Bankers asked not to offer over Tk 115

Two top bodies of bankers yesterday asked lenders not to offer over Tk 115 for one US dollar when conducting the exchange with Bangladeshi migrants working abroad, according to insiders. The decision comes against the backdrop of some banks offering as much as Tk 124 for a greenback in an effort to encourage remitters to send their earnings home through formal channels instead of informal money transfer systems called “hundi”. The Bangladesh Foreign Exchange Dealers’ Association (BAFEDA) and Association of Bankers’ Bangladesh (ABB) had fixed it at Tk 111 per US dollar. At the meeting on October 31, the two bodies decided to buy each US dollar from exporters at Tk 110.5 from the next day, effectively hiking the then rate by Tk 0.5. At a previous meeting on October 22, both the associations decided to let banks offer a 2.5 percent higher purchase rate at their own expense when availing US dollars from remitters. They were, however, asked to maintain proper records for verification by the banking regulator. Inflow of remittance, a major source of foreign currency for Bangladesh, declined 4.3 percent year-on-year to $6.8 billion in the July-October period of the current fiscal year of 2023-24.

Source: https://www.thedailystar.net/business/economy/news/bankers-asked-not-offer-over-tk-115-3465036

 Women entrepreneurs can get collateral-free loan up to Tk50 lakh

The Bangladesh Bank has unveiled a new loan guarantee scheme to bolster women entrepreneurs, under which a maximum of Tk50 lakh can be borrowed with the central bank’s backing. Women entrepreneurs will get the support both in working capital and term loans. This guarantee will not charge any fees and banks will provide the facility if a customer applies for it. Under the scheme, banks and financial institutions have to submit their annual targets for loan distribution to the central bank. The Bangladesh Bank will provide loan guarantees to banks accordingly. The central bank yesterday launched two new guarantee scheme facilities. One is a guarantee for loans under a Tk3,000-crore scheme for women entrepreneurs, and the other is a guarantee under a Tk1,400-crore scheme for agricultural entrepreneurs. The central bank has two other schemes to guarantee loans at consumer level – a Tk25,000-crore pre-financing scheme for Cottage, Micro, Small & Medium Enterprises (CMSME) sector and a Tk500-crore financial inclusion scheme for Tk10-50 account holders.

Source: https://www.tbsnews.net/economy/women-entrepreneurs-can-get-collateral-free-loan-tk50-lakh-735898

 Bangladesh Denim Expo begins in Dhaka

The 15th edition of the Bangladesh Denim Expo began at the International Convention City Bashundhara (ICCB) in Dhaka today where Bangladesh is taking part as the top denim exporter in the world. Eighty exhibitors from 12 countries are participating in the two-day expo this year with registered 5,000 visitors from home and abroad. Bangladesh is the second largest apparel exporting country in the world but in case of denim the country is the largest exporter both in the EU and the USA, Commerce Minister Tipu Munshi said while inaugurating the expo.

Source: https://www.thedailystar.net/business/news/bangladesh-denim-expo-begins-dhaka-3464731