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BASIC Bank to merge with City Bank
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08 Apr 2024, 16:27
This time, BASIC Bank will merge with City Bank.
This decision was taken in a meeting held at Bangladesh Bank on Monday.
The decision was taken at a meeting held at Bangladesh Bank on Monday (April 8). The meeting was held between Bangladesh Bank Governor Abdur Rauf Talukdar and City Bank Chairman Aziz Al Kaiser along with Managing Director (MD) Mashrur Arefin.
Earlier on March 19, City Bank's board was advised to merge BASIC Bank. Then the matter was discussed between the boards of City and BASIC Bank. According to some sources, even if the two banks are merged, they will report separate financials for the next three years.
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Home Textile Products Witnessed Highest Growth in Exports.: EPB
In the recently concluded month of November, Bangladesh earned $4.11 billion from exports, marking a 15.63% increase compared to the same period last year.
This information was revealed in the latest report from the Export Promotion Bureau (EPB) on Wednesday, December 4.
According to EPB data, the total export earnings in the first five months of the current fiscal year (July to November) amounted to $19.90 billion, reflecting a growth of nearly 12% compared to the same period last year. Among the sectors, home textile products witnessed the highest growth in exports.
In November alone, $3.30 billion of export revenue came from the ready-made garments (RMG) sector, which recorded a year-on-year growth of 16.25%.
During this period, exports of home textiles increased by nearly 21%. Additionally, agricultural exports grew by approximately 16%, and exports of industrial goods rose by 15.60%. However, there was a slight decline in the export volume of leather and leather products.
The data further indicates that in the first five months of the current fiscal year, the RMG sector exported goods worth $14.34 billion, registering a growth of approximately 12.5%.
World Bank Announces Record Loan Assistance
The World Bank has announced a record $100 billion in loan assistance for poor countries, having already raised approximately $24 billion for loans and grants.
According to a report by Al Jazeera, citing AFP on Friday (December 6), a World Bank spokesperson stated that $100 billion in grants and loans will be provided to the world's poorest and most vulnerable nations. The World Bank has already raised nearly $24 billion toward this goal. Donor countries have pledged to increase concessional loan repayments to $23.7 billion, slightly up from the previously committed $23.5 billion over the past three years through the International Development Association (IDA).
Al Jazeera further reported that in 2021, the IDA loan package was $93 billion, which has now been slightly increased to $100 billion.
The IDA is one of the World Bank's most important programs, providing grant assistance to the world's poorest 78 countries. This assistance addresses challenges ranging from economic losses due to COVID-19 to climate change.
Countries such as the United States, Japan, the United Kingdom, Germany, and several European nations contribute significant funding to IDA projects. This year, the United States alone has announced $4 billion in funding for this sector. Norway, Spain, and other countries have also significantly increased their contributions.
Trade Fair in January: How to Get Tickets
The 29th Dhaka International Trade Fair (DITF) will commence on January 1, 2025, and run throughout the month. For the first time, tickets for the event will be available online.
The fair will be held at the Bangabandhu Bangladesh-China Friendship Exhibition Center (BBCFEC) in Purbachal, Dhaka.
Bibek Sarkar, Secretary of the Export Promotion Bureau (EPB) and Director of the Trade Fair, confirmed this information to the media.
Key Highlights of the Fair:
The fair will be inaugurated by Dr. Muhammad Yunus, the Chief Advisor of the interim government at 10 am on January 1.
This year's theme highlights the sacrifices made during the July-August mass uprising, with special memorial corners named after Shaheed Abu Sayeed and Shaheed Mir Mugdha.
A Youth Pavilion will focus on engaging the younger generation, and a dedicated area for senior citizens will ensure comfortable seating for elderly visitors.
Facilities for Women Entrepreneurs:
Stalls will be allocated to women entrepreneurs at a lower cost, enabling them to sell products at affordable prices.
Fair Design and Features:
The entrance will showcase a theme inspired by the July-August mass uprising, while the fairground will highlight the EPB’s activities and various financial sectors.
Online Ticketing System:
For the first time, visitors can purchase tickets online through an app, allowing entry by scanning a QR code on their phones.
Tickets will still be available at physical counters, including BRTC bus counters.
Ticket Pricing:
Entry fees remain unchanged
Adults: 50 BDT
Children: 25 BDT
Transportation and Parking:
A dedicated BRTC bus service will operate from Kuril Flyover to the fairground daily from 8 am to 10 pm.
Ample parking facilities will be available to minimize visitor inconvenience.
Security Measures:
The fair will be secured by members of the police, RAB, and the army, with mobile courts also in operation.
International Participation:
Companies from countries like India, Pakistan, Iran, Turkey, Malaysia, Indonesia, Hong Kong, and Singapore are expected to participate, with a total of 350 stalls.
Preparations for the event are nearly complete, with about 80% of the work finished, according to Bibek Sarkar.
Notably, the 29th edition of the upcoming trade fair will include 350 stalls and participation from various organizations from India, Pakistan, Iran, Turkey, Malaysia, Indonesia, Hong Kong, and Singapore.
For this year's event, members of the police, RAB, and armed forces will be engaged in ensuring overall security. Additionally, mobile courts will also be in operation.
Moreover, the fair center will feature extensive parking facilities to ensure visitors face no inconvenience.
Govt Hikes Soyabean Oil Price by Tk8
The government has raised the price of soybean oil. However, the reason behind this price hike has not been clarified. As in previous instances, the shortage of oil has been cited as the cause for the increase.
On Monday (December 9), a meeting with traders was held to decide on the pricing of edible oil, according to Trade Advisor Sheikh Bashiruddin. He stated that the new prices would come into effect from today.
The advisor announced that the price of bottled soybean oil has been raised by 8 BDT per liter, making it 175 BDT per liter. Meanwhile, the price of loose soybean oil has been increased by 8 BDT per liter, setting it at 157 BDT per liter.
Bottled Soybean Oil Back to Market After Price Hike
"For the past few days, shopkeepers kept saying the same thing—bottled soybean oil has been unavailable. However, if it was found in rare places, it was claimed a high price. However, today (December 10), I see a completely different scenario in the market. Every shop has plenty of oil. That means whatever happened till now was nothing but a scheme by the syndicate to hold people hostage," said Mansura Hossain, a private-sector employee while shopping for daily essentials in Karwan Bazar.
Expressing her frustration, Mansura said, "Prices of essential commodities are often raised under the pretext of shortages, causing hardships for ordinary people like us. We are forced to buy at higher prices."
Al-Amin, a CNG driver, said, "Yesterday morning I returned empty-handed because there was no 1-liter bottled soybean oil. But today, bottled soybean oil is available everywhere. Does this make any sense? Are they free to do whatever they want without any accountability?"
The CNG driver further alleged, "If there was a shortage, then where did all this oil suddenly come from? Or are the traders orchestrating this to hike the prices? The government should investigate the real reason behind this."
On Tuesday morning (December 10), a visit to the capital's Karwan Bazar area revealed shelves overflowing with bottled soybean oil. However, as the new price-adjusted oil had not yet arrived, consumers were still able to buy at the previous rates.
Speaking to several retailers, the reporter stated that after the announcement of the price hike, dealers increased the supply of oil in the market. However, oil at the new price has not yet been supplied in the market. As a result, consumers are buying 1-liter bottled soybean oil for 167 BDT and a 5-liter bottle for 818 BDT.
Retailers also mentioned that from Wednesday (December 11), the new oil will arrive in the market and will be sold at 175 BDT per liter.
Earlier, on Monday (December 9), Trade Advisor Sheikh Bashir Uddin announced an increase in the price of both bottled and loose soybean oil per liter an 8 BDT.
He said the price of bottled soybean oil has been set at 175 BDT per liter, while loose soybean oil is priced at 157 BDT per liter.
Citing the increase in prices on the international market, the advisor added, "The primary reason for the price hike is the supply shortage of edible oil globally."
Indian Rupee Hits Record Low
The Indian rupee has fallen to its lowest value ever against the US dollar. On Tuesday (December 10), the rupee reached an all-time low of 84.85 against the dollar.
According to a report by Reuters, the decline of the rupee against the US dollar continues. On Tuesday, the rupee hit its historic low, with the exchange rate dropping to 84.85 rupees per dollar.
Simultaneously, the yield on the 10-year government bond fell by 2 basis points to 6.6954%.
Earlier, on December 4, the rupee had dropped to 84.75 against the dollar. This new dip surpassed that level, setting the exchange rate at 84.85 rupees per dollar.
The situation has been attributed to heightened expectations of an interest rate cut following the announcement of Sanjay Malhotra as the new governor of the Reserve Bank of India (RBI). Malhotra will assume office on Wednesday (December 11), succeeding outgoing governor Shaktikanta Das, whose six-year term ended on Tuesday.
Vegetable Prices Begin to Drop
Vegetable prices in the capital markets have started to drop. Traders say the markets are now filled with winter vegetables, bringing some relief in prices. While some vegetables are still being sold at Tk80 to 150 per kg, most are now priced between Tk50 and 60. Although winter vegetables are expected to be more cheaper during this season, the low market prices of vegetables are offering some respite.
A visit to several markets in Kawran Bazar, Agargaon, Shyamoli, and Kallyanpur on Friday (December 13) revealed this scenario.
Traders noted that within a few days, more winter vegetables would arrive in the markets, likely reducing prices further.
In Kawran Bazar, new potatoes are selling at Tk100 per kg, tomatoes at Tk120, green chilies at Tk100, hyacinth beans with seeds at Tk100, bitter gourds at Tk100, cucumbers at Tk80, carrots at Tk80, radishes at Tk30, and spring onions at Tk80 per kg.
Other vegetables include string beans at Tk100 per kg, round eggplants at Tk80, long eggplants at Tk60, medium-sized cauliflowers at Tk50 per piece, cabbages at Tk50 per piece, papayas at Tk50 per kg, lady's finger at Tk80, pumpkins at Tk40 per kg, regular hyacinth beans at Tk50, turnips at Tk50, and onion flowers at Tk30 per bundle.
According to vegetable vendor Zakir, prices have not decreased as much as expected. "In previous years, vegetable prices used to drop to Tk30 to 40 per kg, but this year they haven't. However, prices are lower than before," he said.
Shahin, a shopper from Farmgate, remarked "Tomatoes are still around Tk150 per kg. Cucumbers and carrots are also expensive. Where is the price reduction?"
Homemaker Fatema Akter commented, "While some vegetables are cheaper, many are still overpriced. Only if vegetables were priced at Tk30 to 40 per kg could we truly say prices have dropped."
Meanwhile, in Kawran Bazar's wholesale market, local onions are selling for Tk70 to 120 per kg, and Indian onions for Tk70 to 80. Pabna's local onions are being sold for Tk120 per kg. Additionally, Chinese ginger is priced at Tk160, Chinese garlic at Tk210 to 220, fresh ginger at Tk100 to 110, and garlic from Natore at Tk230 to 240 per kg. An analysis of the market over the past few months shows a slight decrease in wholesale ginger prices, while garlic prices remain mostly unchanged.
In terms of meat, beef is selling at Tk750 per kg, and goat meat at Tk1,100 per kg. Farm chickens are being sold at Tk180, Pakistani chickens at Tk310 taka, and local chickens at Tk520 per kg.
Chicken vendor Kalam noted that poultry prices have risen slightly, selling for Tk190 per kg, an increase of Tk10 in just two days. Meat prices in other markets are almost the same. Eggs are being sold at Tk145 to 150 per dozen.
