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Remittance Inflow Reaches $2.42 Billion in 28 Days of December
Rtv News
29 Dec 2024, 19:08
Photo: File Picture
In the first 28 days of December, remittance inflow to Bangladesh amounted to $2.42 billion. On average, the country received $86.4 million in remittances per day during this period.
This information was revealed in an updated report by the Bangladesh Bank on Sunday (December 29).
According to the report, $2.42 billion in remittance was received during the first 28 days of December. In comparison, $2.05 billion and $2.16 billion were received during the same period in November and October, respectively. The remittance inflow has increased in the first four weeks of December compared to October and November.
In the first four weeks of December, state-owned banks handled $689.58 million in remittance, specialized banks facilitated $92.69 million, private banks processed $1.63 billion, and foreign banks managed $6.92 million.
The report further stated that from December 22 to 28, $413.32 million in remittance was received. From December 15 to 21, the figure was $625.87 million. Between December 8 and 14, the country received $764.91 million in remittance, while in the first week of December, expatriates sent $616.45 million.
Earlier, in June this year, remittance inflow was $2.54 billion, while in July, the first month of the current fiscal year, the figure dropped to around $1.91 billion, marking the lowest inflow in the past 10 months.
In July 2020, Bangladesh recorded the highest remittance inflow in five years, with expatriates sending $2.60 billion that month.
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White Paper: Report Finds Several Dominant Channels For Corruption
The White Paper Committee identified several dominant channels of corruption including banking loan scams, misappropriation of loans, and politically motivated unviable projects, appearing to be a wide-ranging and deep-rooted manifestation of corruption during the deposed Awami League regime.
The White Paper Committee head and Distinguished Fellow of the Centre for Policy Dialogue (CPD) Dr Debapriya Bhattacharya today (December 02) formally unveiled the report to the media exposing the dominant channels of corruption at the NEC conference room in the city's Sher-e-Bangla Nagar area.
Other members of the committee were present.
The dominant channels are described below which include banking loan scams, fraudulent practices in illusory bank loans, and misappropriation of loans.
Bank Takeover: Forced takeover of ownership of banks with the help of state machinery.
Illicit financial outflows: Ill-gotten money is laundered out of the country in large volume.
Politically Motivated Unviable Projects: Resources are wasted on unviable projects, prolonging timelines and inflation costs.
Inflated Project Costs: Systematic cost overestimation to siphon funds.
Project Cost Escalation Post-Approval: Costs are artificially escalated after project approval to divert funds.
Non-Competitive Tender Processes: Cronyism and favoritism dominate procurement, excluding qualified bidders.
Unnecessary or Poorly Designed Projects: Resources are wasted due to weak feasibility studies, prolonging timelines, and inflating costs.
Nepotism in Appointments: Project management, particularly Project Directors, is often appointed based on political connections rather than merit.
Illegal Land and Asset Acquisitions: Land and assets are seized or acquired through illegitimate means.
Misappropriation of Land Acquisition Funds: Politically weak landowners are coerced into unfair deals, and funds allocated for land acquisition are misused.
Awarding Overpriced Contracts: Contracts are often granted to politically connected contractors at inflated prices and given without competitive bidding.
Abuse of Project Resources: Misuse of vehicles, travel budgets, and other project resources for personal or political gain.
Bribery as a Standard Management Practice: Bribes are routinely exchanged to expedite processes or secure favors.
Misallocation of Public Funds: Funds intended for development are diverted to serve political and/or personal objectives by the leaders.
Tax Exemptions for Elites: Tax policies disproportionately benefit influential groups.
Distorted Supply Chains: Manipulated supply chains lead to unfair pricing and market inefficiencies.
Sharing Insider Information: Policy decisions are leaked to select groups for financial gain.
Collusive Corruption: Collaboration between public officials and private actors for mutual benefits.
Extortion-Based Corruption: Coercion is used to extract bribes or enforce unfair deals.
Monopolistic Corruption: Market conditions are manipulated to favor specific individuals or entities.
Pre-emptive Information Sharing Corruption: Early access to critical information is exploited for undue advantage.
Information Concealment Corruption: Withholding important information to mislead stakeholders.
Corruption by Inaction: Deliberate delays are used to create opportunities for rent-seeking.
Corruption for Career Advancement: Bribes and connections are leveraged to secure promotions or influential positions.
Commission-Sharing Corruption: High-level officials demand a share of commissions for approvals.
Corruption for Political Favour: Resources and decisions are manipulated to secure political allegiance or favor.
Legislative Manipulation Corruption: Laws and policies are tailored to serve vested interests.
The review of the White Paper puts the banking sector on top of the most corruption-ravaged sector, followed by physical infrastructure, and energy and power.
Information and Communication Technology (ICT) was also identified as one of the most corruption-affected sectors by its operational and technological novelty.
This non-exhaustive list of pervasive corrupt practices highlights the urgent need for systemic reforms and robust accountability mechanisms to restore governance integrity and economic resilience, the paper said.
Source: BSS
Gold Price Today (December 3)
Since gold is an imported material, its price tends to fluctuate almost daily in Bangladesh. The price is determined accurately by the Bangladesh Jewellers Association (BAJUS). The latest prices of gold in Bangladesh as of December 3, 2024, are as follows:
The price of per bhori (11.66 grams) of 22-carat gold is 137,227 BDT.
The price of per bhori of 21-carat gold is 130,998 BDT.
The price of per bhori of 18-carat gold is 112,289 BDT.
The price of per bhori of traditional gold is 92,134 BDT.
These prices were last updated on Sunday, December 1, 2024, by Bangladesh Jewellers Association (BAJUS).
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."
