Exchange houses won’t get higher than banks’ fixed rate for a dollar

Foreign exchange houses will not get higher than the banks’ fixed rate at the time of selling US dollar to banks in Bangladesh. The central bank shared the information in a meeting between the representatives of the top foreign exchange houses in Bangladesh and the officials of the Foreign Exchange Policy Department (FEPD) of the central bank held at the BB headquarters in Dhaka today. The banking watchdog made the call nearly a week after directing banks not to buy US dollar from the remitters at rates over Tk 116. In the directive issued on November 9, it was said that banks can offer a maximum of Tk 116 per dollar, including incentives for collecting remittance, as per the decision of the Bangladesh Foreign Exchange Dealers’ Association (Bafeda) and the Association of Bankers’ Bangladesh (ABB). According to the Bafeda-ABB decision, banks will be able to collect a dollar from exchange houses at a maximum rate of Tk 110.5 while banks can provide a maximum incentive of 2.5 percent from their own funds. The customers will get Tk 116 for every US dollar, including a government incentive of 2.5 percent.

Source: https://www.thedailystar.net/business/news/exchange-houses-wont-get-higher-banks-fixed-rate-dollar-bb-3468851

Credit card transaction in taka drops 8%, in dollar rises 4.5%

The approaching national elections, characterised by political instability, and persisting economic uncertainty contributed to a 7.73% decline in credit card transactions in taka during September. Conversely, credit card transactions in dollars have witnessed a 4.52% increase amid the dollar crisis, as revealed by a Bangladesh Bank report. The central bank report shows Bangladeshis reduced their credit card spending in taka by Tk188 crore to Tk2,249 crore in September from Tk2,437 crore in August. Credit card usage within the country is predominantly concentrated in departmental stores. In September, departmental stores accounted for 48.54% of credit card transactions, followed by retail outlet services (12.85%), utilities (9.23%), and cash withdrawals (8.64%). According to central bank data, Bangladesh’s foreign exchange reserves stood at $20.78 billion as of 9 November, a significant decline from $34.24 billion in the same period of 2022.

Source: https://www.tbsnews.net/economy/credit-card-transaction-taka-drops-8-dollar-rises-45-739738

 Roche, Radiant Pharma ink deal for co-promotion

F Hoffmann-La Roche, a global research-based innovative pharmaceutical company in Switzerland, and Radiant Pharmaceuticals Ltd, a manufacturer of pharmaceutical products in Bangladesh and an importer of specialised lifesaving medicines, signed a co-promotion agreement to bring synergy in the areas of alleviating severe disease conditions like cancer, ophthalmology and neurology.

Source: https://www.thedailystar.net/business/organisation-news/news/roche-radiant-pharma-ink-deal-co-promotion-3469676