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Indian Rupee Hits Record Low
Rtv News
11 Dec 2024, 10:04
Photo: Reuters
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.
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Gold Prices Drop in Four Consecutive Terms
Bangladesh Jewellers Association (BAJUS) has reduced the price of gold 4 times out of the last five price adjustments in the country's market. The total price has been reduced to Tk9,017 in four consecutive rounds.
BAJUS reduced the price of gold last Thursday (November 14). This time, the organization has reduced the price by Tk1,680 of 22-carat gold to Tk1,34,509.
According to the notification issued on Thursday (November 14) evening, the price of pure gold has decreased in the local market. As a result, the new price of gold has been fixed considering the overall situation. The new prices will be effective from Friday (November 15).
According to the new prices, per bhori (11.664 grams) of 22-carat gold will cost Tk1,34,509. Apart from this, the price of gold has been set at Tk1,28,397 per 21-carat, Tk1,10,062 per 18-carat, and Tk90,233 per bhori of traditional method gold.
In the notification, BAJUS also said that the selling price of gold must be added to the government-mandated 5 percent VAT and BAJUS-mandated minimum wage of 6 percent. However, the wages may vary depending on the design and quality of the jewelry.
Earlier, BAJUS last adjusted the price of gold in the domestic market on November 12. At that time, the organization reduced the price by Tk2,519 to Tk1,36,189 per bhori of 22-carat gold. Apart from this, the price of gold was fixed at Tk1,29,995 per 21 carat, Tk1,11,426 per 18 carat, and Tk91,411 per traditional method gold which came into effect from 13 November.
It should be noted that the price of gold has been adjusted 49 times in the country's market so far this year where the price has been increased 28 times, and reduced 21 times.
Bangladesh Garment Exports to US Increased by More Than 50pc
Bangladesh's garment exports to the US have increased by more than 50 percent in the past decade. This was taken from a report by the US Office of Textiles and Apparel (OTEXA). Among the ten countries that export clothes to the US, China is in first place, Vietnam is in second place, and Bangladesh is in third place.
Bangladesh has made significant progress in international garment exports in the last decade, especially in the US market. During this period, Bangladesh outpaced even countries like India with its cost-effective manufacturing capacity, high-quality garments, and skilled labor force.
It can also be seen from OTEXA that Bangladesh's garment exports to the US have increased by 50.79 percent. However, according to the statistics of clothing exports to the United States from 2014 to 2023 (10 years), although China is in the first position, the export of its clothing industry has decreased by almost half in a decade. And in that place, Bangladesh and Vietnam have made a strong position. At the same time, the exports of countries like India, Pakistan, and Cambodia have also increased.
According to the information of the United States Office of Textiles and Apparel, in 2014 Bangladeshi clothing exports to the United States were 4.83 billion dollars, in 2022 this export increased to 9.73 billion dollars. However, in 2023, this continuity suddenly collapsed. That year, Bangladesh's clothing exports to the United States dropped by almost a quarter to $7.29 billion. US apparel imports declined by 22.04 percent in 2023 due to Bangladesh's apparel exports. However, overall, in that decade (from 2014 to 2023), Bangladesh's garment exports to the United States have increased by 50.79 percent.
However, in the past decade, China, South Korea, Mexico, Honduras, and Indonesia have also seen declines in apparel exports to the United States. Among them, South Korea's exports decreased by 13.31 percent, Mexico's by 24.66 percent, Honduras by 6.08 percent, and Indonesia's exports decreased by 17.99 percent.
Fuel Oil Supply May Exceed Demand in Global Market Next Year: IEA
The International Energy Agency (IEA) has said that supply may exceed demand in the global fuel oil market next year.
On Sunday (November 17), the IEA organization reported this information from the forecast of a rapid increase in oil production in non-OPEC countries. Reuters news.
According to the IEA, in 2025, more than 1 million barrels of oil may be extracted per day. The main reason for this is China's weak economy. Because China is the largest buyer of crude oil in the world. The country's economy continued to shrink in September. In addition, the use of electric vehicles is increasing in China. As a result, the demand for fuel oil is decreasing. China's demand was the 'main pressure' on global oil demand this year.
Meanwhile, outside the 13 petroleum exporting countries, the United States, Guyana, Argentina, and Brazil are seeing rapid growth in oil production. The countries are on track to increase production by a combined 1.5 million barrels per day. Which is higher than IEA's oil consumption growth forecast (990 thousand barrels per day).
On the other hand, the OPEC Plus countries are withdrawing from their decision to reduce their production by 2.2 million barrels per day. They can start the work of increasing the production quota from next January.
However, even if the OPEC plus countries led by Saudi Arabia do not deviate from their decision, there will be an oil surplus of more than 1 million barrels per day compared to global demand in 2025. With the volatility in international markets caused by COVID-19, the Russia-Ukraine war, and unrest in the Middle East, only a relaxed supply situation can restore stability.
The IEA said that Trump's victory in the US election and his 'Do The Business' policy will change the war situation. The Russia-Ukraine war could ease and destabilize the Middle East. It will also affect the oil market.
The United States has retained its position as the world's largest oil producer for six consecutive years. Last August, the country's domestic production reached a daily record of 13.4 million barrels, according to the US Energy Information Administration.
ADB, WB to Provide $1.1b Loan Assistance to Bangladesh by Dec: Finance Sec
Finance Secretary Dr. Md Khairuzzaman Mozumder today said that the Asian Development Bank (ADB) and the World Bank would provide $600 million and $500 million loan assistance respectively to Bangladesh by December 2024.
Mozumder disclosed this at a press conference at the Ministry of Finance at Bangladesh Secretariat here today.
Replying to a query on the amount of loan commitments received by the interim government, he said the policies implemented by the interim government have been positively received by donor agencies such as the International Monetary Fund (IMF) and the World Bank.
“Our interim government’s policy measures have yielded good results, exceeding our initial expectations in terms of funding. For instance, we’ve successfully negotiated $600 million in loans with ADB and thus expect to receive the funds by December this year,” he added.
Besides, he highlighted progress with the World Bank, which has agreed to provide $500 million in loan support within the same timeframe. “Originally, these loans were set at $300 million and $250 million respectively, but were later doubled due to favorable negotiations.”
The Finance Secretary said the government is seeking further financial assistance from the IMF adding, “We’ve requested an additional $1 billion in support from the IMF for this year. Discussions are set to conclude when the IMF team visits on December 4 and we’re optimistic about the outcome.”
He expressed confidence in the government’s ability to implement its policies effectively and secure continued support from international financial institutions.
Chaired by Finance Adviser Dr Salehuddin Ahmed, the press conference was attended, among others, by Financial Institutions Division Secretary Nazma Mubarak, Economic Relations Division (ERD) Secretary Md Shahriar Kader Siddiky, and National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan.
Source: BSS
Claiming Singaporean Citizenship, S Alam Seeks Protection
Saiful Alam, the head of S Alam Group, has asserted his right to protection under international investment agreements and as a Singaporean citizen, in response to what he describes as "intimidating actions" by Bangladesh Bank against his company.
Lawyers representing Saiful Alam and his family sent a letter to Bangladesh Bank Governor Ahsan Mansur, warning that they may initiate international arbitration against Bangladesh.
The letter followed recent comments by Ahsan Mansur in an interview with the Financial Times, where he accused S Alam Group of siphoning off 120,000 crore Bangladeshi taka during Sheikh Hasina’s tenure. The legal firm Quinn Emanuel Urquhart & Sullivan issued the letter on behalf of the S Alam family, which the Financial Times has reviewed.
The letter alleged that the governor made "baseless and provocative statements" against S Alam Group, describing them as intimidating. It also claimed that the company directly and indirectly employs 200,000 people in Bangladesh.
Mansur had told the Financial Times last month that Saiful Alam and his associates laundered money after taking control of leading banks with the help of military intelligence. He described this as "one of the largest bank heists" by international standards.
The letter countered these allegations, calling them false and defamatory.
When asked by the Financial Times about Saiful Alam’s Singaporean citizenship, the law firm declined to respond. It remains unclear if he retains Bangladeshi citizenship. Singaporean authorities have also refrained from commenting on the matter.
New Upswing in Gold Market, Prices up to All-time High
After a major fall in the price of gold in the world market, there has been a major upswing. Two weeks ago, the price of gold in the world market fell to about 122 dollars per ounce. Then last week, the price of gold increased by more than 153 dollars per ounce. Along with the world market, gold prices have also been volatile in the Bangladeshi market. The price of gold in the domestic market has been adjusted 6 times within 23 days of this November.
Although the price of gold was increased in the domestic market last week, it is less than in the global market. The price of good quality gold per bhori has increased by Tk4,934 in two consecutive rounds within a week. The price of gold per bhori was reduced by Tk4,199 in the previous week.
On October 30, the price of gold per ounce reached a record 2,789 dollars. Then, on October 20, 23, and 31, the price of gold was increased three times in a row in Bangladesh, which created history in the domestic market. The price of good quality gold per bhori is Tk1,43,526. Then, the price of gold started falling on October 31. After several declines, the price of the precious metal fell to 2,547 dollars per ounce. The price of gold in the domestic market was also reduced by Tk9,017 in four phases between November 5 and 15.
The price of gold has again shown a rising trend in the global market. At the end of last week, the price of gold per ounce rose to 2,715.85 dollars. At the beginning of the week, it was 2,562.54 dollars per ounce. The price of gold increased by 153.31 dollars within a week. It increased by Tk18,397 in Bangladeshi currency. In coordination with the global market, the price of gold in the domestic market was increased by Tk4,934 on November 20 and 22.
The Bangladesh Jewelers Association (BAJUS) determines the price of gold in the domestic market. The BAJUS Standing Committee on Pricing and Price Monitoring Committee decides to increase or decrease the price of gold on behalf of the organization.
A member of this committee said, 'If gold price increases or decreases in the world market, adjustments are made in the domestic market. However, the widespread instability in the price of gold in the world market has made it very difficult to predict the market situation. The latest situation in the world market may also impact the price of gold in the domestic market. Because the price of gold per ounce increased by about 50 dollars last week.'
The current price of gold in the Bangladeshi market
On November 21, BAJUS increased the price of gold and set a new price. According to the new price, the price of a 22-carat gold per bhori has been set at Tk1,39,443. In addition, the price of 21-carat gold per bhori has been set at Tk1,33,98, 18-carat gold per bhori has been set at Tk1,14,086 and the price of traditional gold per bhori has been set at Tk93,674.
Bank Accounts of Saima Wazed Putul's Shuchona Foundation Frozen
The Bangladesh Financial Intelligence Unit (BFIU) has instructed banks to freeze the accounts of the Shuchona Foundation, established by Saima Wazed Putul, daughter of former Prime Minister Sheikh Hasina.
This information was disclosed in a notification issued by Bangladesh Bank on Sunday, November 24.
The notification stated that under the powers granted by Section 23(1)(c) of the Money Laundering Prevention Act, 2012, all transactions in accounts operated by the Shuchona Foundation are to be suspended for 30 days.
It further instructed that all account-related documents (account opening forms, KYC forms, and transaction details from the beginning to the most recent) associated with Shuchona Foundation should be submitted to the unit in an attached Excel sheet within the next five working days.
The directive clarified that the provisions of Rule 26(2) of the Anti-Money Laundering Rules, 2019, will apply to the frozen accounts.
In addition to Saima Wazed Putul, the trustee board of Shuchona Foundation includes Dr. Muzharul Mannan, Md. Shamsuzzaman, Zain Bari Rizvi, and Nazmul Hasan.
Notably, the Shuchona Foundation primarily works to assist individuals with mental and neurological disabilities, autism, and mental health challenges.
