Bangladesh’s Economic Gains and Financial Shifts

• Bangladesh Receives USD 1.63bn Remittance (September 23): Remittance increased by USD 300 million compared to last year, setting the stage for a monthly total of over USD 2.33bn. Source

• IMF Proposes Subsidy Cuts for Additional USD 3bn Loan: IMF discusses reforms, including subsidy cuts, to address Bangladesh’s financial crisis. Source

• Crisis-Hit Banks Receive BB Guarantee: Bangladesh Bank offers liquidity guarantees to five struggling banks with a strict repayment timeline. Source

• BFIU Push for Asset Recovery: Bangladesh Financial Intelligence Unit (BFIU) moves to sign key international agreements to recover stolen assets from abroad. Source

• Bangladesh’s Public Debt Reaches BDT 18.5tn: Bangladesh's public debt hit BDT 18.5tn, with BDT 9.99tn in external debt and BDT 8.51tn in domestic debt, adding significant fiscal pressure. Source

• RMG Sector Booms: Bangladesh now boasts 229 eco-friendly factories, leading the global stage in sustainable garment production. Source

• Meghna Assembles KIA SUVs in Bangladesh: Locally assembled KIA SUVs hit the market with significant price cuts, boosting the automotive industry. Source

• Bangladesh Gains Duty-Free Access to China: All Bangladeshi products will receive duty-free access to China starting December 2024. Source

• Gold Prices continue to rise, reaching BDT 138,708 per bhori, with 80% of demand met by unofficial sources. Source

• T-bills Yields Fall Further: Yields on short-term T-bills declined due to increased remittances and reduced credit demand. Source

Economy

• Remittance Inflows: Bangladesh received USD 1.63bn in remittances within the first 21 days of September, signaling a strong upward trend compared to the same period last year. Source

• BFIU Asset Recovery Initiative: The BFIU is pushing for urgent agreements with countries like the USA and UK to recover stolen assets, aiming for a more robust bilateral and multilateral framework. Source

• Public Debt Soars: Bangladesh's public debt reached BDT 18.5tn, representing a growing fiscal concern. External borrowing accounted for BDT 9.99tn, while domestic debt stood at BDT 8.51tn, pushing per capita debt to BDT 1.07mn. Source

Banking

• BB Liquidity Guarantees for Five Banks: Crisis-hit banks including First Security Islami Bank and Union Bank received liquidity support under strict conditions from the Bangladesh Bank. Source

• IMF Loan Discussions: The IMF is expected to recommend subsidy cuts and revenue increases in exchange for the requested USD 3bn loan. Source

Trade & Commerce

• RMG Sector Growth: Bangladesh now leads globally with 229 environment-friendly factories, including 91 LEED Platinum-certified. Source

• China’s Duty-Free Access Expansion: Starting December 2024, all Bangladeshi products will have duty-free access to the Chinese market, providing a significant boost to exports. Source

• KIA SUVs Assembled Locally: Meghna Automobiles launched three locally assembled KIA SUVs, cutting prices by BDT 8-12 lakh compared to imports. Source

International

• Japan’s Inflation Climbs: Japan’s inflation rate rose to 2.8%, ahead of a Bank of Japan decision on interest rates. Source

• OPEC Oil Demand Forecast: OPEC projects oil demand to continue growing until 2050, rejecting calls for phasing out fossil fuels. Source