BD soon sees complete digital bank, banking innovations

Bangladesh is set to see soon full-fledged digital bank as the country braces itself for fitting in the fast-changing technologies in the fourth industrial revolution (4IR). Bangladesh Bank Governor Abdur Rouf Talukder Wednesday apprised bankers of this and a slew of other latest innovations the central bank plans for upgrading the banking industry. In the last one decade, the economy has seen a shift from manual to digital, from legacy banking to disruptive innovating banking in the financial sector. The governor notes that AI (artificial intelligence), machine learning, robotics, quantum-point computing and other disruptive technologies are anticipated to radically transform the banking industry. A good-governance framework can mitigate risks and the culture of compliance could help banks to keep safe distance from suck risks. Terming corporate governance and NPLs (non-performing loans) two burning issues hurting banking business here, he said there is a need to bring in cultural changes, enforce ethical and good practices through training and proper education of people involved in the industry.

Source: https://today.thefinancialexpress.com.bd/first-page/bd-soon-sees-complete-digital-bank-banking-innovations-1684951288

Bangladesh’s apparel export to EU increases by 3.9%, remains second largest source

Bangladesh’s apparel export to European Union has shown value-wise growth by 3.9% during the January-March period of 2023 to $5.6 billion from $5.4 billion in January-March 2022. Also, with 24.07% share of the EU’s total RMG import (in terms of dollar value), Bangladesh remains the second largest apparel import source for the EU after China (China’s share 24.55%) during January-March 2023. However, according to the quantity-wise import statistics (measured in kilogram), Bangladesh became number “one” sourcing country for EU during the mentioned months of 2023. In fact, Bangladesh secured the top position in EU’s apparel sourcing list in terms of quantity in 2022 as well. In quantity term, import from Bangladesh saw a decline by 3.67%, or 11.84 million KGs, says a statistic recently published by Eurostat. The quantity decline was caused by inflated unit price (due to raw materials, transportation and other production cost hike) which was increased by 7.86% in January-March of 2023. The Eurostat statistic says, apparel import from the world in the mentioned period has declined by 4.94% compared to the corresponding period of 2022, about 1.22 billion dollars decline. In terms of quantity, EU’s clothing import had a stiff downturn by 12.64%, which is 136.88 million KGs less than Jan-Mar 2022.

Source: https://www.tbsnews.net/economy/rmg/bangladeshs-apparel-export-eu-increases-39-remains-second-largest-source-637618

Qatar’s Amir promises larger supply of LNG

The Amir of Qatar on Wednesday assured Bangladesh of providing all sorts of facilities regarding larger supply of LNG from his country. Now Bangladesh is importing some 40 containers of energy that means 1.8-2.5 MTA as per a 15-year contract signed in 2017. But now Bangladesh seeks the larger supply of LNG from Qatar. Qatar government has shown positive attitude towards supplying an additional 1.0-2.0 million tonnes per annum (MTPA) of liquefied natural gas (LNG) in addition to the existing contract to supply 2.5 MTPA, State Minister for Power, Energy and Mineral Resources.

Source: https://today.thefinancialexpress.com.bd/first-page/qatars-amir-promises-larger-supply-of-lng-1684951356