tk 500 crore as a section of investors went for buying shares, but many others remained cautious on the trading floor amid economic worries, said market operators. DSEX, the key index of the Dhaka Stock Exchange, added 4.24 points, or 0.06 per cent, to close at 6,209.52 points on the day after gaining 13.73 points in the previous session. Market operators said that the market returned to the green territory since recent corrections on the market created investment opportunities for bargain hunters who perceived some sector-specific issues trading at a lucrative price level. However, a group of investors remained concerned about their investments amid economic and other market-related issues, including floor price withdrawal from a number of companies, they said. The Dhaka bourse observed a substantial increase in participation while the total turnover rose to Tk 532.41 crore, nearly one-month higher on the day, in which around 20 per cent or Tk 108.24 crore came from block transactions, they said. The Bangladesh Securities and Exchange Commission on July 28, 2022 imposed floor prices on all companies to prevent share prices of the companies from falling beyond a certain level amid economic worries.