Dollar rates now reduced for exporters, importers, remitters

After over a year, foreign-currency dealers and bankers in Bangladesh reduced the raised exchange rate of the US dollar by Tk 0.50 across the board–for remittances, export proceeds and import payments. As per the latest decision, exporters and remitters will now receive Tk 110 per dollar, down from the existing rate of Tk 110.50. Importers will now need to pay little lower, Tk 110.50, to purchase an American greenback from banks, compared to the previous rate of Tk 111. The austerity measure amid forex crunch cast its fallout on production and consumption both through fall in capital-goods import and price rises for short supply and inflation.

Source: https://today.thefinancialexpress.com.bd/first-page/dollar-rates-now-reduced-for-exporters-importers-remitters-1700676897

Chinese company to invest $28.20m in Uttara EPZ

Chinese company M/s United Spinning and Dyeing Ltd is going to invest $28.20 million to set up a Dyed Textile Yarn manufacturing industry in Uttara Export Processing Zone (EPZ).  To this end, Bangladesh Export Processing Zones Authority (Bepza) signed an agreement with the company at Bepza Complex, Dhaka on Monday (20 November). United Spinning and Dyeing Limited will create employment opportunities for 1,816 Bangladeshis and produce 12,000 tonnes of dyed textile yarn annually.

Source: https://www.tbsnews.net/economy/chinese-company-invest-2820m-uttara-epz-743046

 PHP plans to invest Tk500cr in three new products

PHP Float Glass Industries Limited, one of the leading glass manufacturers in the country, is set to invest Tk500 crore to introduce three new products – bending glass, fibreglass net, and aluminium ladders. As part of such expansion, PHP Float Glass Industries is establishing three new plants at its factory area in Barabkunda, Chattogram. Before deciding on this new investment, the company conducted market research and identified 10,000 furniture producers across the country with demand for the three products. For bending glass, used in furniture such as tea tables, PHP plans to establish a plant with a monthly capacity of producing 30,000-50,000 square feet, targeting small furniture producers. PHP Float Glass Industries was established in 2004 in Chattogram with an investment of around Tk1,500 crore on 24.27 acres of land. The company has the capacity to meet 40% of the country’s demand for float glass.

Source: https://www.tbsnews.net/economy/industry/php-plans-invest-tk500cr-three-new-products-743334