Connect with us


Remittance drops again in Oct




Remittances dropped again in October, clocking $1.52 billion – down 7.4pc on the same month last year, according to the latest figures released by Bangladesh Bank.

Remittances had dropped year-on-year by 10.84pc to $1.54 billion in September – a 7-month low at the time. It means the October figure is now the lowest in 8 months.

Yet thanks to the strong showing in two months (July-August) of the current fiscal.

According to the latest data from the central bank, inward remittances totaled $7.19 billion in July-October of FY23, slightly edging the $7.05 billion received in the same period last year, by barely 2pc.

Bangladesh Bank spokesperson Md Abul Kalam Azad said in order to rise inflow, the central bank has increased the exchange rate of the US dollar offered on remittances.

That is on top of a 2.5pc hassle-free incentive already in place, while several banks also provide their own additional incentives to attract foreign exchange, Azad pointed out.

These however have failed to arrest the slide in remittances witnessed since September. Before that, remittances topped $2 billion in both July ($2.09 bn) and August ($2.03 bn).

Economists have been concerned that the unofficial or hundi channels may become more active in light of Bangladesh Bank’s September 12 decision to fix 3 different rates for the dollar – one each for remittances, exports, and imports. The October remittance figure will add to those concerns.

Ahsan H. Mansur of the Policy Research Institute, a leading think-tank, told that remittances are on the decline due to remitters getting better rates through the unofficial channels, whereas banks are unable to offer them more than the Bangladesh Bank-fixed Tk 107 for each dollar.

Dr. Mansur has been critical of the move to adopt three different rates for the dollar from the start and insisted on the need to return to a single interbank rate, instead of the multiple rates fixed by the central bank in cooperation with the Association of Bankers Bangladesh, and BAFEDA – the association of foreign exchange dealers.

He has always held it to be a misguided policy because it “discriminates against small remitters” – precisely the ones who would seem to be moving away from the official channels since September.

Now the noted economist does not expect to see a change for the better till remitters can be offered a more competitive exchange rate.

Even so, the central bank remains eager to induce remittances through official channels as it reels from the dollar crisis and the declining trend of forex reserves.

The reserve figure is now below $36 billion, according to Shapla Chattor’s own count, even as the IMF continues to insist, and most economists agree, that the globally accepted way of calculating reserves would subtract another $8 billion from that figure.


Share this


Bangladesh-Qatar Strengthen Ties with 10 Cooperation Deals



bangladesh qatar

Bangladesh and Qatar signed 10 cooperation documents on Tuesday, including five agreements and five MoUs, aimed at strengthening ties and elevating relations to new heights.

Prime Minister Sheikh Hasina and Qatar’s Emir Sheikh Tamim bin Hamad Al Thani witnessed the signing of the documents.

The five agreements cover cooperation in the legal field, promotion and protection of mutual investments, avoidance of double taxation, maritime transport, and the establishment of a Joint Business Council (JBC) between FBCCI & QCCI.

The five MoUs include cooperation in sports and youth, manpower employment (Labour), diplomatic training, education, higher education, scientific research, and between Qatar Ports management Company “MAWANI QATAR” and Chittagong Ports Authority.

Earlier in the morning, PM Hasina warmly welcomed and received Emir Sheikh Tamim at her office.

They had a tête-à-tête meeting at the Prime Minister’s Office, followed by a bilateral meeting.

After signing the visitors’ book, the emir headed for Bangabhaban where the president received him.

A high-level Qatari delegation led by Qatar’s emir is on a state visit to Bangladesh at the invitation of the president and the prime minister.

During the ceremony, a road and a park in Dhaka were named after Emir of Qatar Sheikh Tamim Bin Hamad Al Thani.

The park, constructed in Kalshi area of Mirpur under Dhaka North City Corporation, and the road from Mirpur ECB point to Kalsi Fly Over were named after Emir of Qatar.

Now, the road and park are known as Sheikh Tamim Bin Hamad Al Thani Avenue and Sheikh Tamim Bin Hamad Al Thani Park.

Share this
Continue Reading


FBCCI Pushes for SME Participation in Global Trade Fairs




The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) is urging for greater involvement of marginal, small, and medium enterprises in international trade fairs. This initiative aims to spotlight Bangladesh’s promising products on the global market.

FBCCI President Mahbubul Alam made the call during the first meeting of the organisation’s Standing Committee on National and International Trade Fairs and Foreign Delegations. He emphasised the need to provide marginal, small, and medium enterprises with the space and resources to effectively display their products at these events.

“The participation of marginal, small, and medium enterprises is crucial at both national and international levels,” Mahbubul Alam said. “This will allow us to export Bangladesh’s promising products and open new markets.”

The FBCCI president informed that his organisation is actively discussing and collaborating with the government to make this a reality. He also proposed organising roadshows in neighbouring countries and Europe to revive the country’s handicraft industry and increase export opportunities for these products.

Standing Committee Chairman Nuruzzaman echoed Mahbubul Alam’s sentiments, highlighting Bangladesh’s vast potential and young population. “We need to move beyond the garment sector and focus on product diversification and market creation,” Nuruzzaman said.

Achieving this, he acknowledged, will require close collaboration with the Export Promotion Bureau, Ministry of Foreign Affairs, and Bangladesh Investment Development Authority.

FBCCI Senior Vice President Md Amin Helaly pledged the organisation’s support in facilitating increased exports through participation in foreign trade fairs. He stressed, however, the importance of raising awareness among Bangladeshis about the country’s diverse and promising products.

The meeting concluded with an open discussion where participants expressed keen interest in organising and participating in various sectoral fairs, both domestically and internationally, under the FBCCI’s umbrella.

Share this
Continue Reading


Ambassador Imran: Legal Remittance Key to Bangladesh’s Growth



bangladesh remittance

Bangladesh’s Ambassador to the United States (US), Muhammad Imran, has urged Bangladeshi expatriates to send remittances through legal channels to further strengthen the country’s economy. He also encouraged them to showcase the country’s success stories to enhance its image abroad.

Speaking as the chief guest at the Customers’ Gathering and SECI App Campaign of Sonali Exchange at the Bangabandhu Auditorium of the Bangladesh Embassy in Washington DC on Friday evening, Ambassador Imran emphasized the importance of sending remittances legally.

The event, jointly organized by the Bangladesh Embassy in Washington DC and Sonali Exchange, a subsidiary company of Sonali Bank, aimed to raise awareness about sending remittances to Bangladesh through legal channels.

Sonali Bank’s Chief Executive Officer (CEO) and Managing Director, Md. Afzal Karim, attended the event as a special guest, while Devasree Mitra, CEO of Sonali Exchange Company Incorporation, USA, delivered the welcome address.

Ambassador Imran highlighted Bangladesh’s significant progress across all sectors over the past decade and a half under the visionary leadership of Prime Minister Sheikh Hasina. He emphasized the positive achievements and changes that have occurred in the country during this period.

Imran stressed the importance of sharing Bangladesh’s success stories globally, believing that doing so would elevate the country’s stature on the international stage. He noted Bangladesh’s victorious history, achieved through the Liberation War under the leadership of Father of the Nation Bangabandhu Sheikh Mujibur Rahman.

Bangabandhu’s vision of establishing “Sonar Bangla” (Golden Bengal) free from hunger and poverty remains a driving force for the nation, Imran stated, expressing confidence that Bangladesh is steadily progressing towards this goal.

The event saw participation from a large number of expatriate Bangladeshis residing in Washington DC and its neighboring states. Counsellor and Head of Chancery Shamima Yeasmin Smrite conducted the proceedings.

Share this
Continue Reading