Good morning. Here's what happened overnight and what you need to know today.
1.
AL Govt Put Finance Adviser, BB Governor in Legal Trouble: The immediate past Awami League government's failure to settle an international arbitration claim has left Bangladesh in a legal tangle in the US, leading to a surprise judicial order against two top officials of the interim government during their official visit to Washington last week. The judicial order for Finance Adviser Salehuddin Ahmed and Bangladesh Bank Governor Ahsan H Mansur to appear before a US court to testify has since been recalled following an appeal by the Bangladesh government. (The Daily Star)
2.
FDI Drops by 8.8% in FY24 Amid Economic Volatility: The country's net foreign direct investment (FDI) inflow fell by 8.8% in FY24 compared to the previous fiscal year due to difficulties in repatriating earnings, a volatile foreign exchange situation, and other economic uncertainties, according to the Bangladesh Bank.The latest central bank data published yesterday states that net FDI inflow dropped from $1.61 billion in FY23 to $1.47 billion in FY24, a decline of $142 million year-on-year. (The Business Standard)
3.
Forex Rate Stability Helps Boost External Reserves: The exchange rate of Bangladeshi Taka (BDT) against the US dollar has long been witnessing stability, easing its sales pressure to a greater extent and giving an impetus to the country's foreign-exchange reserves. The US currency is now selling to importers as well as the inter-bank market at BDT 120 each while buying rate is offered to exporters at BDT 119, according to market operators. (The Financial Express)
4.
GP Profit Up Marginally: Grameenphone reported a decline in its revenue in the July-September quarter of 2024 while its profit grew marginally due to political turmoil and floods in the eastern part of the country. An internet shutdown amidst a student upsurge against the previous government caused a big decline in its data revenue. (The Daily Star)
5.
Maddhapara's Hard-to-Sell Hard Rocks: The country's lone stone quarry at Dinajpur's Maddhapara has all the logistics – its own operator capable of daily extracting 5,500 tonnes of construction grade quality granite from the 1.2-square-kilometer mine, own distributors, assured market, and even a 13km rail track to connect the mining area with the national rail network. But the state-owned mine cannot sell its stone as it cannot compete with imported stones in price. While the country's Tk6,000-crore domestic granite market grows at 25%-30% annually on the back of construction boom, Maddhapara hard rock stockpile keeps growing as its sales keep plummeting. (The Business Standard)
6.
Bangladesh’s Marine Wealth Remain Out of Reach Amid Investment Lags: Bangladesh’s blue economy remains largely underdeveloped, with scant investment from domestic and international sources, despite opportunities that could significantly bolster the nation’s economy. Former collaboration proposals from China and the United States during the ousted Awami League government saw minimal response, leading to only limited progress in marine resource development. Notably, Memorandums of Understanding (MoUs) were signed with China and India for research and potential investments, yet substantial initiatives remain elusive under the current interim government. (The Business Post)
----Saju Sarker
BBN/SSR/AD