RMG export to EU rises by 2% in 11 months

Garment export to the European Union (EU) rose by 2 percent year-on-year to $21.64 billion in the July-May period of the current fiscal year. Shipments to Spain, France, Netherlands, Poland and Denmark grew by 6.23 percent, 1.02 percent, 16.27 percent, 17.28 percent and 26.96 percent respectively. On the other hand, garment export to Germany, the largest EU market for Bangladesh, declined by 10.12 percent year-on-year, according to data from the Export Promotion Bureau compiled by Bangladesh Garment Manufacturers and Exporters Association today. Apparel export to Italy also declined by 6.1 percent in the 11 months to May this year. Meanwhile, apparel export to the USA hit $7.46 billion in the period, posting a 3.43 percent fall. At the same time, exports to the UK grew by 12.34 percent year-on-year to $5.15 billion and to Canada it declined by 0.31 percent to $1.3 billion. However, garment export to non-traditional markets grew by 6.47 percent year-on-year to $8.18 billion. Among the major non-traditional markets, shipments to Japan, Australia and South Korea posted respectively 1.83 percent, 11.76 percent and 14.34 percent growth.

Source: https://www.thedailystar.net/business/news/rmg-export-eu-rises-2-11-months-3642386

Liquidity plummets 77% in 3 months of Islamic banks in Bangladesh

Liquidity at Islamic banks in Bangladesh has decreased drastically, deepening a lingering cash crunch at the crisis-hit Shariah-based banks. Excess liquidity at Islamic banks fell by 77.14 percent to Tk 1,518 crore at the end of March this year, according to the Bangladesh Bank’s latest quarterly report on Islamic banking. It was Tk 6,643 crore at the end of December last year. This means that the excess liquidity dropped by Tk 5,125 crore in the span of just three months. Year-on-year, the March figure was down by 27.82 percent, meaning Tk 585 crore. The total amount of outstanding loans in the banking system increased by Tk 12,020 crore or 2.70 percent to Tk 456,994 crore at the end of March 2024 compared to the end of December 2023. It was also Tk 44,597 crore or 10.81 percent higher from that at the end of March 2023. Islamic banks accounted for 28.24 percent of the total loans and advances of the whole banking sector at the end of March 2024.

Source: https://www.thedailystar.net/business/economy/banks/news/islamic-banks-liquidity-plummets-77-3-months-3642741

Dhaka Bank Holds 29th Annual General Meeting

The 29th Annual General Meeting of Dhaka Bank PLC was held on a digital platform at the Head Office of the bank on Tuesday. Abdul Hai Sarker, Chairman of the Board of Directors of Dhaka Bank, presided over the meeting. Among others, Vice Chairman Amanullah Sarker, Founder Vice Chairman A. T. M Hayatuzzaman Khan, Directors Reshadur Rahman, Altaf Hossain Sarker, Mohammed Hanif, Md. Amir Ullah, Tahidul Hossain Chowhdury, Abdullah Al Ahsan, Mirza Yasser Abbas, Jashim Uddin,Rokshana Zaman,Manoara Khandaker, Rakhi Das Gupta and Independent Directors Ahbab Ahmed, Feroz Ahmed, Dr. Mohammad Ali Taslim and Acting Managing Director A K M Shahnawaj were also present. The meeting approved 10% cash dividend for the year 2023.

Source: https://today.thefinancialexpress.com.bd/trade-market/dhaka-bank-holds-29th-annual-general-meeting-1719416099

Central bank signals more flexible exchange rate, monetary policy tightening

The central bank hinted that it would go for further flexibility of exchange rate after introducing the crawling peg system in May this year, a move that will allow the value of the taka to fluctuate more freely in response to market forces, such as supply and demand, rather than being tightly controlled or pegged to another currency. On 24 June, despite missing the net international reserves ceiling and revenue target, the IMF approved releasing $1.15 billion as the third tranche of Bangladesh’s $4.7 billion loan package. The funds are expected to be disbursed within two days. On 8 May, the Bangladesh Bank introduced the crawling peg exchange rate system, marking the largest single-day devaluation of the taka, raising the dollar price from Tk110 to Tk117. The IMF also revised down the net reserve ceiling for June this year to $14.78 billion from an earlier target of $20.1 billion. In April this year, net reserves fell to $12.8 billion, down from $19.6 billion at the end of June 2023, according to the IMF review report.

Source: https://www.tbsnews.net/economy/banking/cenbank-signals-more-flexible-exchange-rate-monetary-policy-tightening-885526

Bangladesh Venture Capital invests Tk2.5cr in Chaldal and Sokrio

Bangladesh Venture Capital Limited (BVCL) has announced investing a total of Tk 2.5 crore in Chaldal Limited and Sokrio Technologies Limited. The announcement was made at an event organised by BVCL in the capital’s Daffodil Plaza on Tuesday. Md Sabur Khan, BVCL chairperson, said the financing was aimed at promoting the growth of the startups. Chaldal.com, a leading e-commerce platform in Bangladesh that leads the online grocery delivery industry, received Tk2 crore in investments from the local venture capital firm. On the other hand, Sokrio Technologies Limited, a software as a service (Saas) platform providing distribution management system (DMS), received Tk50 lakh in investments.

Source: https://www.tbsnews.net/economy/bangladesh-venture-capital-invests-tk25cr-chaldal-and-sokrio-885051

Mr. Aziz Al Kaiser, Mr. Hossain Khaled re-elected chairman, vice chairman of City Bank

The board of directors of City Bank announced re-election of Aziz Al Kaiser as Chairman and Hossain Khaled as vice chairman. This marks their fourth consecutive term in these positions. Aziz Al Kaiser, a founding director of City Bank, first took on the role of chairman in 2007, steering the bank through three successive years of growth. His leadership has been instrumental in launching several pioneering initiatives, such as fully centralised operation and online banking, retail banking, American Express cards, Citygem priority banking, City Alo women’s banking, small and microfinance business, digital loans, and the country’s inaugural Bancassurance business. Furthermore, he has been pivotal in the creation of the bank’s subsidiaries, including City Brokerage, City Bank Capital Resources, CBL Money Transfer Sdn. Bhd. in Malaysia, and City Hong Kong Ltd. Hossain Khaled, another sponsor director of City Bank, is an alumnus of the University of Toledo, Ohio, where he earned his BBA in accounting, and of Texas A&M University (TAMU), Texas, USA, where he completed his MBA in international banking. Having joined the Anwar Group of Industries in 2000, Mr. Khaled has led various company divisions and achieved numerous accolades, including being the youngest President of the Dhaka Chamber of Commerce & Industry and Co-Chairman of the Bangladesh Better Business Forum.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/kaiser-khaled-re-elected-chairman-vice-chairman-of-city-bank-1719418282