Bangladesh receives record $2.09B remittance in April
Bangladesh has received $2.09 billion in remittances in April, the highest amount in a single month of the current fiscal year. According to the sector insiders, expatriates usually send more remittances to the country on the occasion of Eid festival. In its continuation, the flow of remittances has increased since the beginning of Ramadan. Besides, the government is now giving 2.5% incentive on remitances. According to the BB, five state-owned commercial banks received $354.89 million in April, private commercial banks received remittance of $1612.74 million, foreign banks $7.35 million and two specialised banks $34.51 million. Bangladesh received $1.85 billion in remittances in March of fiscal year 2021-22.
RMG sees new investments with strong global demand
Entrepreneurs are now stepping up with fresh investments in the apparel sector that is currently on a roll with an excellent flow of work orders – even though there is uncertainty over uninterrupted power and energy supplies. To cash in on this hot streak, a few big names, such as Team Group, Urmi Group, Chattogram-based RDM Group and the real estate giant Sheltech, are now setting up new facilities to boost their production capacity and have a bigger stake in the global RMG export market. If this calculation is taken into account, 160 big and small factories, which have obtained BGMEA and BKMEA memberships for setting up new facilities, invested approximately Tk4,000 crore in constructing knit, woven and denim factories, industry insiders say. The current investments in garment and textile industries stand at Tk18,000-Tk20,000 crore.
Imports jump 50pc in nine months of FY ’22
Bangladesh’s overall imports jumped by nearly 50 per cent in the first nine months of this fiscal year (FY ’22) following higher imports of fuel oils and industrial raw materials. The settlement of letters of credit (LCs), generally known as actual import, in terms of value, rose by 49.64 per cent or US $20.09 billion to $60.57 billion during the July-March period of fiscal year 2021-22, from $40.48 billion in the same period of the previous fiscal, according to the central bank’s latest statistics. On the other hand, opening of LCs, generally known as import orders, increased by more than 46 per cent or $21.55 billion to $68.36 billion during the period under review from $46.81 billion in the same period of FY ’21. The US dollar was quoted at Tk 86.45 each in the forex market on April 26 against Tk 86.00 on March 21. It also remained unchanged at Tk 86.45 on Thursday (May 5). However, import of consumer goods also jumped by more than 41 per cent to $6.86 billion during the period under review from $4.85 billion in the same period of FY ’21.