Net sales of savings tools up 8.0pc in nine months
The net sales of state-run savings instruments rose by more than 8.0 per cent in nine months of the current fiscal year (FY), compared to the same period of the previous fiscal. According to the Department of National Savings (DNS) data, the net sales of savings tools in the July-March period of FY 2018-19 stood at Tk 397.33 billion, up from Tk 367.09 billion in the corresponding period of FY 2017-18. The sales of savings schemes have surged in recent years due to their higher yield rates. At the same time, the government’s interest payments have also increased by more than 23 per cent in the nine months of this fiscal, the data shows. According to the official statistics, the government spent Tk 181.54 billion on interest payments in the July-March period of current FY, up from Tk147.33 billion in the same period of FY 2017-18.
Handicraft exports witness uptrend
According to BSS, the export earnings from handicraft witnessed upward trend during the July-April period of the current financial year. The country earned a total of US $17.16 million from handicraft exports in 10 months (July-April) of fiscal year 2018-19. The amount is 21.88 per cent higher than the same period of the previous fiscal year. The 10-month export earnings from handicraft were also 16.5 per cent higher than the strategic target of $14.73 million.
Trade deficit narrows 9pc
Trade deficit fell 9.24 percent year-on-year to $11.92 billion in the first nine months of the current fiscal year, giving some breathing space to the government in managing the economy. A steady growth of exports against a slowdown in imports narrowed the trade gap between July and March. According to Ahsan H Mansur, Executive Director of the Policy Research Institute of Bangladesh, this indication is good for the economy. He also added, we are still in a bad state of affairs in terms of earnings from exports and the volume of foreign exchange reserve. Exports are on the rise but yet to enter an impressive zone.
PPPA to float tenders for developing tourism projects
The PPP Authority is set to start by next month searching private investors for developing its tourism sector projects in four potential districts. Officials said the Public Private Partnership Authority (PPPA) endorsed four projects of Bangladesh Parjatan Corporation (BPC) three to four years ago for developing international standard hotels, tourism complexes and amusement facilities in Sylhet, Cox’s Bazar, Mongla and Khulna regions. Tender for the tourism complex development project in Sylhet, Cox’s Bazar and Khulna would be invited by June.
Bangladesh per capita income to be $5,700 in 2030: Standard Chartered Bank
Economic growth at 7 per cent of seven countries including Bangladesh is expected to sustain in the next decade, according to a research note of Standard Chartered Bank. According to Bloomberg report, the seven countries across the globe will be on the list of 7-per cent growth club in the 2020s dominated by Asian countries. Bangladesh’s per capita income will also increase by more than three and a half times to $5,700, exceeding India, by 2030 from $1,600 in 2018, the report referring to the Standard Chartered Bank note.
BRAC Bank organises workshop
BRAC Bank Limited organized a workshop on “Prevention of Money Laundering and Combating Financing of Terrorism” in Bogura. A total of 127 officials of the Bogura Region participated in the daylong workshop held at the BRAC Learning Center recently.
IFIL gets new Chairman, Vice Chairman
Rezakul Haider has been elected Chairman of the Executive Committee of Islamic Finance and Investment Limited (IFIL) while S M Bakhtiar Alam elected Vice Chairman of the bank’s Board of Directors. They were elected at the IFIL’s 251st meeting in the city recently.
Bangladesh now depends less on India for cotton
African nations have surpassed India to become the largest source of cotton for Bangladesh as local spinners and millers look to cut down their dependence on a single source for their vital raw material. Last year, Bangladesh, the largest importer of cotton in the world, met 37.06 percent of its requirement for the white fibre from East and West African countries.
Poverty situation improves further
According to final report of the Household Income and Expenditure Survey (HIES), the country’s poverty situation improved further between 2016 and 2018 but at slower pace among extreme poor households. The Bangladesh Bureau of Statistics (BBS) estimated that the poverty rate, among households belonging to upper ‘poverty line’, dropped to 21.8 per cent in 2018, down by 2.5 percentage point from 2016.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DJIA||25,324.99|| ↓617.38|| ↓2.38%|
|Nikkei 225|| 20,948.59||↓242.69||↓1.15%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)|| $ 61.18||↑0.14||↑0.23%|
|Crude Oil (Brent)||$ 70.34||↑0.11||↑0.16%|
|Gold Spot|| $1,298.56||↓1.35||↓0.10%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.7894|
|GBP 1||BDT 107.5620|
|EUR 1||BDT 93.0035|
|INR 1||BDT 1.1731|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<