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Nov 09, 2020 NEWSLETTER |
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Remittance likely to grow 8% in Bangladesh: World Bank Remittance flow to Bangladesh is likely to grow by 8% in 2020, compared to that of the previous year. This will comfortably counter a 22% decline forecast by the World Bank earlier amid the coronavirus pandemic. The Washington-based lender, in its Migration and Development Brief, said remittance to Bangladesh would expand by about 8% to $19.8 billion this year. Bangladesh is forecast to have posted the highest year-on-year remittance growth of 53.5% among the world's top 49 recipient-countries in the third quarter of 2020. Remittance is an important pillar of Bangladesh's economy and the second-largest source foreign currency after exports, accounting for 5.8% of gross domestic product last year. Moreover, migrant workers remitted $2.11 billion last month, which was way higher than $1.64 billion flown to the country in the same month a year ago. |
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Bangladesh signs MoU to buy 30 million doses of Covid-19 vaccine, recovery rate reaches 80% 
The government has signed an agreement with two organizations to collect 30 million doses of the Oxford University Covid-19 vaccines developed by Astrazeneca. A Memorandum of Understanding (MoU) was signed on Thursday between officials of the Health Ministry, Serum Institute of India and Beximco Pharmaceuticals in Dhaka. Once the vaccine is developed, the Serum Institute will provide 30 million doses in the first phase, and Beximco Pharmaceuticals will bring it to Bangladesh, according to media reports. The rate of recovery from coronavirus infection has reached around 80% in the country till last week. |
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Bangladesh forex reserves cross $41 billion 
Bangladesh’s foreign currency reserves have surpassed $41 billion, three weeks after crossing the $40 billion for the first time. The reserves at the Bangladesh Bank stood at $41.2 billion on Thursday, sufficient to pay more than 10 months of import bills. An increase in export earnings and a drop in imports also played a role in the rise of the reserves. The foreign currency reserves crossed $39 billion on Sept 1. The reserves slid below the mark after payment of import bills for July-August period through the Asian Clearing Union. On top of this, a target has been set to take the country’s exchange reserve to a staggering $50 billion within the next 14 months. |
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Bhasan Char: 4-layer protection for key island 
Just about the size of Cumilla town, the island of Bhasan Char in Nokhali's Hatiya sub-district has four layers of protection from natural disasters like cyclone. The young island emerged out of steady sedimentation in 2006 and currently boasts a spanking new modern settlement that could accommodate 100,000 Rohingyas. Bangladesh government had spent money developing the island, building infrastructure and putting in place a protection system against extreme climate events under project delegated to Bangladesh Navy. A number of development and international organisations questioned its safety and protection from natural disasters when the Bangladesh decided to relocate Rohingyas there. |
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MFS transactions rebound strongly 
Transactions through mobile financial services (MFS) rebounded strongly in September as people are preferring digital banking over the traditional one to adapt to running their life smoothly amid the coronavirus pandemic. September's MFS transaction amount rose to 18.6% from that one month ago and 38.63% from that one year earlier, data from Bangladesh Bank showed. This is the second highest amount since July when the country's 15 MFS providers posted a staggering amount. Bangladesh introduced MFS nearly a decade ago. Digital banking is gaining popularity day by day and the recent transaction records have reflected clients' attitude, according to media reports. |
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ADB approves $160m for water development projet 
The Asian Development Bank (ADB) will provide $160 million loans to establish a modern and sustainable sewerage system in Khulna, the country’s third-largest city and center of south-west economic corridor. This project will support the government’s efforts to contain outbreaks of diseases including Covid-19 in future by establishing a climate-resilient and environment-friendly sewerage system for safe sanitation and hygiene alongside will help meet people’s basic needs amid rapid urbanisation and growth through effective sewage management. The project will strengthen the institutional capacity of the Khulna Wasa in sewage management services, including asset management, project preparation and management, and introduction of sewerage tariff policy. |
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BANGLADESH AWAMI LEAGUE |
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