Financial account turns positive as Government adjusts data as per IMF advice

The financial account has turned positive after more than a year, yet it might not be good news for Bangladesh since it is the result of the revision of national data in line with IMF prescription and does not indicate improvement in the health of the economy. During July to April of the just-concluded fiscal year, the financial account stood at $2.23 billion, which was negative for more than a year. On the other hand, the balance of the current account, which records a nation’s transactions with the rest of the world, slipped to negative territory in the first 10 months of 2023-24. It stood at $5.72 billion in negative. For a long period, there was more than a $10 billion gap between the export data provided by the EPB and the BB, with the former showing a higher shipment compared to the latter, raising questions. Following the revision, export earnings fell 6.8 percent to $33.67 billion in July-April of 2023-24. It rose 3.93 percent year-on-year to $47.47 billion when the EPB disclosed the data for the same period in May.

Source: https://www.thedailystar.net/business/news/financial-account-turns-positive-govt-adjusts-data-imf-advice-3648571

7 more banks sign MoU with NPA to implement national pension scheme

The National Pension Authority (NPA) on Wednesday (3 July) signed a Memorandum of Understanding (MoU) with 7 banks for the implementation of the universal pension scheme. With this, the number of public and private banks implementing the universal pension program stands at 11. The seven banks with which the NPA has signed the MoU are Janata Bank, Bangladesh Krishi Bank (BKB), Rajshahi Krishi Unnayan Bank, Prime Bank, Dutch-Bangla Bank, Eastern Bank Limited (EBL) and Mutual Trust Bank (MTB). Four other banks have earlier signed MoUs with the NPA. They are Sonali Bank, Agrani Bank, BRAC Bank, and City Bank. According to this, now public and private 11 banks will work to implement the universal pension program.

Source: https://www.tbsnews.net/economy/banking/7-more-banks-sign-mou-npa-implement-national-pension-scheme-891406

Chattogram marks 47% remittance growth in FY24

Chattogram – known as the country’s commercial capital – topped the list of districts with the highest remittances in terms of growth in the just-concluded fiscal year. According to data from the Bangladesh Bank, Chattogram, which ranks second in terms of remittance inflows, recorded a 47% growth compared to the fiscal 2022-23. In FY24, the district received remittances totalling $2.37 billion, marking an increase of approximately $757 million compared to the $1.61 billion sent by residents in the previous fiscal year. In the last fiscal year ending on 30 June, remittances from all 64 districts of the country grew by 10.66% year-on-year, reaching approximately $24 billion. Dhaka, which ranked first, saw a 19% increase in remittances in FY24. Additionally, the growth of remittances in the other top six districts was below 10%. Specifically, Cumilla, which led in the number of workers sent abroad in FY23, saw remittances rise by just over 1%.

Source: https://www.tbsnews.net/economy/ctg-marks-47-remittance-growth-fy24-891206

Chinese firm wants to invest $21.85m in Bepza EZ

Chinese company Unicorn Handbag has expressed interest in investing $21.85 million in Bepza Economic Zone (Bepza EZ) in Mirsharai, Chattogram to set up a carry bag and luggage manufacturing industry. The company signed an agreement to this effect with Bangladesh Export Processing Zones Authority (Bepza) at Bepza Complex in the capital’s Dhanmondi yesterday. The Chinese company will annually produce 1.7 million pieces of backpacks, handbags, wallets, bags, caps, belts and luggage offering employment opportunities to 2,000 Bangladeshi nationals.

Source: https://www.thedailystar.net/business/news/chinese-firm-wants-invest-2185m-bepza-ez-3648526

Mobile phone subscriptions up by 13.6 lakh in May

In May, the four mobile phone operators in Bangladesh added 13.6 lakh new subscribers, while the number of internet users increased by 26.9 lakh, according to the Bangladesh Telecom Regulatory Commission (BTRC). The total mobile phone subscriptions rose to 19.51 crore in the month of May, up from 19.37 crore in April, as all four operators saw an increase in subscribers. Of them, the largest operator Grameenphone grew its subscriber base to 8.49 crore from 8.40 crore million, while the state-owned Teletalk added 20,000 new subscribers, bringing its total to 65.7 lakh. Meanwhile, Robi Axiata’s subscribers increased to 5.89 crore from 5.85 crore and Banglalink’s subscriber count edged up to 4.47 crore, following a significant increase the previous month.

Source: https://www.tbsnews.net/economy/mobile-phone-subscriptions-136-lakh-may-891211

Bangladesh pays Russia $15m in taka for Rooppur plant as dollar payment stalled

The Bangladesh government has recently paid the equivalent of $15 million in taka for the Rooppur Nuclear Power Plant project as the payment in dollars has remained stuck for two and a half years over sanctions on Russia, officials familiar with the matter told TBS yesterday. International sanctions on Russian banks due to the ongoing conflict with Ukraine necessitated revising the payment conditions. As a result, officials said, Atomstroyexport, a subsidiary of Russia’s state nuclear agency Rosatom, agreed to accept partial payments in taka.

Source: https://www.tbsnews.net/economy/bangladesh-pays-russia-15m-taka-rooppur-plant-dollar-payment-stalled-891351