Bangladesh to export non cotton garments worth $42bn by 2032

The use of non-cotton fibre in garment production in Bangladesh increased to 29% from 25% over the last three years. The rise was owing to local apparel exporters moving away from cotton to incorporate more man-made fibre to get better prices and increase business, according to the findings of a new study released today. Globally the ratio of non-cotton fibre in a garment is 75% but in Bangladesh the picture is just reverse because the local garment exporters use 71% cotton fibre for making a garment, says the findings of a study titled “Beyond Cotton A strategic blueprint for fibre diversification in Bangladesh apparel industry” of Bangladesh Garment Manufacturers and Exporters Association (BGMEA). Bangladesh Garment Manufacturers and Exporters Association (BGMEA) wants to take the global market share of locally made apparel to 12% from the existing 7.87% as the prices are higher for those products than the cotton made garment items.

Source: https://www.tbsnews.net/economy/rmg/bangladesh-export-non-cotton-garments-worth-46bn-2032-802530

Remittances soar to 8-month high at $2.16b

Inward remittances have demonstrated strong performance for two consecutive months, with the country receiving over $2 billion each in January and February this year. In February, Bangladesh witnessed its highest remittance inflow in the past eight months, totalling over $2.16 billion. This significant development provides a welcome relief for the country’s diminishing foreign exchange reserves, as noted by bankers. This figure marked a significant increase of 38.46% compared to the same month last year, according to data from the Bangladesh Bank. In June 2023, the country saw a higher inflow of $2.19 billion. According to the Bangladesh Bank, the country’s foreign exchange reserves stood at $20.57 billion at the end of Sunday. The reserves reached their peak of $48 billion in August 2021, and since then, they have steadily declined.

Source: https://www.tbsnews.net/economy/bangladesh-receives-216b-remittances-highest-8-months-802706

Mr. Ashim Kumar Saha promoted as DMD of Mercantile Bank

Mr. Ashim Kumar Saha has been promoted as deputy managing director of Mercantile Bank. He was the senior executive vice president and head of treasury of the bank. Since his joining the bank in 2016. Mr. Ashim Kumar has been efficiently delivering his duties and responsibilities in various capacity. With over 34 years of experience in the banking sector, Mr. Ashim Kumar Saha has expertise in government securities, local & foreign currency management, ALM analysis and risk management. He is also an expert in private bonds and equity market. Before starting the banking career in 1990 at the Uttara Bank as probationary officer, Mr. Ashim Kumar Saha has completed post-graduation in accounting from University of Dhaka. Thereafter, he worked at NCC Bank for 20 years. He joined Mercantile Bank on 10th August 2016 as senior executive vice president and head of treasury.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/ashim-kumar-saha-promoted-as-dmd-of-mercantile-bank-1709488233