Forex reserve hits record $45.1b

The country’s foreign exchange reserves yesterday hit a new record of $45.1 billion thanks to an upward trend of remittance and lower import payments. The reserves, one of the major macroeconomic indicators of an economy, have gone up 36.22 per cent in the last one year. It was $33.11 billion on April 30, 2020, according to data from the central bank.A strong inflow of remittance has largely helped the country build up the foreign exchange reserve, said a Bangladesh Bank official. Between July and April this fiscal year, the Bangladeshi diaspora sent remittances worth $20.66 billion, up 39 per cent year-on-year. Imports, however, slightly increased 1.9 per cent year-on-year to $37.06 billion in the eight months of this fiscal year.But the reserve amount will be short lived, as the country will have to pay $1.74 billion today to settle import payments to member countries of Asian Clearing Union (ACU).

Source: https://www.thedailystar.net/business/news/forex-reserve-hits-record-451b-2087877

HSBC digitalises Unilever’s supply chain finance

The Hongkong and Shanghai Banking Corporation (HSBC) and Unilever Bangladesh this month are said to have conducted their first transaction using an electronic supply chain finance platform of the lender. The automated solution ensures working capital at “competitive prices” to Unilever Bangladesh and its supplier network, enabling end-to-end invoice digitalisation from approval to crediting accounts. HSBC says it processes over $1 million worth of trade turnover every minute, delivered through technology and platforms necessary to help manage risks, process transactions and fund activities, making it easier for businesses to connect to new markets and trade partners around the world.

Source: https://www.thedailystar.net/business/news/hsbc-digitalises-unilevers-supply-chain-finance-2087817

Jamuna Bank gets new chairman

Jamuna Bank yesterday witnessed the appointment of a new chairman of its board of directors. The appointee, Gazi Golam Ashria, is the youngest son of Textiles and Jute Minister Golam DastagirGazi and Hasina Gazi, mayor of Narayanganj’sTarabo municipality.Graduating in economics from Canada, Ashria is the director of Content Matters, Progressive Properties, Gazi Renewable Energy, Gazi Networks and Gazi Communication.

Source: https://www.thedailystar.net/business/news/jamuna-bank-gets-new-chairman-2087821