Textile millers expect bumper sales this Eid
Local textile millers are expecting bumper sales in the upcoming Eid-ul-Fitr, the biggest shopping season in Bangladesh. Two mega-events, namely Eid-ul-Fitr and Pahela Baishakh, which celebrates the first day of the Bengali calendar, make up the biggest shopping season in the country. More than 2,500 power looms are running at full capacity alone in Madhabdi, Chowala, Baburhaat, Shekherchar as well as Araihazar of Narayanganj to produce fabrics. Usually, textile millers sell fabrics like saris, lungis, and salwar kameez and the fabrics used in making trousers and shirts worth Tk 25,000 crore in the run-up to the Eid-ul-Fitr festival alone. The annual consumption of fabrics in Bangladesh is 692 crore metres considering the current population of the country. The value of the quantity is $9.02 billion and nearly 20 lakh people are directly employed in the primary textile sector, according to Mohammad Ali Khokon, president of the BTMA.
Excess liquidity risks fuelling inflation
Excess liquidity in the country’s banking system is likely to fuel inflationary pressure on the economy, the central bank cautions over money-supply upturn. The latest BB observations come against the backdrop of rising trend in inflation in recent months mainly due to higher prices of food items along with other essentials. Meanwhile, by official count, the inflation as measured by consumer price index (CPI) rose to 6.17 per cent in February 2022 from 5.86 per cent a month before on point-to-point basis while the inflation reached 5.69 per cent from 5.62 per cent on 12-month average. Surplus liquidity came down to Tk 2115.06 billion in January 2022 from Tk 2167.29 billion a month ago, according to the central bank’s latest statistics. It was Tk 2314.63 billion in June 2021.
BSCIC looks to utilise 500 vacant plots
The Bangladesh Small and Cottage Industries Corporation (BSCIC) is scheduled to publish newspaper advertisements today, seeking applications from entrepreneurs to allot 500 plots lying vacant for years in its industrial estates. According to BSCIC sources, a Gopalganj estate has the highest number of vacant plots (131), followed by one in Moulvibazar (119), Chuadanga (50), Jhalakathi (43), Barguna (40), Madaripur (38) and Khagrachari (33).
MTB inks deal with RANGS Group
Mutual Trust Bank Limited (MTB) has recently signed an agreement with RANKS Construction Limited (RCL) & RANGS Motors Limited (RML) to finance customers to buy LONKING brand construction equipment & MAHINDRA & MAHINDRA and VOLVO EICHER brand commercial vehicles respectively.