Agricultural prices may fall by 7% in 2023
The prices of agricultural products are projected to fall by 7 percent in 2023, according to the World Bank’s latest Commodity Markets Outlook report. The global lender also forecasted that the agricultural prices will see a further 2 percent decline in 2024 and 2025 thanks to ample supplies. It said the baseline forecasts assume that the latest conflict will have a limited impact on commodity prices, with prices ultimately being driven by fundamental demand and supply factors. Prior to the latest conflict in the Middle East, agricultural commodity prices fell 3 percent in the third quarter, mainly driven by declines in the price of food. The food price index fell by 3 percent, led by a 7 percent drop in grains. The non-renewal of the Black Sea Grain Initiative, India’s export ban of non-basmati rice, and the impending El Niño drove volatility in agricultural prices, but ample supplies kept prices on a mild downward trend. Following a more than 11 percent fall in 2023, the grains price index is projected to fall by 4 percent on average in 2024 and 2025 amid ample supplies and adequate stock levels.
IDCOL funds Sirajganj Economic Zone
The Infrastructure Development Company Limited (IDCOL), a government-owned financial institution, has extended significant financial support to Sirajganj Economic Zone Limited (SEZL) for the establishment of a 1035-acre economic zone, making it the largest private economic zone in Bangladesh. IDCOL’s approval of Tk 1,725 million in debt financing underscores its commitment to supporting large-scale infrastructure projects in the private sector. As of now, IDCOL has already disbursed Tk 725 million for the development of on-site and off-site facilities for SEZL. The Sirajganj Economic Zone is expected to facilitate both local and foreign investments, attracting substantial foreign investment to the private sector of Bangladesh. The economic zone is expected to create employment opportunities for some 500,000 individuals, contributing significantly to the region’s economic growth.
HSBC Bangladesh hosts event promoting Japan–Bangladesh business opportunities
The Hongkong and Shanghai Banking Corporation Limited (HSBC) in Bangladesh has recently organised a corridor event titled “Japan – Bangladesh Business Corridor: Legacy and the Future” for its Japanese stakeholders. The event aimed to celebrate the longstanding relationship and strengthen the business engagement between the two countries. Dignitaries from Japanese businesses operating in Bangladesh and other stakeholders graced the event. Since Bangladesh’s independence, Japan has established itself as a major bilateral development partner of the budding nation.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↑ 34.54||↑ 0.10 %|
|FTSE100||$ 7,417.76||↑ 0.03||↑ 0.00 %|
|Nikkei 225||$ 32,301.93||↓ 406.55||↓ 1.24 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 80.40||↓ 0.42 ||↓ 0.52 %|
|Crude Oil (Brent)||$ 84.69 ||↓ 0.49||↓ 0.58 %|
|Gold Spot||$ 1,971.45||↓ 6.69||↓ 0.34 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 111.0000||BDT 111.0000|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<