Bangladesh-China bilateral trade crosses $25b

Chinese ambassador Li Jiming informed that bilateral trade between Bangladesh and China exceeded US$25 billion.Terming the economic cooperation between the two countries ‘most eye-catching’ Mr Li also informed that China has granted 98 per cent duty-free treatment to help boost Bangladesh`s export to the East Asian country.He said these while addressing a function organised to mark the 73rd Anniversary of the Founding of the People’s Republic of China held at the Bangabandhu Bangladesh-China Friendship Exhibition Center on Saturday.The ambassador said that China has arranged six chartered flights to take back the Bangladeshi students who are stranded in Dhaka during the pandemic.The first of these flights will take off the day Monday.He said the embassy had restarted visa issuance, and it will charter six flights for them.About the Chinese projects in Bangladesh he said, major projects funded or constructed by China have been completed, including the Payra Power Plant and the Dasherkandi Sewage Treatment Plant, both the largest of their kind across the whole region.

Source: https://thefinancialexpress.com.bd/economy/bangladesh-china-bilateral-trade-crosses-25b-1664107436

Transactions thru cards for int’l payment keep rising

Foreign currency transactions through cards maintained an upward trend in July, surging 274 per cent year-on-year at a time when the country is trying to stop the depletion of its forex reserves. Cardholders spent an all-time high of Tk 442 crore in July, up from Tk 118 crore a year ago, shows data from Bangladesh Bank.Bankers say the high number of card transactions in foreign currency has created further stress on the forex reserves, which fell 20.44 per cent year-on-year to stand at $36.85 billion on September 21.While both the government and Bangladesh Bank have been discouraging their officials from travelling abroad unnecessarily in recent months, the upper and higher-middle income groups frequently visit other countries, said a central bank official.

Source: https://www.thedailystar.net/business/economy/news/transactions-thru-cards-intl-payment-keep-rising-3128221

Investment in sustainable finance grows 87% YoY

According to a central bank report, the banking sector is one of the major sources of financing industrial projects such as steel, paper, cement, chemicals, fertilisers, power, textiles, etc., which cause maximum carbon emission. Financing to the sustainable finance sector as of the end of June this year stood at Tk31,622 crore, which is 87.20% year-on-year increase in investment, according to the Bangladesh Bank data.At the end of June, financing in this sector increased to 12% of the country’s total loan disbursement against the central bank’s target of 20%. However, in June last year, financing in this sector was only 6.48% of the total loans.According to a central bank report, the banking sector is one of the major sources of financing industrial projects such as steel, paper, cement, chemicals, fertilisers, power, textiles, etc., which cause maximum carbon emission. Therefore, the banking sector can play an intermediary role between economic and social development, and environmental protection, for promoting environmentally sustainable and socially responsible investment.

Source: https://www.tbsnews.net/economy/investment-sustainable-finance-grows-87-yoy-503158