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Aug 07, 2020 NEWSLETTER |
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Bangladesh receives record $2.6bn remittances in July amid pandemic Bangladesh’s inward remittances crossed $2.50-billion mark in July, the highest-ever remittance the country received in a month. Bangladeshi expatriates sent home $2.60 billion in July, up from 1.83 billion in June. The amount was $1.59 billion in July 2019, according to Bangladesh Bank data. The country fetched $4.43 billion in remittance in June and July this year. The record inward remittance has taken the country’s foreign exchange reserves to an all-time high of $37.28 billion as of July 30. The country’s remittance inflow stood at a record $18.2 billion in 2019-20 fiscal despite the coronavirus pandemic. Remittance inflow in the current FY 2020-21 might exceed last year’s figures. |
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Bangladesh exports bounce back with 0.6% growth amid COVID-19 crisis 
The country’s exports have witnessed a rebound amid all odds like the coronavirus crisis and other challenges. According to Commerce Ministry information, in the first month of the new financial year, export earnings increased by US$23.06 million. According to a report by the Export Promotion Bureau (EPB) based on data collected from the National Board of Revenue (NBR), the country exported products worth US$ 3.91 billion in July this year, which was US$ 3.88 billion in the same period last year showing that the proportion of exports increased by 0.59% despite the prevailing situation of Covid- 19. Through this, after seven months, the country's export earnings have turned around. Last December, the export income increased 2.79%. Since then, growth has been steadily declining. As most of the demand for goods was slashed, and the global supply chain disrupted due to the outbreak of coronavirus, export earnings declined by almost 17% in the last fiscal year. |
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Japanese premier talks to HPM Hasina, Japan to give $330m to fight corona 
Japan will provide around $330 million, to Bangladesh as a grant to help combat the Coronavirus crisis in the country. Honourable Prime Minister (HPM) of Japan Shinzo Abe made this commitment during his talks with Bangladesh Prime Minister Sheikh Hasina over the phone on Wednesday afternoon. HPM Sheikh Hasina thanked Shinzo Abe for providing protective equipment like PPE, masks and goggles to Bangladesh to contain transmission of coronavirus. Meanwhile, Bangladesh got the first tranche of the $1 billion loan pledged by Japan to bounce back from economic whiplash brought on by the global coronavirus pandemic. |
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ADB grants Bangladesh $3m to fight pandemic 
The Asian Development Bank (ADB) has approved an additional $3 million in grant assistance for procuring urgently needed medical supplies for emergency response to the coronavirus pandemic in Bangladesh. The assistance will help alleviate the government’s urgent financial, logistical, and other constraints to meet immediate needs and deliver appropriate medical services. The new assistance builds on ADB’s previous support of around $603 million in loans and grants to contain and mitigate the COVID-19 pandemic in Bangladesh. |
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Bangladesh drafts law to operate offices digitally after COVID-19 lessons 
The Cabinet Division has released the draft of “Digital Governance Act 2020” after feeling the need for a law to operate offices digitally amid the coronavirus pandemic. Once the law is passed, it will be easier for the government to provide the people with services besides adding pace to office work anytime, not only during a pandemic or other emergencies. The government offices will be able to collect or disburse money digitally. Officials will also have the ability to sign documents digitally. Documents, including agreements, can be presented digitally under the law. It will open the door to conferences, meetings, court hearings, recording to witness statements and quizzing them by using audio-visual technology. |
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BANGLADESH AWAMI LEAGUE |
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