IsDB to provide €270m for housing project

The Islamic Development Bank (IsDB) is set to provide 270 million euros to Bangladesh for the rural and peri-urban housing project. The board of governors of the bank approved the loan during its annual meeting at Jeddah in Saudi Arabia that took place from May 10 to 13, according to a press release from the Economic Relations Division (ERD) of Bangladesh. During the annual meeting, the International Islamic Trade Finance Corporation, a concern of the IsDB, celebrated its 15 years of partnership with Bangladesh. It also honoured Bangladesh with the “Largest Financing Partner” award in recognition of the country’s regular borrowing from the corporation to purchase fuel from the global market and pay back loans regularly.

Source: https://www.thedailystar.net/business/economy/news/isdb-provide-eu270m-housing-project-3319246

BB’s dollar sales this FY go past $12b

The US dollar sold by the central bank has surpassed the $12-billion mark in the ongoing fiscal year as it has had to pump the American greenbacks into the market in order to clear import bills. Between July 1 and May 10, the Bangladesh Bank supplied a record $12.05 billion to banks, in contrast to the $7.62 billion that was provided in the entire financial year of 2021-22. The central bank sold US dollars to the tune of $276.03 million in the first 10 days of the current month. It injected $851 million in April. Import payments declined 12.33 per cent year-on-year to $53.94 billion in the July-March period of FY23. It was $61.52 billion during the identical period a year ago, according to central bank figures. But it rose 11.6 per cent from the import bills cleared in July-February, when it stood at $48.31 billion.

Source: https://www.thedailystar.net/business/economy/news/bbs-dollar-sales-fy-go-past-12b-3319241

RMG exports reach $38.57 billion with 9.09% YoY growth during July-April

Bangladesh’s apparel industry has recorded a strong year-over-year (Y0Y) growth of 9.09% for the period of July-April in FY2022-23, according to the data released by the Export Promotion Bureau (EPB). The country’s total RMG export during this period reached $38.57 billion, out of which the EU market accounted for $19.20 billion, accounting for 49.78% of total exports. The EPB data revealed that the country’s export to EU countries grew by 8.58% compared to the same period of the previous fiscal year. However, exports to Germany, Bulgaria, and Poland have declined. In contrast, Bangladesh’s RMG export to France and Spain showed positive growth of 22.21% and 16.69% year-over-year, respectively.  Italy also displayed a positive trend, recording a growth of 42.40% and reaching $1.85 billion.

Source: https://www.tbsnews.net/economy/rmg/rmg-exports-reach-3857-billion-909-yoy-growth-during-july-april-630858