Daily transaction of MFS crosses Tk 32b

The average daily transaction of mobile financial service (MFS) has crossed Tk32 billion and its volume shows a growing trend, said the latest report of Bangladesh Bank (BB). Analysing the data of 13 MFS in the country the BB report said that MFS gets popular in Bangladesh due to convenient transaction opportunities and payment facilities. The BB has released the updated statistics of MFS with information on 13 service providers. It has been seen that in the first month of this year January, customers transacted Tk1.05 trillion. This figure is the second-highest recorded transaction on mobile so far. “There is no fee to open an account. Money can be sent everywhere instantly. At the same time, many new services have been added including payment of shopping bills, and loan facilities. These are contributing to an increase in the number of users,” said Dr Salehuddin Ahmed, former governor of the BB. The central bank officials say inward remittances are also coming through MFS. As a result, people’s interest and dependence on MFS are increasing. The volume of transactions with customers is also increasing because of multifold uses of this service.

Source: https://thefinancialexpress.com.bd/economy/bangladesh/daily-transaction-of-mfs-crosses-tk-32b

RMG export earnings to UK could reach $11b by 2030

Bangladesh has the potential to raise its readymade garment (RMG) export earnings to US$11 billion to the UK by 2030 as the country will continue to get duty-free market access after LDC graduation. Bangladesh earned US$4.5 billion from RMG exports to the UK in the last fiscal year which could be raised to US$11 billion by 2030, according to the projection of Research and Policy Integration for Development (RAPID). “It is still unsettled if Bangladesh’s garment exports after LDC graduation will continue to receive duty-free market access in the European Union (EU) but, under the UK Developed Countries Trading Scheme (DCTS), Bangladesh apparel exports will continue to get duty-free access in the UK”, said Dr MA Razzaque chairman of RAPID. UK will continue to provide the existing duty benefit to LDCs including Bangladesh until 2029 including three years transition period, while its enhanced DCTS preferences remove the 32 international conventions ratification and implementation requirement which is mandatory to sustain GSP plus facility in the EU, he noted. Non-RMG exports could be reached US$ 1.3 billion by 2030 from the existing US$700 million, he said adding that the potential is much higher for non-RMG export growth in the UK.

Source: https://thefinancialexpress.com.bd/economy/bangladesh/rmg-export-earnings-to-uk-could-reach-11b-by-2030

DSE, CSE inch up in morning trade

The prime indices of Dhaka and Chattogram stock exchanges rose slightly in the morning trade today. The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), edged up 1 point, or 0.02 per cent, to 6,221 at 11:55 am. Turnover stood at Tk 156 crore. Of the securities, 33 advanced, 60 declined and 180 remained unchanged. The Caspi, the all-share price index of the Chittagong Stock Exchange, inched up 1 points, or 0.007 per cent, to 18,354. Of the issues, 16 rose, 20 retreated, and 32 saw no price movement. Turnover of the port city bourse stood at Tk 1.83 crore at 11:55 am. It dropped slightly to Tk1,578 crore in 2020 and spiralled again to Tk1,855 crore in 2021. Besides, banks rescheduled loans of Tk27,279 crore in 2022, almost two times more than Tk12,380 crore in 2021. It was Tk13,468 crores in 2020.

Source: https://www.thedailystar.net/business/economy/stock/news/dse-cse-inch-morning-trade-3275061