Forex reserve hits record $46b

Bangladesh’s foreign exchange reserve yesterday hit a record high of $46 billion thanks to the upward trend of remittance. The reserves, one of the major macroeconomic indicators of an economy, went up 23.6 per cent in the last one year to stand at $36.03 billion as of June last year, according to data from the central bank.The Bangladeshi diaspora sent remittances worth $22.83 billion in the first 11 months of this fiscal year, which is much higher than the total inflow of last year, when they sent $18.20 billion. On top of that, expatriate Bangladeshis sent $1.75 billion in the first 28 days of this month in contrast to $1.65 billion during the same period a year ago.The foreign exchange reserve had earlier set a new record of $45.1 billion on May 3. Remittance has played a vital role in boosting foreign exchange reserves amid the ongoing economic hardship caused by the coronavirus pandemic. Bangladesh Bank yesterday also increased the size of its Export Development Fund to $6 billion from $5.50 billion riding on the healthy foreign exchange reserve.

Source: https://www.thedailystar.net/business/economy/industries/news/forex-reserve-hits-record-46b-2120897

BEZA assigns PwC to develop ICT roadmap for MujibShilpanagar

Bangladesh Economic Zones Authority (BEZA) has made a contract with UK-based Pricewaterhouse Coopers (PwC) for making ICT roadmap and experience centre design for Bangabandhu Sheikh MujibShilpanagar (BSMSN). The BSMSN is an industrial hub comprising three conjoining economic zones — Mirsarai and Sitakunda in Chattogram district and Sonagazi in Feni district.The BEZA has appointed the PwC, a multinational organisation, as a consultant to prepare the ICT action plan and experience centre design within the next six months, according to a statement. The agreement was signed at a ceremony at the BEZA headquarters in the capital on Tuesday.This consultancy service has been divided into four parts. Firstly, the strategy and key elements of the ICT roadmap for transforming BSMSN into a ‘Smart City’ would be identified. Second, the consulting firm will conduct a variety of research for the ‘Analytics Driven Command and Control Centre’. Third, the elements required for the construction of the data centre will be identified and the layout will be prepared. Fourth, the PwC will prepare the design for the ‘Economic Zone Experience Centre’ and make a plan to implement it. In these economic zones, BEZA is very much committed to create an investment-friendly environment through incorporating state-of-the-art technology

Source: https://today.thefinancialexpress.com.bd/trade-market/beza-assigns-pwc-to-develop-ict-roadmap-for-mujib-shilpanagar-1624989409

Stock turnover hits two-month low

Turnover in the stock market dropped to its lowest position in two months’ yesterday due to the wait-and-see approach among investors amid the deteriorating pandemic situation. Turnover fell sharply by around 14 per cent to hit Tk 1,148 crore, the lowest since April 28, when the key market indicator stood at Tk 940 crore.At the DSE, 175 stocks advanced, 166 declined and 32 remained unchanged. Zeal Bangla Sugar Mills topped the gainers’ list, rising 10 per cent, followed by Delta Life Insurance, Jute Spinners, Bangladesh Monospool Paper Manufacturing, and Savar Refractories. Stocks of Beximco Limited traded the most with Tk 67 crore followed by Delta Life Insurance, Malek Spinning, National Feed Mills, and Anwar Galvanizing. Pragati Life Insurance shed the most, falling 9.53 per cent, followed by Sonargaon Textiles, Malek Spinning, Popular Life Insurance, and Queen South Textiles. The port city bourse also rose yesterday as the CASPI, the general index of the Chittagong Stock Exchange, increased by 33.7 points to reach 17,473.

Source: https://www.thedailystar.net/business/economy/stock/news/stock-turnover-hits-two-month-low-2120877

Dhaka Bank approves 6.0pc cash, 6.0pc stock dividend

The 26th Annual General Meeting of Dhaka Bank Limited was held on Tuesday on a digital platform to avoid the risk of COVID-19 and according to Bangladesh Securities and Exchange Commission’s directives. Abdul Hai Sarker, Chairman of the bank, presided over the meeting.Among others, Vice Chairman Abdullah Al Ahsan, Founder of the bank Mirza Abbas Uddin Ahmed; Former Chairman A T M Hayatuzzaman Khan, Directors Messrs. Reshadur Rahman, Altaf Hossain Sarker, Mohammed Hanif, Rokshana Zaman, Md. Amirullah, KhondokerMonir Uddin, Tahidul Hossain Chowhdury, Jashim Uddin, Mirza Yasser Abbas, AmanullahSarker, ManoaraKhandaker, Rakhi Das Gupta and Independent Directors Messrs. M. A. Yussouf Khan, Md. Muzibur Rahman, A. S. Salahuddin Ahmed and Managing Director & CEO EmranulHuq were also present, said a statement. Apart from them, Company Secretary of the bank Md. Shahjahan Miah and a good number of shareholders also participated the 26th AGM through a digital platform. The AGM approved 6.0 per cent cash and 6.0 per cent stock dividend for the year 2020.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/dhaka-bank-approves-60pc-cash-60pc-stock-dividend-1624990338