Dhaka, Bangladesh (BBN) – The BBN (Bangladesh Business News) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Export makes a stunning rally in July
July, it seems, will go down the annals as the month in which the Bangladesh economy lifted the pall of gloom brought on by the global coronavirus pandemic. Soon after the outbreak of coronavirus across the globe, it was feared that Bangladesh’s exports and remittance, the two pillars of the economy, would take a massive hit. But July’s data of the two indicators suggests the fears were outsize.
Policy directives to help weather RMG odds
The government has issued a host of policy directives aimed at easing the business process involved in apparel exports in particular. The move is designed to help the industry cope with possible challenges that the sector might face in the days to come, officials said.
City Bank’s business grows amid Covid-19 challenges
The City Bank’s business faced multiple challenges in the first half of 2020 due to the imposition of interest rate caps on loans by the authorities amid the Covid-19 pandemic. Despite a strong growth – 18.4 percent or Tk4,548 crore – in loan from December last year, the banks’ interest income decreased by 2.8 percent or Tk36 crore to Tk1,248.4 crore. The new interest rate cap of 9 percent on loans took effect on April 1.
Sales of NSCs fall drastically in FY ’20
Net sales of the national savings certificates (NSCs) fell drastically in the just-concluded fiscal year (FY), 2019-20, mainly due to the automation of the selling process along with the ongoing Covid-19 pandemic. The government’s net borrowing through selling of NSCs dropped by more than 71 per cent to BDT 144.28 billion in FY ’20 from BDT 499.39 billion a year ago, according to the latest official figures.
Stocks gain for 8th day
Dhaka stocks advanced for the eighth straight day on Tuesday as investors continued buying shares as the Bangladesh Bank declared an expansionary monetary policy amid the coronavirus pandemic. DSEX, the key index of the Dhaka Stock Exchange, gained 0.63 per cent, or 27.29 points, to close at 4,299.10 points on the day.
Bad news for rawhide trade this year too
The rawhide business at the retail level across the country faces a major blow this year as well because of the low demand despite government’s efforts. Farmers and seasonal traders could not sell skins of the sacrificed animals at government set prices even though they were lowered by 30 percent than that of last year, mainly to create a demand at the field level.
Covid-19 pandemic expected to weigh on cotton prices into 2020/21 season
Even plummeting prices aren’t enough to offset Covid-19’s impact on global cotton consumption — but the situation could improve quickly, assuming the world gets the pandemic under control. The price projection for the year-end 2020/21 average of the ‘A Index’ is 62.8 cents per pound this month, according to the International Cotton Advisory Committee (ICAC)’s latest update.
Remittance flow sets new record of $2.6b
The flow of inward remittances grew by nearly 42 per cent to a record high of US$ 2.60 billion in July over that of the previous month, following celebration of the Eid-ul-Azha festival. Remittances from Bangladeshi nationals working abroad in the first month of the current fiscal year (FY), 2020-21, were up by 766.93 million of a month before (June), according to the central bank’s latest statistics.