Banks urged to speed up disbursing agricultural loans
The Bangladesh Bank governor has urged the commercial banks to speed up disbursing agricultural loans to overcome the ongoing economic crisis and possible threats of food shortage in the country. Bangladesh Bank Governor Abdur Rouf Talukder gave instructions to the scheduled banks’ managing directors in this regard in a meeting Tuesday to fully implement the government’s agricultural policy. The central bank governor has also asked the commercial banks to reduce investment in defaulted industrial loans. Bangladesh Bank officials present at the meeting said the managing directors of the banks were reminded of the emphasis on agriculture given by the prime minister to reduce the import dependency for food. The central bank also urged the commercial banks to focus more on agriculture than the general loans.
Apparel orders pick up after three dull months
Apparel orders have started to pick up after three slow months as fresh inquiries are coming in from top buyers for the spring season, with manufacturers considering it a positive sign for the country amid the global economic downturn. On another positive note, buyers are also taking in products they previously kept on hold or asked not to ship, say RMG exporters. Neela Hosna Ara, chairperson of Crony Group, one of the country’s top knitwear exporters, said that currently many buyers are in town and are making more inquiries as well as placing more orders than in the past few months. However, entrepreneurs have pointed out that despite an increase in inquiries, buyers are quoting low prices. They said Bangladesh produces a bigger chunk of basic apparel items, demand for which is higher than any other value-added products. Besides, the trend of buyers shifting orders from China – as the country is still in Covid-induced lockdown – has proved to be beneficial for Bangladesh.
Industries starting to flourish following Covid-19
Factories at the industrial estate of the Bangladesh Small and Cottage Industries Corporation (BSCIC) in Jhenaidah are starting to flourish after being under threat of closure amid the pandemic years from 2019 to 2021. The industrial estate was established in 1988 on 15.70 acres of land alongside the Jhenaidah-Dhaka highway in Dhanharia village, according to BSCIC officials. With all 101 plots in the BSCIC estate already allocated for various industries, just five units in the area are currently inoperative as their owners will soon be changed. Total investments in the industrial area amount to Tk 207.67 lakh while some 97 per cent of the service charge levied on factories is realised each month.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↑ 397.82 ||↑ 1.18%|
|FTSE100||$7,452.84||↑ 75.99||↑ 1.03%|
|Nikkei 225||$28,115.74||↑ 170.95||↑ 0.61%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$80.83 ||↓ 0.12 ||↓ 0.15%|
|Crude Oil (Brent)||$88.22 ||↓ 0.14 ||↓ 0.16%|
|Gold Spot||$1,733.86||↓ 6.39||↓ 0.37%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 105.9500||BDT 105.9500|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<