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Economy
Relaxed usance period extended for another six months to ease LC payment pressure
November 17, 2022
· The Bangladesh Bank has extended the relaxed usance period facility for the imports of industrial raw materials including back-to-back imports, agricultural machinery and chemical fertilizers under supplier's or buyer's credit for another six months with a view to lessen the pressure of import payments.
· Banks now will be able to defer the LC payments against the imports of these products until 30 June next for up to 360 days, according to a circular issued by the central bank yesterday.
· The extended usance period will not be applicable for imports under EDF loans, says the circular.
BB allows ITES export income, remittance through mobile banking
November 17, 2022
· Bangladesh Bank has allowed mobile financial service providers to repatriate (conversion of foreign currency into local currency) export income and inward remittance.
· All authorized dealers will provide encashment certificate to MFS providers against inward remittance, on account of information technology enabled services exports.
· In order to make it easier to receive foreign exchange, Bangladesh Bank issued a circular stating that all authorized dealers in foreign exchange and all licensed MFS providers are allowed to receive export income on account of ITES exports in association with internationally recognized OPGSPs / digital wallets and / or aggregators having operation in multiple countries.
From: https://www.newagebd.net/article/186573/bb-allows-export-income-remittance-through-mobile-banking
Remittance through agent banking crosses BDT 1.0tn milestone since its inauguration
November 17, 2022
· The total remittance inflow through the agent banking channel in the country has crossed the BDT 1.0tn milestone since its inauguration in 2013, giving a boost to rural savings, according to the Bangladesh Bank.
· The deposit in the agent banking channel stood at BDT 303.25bn at the end of September this year, marking a 33% rise in the last one year.
· The sector has already disbursed loans of BDT 6.85bn at the end of September. Stakeholders said they are emphasizing on disbursing more loans through this channel.
· According to the Bangladesh Bank, in the last one year, loan disbursements through the agent banking channel have increased by around BDT 2.0bn.
Capital market
High Court stays SME board investment limit of BDT 3.0mn
November 17, 2022
· The High Court has stayed, for three months, the condition of Bangladesh Securities and Exchange Commission (BSEC) to invest at least BDT 3.0mn for an investor to be qualified for trading shares on the Small Capital Platform or the SME board of the exchanges.
From: https://www.tbsnews.net/economy/stocks/high-court-stays-sme-board-investment-limit-tk30-lakh-533222
Telecommunications
Over 3.0m mobile net subscribers drop out
November 17, 2022
· The total number of customers in the country dropped by 2.15 million in September to 181.43 million. The number of subscribers was 183.58 million in August.
· Industry-insiders say SIM sale ban on Grameenphone coupled with uncertain economic situation, fivefold increase in prices of SIM chip globally impacted the growth of subscribers.
· The largest operator, Grameenphone, lost 1.2 million subscribers in September. The second-largest operator, Robi Axiata, lost 0.59mn while third-largest Banglalink 0.42mn.
· Only the government-owned Teletalk gained 6,000 subscribers in the month.
Commodity
Cabinet body okays buying 180,000 tons of fertilizers
November 17, 2022
· The government will buy 180,000 tons of fertilizers from three countries, as fertilizer demand is on the rise amid local production fall - due to shortage in gas supply to the fertilizer factories.
· The consent came following another approval for procurement of 160,000 tons of fertilizers, given last week. On November 3, the cabinet committee also gave approval for buying 115,000 tons of fertilizers.
note: this post is for research and analysis purposes only.