May remittances fall 13%
Money sent home by expatriate Bangladeshis fell by around 13% to $1.88 billion in May this year compared to the corresponding month last year, the central bank said on Wednesday. The country had received $2.01 billion from the expatriates in April this year, according to the Bangladesh Bank, which means May remittance inflow fell by 6.23% from the previous month. The country received $19.19 billion as remittances in the 11 months of the current fiscal year (July-May), 15.94% lower than the corresponding period of the previous year. After dipping for five months in a row in the fiscal 2021-22, remittances started resurging in December and January, but stumbled again in February. The major macroeconomic factor rebounded in March and continued the boost in April to $2.01 billion – the highest in the previous 11 months. The government set a $26 billion remittance target for FY22. However, the country received $19.19 billion in the first 11 months of the current year, which is around 73% of the target.
IFIC Bank to issue Tk 500cr bonds
IFIC Bank has received regulatory approval to raise Tk 500 crore through the issuance of unsecured, non-convertible bonds. The approval came in a meeting of the Bangladesh Securities and Exchange Commission yesterday. Fully redeemable and with a floating rate, the fund would be raised through private placement for financial institutions, insurance companies and corporates. Each unit price of the bond is Tk 1 crore. With the bond proceeds, the lender will strengthen its Tier 2 capital base.
Mercantile Bank launches seven new cards
Mercantile Bank Limited Wednesday launched seven new card services for the customers. MBL Chairman Morshed Alam, MP inaugurated the cards at a press conference at MBL head office in city on the occasion of its 23rd anniversary. All the cards contain contactless technology and having EMV security features. Cardholders will not need any issuance fee or annual fee for the first year, MBL officials said at the press meet. Taqwa Islami credit cards are designed to meet the customer’s transactional needs strictly adhering to the shahriah principles. Besides this, Taqwa cardholders will enjoy lowest maintenance fee, global usage-dual currency, free access to Balaka Executive Lounge etc.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↓ 176.89||↓ 0.54 %|
|FTSE100||$ 7,532.95||↓ 74.71||↓ 0.98 %|
|Nikkei 225||$ 27,409.93||↓ 47.96||↓ 0.17 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 113.08||↓ 2.18||↓ 1.89 %|
|Crude Oil (Brent)||$ 114.32||↓ 1.97||↓ 1.69 %|
|Gold Spot||$ 1,844.81||↓ 1.79||↓ 0.10 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 89.0000|
|GBP 1||BDT 112.2112|
|EUR 1||BDT 95.5593|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<