Forex reserve falls to $39.05b
Bangladesh’s foreign exchange reserve has started to decline once again as it stood at $39.05 billion yesterday in contrast to $39.21 billion the day before. The reserves stood at $39.59 billion at the end of July compared to $41.82 billion in June this year. In the last three days, the banking watchdog had sold $367 million to different banks to help both the governments and businesses settle import bills for essential commodities. Between July and August, around $2.50 billion were supplied to the market by the central bank from its reserves. It also injected a record of $7.62 billion into the market in the last fiscal year. The exchange rate of the taka against the US dollar stood at Tk 95 yesterday, up 11.5 per cent year-on-year. Migrant workers sent $1.72 billion in remittance in the first 25 days of August after they had logged the outflow to the tune of $2.09 billion in July. Import bills rose 63 per cent year-on-year to $7.66 billion in July when export earnings grew by 15 per cent to $3.98 billion, data from BB and the Export Promotion Bureau showed.
Oil prices fall 3pc on recession fears
Brent crude futures for October, due to expire on Wednesday, were down $3.41 at $95.90 a barrel following Tuesday’s $5.78 loss. The more active November contract was down $2.97, or 3.04%, at $94.87 a barrel. U.S. West Texas Intermediate (WTI) crude futures were down $2.89, or 3.15%, at $88.75 a barrel by 1044 GMT, after sliding $5.37 in the previous session on recession fears. Adding to the bearish signals was a report by the Joint Technical Committee of the Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+. In it, the JTC said its base case scenario was an oil surplus this year of 900,000 barrels per day (bpd), up 100,000 bpd from its forecast a month earlier. The drawdown in gasoline stockpiles was nearly triple the 1.2 million barrel drop that eight analysts polled by Reuters had expected on average. For distillate inventories they had expected a drop of about 1 million barrels.
Trade reforms help increase investment by 50%
Small-scale exporters increased their investments by around 50%, or Tk1.2 crore on an average, and hired new 79 employees thanks to numerous government measures aimed at facilitating trade. The measures mainly include simplified trade and customs procedure, reduced trade regulatory cost and digitalisation and online services, according to the study conducted on 50 export-oriented apparel and other companies by Policy Research Institution (PRI) late-2021. According to the PRI survey, 23% of the companies observed no policy reform despite expanding their investments by Tk17 lakh on an average.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↓ 280.44||↓ 0.88 %|
|FTSE100||$ 7,284.15||↓ 77.48||↓ 1.05 %|
|Nikkei 225||$ 27,673.14||↓ 418.39 ||↓ 1.49 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 89.30 ||↓ 0.25||↓ 0.28 %|
|Crude Oil (Brent)||$ 96.49||↓ 2.82||↓ 2.84 %|
|Gold Spot||$ 1,705.51||↓ 5.53||↓ 0.32 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 95.0000|
|GBP 1||BDT 110.7415|
|EUR 1||BDT 95.1520|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<