Rising manpower exports see falling remittance

While manpower export has been rising substantially since the beginning of the year, remittance inflow shows a completely opposite trend, falling drastically in September and putting foreign exchange reserves under more stress. This paradoxical situation is blamed on two reasons – the remittance rate cap and digital hundi. Bangladesh sent 7.84 lakh workers in the first eight months of the current year, nearly double the 2.76 lakh sent in the same period last year. Of these workers, 88% went to the Gulf countries, which are less affected by the global crisis due to the surge in oil price, meaning the workers’ earnings were not affected.The otherwise positive numbers, however, were blighted by dipping remittance inflow, which fell to a seven-month low at $1.5 billion in September after banks fixed the remittance rate at Tk108 per dollar in the second week of that month.Monthly cash in transactions in the MFS industry surged by 50% to Tk27,419 crore in June compared to the same month last year. Cash out transactions increased by 69.5% to Tk26,692 crore during the same period, according to Bangladesh Bank data.The Bangladesh Bank has set the daily transaction limit for an MFS account holder at Tk25,000 for cash out and Tk30,000 for cash in. An individual can retain deposits of up to Tk3 lakh in an MFS account.

Source: https://www.tbsnews.net/economy/why-rising-manpower-exports-see-falling-remittance-507966

ShahjalalIslami Bank gets new MD

Mosleh Uddin Ahmed joined Shahjalal Islami Bank Limited as its Managing Director & CEO on Monday. Prior to his joining Shahjalal Islami Bank, Mr Ahmed has served as Managing Director & CEO of National Credit & Commerce (NCC) Bank and South Bangla Agriculture and Commerce (SBAC) Bank. He has an illustrious career with more than three decades of banking experience in local and foreign banks. He has also served as Additional Managing Director and Deputy Managing Director in Jamuna Bank. Mr. Ahmed also served with reputation and efficiency as Senior Executive Vice President & Head of Corporate at City Bank, as Regional Credit Head of State Bank of India and as Head of Leasing Division at Prime Bank Head Office.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/shahjalal-islami-bank-gets-new-md-1664818353

Chinese co to invest $9.58m in CEPZ

A Chinese company will set up a garments factory in Chattogram Export Processing Zone (CEPZ) with an investment of $ 9.58 million. Fully foreign owned this Chinese company-M/s. Intex Link Garments (BD) Limited will produce annually 61 million pcs of T-shirt, woven pants and jacket, ladies bra and panty, mans’ boxer and sleepwear. A total of 2659 Bangladeshi nationals will get employment opportunity in this factory. An agreement to this effect was signed between Bangladesh Export Processing Zones Authority (BEPZA) and Intex Link Garments (BD) Ltd. at BEPZA Complex.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/chinese-co-to-invest-958m-in-cepz-1664818514