bangladesh’s stock market performance and investor confidence

Bangladesh’s Stock MarketPerformance and Investor Confidence

Bangladesh’s Stock MarketPerformance and Investor Confidence

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CHAMBER COMMITTEE FOR 2020

PRESIDENT

VICE-PRESIDENT

SECRETARY-GENERAL

MEMBERS

MS. NIHAD KABIR

MR. ANIS A. KHAN

MR. FAROOQ AHMED

MR. SYED TAREQUE MD. ALI

MR. TAPAN CHOWDHURY

MS. UZMA CHOWDHURY

MS. SIMEEN RAHMAN

MR. RUBAIYAT JAMIL

MR. ADEEB HOSSAIN KHAN, FCA

MR. HASAN MAHMOOD, FCA

MR. GOLAM MAINUDDIN

MR. SYED NASIM MANZUR

MR. MOHAMMAD NASER EZAZ BIJOY

EDITORIAL 03

Chamber News / Issue 10/ October 2020

CONTENTS

Bangladesh’s Stock Market Performance and Investor

Confidence

Coming out of a crisis, the boldest companies win

Zoom dialogue titled ’Towards A Conducive Tax System: The Reform Imperative and Priorities’ organized on 03 October 2020

Robi Axiata Limited launched a brand-new

customer loyalty program- Robi Elite.

Evebot Printpods printer fits in most pockets

NEW PRODUCTS 18

NATIONAL NEWS 14

SCIENCE AND TECHNOLOGY 22

COUNTRY PROFILE 20

Selfie Clinic

Indonesia

ARTICLE 04

CHAMBER EVENT 10

INTERNATIONAL NEWS 16

REVIEW 23

STATISTICS 25

MEMBERS NEWS 07

Export Readiness Fund launched

• Export • Import(C&F)• Remittances• Foreign Direct Investments (FDI)• Foreign exchange reserves• Exchange rate• Price situation

• Export performance of Bangladesh• Value of letters of credit opened for import• Balance of payments (BOP)• Production of selected industrial items• Consumer price index: national• Consumer price index: rural• Consumer price index: urban• Wage rate index by sectors: Bangladesh

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EDITORIAL

Stock markets play a critical role on the level of capital investment available to the public and private sector organizations in a country, thereby contributing to the economic development of the nation. Not only shares, but stock, mutual funds, bonds, and derivatives can all be traded to raise capital. The more functioning stock market a country has, the easier will it be to raise capital and stimulate the economy. This is an area where Bangladesh could focus and improve.

Bangladesh’s Stock Market Performance and Investor Confidence

Under the authority of the Bangladesh Securities and Exchange Commission (BSEC), there are two bourses in the country: the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE). It has been a long journey since DSE’s incorporation in 1954 and CSE’s opening in 1995. Over the last three decades, Bangladesh stock markets could not demonstrate the desired or potential results due to multiple factors, where several market disasters influenced investors’ confidence. Between 2018 and June 2020, the DSEX, the main index of the DSE, lost more than 2000 points. DSE’s turnover reached the rock bottom on June 21 this year when it fell to less than Tk. 500 million, the lowest in 13 years. Moreover, the Bangladeshi bourses also remained closed for 66 days from March 2020 owing to the spread of the novel coronavirus.

Since then, things have taken a very promising turn. As per Asia Frontier Capital, DSEX grew by 24.4% in Q3 (July-September) of 2020, the highest gain in key index among the world’s top performing stock exchanges. A Bloomberg report earlier also stated that Bangladesh’s stock market rose the highest among Asian stock markets in August and was the global top performer with a 15.8% gain in key index. The report highlights very attractive valuations, lower interest rates, smothered economic reopening after the shutdown to stop the spread of the coronavirus, better remittance inflow, and recovery in export earnings to mainly contribute to this reversal.

Several noticeable developments have been taking place since the recent change in BSEC leadership. Strengthening monitoring to stop manipulation, mandatory shareholding by the directors, bringing more good companies in the

market, taking steps to bring junk stocks into the main trading platform by improving their compliance and financial base -- all these steps are paying off now. However, one area which needs to be reassessed is the floor-price scheme in the main market. It is currently discouraging investment, especially for small investors. They should also encourage electronic trading even more now in this age of maintaining social distance.

To ensure greater investment flow, the bond market needs to be tapped into as well. A working primary bond market is a prerequisite for that. Bangladesh requires huge investment in power and infrastructure. If the bond market could be initiated with investor-friendly policies, then certainly that could not only bring in some fresh investments but also shift the overreliance on the banking sector for financing purposes.

Stimulus packages are definitely helping the businesses affected by the pandemic, but we need more long-term plans to reverse the economic downturn. The sooner these plans come to fruition, the better prospects of early revival. Bangladesh will have to plan for achieving the SDGs as well as face stiff competition once it graduates from the list of LDC countries. The government is also working to improve the ease of doing business in the country. Faced by these changing times, continuously increasing the confidence of the investors will be ideal for raising capital and ensuring investment. Improvements made during the last quarter should also be made sustainable through promotion of good governance. There is no shortcut to it, but if we plan now, it could definitely become a reality in the future.

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ARTICLECOMING OUT OF A CRISIS, THE BOLDEST COMPANIES WINBy Geoff Colvin

Negotiations were not going well in early June as Uber CEO Dara Khosrowshahi tried to wrap up his acquisition of Grubhub, a major competitor of his Uber Eats food delivery business. He and Grubhub founder Matt Maloney reportedly couldn’t agree on how to handle the inevitable antitrust scrutiny the deal would attract, the amount of a breakup fee, and who would run the combined delivery operation. Frustrated, Khosrowshahi walked away—and within hours a company most Americans had never heard of, Amsterdam-based Just Eat Takeaway.com, swooped in and signed a deal to buy Grubhub for $7.3 billion.

The move was even more audacious than it looked. Just Eat Takeaway is a money-losing startup that agreed to pay a price equal to half its market value. Nonetheless, while no one knows how the overcrowded food-delivery industry will shake out, history says the ambitious Dutch outfit may have done something very smart.

That’s because economic calamities—even tragic, once-a-century global pandemics—require business leaders to find opportunity in the chaos. It’s there to be found. Leaders who can seize it will mitigate the pain for employees, consumers, vendors, communities, and investors. The big lesson from past downturns is that the competitive order within industries will change far more now than it ever will in prosperous times. The big winners will be the bold companies that break from the mainstream, acting courageously and fast.

As economies reopen, the great challenge for business leaders in

all industries is to look beyond their immediate operational issues, as critical as they are, and also think strategically about longer-term decisions they can make in this moment—positioning themselves to flourish in the good times ahead.

The results can be dramatic. In the technology bust of 2000 to 2002, 47% of the tech companies that went into the downturn as leaders emerged as laggards, while 13% of those that went in as laggards came out as leaders, as measured by McKinsey. That’s a radical reordering of a giant industry, and it all happened in just two years.

Every downturn is unique, and this one is especially unusual because it wasn’t sparked by economic or financial forces. A new disease combining with a digital, global economy produced truly new conditions. We’ve just had the Snapchat version of the Great Depression, with GDP plunging and unemployment spiking and then abating in a matter of weeks, producing what may have been the world’s shortest economic downturn. Now, although GDP is apparently growing again and the number of unemployed is declining, we’re experiencing the dial-up Internet version of a recovery—it will be maddeningly slow.

The upside: There’s still plenty of time to capitalize on the opportunities of this massive disruption. They’re available to anyone brave enough to follow the lessons of past downturns, unconventional though they may seem. Five principles stand out.

The most timeworn maxim of tough times is “Cash is king,” and the first response to a downturn in many firms is to cut costs with a fervor and hoard

cash desperately. Yet the results are surprisingly poor. In a massive study of 4,700 public companies during past recessions, researchers at the Harvard Business School found that the most energetic cost cutters “have the lowest probability—21%—of pulling ahead of the competition when times get better.”

The reasons are many. “Executives and employees start approaching every decision through a loss-minimizing lens,” the researchers found. “A siege mentality leads the organization to aim low… Pessimism permeates the organization.” More concretely, the fiercest cost cutters are most likely to miss investments that would pay off after the recession, leaving them behind the industry leaders and trying to catch up in a hotter environment where costs are higher.

By contrast, companies that come out of downturns most strongly actually increase spending on some items while cutting carefully elsewhere. Consider Apple, which was a much smaller and more troubled company going into the 2001–2002 recession than it is today. Even though revenue fell 33% in 2001, the company increased R&D spending substantially and kept it there for the next two years. Results included the iTunes music store in 2003 and other iPod innovations in 2004, helping to turn the company around and setting it on its historically successful path.

The most successful companies—industry leaders that remain leaders through recessions—are master managers of operating expenses. Compared with competitors who come out of recessions badly, they actually spend less on SG&A (selling, general, and administrative expenses) in good times but then spend significantly more on it during the downturn, according

Don’t just cut costs—rethink them

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to McKinsey researchers—“the most dramatic and least expected response of the leaders to the recession,” they say. In addition, those leaders “more than doubled their already higher-than-average level of spending on R&D during the recession.”

A favorite target of cost cutters is advertising because it’s so easy to turn up or down, but the most successful companies don’t cut even that. Compared with their less successful peers, they spend less on advertising in the good times, then spend more in the recession while the competition has cut back, giving them an edge when the economy turns up. De Beers, the world’s largest diamond seller, increased marketing spending in the 2008 holiday season, at the depth of the financial crisis, rather than risk losing its place in the minds of gift givers. Researchers at Boston Consulting Group conclude, “Companies that injudiciously slash marketing spending often find that they later must spend far more than they saved in order to recover.”

To be sure, sometimes cash really is king. When lockdowns virtually close businesses like Hertz, Neiman Marcus, and Gold’s Gym, all of which have filed for bankruptcy protection, a cash obsession makes sense. Everybody else must find what the Harvard researchers call “the elusive balance” between cutting costs, usually through operational efficiency, and spending more, often on R&D and marketing. That’s what the winners do.

Don’t just accept the new normal—embrace it Update your business model

Step into one of Alibaba’s Hema stores in Beijing and you’ll notice 10 or 15 small restaurants around the perimeter. It looks like a food court until you notice a fresh-foods area plus some dry grocery, “but much greater choice than a convenience store, and better brands,” says Dan O’Connor, a veteran retail

consultant and a fellow at Harvard Business School’s Advanced Leadership Initiative. Look closer and you’ll see “people running all around the store with these bags,” which they fill with items and deposit on a conveyor taking them “up and across the ceiling and into a back room,” outside of which are parked 100 motorcycles. “Their brand promise is, ‘Anything here in 30 minutes if you live within three kilometers [1.8 miles] of the store.’ That gives them eight minutes to pick the order. And they’re picking 200,000 digital orders a month out of 40,000 square feet,” he marvels. “This is where we’re going.”

Many of the most successful retailers in the pandemic worldwide are those that most quickly embraced a new reality: Millions of consumers want everyday items delivered, fast, and as economies reopen, shoppers are not going back to their old ways of buying. That trend was already underway, and the pandemic powerfully accelerated it, as it has done with trends in many industries. The challenge is adapting to these trends in weeks or months rather than years.

For example, a building’s amenities—restaurant, gym, terrace childcare center—must all be managed differently, or, in future buildings, planned differently. Landlords and tenants at the forefront are rethinking every detail. “How do you solve for coffee?” asks Karen Ellzey, CBRE’s executive managing director. “People are thinking about being able to order it remotely. A machine makes it, and

maybe somebody brings it to you, or maybe in the future a robot does because it knows where you are.”

It’s a small thing that exemplifies a larger issue, what Ellzey calls “the service culture” that landlords and tenants are trying to elevate. Reaching that goal has now become more complex. Rethinking coffee is “a way to marry up the need for safety with something that feels like a higher level of service.”

Business leaders in any industry can confidently embrace the new normal because in most cases it was already on the way, just on a much slower schedule. In one of those coincidences that publishers dream about, a book called Healthy Buildings appeared in April. It argues that people are far more productive in healthier environments, based on air quality, temperature, noise, lighting, and other factors, and shows that a trend toward healthier buildings was already underway. Suddenly it’s happening much faster.

But beware: An accelerating trend can derail other trends. “Will we get a vaccine or not, and what happens with the price of oil?” asks John Macomber, a coauthor of Healthy Buildings, former chairman of a major New England construction firm, and now an instructor at the Harvard Business School. “If oil prices remain low and it’s inexpensive to drive, and COVID-19 remains a problem, there’s much more incentive to spread out—a total reversal of the trend of the last many years.”

No one in the hotel industry knows how quickly business will return—before reopening, revenue was down 90% in some markets—but they know one thing for sure: They won’t be making money in the same way they did pre-COVID for a long time, if ever. The problem is that most hotels operate on

Some of the most dramatic shifts are happening in office buildings, many of which have sat almost empty for months and are only beginning to open up. The trend that’s accelerating is what the industry calls community—creating and managing the workplace to offer a building-wide experience through events, amenities, concierge services, and related elements.

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a business model that includes revenue from many sources in addition to rooms. Guests spend on restaurants, bars, golf, retail shops, parking, spas, meetings, conventions, and other offerings. Even when travelers eventually feel safe again checking into a room, they may balk at some of those other activities.

To make a profit on rooms only, hotels would need far higher occupancy rates. A new analysis by HotStats, a hotel industry data firm, finds that full-service hotels normally break even at 39% occupancy, but without those ancillary revenues they need 46% occupancy—a level U.S. hotels on average aren’t reaching.

It’s time for an updated business model. For example, hotels “could use their meeting facilities with groups from the community to find new revenue,” says Kate Walsh, dean of Cornell University’s famed hotel school. “Green spaces will be more valuable,” so hotels might open their golf courses to the public. As guests remain leery of gyms, “a Peloton in your room” could make sense.

Other industries are adjusting their operating models. Companies that had relied on in-person sales calls were forced to go digital during lockdowns, and an April survey by McKinsey found that 60% of those companies judged their new remote sales model at least as effective as their old model, and often more effective. Those companies won’t be going back as the economy reopens. Companies in almost every industry—food, technology, furniture, toys, pharmaceuticals, and many more—have faced disrupted supply chains. Rather than continue with business models based on lowest-cost suppliers, they’re switching to a more diversified and less risky set of suppliers.

Make strategic acquisitions

Steal great peopleCorporate takeovers have plunged in the pandemic, with U.S. deal value down

This is how winners behave in a downturn. In a study of nearly 1,000 industrial companies, McKinsey researchers found pre-recession industry laggards that emerged from a recession as leaders made far more acquisitions than their less successful peers did, and those acquisitions were much larger. The winning companies made courageous bets, spending much more of their cash than their former peers. And, the researchers observe, the winners “seem to have pursued transactions that offered greater opportunity to shape industries.” That is exactly why canny M&A is so valuable in a downturn.

Tech companies in particular are busy making deals. Microsoft, Facebook, Zoom, and others announced 10 major acquisitions in May, and Amazon was rumored to be acquiring Zoox, a developer of autonomous driving technology. Yes, the biggest tech companies are among this downturn’s most successful businesses, so they have deep pockets. But smaller firms are active, too, and smart deals can be even more transformative for them, especially on terms that may not be available again. Just Eat Takeaway.com’s agreement with Grubhub is only one example.

Financial stress sometimes addles the

Irrational competitors offer a rare chance to build the most valuable capital in your business, the human capital. Now is “an unprecedented opportunity to hire great talent,” says Claudio Fernández-Aráoz, a former partner in the Egon Zehnder executive search firm. “A lot of people are available,” he notes, with record layoffs at every level. The best people may not be laid off but may be reassigned or asked to move. In addition, “people are recalculating their priorities” in this massive reset, “asking, ‘What is my purpose in life?’” And even in the post-lockdown era, “candidates are more accessible than ever because they’re still working from home and can have conversations without the boss looking over their shoulder.”

Ask your company’s leaders to name specific people they’d like to have onboard, and contact them. Identify people you may not know who’ve been laid off in heavily hit industries, not just your own. When trying to close the deal with an attractive candidate, it’s often effective to bring in the CEO to express his or her passion for the business.

One more thing: Don’t forget to assess your own people and protect the stars. In boom times it’s easy to delude oneself into thinking the team is all A players. In tough times you find out who they really are. Make sure they know they’re valued.

Source: https://fortune.com

50% from last year, says Refinitiv. Yet some business leaders are bucking the trend; they think now is a great time to be buying. “M&A is the No. 1 priority in our capital allocation strategy,” VF Corp. CEO Steve Rendle told Yahoo Finance last month. Just to make sure the world knows he’s looking, he told the Financial Times in mid-June, “In times like this, some of the greatest returns could be generated through acquiring.” VF owns apparel brands including Vans, Timberland, and Dickies, all of which were acquired.

mind, even in top-level executives. In the midst of the financial crisis, when Boston Consulting Group asked almost a thousand of them about their experience in the previous downturn, they said their third-most-effective action (out of 22) was “hiring high-performing employees of competitors.” But when asked to name the actions they planned to take in the then-current crisis, their No. 1 response was “cutting back on recruiting.” Huh?

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ROBI AXIATA LIMITED

UNILEVER BANGLADESH LIMITED

GUARDIAN LIFE INSURANCE LIMITED

Robi Axiata Limited recently launched a brand-new customer loyalty program- “Robi Elite”. The loyalty program, Elite allows Robi to express its gratitude to the staunchest supporters of the brand. Robi Elite will enable top Robi users to experience special benefits – exclusive privilege, lifestyle offers and priority services. More rewards will gradually be added to express Robi’s gratitude to its loyal customers. Elite customers will be identified as Select, Platinum, Diamond and Gold tier customers based on their usage and duration with the brand. Customers in the higher tiers will be able to enjoy exclusive offers at five-star hotels and free lounge access while travelling abroad. Along with over 250 renowned partners from food, clothing, lifestyle, entertainment, healthcare and other industries, Robi Elite is partnering with various top digital services, so that customers can avail online based lucrative product and service offers amid the COVID-19 pandemic.

UN Women Bangladesh in collaboration with Unilever Bangladesh and the Ministry of Expatriates’ Welfare and Overseas Employment (MoEW&OE) launched a project to support women returnee migrants with ‘dignity’ packages and health-hygiene kits in 10 districts across the country. Aiming at protecting returnee women workers from COVID-19 risks and challenges, the project will provide emergency food, personal health and hygiene products and skill development opportunities. Funded by UN Women, the government of Japan and Unilever Bangladesh Limited, the project will be implemented by two women rights organizations -- Bangladesh Nari Sramik Kendra (BNSK) and Badabon Sangho--in locations, including Dhaka airport, Dhaka Urban, Manikganj, Keraniganj, Narsingdi, Rajbari, Jessore, Bagerhat, Sylhet, Habiganj, Patuakhali and Jamalpur. Due to the COVID-19 outbreak, women migrant workers are facing challenges as they have lost their jobs in Countries of Destination (CoDs), which has put them into greater risks such as lack of food and nutrition, health risks, exposed them to gender-based violence at home and in public as well as social stigma. The project will support these women through providing Cash for Work (CFW) support, create livelihood options, engage in community work for disseminating awareness information on COVID-19 prevention.

The COVID-19 has given a new boost in digital innovation worldwide. Now due to maintaining social distancing and health safety for COVID-19, selling/buying insurance in person became challenging. With the relentless pursuit of being a customer-centric life insurer, Guardian Life Insurance Limited has implemented e-KYC (Electronic Know Your Customer) solution within its EasyLife app along with a newly designed and revamped EasyLife website. This is the first e-KYC integration of the whole insurance industry in Bangladesh allowing customers to buy life insurance in just 5 minutes! The company has introduced this major initiative to have a better and secure customer onboarding process through app/web. From now on, customers would be able to complete life insurance buying journey through e-KYC by just taking pictures of NID (both sides) and nominee NID (both sides) along with face verification (cross matching and verifying information with Election Commission database) process.

MEMBERS NEWS

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PRIME BANK LIMITED

BRAC BANK LIMITED

LANKABANGLA FINANCE LTD

Prime Bank Limited introduced a unique women-focused initiative -- 'Neera' with a promise to help achieve financial freedom, social progress, self-care and wellness of women of all spheres of the society. Today women in Bangladesh are making significant contribution to the economy. 'Neera' appreciates their immense contribution and promises to create an enabling environment so that they can realize their innate talent and full potential and pursue their dreams. The primary objective of 'Neera' is to integrate all women irrespective of age, profession, income, social status, of urban or rural areas into financial system especially those who are unbanked. 'Neera' will emphasize catering to the unbanked women, for example, homemakers, who are not being served in traditional banking system, also those are lagging behind in the society and also those who do not have previous history of banking relationships at all. Women will find 'Neera' by their side in their pursuit of standing on their foot and achieving true independence and self-esteem in life.

BRAC Bank Limited recently launched a healthcare benefits package for its MasterCard users. The MasterCard healthcare package comes with an opportunity to get up to 50 per cent discount on health-related services by using BRAC Bank’s MasterCard debit and credit cards. The package includes an array of healthcare services such as sample collection, health screening, telemedicine, video consultation, diagnosis, etc. Some of the services are only online-based while the rest can be availed physically. The healthcare partners’ names and applicable discounts are available in https://www.bracbank.com/mastercard_health_care_campaign_2020.html. This unique campaign designed to help the BRAC Bank customers avail of necessary healthcare supports from renowned medical service providers, especially during the coronavirus (COVID-19) pandemic. The campaign began on 5 August 2020, and will run till 5 November 2020.

LankaBangla Finance Ltd (LBFL) recently signed a memorandum of understanding (MoU) with Shinepukur Suites for its customer privilege. Under the agreement, LBF cardmembers will enjoy buy one get two (B1G2) Buffet Lunch and Dinner (weekend) and also up to 60 percent discount on room accommodation and food (Ala Carte menu). Mr. Khurshed Alam, Head of Retail Business of LankaBangla Finance and Mr. Biswajit Saha, Head of Operation & Corporate Affairs of Shinepukur Suites signed the deal on behalf of their respective organizations. Mr. Md Minhaz Uddin, Head of Cards, Mr. Khaja Wasiullah, Head of Card Sales and Merchant Relationship of LBF and Mr. Masud Rana, Head of Sales (RD) of Shinepukur Suites and other officials of both organizations were present at the signing ceremony.

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ACI MOTORS LIMITED

MUTUAL TRUST BANK LIMITED

ACI Motors Limited and HIMOINSA, a top Spanish diesel generator manufacturer joined hands to fulfill the demand in electricity and power sector of Bangladesh. The business conglomerates held a virtual signing and launching ceremony on September 8, 2020. ACI motors initiated their power generation business with diesel generators back in 2016. They will now represent HIMOINSA Generator for different applications all over Bangladesh. HIMOINSA is the 4th largest generator manufacturer in the world with eight production centers. Major features of HIMOINSA are fuel efficiency, extended fuel tank, remote monitoring system, mechanical and electrical protection devices. Dr F H Ansarey, Managing Director and CEO of ACI Motors Limited, Subrata Ranjan Das, Executive Director, ACI Motors Limited, along with Francisco Gracia Gomez, CEO and President, HIMOINSA, Jimmy Onishi, Divisional Manager-Global Operation Division, Yanmar Energy System, Marco Perillo, APAC Region Head, HIMOINSA Asia Pacific PTE Ltd were present at the launching and signing ceremony through online platform.

Mutual Trust Bank Limited (MTB) signed a Memorandum of Understanding (MoU) with United Property Solutions Limited (UPSL) at a simple ceremony recently. Under the agreement, the clients of United Property Solutions Limited (UPSL) will be able to avail Home Loan with 50% waiver on the loan processing fee and MTB clients, likewise, will be entitled to buy apartments with special discounted offer from United Property Solutions Limited (UPSL). Sheikh Mohammad Faruk Hossain, Director, Sales & Marketing, United Property Solutions Limited and Md. Towfiqul Alam Chowdhury, Head of Business, Retail Banking Division, Mutual Trust Bank Limited (MTB) signed the agreement on behalf of their respective organizations. Nizamuddin Hasan Rashid, Associate Director, United Group, Najmul Hasan, CEO, United Property Solutions Limited and Azam Khan, Group Chief Communications Officer from MTB along with other senior officials from both the organizations were also present during the signing ceremony.

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Resurgent Bangladesh – a dialogue platform jointly formed by Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI), Dhaka Chamber of Commerce and Industry (DCCI), Business Initiative Leading Development (BUILD), Chittagong Stock Exchange (CSE), and Policy Exchange Bangladesh (PEB) – organized a Zoom dialogue titled ’Towards A Conducive Tax System: The Reform Imperative and Priorities’ on 03 October 2020.

Mr. Mahtab Uddin Ahmed, Managing Director (MD) and Chief Executive Officer (CEO), Robi Axiata Limited, Dr. Ahsan H. Mansur, Executive Director, Policy Research Institute (PRI), Dr. Nasiruddin Ahmed, Former Chairman, National Board of Revenue (NBR), Mr. Abul Kasem Khan, Chairperson, Business Initiative Leading Development (BUILD), Mr. Shams Mahmud, President, Dhaka Chamber of Commerce & Industry (DCCI), and Mr. Md. Fariduddin, Former Member, Customs and VAT, NBR were the panel discussants.

CHAMBER EVENTDIALOGUE ON ‘TOWARDS A CONDUCIVE TAX SYSTEM: THE REFORM IMPERATIVE AND PRIORITIES’

The purpose of the event was to discuss Bangladesh’s growth and development outlook during the post COVID-19 era and provide knowledge inputs to the government for necessary policy reforms to attain vision 2021 and ultimately vision 2041. Mr. Syed Nasim Manzur, Former President, MCCI delivered the welcome remarks. Ms. Nihad Kabir, President, MCCI, delivered the keynote presentation at the dialogue, which was moderated by Dr. M. Masrur Reaz, Chairman, PEB. Mr. M. A. Mannan, M.P., Minister for Planning, graced the event as the chief guest while Dr. Mashiur Rahman, Adviser to the Prime Minister on Economic Affairs, and Mr. Salman F. Rahman, M.P., Adviser to the Prime Minister on Private Industry and Investment, joined the event as special guests.

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CORPORATE NEWS

Robi Axiata Limited, the second-largest mobile network operator in Bangladesh, has been given the green light to raise Tk 5.2 billion from the capital market through an initial public offering (IPO) to expand its network. The Bangladesh Securities and Exchange Commission (BSEC) approved the operator's plans to offload about 523.8 million shares on the stock exchanges. The proceeds from the proposed listing will be used to expand Robi's capital expenditures and enhance its profile as one of the leading mobile telecommunication services in Bangladesh. Robi appointed IDLC Investments Ltd as the issue manager for the IPO. With an issue size of Tk 5,237 million, Robi's is set to be the biggest ever IPO in Bangladesh.

The board of directors of Apex Footwear Limited recommended 25 percent cash dividend for the year ended on 30 June 2020. The board of directors also recommended to amend/inclusion/deletion the Articles of Association of the Company subject to approval by the shareholders at the extraordinary general meeting (EGM). The company also reported earnings per share (EPS) of Tk 5.62, net asset value (NAV) per share of Tk 249.95 and net operating cash flow per share (NOCFPS) of Tk 144.14 for the year ended on 30 June 2020. The company’s paid-up capital is Tk 113 million and authorized capital is Tk 500 million while the total number of securities is 11.25 million.

Meghna Petroleum Limited, a publicly traded company, signed an agreement with JMI Industrial Gas Limited as part of its business expansion through selling liquefied petroleum gas (LPG). Under the agreement, the petroleum company will sell LPG by establishing LPG (Auto gas) refueling stations and LPG conversion workshops parallel with the sale of refueling oil through the company’s registered filling stations. Meghna Petroleum will receive royalty of Tk0.50 against per liter sale of LPG. Recently, Meghna Petroleum signed similar agreements with four other companies -- Beximco LPG Unit-1, Bashundhara LP Gas, Omera Gas One and Unitex LP Gas as part of its business expansion by selling LPG through its registered filling stations.

The board of directors of The IBN Sina Pharmaceutical Industry Ltd recommended 38.50 percent cash dividend for the year ended on 30 June 2020. The company also reported consolidated earnings per share (EPS) of Tk 12.43, consolidated net asset value (NAV) per share of Tk 56.74, consolidated net operating cash flow per share (NOCFPS) of Tk 14.08 for the year ended on 30 June 2020. The company's

The board of directors of United Power Generation & Distribution Company Ltd decided to acquire two power plants of the United Group, subject to compliance of all related regulatory requirements. The power generation company decided to acquire 99 percent shares of United Anwara Power Ltd (UAnPL), a 300MW HFO fired power plant located at Anwara, Chattogram, effective on 1 July 2020 at net asset value (NAV) based on the financial statements as on 30 June 2020 of UAnPL. United Power also decided to acquire 99 percent shares of United Jamalpur Power Ltd. (UJPL), a 115MW HFO fired power plant located at Jamalpur, also effective on 1 July 2020 at net asset value (NAV) based on the financial statements as on 30 June 2020 of UJPL.

Runner Automobiles Limited is going to set up a three-wheeler manufacturing plant in Bangladesh with the association of Indian automobile company Bajaj Auto Ltd. The board of directors of Runner Automobiles is set to sign an agreement with the Indian company to set up the plant with a cost of Tk 3.0 billion. Under the agreement, Runner will manufacture and distribute Bajaj’s RE 4S three-wheeler in Bangladesh and will take necessary technical support for localization of parts and components, assembling and manufacturing of vehicles from Bajaj Auto. This will be the first ever three-wheeler manufacturing set-up of a global brand in Bangladesh. The company’s paid-up capital is Tk 1.13 billion and authorized capital is Tk 2.0 billion while the total number of securities is 113.53 million.

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The board of directors of Apex Tannery Limited decided to enter a contract with three companies to sell its finished leather. The companies are FB Footwear Ltd, Footbed Footwear Ltd, and Nuovo Shoes (BD) Ltd. The contract is for sale of finished leather by the company in its usual course of business at prices of various grades and quality as mentioned in the contract. The board of directors of the Apex Tannery Limited recommended 12 percent cash dividend for the year ended on 30 June 2020. The tannery company also reported earnings per share (EPS) without fair valuation surplus of minus Tk 1.19, net asset value (NAV) per share of Tk 63.89 and net operating cash flow per share (NOCFPS) of minus Tk 3.34 for the year ended on 30 June 2020.

paid-up capital is Tk 312.44 million and authorized capital is Tk 500 million while the total number of securities is 31.24 million. The sponsor-directors owned 44.44 percent stake in the company, while the institutional investors owned 21.26 percent and the general public 34.30 percent on 31 August 2020.

The board of directors of Trust Bank Limited recently approved the issuance of fully redeemable non-convertible unsecured subordinated bond worth Tk 4.0 billion to strengthen the capital base of the bank. However, the issuance of bond is subject to approval of the regulatory authorities. The bank’s consolidated earnings per share (EPS) stood at Tk 1.14 for April-June 2020 while consolidated net asset value (NAV) per share was Tk 27.10 on 30 June 2020. The bank’s paid-up capital is Tk 6.43 billion and authorized capital is Tk 10 billion, while the number of securities is 643.29 million. The sponsor-directors owned 60 percent stake in the bank, while institutional investors owned 17.49 percent, foreign investors 0.73 percent, and the general public 21.78 percent on 31 August, 2020.

Bangladesh Securities and Exchange Commission (BSEC) allowed Index Agro Industries Limited to determine the cut-off price of its shares through eligible investors' bidding – a requirement for going public under the book-building

Bangladesh Securities and Exchange Commission (BSEC) approved Tk500 crore non-convertible, floating rate, mudaraba subordinated tier-2 capital bond of Al-Arafah Islami Bank. The bond with tenure of seven years will strengthen the capital base of the bank. Per unit price of the bond is Tk5 lakh. The units will be sold to banks, financial institutions, insurance companies, corporate bodies, asset management companies, mutual funds, and high net worth individuals, “other than existing” shareholders of the company through private placements in cash consideration. Green Delta Insurance will act as the trustee and Prime Bank Investment Limited as arranger for the bond.

method. Only institutional investors can participate to explore the cut-off price of the company's shares under the electronic bidding process. Besides, the cut-off price will be set based on the bids submitted by the investors. Index Agro Industries Limited intends to raise Tk50 crore through the initial public offering (IPO). The company will use the IPO proceeds to acquire machineries and equipment, construct buildings and civil works, and cater expenditures for the IPO process. AFC Capital Limited and EBL Investments Limited are the issue managers for the company's IPO.

Bangladesh Securities and Exchange Commission (BSEC) approved the initial public offering (IPO) proposal of Crystal Insurance Company Limited to raise Tk16 crore from the country’s capital market. Under the fixed price method, the company will offload 1.60 crore ordinary shares for Tk10 each. Crystal Insurance Company will use the IPO fund to invest in the capital market and fixed deposit receipt in banks and meeting IPO expenses. As per the audited financial statements for the year ended on 30 June 2019, the company’s net asset value per share (without valuation) and weighted average earnings per share were Tk24.42 and Tk2.58 respectively. Sonar Bangla Capital Management Limited is the issue manager of the company’s IPO. The eligible investors including institutional ones who intend to subscribe the company’s IPO shares must have at least Tk1 crore in investment in the capital market five days before the subscription starts.

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Bangladesh Securities and Exchange Commission (BSEC) allowed PRAN Agro Limted to float fully redeemable non-convertible unsecured corporate guaranteed bond worth Tk210 crore. Per unit price of the bond is Tk10 lakh. The tenure of the bond is seven years. The discount rate of this bond is 8% to 10%. Green Delta Insurance will act as the trustee and Riverstone Capital Limited as arranger for the bond.

PRAN AGRO LIMTED

The board of directors of IDLC Finance Ltd decided to issue unsecured non-convertible zero-coupon bonds worth Tk 5.00 billion with four years tenure (in face value). The non-bank financial institutions will issue the bond only through private placement. However, the issuance of bond is subject to the approval of the regulatory authorities. The company’s paid-up capital is Tk 3.77 billion and authorized capital is Tk 10 billion, while the number of securities is 377.05 billion. The sponsor-directors owned 56.66 percent stake in the company, while institutional investors owned 21.24 percent, foreign investors 11.34 percent and the general public 10.76 percent on 31 August 2020.

Genex Infosys Ltd, one of the largest and publicly listed IT companies, signed an agreement with Sonali Bank Ltd — the state-owned commercial bank, for implementing online tuition fee payment systems across the country. Under the deal, students of all the schools managed by Sonali Bank are now able to pay their fees online through the bank. Genex Infosys Ltd is providing technical assistance to Sonali Bank in this regard. With this engagement, Genex Infosys is expecting to generate an additional Tk 30 million to Tk 50 million in revenue per year. The company’s paid-up capital is Tk 938.40 million and authorized capital is Tk 1.0 billion while total number of securities is 93.84 million. The sponsor-directors owned 34.99 percent stake in the company, while the institutional investors owned 28.22 percent, foreign investors 0.35 percent and the general public 36.44 percent on 31 August 2020.

The board of directors of Marico Bangladesh Ltd decided a phase-wise investment of Tk 2.27 billion for the purpose of increasing manufacturing capacity. Marico, one of the listed multinational companies, is also setting up operations in the Special Economic Zone under Bangladesh Economic Zones Authority (BEZA). The company disbursed a total of 950 percent cash dividend for the year ended on 31 March 2020. The company’s paid-up capital is Tk 315 million and authorized capital is Tk 400 million while total number of securities is 31.50 million. The sponsor-directors owned 90 percent stake in the company, while the institutional investors owned 3.21 percent, foreign investors 5.39 percent and the general public 1.40 percent on 31 August 2020.

The board of directors of Summit Power Ltd recommended a 20 percent final cash dividend for the year ended on 30 June 2020. The company also reported consolidated earnings per share (EPS) of Tk 5.17, consolidated net asset value (NAV) per share of Tk 31.50 and consolidated net operating cash flow per share (NOCFPS) of Tk 9.42 for the year ended on 30 June 2020. The company’s paid-up capital is Tk 10.67 billion and authorized capital is Tk 15 billion while total number of securities is 1.06 billion. The sponsor-directors owned 63.21 percent stake in the company, while the institutional investors owned 21.71 percent, foreign investors 3.65 percent and the general public 11.43 percent on 31 August 2020.

Eastland Insurance Co. Ltd. reported that it had earned a gross premium of Tk 1,035.32 million during the year 2019. Net profit of the company after tax stood at Tk 112.48 million in the same year. The company reported that during the last 33 years it had settled claims amounting to Tk 3,048.39 million. Total assets of the company stood at Tk 2,595.23 million on 31 December 2019. The company at its 33rd annual general meeting (AGM) approved a total of 10 percent dividend (5.0 percent cash dividend and 5.0 percent stock dividend/bonus share) for the year 2019 as recommended by the board of directors.

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NATIONAL NEWSEXPORT READINESS FUND LAUNCHED

WORLD BANK APPROVED $200 MILLION FOR IMPROVING ACCESS TO SAFE WATER AND SANITATION SERVICES IN RURAL AREAS

$70 MILLION OFID SUPPORT TO OFFSET COVID-19 IMPACTS

BEPZA SIGNED US$56.33 MILLION NEW INVESTMENT AGREEMENT WITH SEVEN COMPANIES

The Ministry of Commerce recently launched a new Export Readiness Fund (ERF) with an initial amount of $10 million to bring diversification in the country's export basket. The ERF, a program under the Export Competitiveness for Jobs (EC4J) project, under the Ministry of Commerce and funded by the World Bank Group, aimed at boosting the export of four promising sectors such as leather and leather goods, footwear, plastic and light engineering.

The World Bank has approved $200 million to help Bangladesh improve access to safe water and sanitation services in rural areas. The Bangladesh Rural Water, Sanitation and Hygiene for Human Capital Development Project will help about 600,000 rural people avail safe and clean water through large and small piped water schemes. It is expected to provide access to improved sanitation services to over 3.6 million rural people.

The OPEC Fund for International Development (OFID) would provide US$70 million budgetary support to Bangladesh,

Bangladesh Export Processing Zones Authority (BEPZA) has signed 56.33 million US dollar new investment agreement with seven companies during Coronavirus (Covid-19) pandemic. Among them, five companies are foreign owned and two companies are from host country Bangladesh. The operating enterprises of eight EPZs under BEPZA exported goods worth of $3913.14 million during January-August, 2020. The actual investment stood $169.91 million in those enterprises during this time.

BANGLADESH BANK RELAXES ESF CONDITIONS

Bangladesh Bank (BB) amended the guidelines for the Entrepreneurship Support Fund (ESF) to make it easy for the entrepreneurs. The amendments included, cutting fees for application, defining women entrepreneurs and reduction of land areas for agriculture farms. The fund is meant for food-processing, agricultural industry and ICT. The BB said

for the first time, to weather the impacts of the Covid-19 pandemic on the economy. The board of the Vienna-based lender recently approved the financial package, to be injected into the Bangladesh's national budget for the current fiscal year. The $70 million OFID loan will have to be repaid in 12 years, with three years as a grace period. The OFID will charge 1.25 percent interest rate and 1.0 percent service charge for the budgetary support credit.

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REPO RATE SLASHED TO INJECT BANK FUNDS INTO STOCK MARKET

PRODUCTIVITY TO BE 5.6% BY 2031

NBR INTRODUCES AUTOMATED CHALLAN SYSTEM

The Bangladesh Bank (BB) recently reduced the repurchase agreement (REPO) rate to 4.75% from 5% to form special funds by scheduled banks for investment into the stock market. The central bank lowered the rate with a view to align the REPO rate for stocks with the BB’s REPO rate in its monetary policy statement for the current fiscal year.

RATE CUT LOWERS Q2 FIXED DEPOSITSThe volume of fixed deposits with the banking system fell by 2.41 percent in the second quarter ending in June 2020 compared to January-March, dwindled by lower interest rate. The amount of fixed deposits decreased by Tk 139.4 billion in the three months to June compared with the preceding quarter and stood at Tk 5.67 trillion. The volume of savings deposits, on the other hand, grew by nearly 9.0 percent to Tk 2.7 trillion in April-June period over January-March. In the meantime, bankers say that the fall in interest rate was the key reason behind the drop in the fixed deposit with the banking system.

214,000 BO ACCOUNTS CLOSED IN FY2020-21 SO FARMore than 214,000 beneficiary owner (BO) accounts have closed in the first two and a half months of the ongoing 2020-21 fiscal year. According to the Central Depository Bangladesh Ltd (CDBL) data, the number of active BO accounts was 2.5 million on July 1 in this year, which declined to 2.3 million on September 17. July is the month for clearing annual renewal fees of BO accounts. number of BO accounts closed due to non-payment of those renewal fees by the stock investors amid sluggish stock business during the Covid-19 pandemic.

By 2031, productivity in all sectors of Bangladesh will be increased from the current 3.8 percent to 5.6 percent and therefore, in order to increase sector- wise productivity, the needs of different sectors will be determined through the medium of experts and action plans will be implemented as per demand. The decision was taken at the 15th meeting of the National Productivity Council (NPC) held recently. The NPC also decided to publish the manuscript with the aim of including ‘Productivity Concepts and Modernisation’ in the

The National Board of Revenue (NBR) recently introduced automated challan system to facilitate deposition of some 196 types of revenues and fees to national exchequer. The newly-introduced system would ease the existing system of depositing money to the state coffer through treasury challans and would also check deposition of fake challans and avert the trend of tax evasion.

Under the system, anyone would be able to deposit the money of treasury challans at Bangladesh Bank or any other branch of the commercial banks in due time. Besides, the clients will also be able to deposit the money of treasury challans through online banking and mobile financial system as well as through cash, cheques and account debit. In case of depositing money through cash, online banking or mobile financial system, the clients will get copies of their challans immediately. In case of depositing money through cheques, the clients will get slips subject to the clearance of their cheques. They will also get text messages in their mobile phones at every tier of issuance of cheques and challans.

The system will be implemented across the country in three phases. In the first phase, it will be implemented at all the branches of the four state-owned banks namely Sonali, Janata, Agrani and Rupali at Dhaka metropolis. In the 2nd phase, this system will be implemented at all the branches of commercial banks at Dhaka metropolitan area while lastly it will be implemented across the country through all the commercial bank branches.

ninth-tenth grade self-employment and business enterprise textbook. Besides, the Bangladesh Bureau of Statistics (BBS) was requested to expedite the Labour Force Survey to determine the level of productivity in the agriculture, services and industrial sectors in addition to the ongoing activities. At the meeting, it was decided to broadcast a program on ‘Strategy for Productivity Development’ on Bangladesh Television with the aim of further strengthening the productivity movement.

the entrepreneurs will now be required to submit EOI at a cost of Tk 2,000, down by Tk 3,000. The entrepreneurs who will set up farm for crocodile will get up to Tk 80 million from the fund.

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INDIA

PAKISTAN

SINGAPORE

INDONESIA

CHINA

INTERNATIONAL NEWS

BHUTAN

MALAYSIA

Remittances flowing into Pakistan reached $2,768 million in July 2020 – the highest ever amount in one month in the history of Pakistan, according to the State Bank of Pakistan (SBP). The amount was 12.2% increase over $2,466.28 million received in June 2020. The highest amount received in July – $821.55 million – came from Saudi Arabia followed by $538.19 million from the United Arab Emirates (UAE), $393.91 million from the UK, $250.6 million from the USA. Other major sources were Oman ($102 million), Qatar ($82.49 million), Kuwait ($69.83), Australia ($52.11 million), Italy ($49.46 million), Canada ($43.13 million), and Bahrain ($42.62 million).

India's manufacturing sector bounced back in August 2020 amid improved customer demand and relaxation of coronavirus (Covid-19) lockdown, according to a survey. The Purchasing Managers' Index (PMI) rose to 52 in August from 46 in the preceding month after four consecutive months of contraction, indicated the survey conducted by IHS Markit, a London-based global information provider that compiles the index. A PMI score above 50 indicates expansion while below it denotes contraction. However, delivery times during the month under review lengthened due to ongoing Covid-19 disruption while employment continued to fall as firm struggled to find suitable workers. Looking ahead, Indian manufacturers remained optimistic for the next 12 months, backed by improving client demand, and new business wins though the country ranks third after the United States and Brazil in terms of Covid-19 infections.

Singapore is set to become the first country in the world to use facial verification in its national identity scheme. The biometric check will give Singaporeans secure access to both private and government services, BBC reported. The government's technology agency says it will be "fundamental" to the country's digital economy. The service was earlier tested in a bank, and after its successful trial, it is now being rolled out all over the country. It not only identifies a person but ensures they are genuinely present. The technology will be integrated with the country's digital identity scheme SingPass and allows access to government services. This is the first time that cloud-based face verification has been used to secure the identity of people who are using a national digital identity scheme.

Malaysia's exports fell 2.9 percent

year-on-year to 79.14 billion ringgit (about US$19 billion) in August 2020 due to lower shipment in all sectors. Malaysia International Trade and Industry Ministry said in a statement that exports of manufactured goods in August fell 0.1 percent, due mainly to lower exports of manufactures of metal and chemicals and chemical products. Exports of agriculture goods decreased by 4.5 percent, mainly on lower exports of sawn timber and molding as well as natural rubber. Exports of mining goods also dropped by 25.9 percent over lower exports of liquefied natural gas. Total trade decreased by 4.6 percent to 145.06 billion ringgit (US$34.8 billion) in August, with imports slipping by 6.5 percent to 65.92 billion ringgit (US$15.81 billion).

The Indonesia recorded a trade surplus of US$2.33 billion in August 2020 with exports and imports valued at US$13.07 billion and US$10.74 billion respectively, according to the Central Agency of Statistics. The surplus is much bigger than US$92.6 million posted in August 2019.The surplus of the Indonesian trade balance in the January-August 2020 was cumulatively recorded at US$11.05 billion. In August 2020, Indonesia enjoyed a surplus of US$1.0 billion with the United States, a surplus of US$451 million with the Philippines, and a surplus of US$425 million with India.

China's garment industry registered shrinking revenues and profits in the first half of the year, but the decline was narrower, data from the Ministry of Industry and Information Technology (MIIT) showed. From January to June 2020, the combined operating revenue of major garment enterprises, each

The Royal Government of Bhutan announced its first sovereign bond to support the economic recovery from the Covid-19 pandemic while diversifying financial sources. The new financing instrument supported by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) is a monumental step in tapping into the domestic resources market and preparing Bhutan to enter the international capital market. Bhutan has recently completed the offering of a three-year bond Series RGOB001 of Nu. 3,000 million (or US$ 41 million) at an annual coupon rate of 6.5 per cent to support financing fiscal needs in response to Covid-19 pandemic. The transaction was well-received and resulted in oversubscription of more than 100 percent. The issuance was mainly dominated by financial institutions, while non-bank institutions such as pension and insurance companies as well as civil society organization also participated. The allotment will be based on a pro-rata basis.

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VIETNAM

AUSTRALIA

PHILIPPINES

SAUDI ARABIA

SPAIN

As many as 1.2 million foreign workers could leave Saudi Arabia in 2020, with some public and private sectors in the country unlikely to bounce back in the near future due to the economic impact of the coronavirus pandemic, according to Riyadh-based Jadwa Investment company. It said that between 22 April and 3 June 2020, a total of 178,000 applications were made to the "Awdah"

with an annual operating revenue of at least 20 million yuan (about US$2.89 million), dipped by 16.39 percent year on year to 577.63 billion yuan, MIIT data showed. Meanwhile, profits of these enterprises shrank 27.34 percent to 23.53 billion yuan from the same period last year. The output of the enterprises was down 13.69 percent to 9.6 billion pieces in the first six months of the year, while exports of clothing and accessories, during the same period, decreased by 19.42 percent year on year to $53.64 billion, said the MIIT.

Vietnamese businesses exported nearly 850 million medical masks in the first eight months of this year, according to the General Department of Vietnam Customs. More than 70 enterprises exported over 135 million medical masks in August alone, local daily newspaper Vietnam News cited the department's data. The largest importers included Japan, South Korea, Germany and the United States. Masks were also exported to Australia, China, Laos, Poland and Singapore. Masks have been a highlight of Vietnamese exports during the Covid-19 pandemic. Textile and garment enterprises have also quickly adapted machinery and raw materials to make medical masks, anti-bacterial fabric masks and protective goods to fill the gaps when processing orders were delayed, according to Vietnam News.

service, an initiative that facilitates the departure of foreign workers. Around 300,000 expats (roughly 2.5 percent of the country's total employees) had already left the kingdom. Hospitality, food services, retail, accommodation, administrative and support activities industries could be adversely impacted by the departures. Despite the expat exodus, unemployment rates among Saudis are expected to remain largely unchanged at 12 percent by the end of the year.

Online business registration in the Philippines skyrocketed as more and more entrepreneurs conduct business via the internet due to strict lockdown restrictions imposed to stem the spread of COVID-19, the Philippines' Department of Trade and Industry (DTI) said. Registration of online businesses jumped to 75,876 as of 2 September from 1,753 recorded in January to 15 March before the government placed Metro Manila and a large part of the economy under quarantine. Citing the latest data from its Business Name Registration Division (BNRD), the DTI said the total number of business names registered in the DTI as of 2 September is 712,657 or 12 percent higher than the 637,690 business names registered during the entire 2019.

Australia's economy has plunged into its first recession in nearly 30 years, as it suffers the economic fallout from the coronavirus. Gross domestic product (GDP) shrunk 7 per cent in the April-to-June quarter compared to the previous three months. This is the biggest fall since records began back in 1959 and comes after a fall of 0.3 per cent in the first quarter, reports the BBC. An economy is considered to be in recession if it sees two consecutive quarters of negative growth. Australia

was the only major economy to avoid a recession during the 2008 global financial crisis - mainly due to demand from China for its natural resources. Australia last fell into recession in mid-1990 which ran into late 1991.

Around 1.35 million jobs have been lost in Spain since the start of the coronavirus crisis six months ago. According to the Spanish National Statistics Institute (INE), 1.07 million of these jobs were lost in the second quarter (April-June) of 2020 alone, the largest quarterly fall in employment in Spain since records began in 1976. In the first quarter of 2020, around 285,000 workers lost their jobs, as the impact of the COVID-19 outbreak began to make itself felt in Europe and lock-down measures were initially put in place. Spain went into lock-down on 16 March and ended all its coronavirus restrictions on 22 June with its declaration of the “new normal”, before re-imposing some local confinement measures in July as COVID-19 cases spiked.

FRANCE

The French government detailed its 100 billion-euro ($118.3 billion) stimulus plan to erase the economic impact of the coronavirus crisis over two years, lining up billions of euros in public investments, subsidies and tax cuts. The plan earmarks in particular 35 billion euros for making the euro zone’s second biggest economy more competitive, 30 billion for more environmentally friendly energies and 25 billion for supporting jobs. With the plan equating to 4 percent of gross domestic product, France is ploughing more public cash into its economy than any other big European country as a percentage of GDP.

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NEW PRODUCTSEVEBOT PRINTPODS PRINTER FITS IN MOST POCKETS

BLINK MINI SECURITY CAM

It looks like a large printer cartridge. The Evebot PrintPods is actually a handheld printer that you can use to print text and graphics on nearly any surface. We know, handheld printers aren’t exactly new, as people have been using them to mark packages for quite some time now. Far as we know, though, no handheld printer in the market comes in a size as compact as this thing, making it so much more convenient to bring anywhere you go. The Evebot PrintPods measures just 3.7 x 2 x 1.7 inches (height x depth x width), making it small enough to fit inside backpack pouches, jacket pockets, and even in some shirt pockets. It works with the companion mobile app (iOS and Android), so you don’t even need to have your desktop or laptop with you to use the device.

Modern security cams are great. They’re easy to set up, easy to use, and easy enough to manage with the accompanying smartphone app. They even come with advanced features like 4K recording, subject identification, and unlimited cloud storage. For majority of people, though, it’s overkill. That’s why it’s great there are also options like the Blink Mini. An entry-level

home security cam, the device packs on all the basic functions, from motion sensing and night vision to 24/7 live feed and two-way communications, so you get all the necessities you need to keep proper tabs on your home. While it won’t be an adequate replacement to full-service security cams, it should be enough for most folks who just want the bare minimum in keeping their homes secure.

ROCKUBOT ELIMINATES MITES AND BACTERIA

AIRBOLT GPS

Make sure your home is as clean as possible with the ROCKUBOT Mite & Bacteria-Eliminating Robot. Compact yet mighty, this device cleans the stuff your eyes can’t see. Using UV-C light and ultrasonic waves, ROCKUBOT eliminates 99.99 percent of mites, germs and bacteria with ease. Simply place it under your sheets, on your couch, or anywhere else you want peace of mind. With 24 powerful AI sensors, ROCKUBOT gets to work all on its own. Thanks to its compact size, it’s easy to take this powerful cleaning robot anywhere you need. It’s great for pet owners, parents, those who travel, or anyone who wants a healthier life. In addition to cleaning, ROCKUBOT offers wireless charging for your device. Along with that, it functions as a Bluetooth speaker, making it the ultimate smart device for your home.

We’re big fans of Bluetooth trackers, as they help you quickly find stuff you might otherwise spend half-a-day trying to locate in your home or office. Problem is, Bluetooth has a very limited range. The AirBolt GPS offers a more far-ranging alternative. A GPS tracker, the device uses a GPS chip to let you pinpoint the location of any object you attach it onto. It is, however, small enough to use as a key fob at 1.5 x 1.3 x 0.4 inches (width x height x thickness), as it’s around the same size as those keychains you can buy at the airport when you go on vacation. That makes it compact enough to put on the collar of your dogs and cats without creating any discomfort, allowing you to easily locate pets. It’s also small enough to attach to almost anything you can think of, from your luggage and your bicycle to your expensive 8K camera and any other equipment you would like to consistently track.

U BY MOEN SMART FAUCET

Do you want a smart faucet that can give you the exact amount of water at the exact temperature you want with a simple voice command? Well, those are the functions that the U by Moen Smart Faucet can bring to your kitchen sink. That’s right, it’s a faucet that can regulate the amount and temperature of the water it dispenses, allowing you to get exactly what you need without a single wasted drop. No more using measuring cups or heating the water over the stovetop – this thing can handle both of those functions, which should help streamline a good chunk of the chores you end up doing in the kitchen counter. The U by Moen Smart Faucet can dispense exact amounts

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and temperatures when controlled from the companion app, where you can input the precise numbers for both parameters. You can specify an exact amount in metric and imperial systems, as well as more colloquial kitchen measurements, such as tablespoon, cup, and half-cup.

REMARKABLE 2 IS AN E-PAPER DEVICE FOR WRITING, READING, AND DRAWING

A couple of years ago, a new type of e-paper device came out – one that allowed users to write onscreen, instead of merely reading from it, allowing you to use it like a digital notebook that’s a lot gentler on the eyes compared to traditional tablets. This year, that device gets an update in the form of the reMarkable 2. Billed as a “paper tablet,” the device is meant to feel like regular paper, all while being able to digitally store all your notes and printed matter. That way, you can have years’ worth of notes, thoughts, and ideas all accessible from a single screen that won’t strain your eyes the way tablets, laptops, and other LCD-based devices normally would.

2 IN 1 IRONING BOARD AND MIRROR

For all of our modern ladies that pay

special attention to their looks and love practicability we have an awesome product to present to them. This 2 in 1 ironing board and mirror take ordinary household jobs to the next level. This product is made of high-quality materials that make it very easy to clean and to be transported. It can be held in a vertical position (when used as a mirror) and horizontal position (when used as a board). The good thing is that you don’t have to question its stability as it has a simple and solid fixing system. If you also are one of those persons who lack space this will go great into your home and will fit in almost every corner or hidden next to a cabinet.

QNUX HAMMOCK CAN SET UP ANYWHERE

We’ve seen a number of standalone hammock stands that you can use to hang your hammock when there are no trees, poles, or similar hanging structures in sight. It’s a nice thing to have when you’re car camping, since it gives you a way to enjoy the comforts of a hammock, regardless of where you decide to make camp. The QNUX does the same thing, but makes setup even easier by integrating the hammock directly into the stand. Unlike other hammock stands, this doesn’t require you to put together multiple poles to assemble, as it uses fold-out arms and legs that will let you get the whole thing ready in just a few seconds. Basically, getting a hammock set up at camp doesn’t get any easier than this.

SIFTR MINI COLANDER

Every kitchen needs a colander. It’s the easiest way to wash vegetables, drain water from pasta, and do a whole host of food prep tasks, after all. Problem is, most colanders, from normal ones to multi-function ones to flying spaghetti monster types, come in just one size, which is large, making it annoying to use when you just want to drain liquids off some canned tomatoes or catch the seeds while squeezing a lemon onto your salad. The SIFTR is a small colander that you can use for those minor tasks instead. Designed to fit and work with any size of can, SIFTR lets you drain, strain and contain food without needing to make a mess or waste as much water as a conventional colander. Compact and colorful, SIFTR is made from silicone and it comes in a dome shape similar to traditional colanders.

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A republic of Southeast Asia, Indonesia is the world’s 16th-largest country in terms of land area consisting of nearly 13,700 islands, with greatest distance from north to south is about 1,900 kilometers and from east to west about 5,100 kilometers. It is also the world’s fourth most populous country after China, India, and the United States. More than half of its people live on Java, where Jakarta, Indonesia’s capital and largest city, is located. Indonesia has a mixed economy in which both the private sector and government play significant roles. The country’s economy grew impressively during the 1980s and much of the 1990s, largely on the strength of its resources, which include a large population, solid energy reserves, substantial mineral deposits, and fertile farmland. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth. However, Indonesia has seen a slowdown in growth since 2012, mostly due to the end of the commodities export boom.

COUNTRY PROFILE

Source: The World Factbook, Central Intelligence Agency

Indonesia

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• Rice, rubber, tobacco, cloves, palm oil, coffee, tea, cocoa, cassava, nutmeg, vanilla, cinnamon, coconuts, sugarcane, soybeans are major agricultural products.

• about 30% of land area is used for agriculture. Located in the tropical region, the country enjoys abundant rain and sunshine for its agricultural growth.

• Export: $168.9 billion (2017 (estimate)

• Imports: $ 150.1 billion (2017 estimate)

• Export commodities: : mineral fuels, animal or vegetable fats (includes palm oil), electrical machinery, rubber, machinery and mechanical appliance parts

• Import Commodities: mineral fuels, boilers, machinery and mechanical parts, electric machinery, iron and steel, foodstuffs

• Major Export destinations: China, USA, Japan, India, Singapore, Malaysia, South Korea

• Major Import sources: China, Singapore, Japan, Thailand, Malaysia, South Korea, USA

Road:

• The road transport system is predominant, with a total length of 523,974 kilometers as of 2015. Jakarta has the longest bus rapid transit (BRT) system in the world, boasting some 230.9 kilometers in 13 corridors and 10 cross-corridor routes and carrying 500,000 passengers daily in 2018.Other cities such as Yogyakarta, Bandung and Denpasar also have BRT systems in place.

Rail:

• The majority of the country’s railways are located on Java, used for both passenger and freight transport. The inter-city rail network is complemented by local commuter rail services in the Jakarta metropolitan area, Surabaya and Bandung. Mass rapid transit and light rail transit systems are currently under construction in Jakarta and Palembang, and a plan to build a high-speed rail (HSR) was announced in 2015 to connect Jakarta with Bandung, covering a distance of around 140 kilometers.

Foreign trade

TransportationAgriculture

Tourism

Mining

Industry

• Tin, bauxite, nickel, petroleum, coal, iron ore, copper, gold, diamond, natural gas, asphalt are major mining products.

• Indonesia was ranked at 20th in the world tourist Industry in 2017, also ranked as the ninth-fastest growing tourist sector in the world, the third-fastest growing in Asia and fastest-growing in Southeast Asia.

• Denpasar, Jakarta and Batam of Indonesia were among of 10 cities in the world with fastest growth in tourism in 2018

Sea ports:

• Sea transport is extremely important for economic integration. It is well developed, with each of Indonesia’s major islands having at least one significant port city. Port of Tanjung Priok is Indonesia’s busiest port.

• Petroleum and natural gas, textiles, clothing, automotive, electrical appliances, footwear, mining, cement, medical instruments and appliances, handicrafts, chemical fertilizers, plywood, rubber, processed food, jewelry are major industry.

22


SCIENCE & TECHNOLOGY

A research conducted in China analyzed an algorithm developed to detect heart diseases through selfies. By taking a picture of your face, the algorithm can determine if you’re at risk of a heart disease by analyzing several indicators visible to the naked eye such as the absence of hair on certain parts of the body, yellow moles around the eyelids and white opaque rings around the cornea. Through various studies conducted in China, the algorithm was able to correctly detect the likelihood of a heart disease occurring in 80% of the cases. This could very well be the future of modern medicine as it is a cheap and simple way in identifying high-risk communities who are most likely to have cardiovascular illness. In addition, this effective tool will help avoid the long-drawn-out wait time at the clinic.

A research, led by a team at the University of Petroleum and Energy Studies (UPES) in India, shows how disposable personal protective equipment (PPE) can be used to make biofuel. With COVID-19, the use of PPE, such as protective suits, and masks, has drastically augmented, and their disposal could be problematic as they take years to decompose. However, the disposable equipment can be converted into biofuel using a process called pyrolysis. This chemical process consists of breaking down plastics, contained in the equipment, into liquid biofuel, at temperature of 300 to 400 degrees Celsius. The biofuel made out of PPE is clean and resembles fuel made from fossil fuels. This process could allow us to rely less on fossil fuels, which is not infinite, and help solve environmental problems at the same time.

A group of international researchers have found a way of purifying slightly salty water and seawater into drinkable fresh water with the help of metal-organic frameworks (MOFs) and sunlight. The researchers developed a new MOF, which is a porous material consisting of metal ions that covers a large area, called PSP-MIL-53, that traps impurities and salt contained in seawater and brackish water. Their experiment showed that this MOF reduced solids in water from 2233 ppm to less than 500 ppm, below the 600-ppm threshold for potable water. Furthermore, this feat was achieved in under thirty minutes, and requires less energy than other desalination procedures. This method of purifying water could guarantee water to regions with no source of fresh water, and could be the end of water shortages, because the availability of salty water is almost without end, as 71% of Earth's surface is covered by seawater, and sunlight is practically infinite.

SELFIE CLINIC

BIOFUEL OUT OF COVID-19 EQUIPMENT

INFINITE WATER SUPPLY

23


REVIEWEXPORT IMPORT (C&F)

REMITTANCE

FOREIGN DIRECT INVESTMENT (FDI)

Notes: P=Provisional; R=Revised

Sources: EPB

Table 1: Monthly Trends in Exports (Goods)

Table 3: Monthly Trends in Remittance Month Exports (million

US$)Change

(%)

FY21P FY20R

July 3911 3888 0.59

August 2967 2844 4.32

Total of July - August 6878 6732 2.17

Month Exports (million US$)

Change(%)

FY21P FY20R

July 2598 1598 62.58

August 1964 1445 35.92

Total of July - August 4562 3043 49.92

Export earnings during the first two months of the current financial year (July-August of FY21) exceeded the target set for the period by 1.0 percent, according to the provisional data of the Export Promotion Bureau (EPB). Export earnings (merchandise) in the review period grew by 2.17 percent to US$6.88 billion from US$6.73 billion in the corresponding two months of the previous fiscal year as global businesses hit by the COVID-19 pandemic started to rebound slowly (Table 1). Export earnings returned to a positive trend with the revival of work orders which had been suspended or halted by global fashion brands due to the coronavirus outbreak.

In the first two months of FY21, export earnings from knitwear grew by 6.64 percent though that of woven garments plunged by 7.06 percent. Consequently, export earnings from readymade garment (RMG), the main export item, showed a minimal decrease of only 0.06 percent to US$5.71 billion.

The single month income in August 2020, country’s export earnings increased by 4.32 percent to US$2.97 billion from US$2.84 billion in the same month of last year. The August 2020 earnings, however, fell short of the strategic target by 11.72 percent. Export earnings in July 2020 grew by 0.59 percent to US$3.91 billion from US$3.89 billion a year earlier.

Import payments (C&F) in the first two months of the current fiscal year (July-August of FY21) stood at US$8.03 billion, which was 13.84 per cent lower than the import payments in the corresponding two months of FY20 (US$9.32 billion) mainly due to global economic slowdown and coronavirus outbreak in different countries of the world. While, import payments of August 2020 (US$3.81 billion) also registered a negative growth of 9.72 per cent from US$4.22 billion in the immediate previous month (July 2020).

The inflows of remittance in the first two months of the current fiscal year (July-August of FY21) grew by 49.92 percent to US$4.56 billion from US$3.04 billion in the corresponding two months of the previous fiscal year despite the ongoing COVID-19 pandemic (Table 3). The government incentive and the latest policy support provided by the Bangladesh Bank (BB) contributed to the growth of inward remittances.

In August 2020, the inflows of remittance year-on-year posted a growth of 35.92 percent to US$1.96 billion from US$1.45 billion. Remittance inflows reached US$2.60 billion in July 2020 from US$1.60 billion in the same month last year, posting a growth of 62.58 percent. Although the inflow of remittance slowed down slightly in August considering the inflow in July, the flow of remittance was more than enough to fulfill the import payment requirements of the banks.

In the first two months of the current fiscal year (July-August of FY21), the net foreign direct investment (FDI) decreased by 60.18 percent to US$45 million from US$113 million in the corresponding months of the previous fiscal year (July-August of FY20), according to the balance of payments data of Bangladesh Bank. The gross FDI also decreased, year-on-year, by 24.69 percent to US$360 million from US$478 million. The FDI decreased largely owing to the COVID-19 pandemic, which came as a shock to foreign investors.

Table 2: Top Seven Export Destinations Sl.

No.

Country July-August of FY 21 July-August of FY 20

Total Exports (US$)

Share (%) in Total Exports

Total Exports (US$)

Share (%) in Total Exports

1 USA 1270109428 18.47 1159547995 17.22

2 Germany 1079671599 15.70 1036258154 15.39

3 UK 660459460 9.60 731692650 10.87

4 Spain 429588210 6.25 465093532 6.91

5 France 347310419 5.05 318419233 4.73

6 Italy 260778068 3.79 241445064 3.59

7 Japan 212565798 3.09 233752745 3.47

8 Others 2617600901 38.05 2545963725 37.82

Total Exports 6878083883 100.00 6732173098 100.00

Source: EPB

24


FOREIGN EXCHANGE RESERVES

EXCHANGE RATE

PRICE SITUATION

The gross foreign exchange reserves of Bangladesh Bank (BB) stood at US$39.04 billion (with ACU liability of US$1.08 billion) at the end of August 2020, which was US$37.29 billion (with ACU liability of US$0.56 billion) as of end July 2020. Considering the average of the previous 12 months’ import bills, BB has estimated that the current foreign exchange reserve (less ACU liability) is sufficient to pay import bills for 8.47 months.

Between end-June of 2020 and end-August 2020, the value of Taka depreciated by 0.08 percent in terms of US dollar. On the inter-bank market, the US dollar was quoted at Tk.84.9000 at the end of June 2020 and Tk.84.8292 at the end of August 2020.

The general point-to-point inflation rate went up marginally to 5.68 percent in August 2020 from 5.53 percent in the previous month (July 2020), according to the latest Bangladesh Bureau of Statistic (BBS) data (Table 4). The inflation rate was 5.49 percent in the same month last year (August 2019).

The BBS data, however, showed that the point-to-point food inflation increased to 6.08 percent in August 2020, up by 0.38 percentage points from 5.70 percent in July 2020. In contrast, the non-food inflation fell to 5.05 percent during the month under review from 5.28 percent in the previous month (July 2020). According to the BBS, the increase in prices of rice, vegetables, spices and sugar mainly contributed to the rise in inflation in August.

Table 4: Monthly Trends in Inflation (Base: 2005-06=100)

Period Point to Point-All (National) Point to Point-Rural Point to Point-Urban

General Food Non-food



FY20P

July 5.53 5.70 5.28 5.43 5.67 4.98 5.72 5.76 5.68

August 5.68 6.08 5.05 5.60 6.09 4.70 5.81 6.06 5.51

FY20R

July 5.62 5.42 5.94 5.49 5.60 5.27 5.88 5.03 6.84

August 5.49 5.27 5.82 5.34 5.38 5.25 5.75 5.02 6.60

(Per cent)

Notes: i) P=Provisional, R=Revised; ii) Food includes food, beverages and tobaccoSource: BBS

In rural Bangladesh, the general inflation rate in August soared to 5.60 percent from 5.43 percent in July. The food inflation in rural areas jumped to 6.09 percent from 5.67 percent. However, the non-food inflation fell to 4.70 percent in August from 4.98 percent in July.

In the urban area, the general point-to-point inflation rate rose to 5.81 percent in August from 5.72 percent in the previous month. The food inflation in the urban area was 6.06 percent in August against 5.76 percent in July. On the contrary, the non-food inflation rate declined to 5.51 percent in August from 5.68 percent in July 2020.

25


STATISTICSEXPORT PERFORMANCE OF BANGLADESH (Million US $)

Products

Export for

2019-20

Proposed

Export

Target of

2020-21

Strategic Target for July-Aug. 2020-21

Export Performance for July-Aug.

2020-21


2019-20

% Change of export

Performance

OverExport Target

% Change of export

performance

July-Aug. 2020-21 Over

July-Aug. 2019-20

1 2 3 4 5 6 7 8All products (A+B) 33674.09 41000.00 6810.00 6878.08 6732.17 1.00 2.17

A. Primary Commodities 1318.21 1644.00 273.06 252.83 217.25 -7.41 16.38

(1) Frozen & Live Fish 456.15 574.00 95.34 74.56 82.85 -21.8 -10.01

a) Live Fish 11.43 13.00 2.16 1.41 2.62 -34.72 -46.18

b) Frozen Fish 75.29 100.00 16.61 9.74 6.05 -41.36 60.99c) Shrimps 332.65 415.00 68.93 58.96 66.20 -14.46 -10.94d) Crabs 24.85 32.00 5.32 3.46 6.99 -34.96 -50.50e) Others 11.93 14.00 2.33 0.99 0.99 -57.51 0.00(2) Agricultural Products 862.06 1070.00 177.72 178.27 134.4 0.31 32.64

a) Tea 3.12 4.00 0.66 0.96 0.45 45.45 113.33b) Vegetables 164.00 230.00 38.20 13.74 15.17 -64.03 -9.43c) Tobacco 80.36 115.00 19.10 14.64 17.56 -23.35 -16.63d) Cut Flower & Foliage 0.03 0.03 0.00 0.03 0.01 0.00 200.00e) Fruits 0.49 0.75 0.12 0.02 0.24 -83.33 -91.67f) Spices 33.28 40.22 6.68 8.37 5.48 25.30 52.74g) Dry Food 193.71 225.00 37.37 51.30 26.71 37.28 92.06h) Others 387.07 455.00 75.57 89.21 68.78 18.05 29.70B. Manufactured Commodities 32355.88 39356.00 6536.94 6625.25 6514.92 1.35 1.69

(1) Cement, Salt, Stone Etc 9.14 10.00 1.66 0.89 1.33 -46.39 -33.08

(2) Ores, Slag and Ash 15.22 25.00 4.15 4.86 2.66 17.11 82.71(3) Petroleum bi Products 23.48 50.00 8.3 3.14 4.98 -62.17 -36.95(4) Chemical Products 198.86 245.00 40.69 39.25 33.76 -3.54 16.26a) Pharmaceuticals 135.79 170.00 28.24 27.26 22.92 -3.47 18.94b) Chemical Fertilizer 0.00 0.00 0.00 0.00 0.00 0.00 0.00c) Cosmetics 0.43 0.50 0.08 0.04 0.03 -50.00 33.33d) Others 62.64 74.50 12.37 11.95 10.81 -3.40 10.55

(5) Plastic Products 100.52 123.00 20.43 17.14 20.76 -16.1 -17.44a) PVC Bags 19.45 23.00 3.82 3.36 3.70 -12.04 -9.19b) Plastic Waste 5.80 6.00 1.00 1.50 0.70 50.00 114.29c) Others 75.27 94.00 15.61 12.28 16.36 -21.33 -24.94(6) Rubber 26.22 34.00 5.65 4.97 4.82 -12.04 3.11(7) Leather & Leather Products 797.6 920.00 152.81 154.74 185.41 1.26 -16.54

(a) Leather 98.31 115.00 19.10 15.49 21.83 -18.90 -29.04(b) Leather Products 220.55 265.00 44.02 34.02 44.15 -22.72 -22.94(c) Leather Footwear ( 478.75 540.00 89.69 105.23 119.43 17.33 -11.89(8) Wood & Wood Products 3.33 3.50 0.58 0.07 0.3 -87.93 -76.67(9) Handicrafts 20.52 28.00 4.65 5.38 3.36 15.7 60.12(10) Pulp 00 0.00 0 0 0 0 0(11) Paper & Paper Products 77.97 94.30 15.66 10.58 17.04 -32.44 -37.91

(12) Printed Materials 0.70 0.80 0.13 0.1 0.07 -23.08 42.86(13) Silk 0.12 0.20 0.03 0.03 0 0 0(14) Wool & Woolen Products 0.10 0.15 0.02 0 0 -100 0

(15) Cotton & Cotton Product (Yarn, Waste, Fabrics etc)

133.56 160.54 26.67 20.57 22.17 -22.87 -7.22

26


Products

Export for

2019-20

Proposed

Export

Target of

2020-21

Strategic Target for July-Aug. 2020-21


2020-21


2019-20

% Change of export

Performance

OverExport Target

% Change of export

performance

July-Aug. 2020-21 Over

July-Aug. 2019-20

1 2 3 4 5 6 7 8(16) Jute & Jute goods 882.35 1167.00 193.84 195.39 130.57 0.8 49.64

a) Raw Jute 129.89 180.00 29.90 19.74 14.31 -33.98 37.95

b) Jute Yarn & Twine 564.26 750.00 124.57 141.63 84.81 13.70 67.00

c) Jute Sacks & Bags 106.54 145.00 24.08 20.74 15.49 -13.87 33.89d) Others 81.66 92.00 15.28 13.28 15.96 -13.09 -16.79(17) Man Made Filaments & Staple Fibres 108.52 135.00 22.42 22.23 17.97 -0.85 23.71

(18) Carpet (Jute & Others) 21.13 30.00 4.98 6.15 3.76 23.49 63.56

(19) Specialized Textiles 116.04 143.00 23.75 19.2 20.55 -19.16 -6.57

a) Terry Towel 36.73 43.00 7.14 5.48 6.65 -23.25 -17.59b) Special Woven Fabric 18.37 24.00 3.99 3.37 2.99 -15.54 12.71c) Knitted Fabrics 54.93 68.00 11.29 9.25 9.91 -18.07 -6.66d) Other 6.01 8.00 1.33 1.10 1.00 -17.29 10.00(20) RMG 27949.19 33785.00 5611.61 5712.96 5716.49 1.81 -0.06(a) Knitwear 13,908.00 16700.00 2,773.83 3,114.78 2,920.85 12.29 6.64(b) Woven Garments 14,041.19 17085.00 2,837.78 2,598.18 2,795.64 -8.44 -7.06(21) Home Textile 758.91 960.00 159.45 168.03 116.79 5.38 43.87

a) Bed, Kitchen toilet lines 406.40 500.00 83.05 86.86 77.07 4.59 12.70

b) Other 352.51 460.00 76.40 81.17 39.72 6.24 104.36

(22) Other Footwear 277.13 380.00 63.12 73.95 57.63 17.16 28.32(23) Headgear/Cap 191.17 230.00 38.2 29.31 35.17 -23.27 -16.66(24) Umbrella Waking Sticks 0.01 0.01 0 0 0 0 0

(25) Wigs & Human Hair 32.5 40.00 6.64 6.55 4.46 -1.36 46.86(26) Building Materials 1.24 1.50 0.25 0.25 0.32 0 -21.88(27) Ceramic Products 27.97 35.00 5.81 5.98 6.51 2.93 -8.14

(28) Glass & Glass ware 3.50 5.00 0.83 0.72 0.43 -13.25 67.44(29) Engineering Products 292.92 362.00 60.13 81.03 65.1 34.76 24.47

a) Iron Steel 55.95 65.00 10.80 12.14 8.63 12.41 40.67b) Copper Wire 24.77 30.00 4.98 5.01 6.62 0.60 -24.32c) Stainless Steel ware 4.00 5.00 0.83 0.38 0.84 -54.22 -54.76d) Engineering Equipment 66.47 95.00 15.78 27.98 17.93 77.31 56.05e) Electric Products 39.39 45.00 7.47 13.06 9.78 74.83 33.54f) Bicycle 82.84 100.00 16.61 18.78 16.68 13.06 12.59g) Others 19.50 22.00 3.65 3.68 4.62 0.82 -20.35(30) Ships, boats & floating structures 11.32 18.00 2.99 0.02 0.13 -99.33 -84.62

(31) Other mfd Products 274.63 370.00 61.46 41.76 42.35 -32.05 -1.39a) Optical, Photographic, Medical Instruments etc 90.63 110.00 18.27 13.15 15.05 -28.02 -12.62

b) Furniture 76.41 100.00 16.61 10.37 10.02 -37.57 3.49c) Golf Shaft 13.92 20.00 3.32 2.21 2.99 -33.43 -26.09d) Others 93.67 140.00 23.26 16.03 14.29 -31.08 12.18

Source: Export Promotion Bureau

27


(Million US $) VALUE OF LETTERS OF CREDIT OPENED FOR IMPORTNo. Commodity Value of

import L/Cs openedduring

July, 2019 - April, 2020

Import L/Csoutstanding as on 30th April, 2020

Value of import L/Cs

openedduring

July, 2019 - May, 2020

Import L/Csoutstanding as on 31st May, 2020

Value of import L/Cs

openedduring

July, 2019 - June, 2020

Import L/Csoutstanding as on 30th June, 2020

1 Rice 3.90 0.00 3.95 0.00 4.06 0.00

2 Wheat 1,269.48 0.00 1,348.48 0.00 1,452.06 0.00

3 Sugar 616.33 0.00 648.73 0.00 678.12 0.00

4 Onion 146.54 0.00 160.10 0.00 180.88 0.00

5 Fresh Fruits & Dry Fruits

353.91 0.00 365.83 0.00 385.57 0.00

6 Pulses (all sorts ) 267.48 0.00 290.14 0.00 304.74 0.00

7 Milk Food 305.79 0.00 325.23 0.00 353.61 0.00

8 Edible Oil 1,054.92 0.00 1,142.16 0.00 1,250.10 0.00

a) Crude 302.91 0.00 318.20 0.00 350.80 0.00

b) Refined 752.01 0.00 823.96 0.00 899.30 0.00

9 Drugs & Medicine 77.95 0.00 87.22 0.00 92.27 0.00

10 Oil Seeds/Rape Seeds 486.08 0.00 498.39 0.00 529.40 0.00

11 Raw Cotton & Synthetic Fibre

1,857.27 0.00 1,985.73 0.00 2,265.16 0.00

12 Yarn (Cotton, Synthetic, Mixed)

1,923.08 0.00 2,023.49 0.00 2,194.89 0.00

13 Textile Fabrics & Accessories for Garments

7,274.60 0.00 7,691.49 0.00 8,213.22 0.00

14 Pharmaceutical Raw Materials

834.27 0.00 913.31 0.00 1,002.96 0.00

15 Chemical & Chemical Products

2,253.83 0.00 2,367.48 0.00 2,762.00 0.00

a) Fertilizer 1,085.80 0.00 1,143.50 0.00 1,426.88 0.00

b) Others 1,168.03 0.00 1,223.97 0.00 1,335.12 0.00

16 P.O.L. 1,996.44 0.00 2,111.60 0.00 2,127.25 0.00

17 Coal and Coke 399.23 0.00 399.31 0.00 402.03 0.00

18 Cement 182.23 0.00 192.91 0.00 202.47 0.00

19 Clinker and Limestone

735.07 0.00 766.39 0.00 819.44 0.00

20 C.I. Sheets,B.P. Sheets,G.P. Sheet & Tin Plate

160.47 0.00 170.03 0.00 189.31 0.00

21 Scrap Vessels 541.71 0.00 588.49 0.00 679.50 0.00

22 Paper & Paper Board 319.05 0.00 331.15 0.00 358.61 0.00

23 Intermediate Goods 4,232.17 0.00 4,425.22 0.00 4,787.10 0.00

24 Capital Machinery 4,158.97 0.00 4,327.04 0.00 4,606.18 0.00

25 Misc. Industrial Machinery

2,532.10 0.00 2,632.19 0.00 2,906.06 0.00

26 Others 12,236.36 0.00 12,801.46 0.00 13,916.73 0.00

TOTAL: 46,219.22 0.00 48,597.53 0.00 52,663.72 0.00

Source: Bangladesh Bank

28


(Million US $) BALANCE OF PAYMENTS (BOP)Items 2019-20R

July-Aug2020-21RP

July2020-21P

July-Aug% Changes

4 over 2

1 2 3 4 5

Trade balance -2050 -85 -698

Export f.o.b.(including EPZ) 6577 3826 6734 2.39

Of which : Readymade garments 5716 3245 5713 -0.05

Import f.o.b (including EPZ) 8627 3911 7432 -13.85

Services -509 -118 -197

Credit 1097 497 992 -9.57

Debit 1606 615 1189 -25.97

Primary income -357 -238 -437

Credit 40 14 28 -30.00

Debit 397 252 465 17.13

Of which : Official interest payments 141 79 150

Secondary income 3120 2621 4628

Official transfers 0 1 1

Private transfers 3120 2620 4627 48.30

Of which: Workers' remittances inflows 3042 2598 4562 49.97

Remittances excl. investments 3005 2572 4517

Current Account Balance 204 2180 3296

Capital account 4 17 17

Capital transfers 4 17 17

Financial account 106 -509 -1328

Foreign direct investment (gross inflows) 478 170 360 -24.69

Of which : Net FDI flows 113 18 45 -60.18

Assets -3 0 0

Liabilities 110 18 45

Portfolio investment (net) 20 -38 -95

Of which : Investment by NRBs 37 26 45 21.62

Other investment (net) -27 -489 -1278

Medium and long-term (MLT) loans 744 205 510 -31.45

MLT amortization payments 180 117 199 10.56

Other long term loans (net) 61 -22 -49

Other short term loans (net) 201 76 45

Trade credit (net) -404 -986 -846

DMBs and NBDCs (net) -449 355 -739

Assets 371 463 357

Liabilities -78 818 -382

Errors and omissions -175 -561 485

Overall Balance 139 1127 2470

Reserve Assets -139 -1127 -2470

Bangladesh Bank (net) -139 -1127 -2470

Assets 153 942 2803

Liabilities 14 -185 333

Memorandum Items : Gross reserves (before valuation adjustments)

32870 36979 38840

Valuation adjustment during the period -94 309 200

Gross reserves (after valuation adjustments) 32776 37288 39040

In months of imports of goods and services 7.6 8 8.4

Notes: P=Provisional; R=Revised; * Both exports and imports are compiled on the basis of shipment data ** Disinvestment, repayments of loans & loss have been deducted as per BPM6 and it includes in financial account calculation instead of gross FDI Source: Bangladesh Bank

29


PRODUCTION OF SELECTED INDUSTRIAL ITEMS (BASE YEAR 2005-06=100)

Description of items of industry

Unit No .of reporting industries(selected)

2017-18 2018-19 Jun-19 May-20 June-20 (p)

Fish & sea food M.Ton 180 & * 45377 48402 2635 1351 3182

Processing & Preserving of fruits and vegetables

"000" Littre

3 124571 126302 10581 7626 9071

Hyd. Vegetable oil M.Ton 2 1001358 1151562 88350 83880 96273

Grain milling M.Ton 8 408516 435439 30195 59674 31635

Rice milling M.Ton 6 25133 27400 2499 3565 3159

Sugar M.Ton 16 68603 65302 0 0 0

Black & Blending Tea M.Ton 116 78122 90684 11667 8655 8670

Edible salt M.Ton 8 94016 94113 7855 5311 7625

Animal feeds M.Ton 3 602669 692900 60585 51305 51348

Spirits & Alcohol "000" Littre

1 5298 4998 611 402 468

Soft Drinks `000' Doz Bottle

4 64166 72602 9812 6211 5589

Mineral Water "000" Littre

4 156338 180350 17005 7456 10543

Cigarettes Mill. No 1 15660 15279 1350 1345 1340

Biddies Mill. No 5 123711 100095 8375 9050 11243

Preparation & Spinning of Textile fibers

M.Ton 20 167660 180642 15506 20479 20557

Weaving of Textiles "000" Metre

15 42447 43403 3670 640 1953

Dyeing, bleaching & finishing "000" Metre

19 90837 91096 7632 6664 7650

Jute Textile M. Ton 95 406938 361966 32892 20500 23041

Wearing Apperal Million Tk.

* 1268118 1449060 100834 52853 91315

Knittwear Million Tk.

* 1247285 1419019 101914 51682 98928

Tanning & Finishing Leather: "000" Sq Metre

175 & * 15386 34066 1026 421 673

Leather Footwear "000" Pair

4 21235 21988 1860 1936 1601

Particle board/ plywood "000" Sq Metre

2 11048 11598 995 1025 1070

Pulp, Paper & newsprint M.Ton 3 168177 168719 14087 14523 23185

Articles made of paper M.Ton 2 39613 40271 3381 3415 3618

Printing of Books and periodicals "000" No. 10 168348 171207 14505 15697 15703

Petrolium refining M.Ton 1 1572683 1369914 114522 1737 75905

Compressed liquidified gas Cylinder (12.5 Kg.)

2 1346440 2199956 101936 68878 45916

Fertilizer M.Ton 7 859353 920753.5 51450 29901 21529

Perfumes and cosmetics "000" Tk. 3 4519197 8078863 543216 1215886 1444430

Soaps & detergents M.Ton 3 176781 175315 10913 6450 19035

Matches "000" Gross

2 26493 34653 3225 4023 4106

Pharmaceuticals/Allopathic drugs and medicine

"000" Tk. 20 148382039 188300445.6 17014332 21889363 22217703

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Description of items of industry

Unit No .of reporting industries(selected)

2017-18 2018-19 Jun-19 May-20 June-20 (p)

Unani and Ayur Bedic Medicine "000" Tk. 3 631160 807514 75491 87945 85531

Rubber footwear/ other rubber products

Dozen Pair

8 202999 264803 23907 25050 25052

P.V.C products/plastic products M.ton 3 51618 55613 4696 4720 2160

Glass Sheet "000" Sq ft.

3 17285 17782 1640 1825 1710

Tiles "000"Sq ft

5 245180 295674 26920 26239 26920

Ceramic "000" Dz 2 20621 29723 2965 2873 2965

Cement M.Ton 8 14689780 16860929.5 1405980 970941 1455318

Bricks "000" No. 4 161441 184472 16007 18820 18953

Re-rolling mills M.Ton 31 394245 401298 33492 15734 26205

Structural metal products "000" M.ton

5 13524 14870 1222 869 850

Other Fabricated metal products Dozen 8 778567 836588 76391 83896 80792

Communication equipments (TV, Telephone)

Television No. 3 428384 590268 69611 14808 51726

Electric Motors, Generators, transformers /

No. 2 495625 581009 51328 56307 16730

Electrical apparatus 2732 Wires & Cables (ELEC.)

M.ton 3 49155 50750 3992 2613 4145

Electrical appliances / Domestic appliances

No. 9 499676 524938 45315 49715 49954

Agriculture & Forestry machinery No. 2 98194 100663 8476 8756 8852

Machinery for Textile , apparel and leather production

No. 9 14211 17296 1563 1671 1752

Machinery equipment NEC No. 10 800442 924902 92665 90234 84941

Assemble of Motor vehicles No. 2 1309 2524 122 0 51

Ship and boat building M.Ton 3 339327 341009 28815 20484 28586

Motor cycle No. 3 94692 96037 7967 0 4103

Metal furniture No. 2 3900 4010 350 380 386

Wooden furniture No. 5 146722 150173 11925 380 6400

Plastic furniture No. 2 1322301 1453505 125257 380 128599

Natural Gas MMCM 8 27613 27196 2278 2309 2320

Electricity MKWH 1 61615 67752 6662 5660 6613

Note: n.a.=not available. p= provisional, r= revised, M.cu.m.= million cubic meter. Mt = metric ton. Mkwh = million kilowatt per hour, Tk.= Taka, * = EPB Source: Bangladesh Bureau of Statistics

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Period General Index

Index by expenditure group

1. Food &

Beverage

2. Non-Food

I. Clothing

&Footwear

II. Fuel &

Lighting

III. HouseholdEquipment

IV. Medical Care & Health

Expense

V. Transport &

Communication

VI. Recreation,

Entertainment

VII. Misc. Goods & Services

2012-13 181.73 193.24 166.97 179.66 155.61 195.33 159.66 159.34 157.23 182.54

2013-14 195.08 209.79 176.23 194.77 163.47 206.14 164.06 167.20 164.38 193.75

2014-15 207.58 223.80 186.79 204.50 171.80 214.45 180.77 181.78 168.02 204.212015-16 219.86 234.77 200.66 233.38 182.74 227.39 199.94 201.34 171.01 211.612016-17 231-82 248.90 209.92 243.56 194.01 235.85 206.70 210.78 177.56 217.51

2017-18 245.22 266.64 217.76 255.24 200.25 249.68 209.28 218.80 183.65 223.81

2018-19 258.65 281.33 229.58 277.64 206.98 265.25 215.31 235.23 186.72 239.87

2019-20 273.26 296.86 243.00 290.00 220.70 282.67 230.07 248.48 190.13 259.272020

February 275.63 299.13 245.49 291.00 225.06 284.83 232.88 249.14 190.69 262.23March 276.83 300.74 246.17 291.44 225.93 286.51 233.28 249.97 190.92 263.15April 278.39 303.39 246.34 291.49 226.04 285.79 233.70 250.22 190.96 263.41May 273.53 294.08 247.17 291.72 226.30 285.80 239.36 252.04 190.96 263.66June 276.12 297.95 248.13 291.98 227.07 286.78 240.16 253.34 190.96 267.19July 278.27 300.75 249.46 292.20 227.57 288.73 240.64 257.25 190.98 271.37August 282.11 307.20 249.95 292.29 227.60 291.54 240.81 257.59 191.01 272.54

CONSUMER PRICE INDEX: NATIONAL(BASE: 2005-06=100)



1. Food &

Beverage2.

Non-FoodI.

Clothing &Footwear

II. Fuel &

LightingIII. Household

EquipmentIV.

Medical Care & Health Expense

V. Transport &

Communication

VI. Recreation,

Entertainment

VII. Misc.

Goods & Services

2012-13 183.90 192.14 170.79 184.54 157.40 186.40 164.63 160.98 174.07 187.052013-14 196.90 207.72 179.69 200.61 164.05 197.62 168.87 166.01 179.72 199.742014-15 209.10 221.02 190.13 214.07 171.34 209.29 187.18 174.09 183.84 212.342015-16 220.10 230.31 203.86 242.26 179.19 222.11 211.04 188.69 187.84 221.12 2016-17 231.02 243.08 211.83 253.51 187.45 229.57 219.35 193.71 194.81 226.472017-18 244.17 259.86 219.21 263.96 192.89 246.23 221.15 197.24 201.31 233.72 2018-19 256.74 273.55 230.01 282.76 198.99 261.30 225.86 207.51 205.05 253.712019-20 271.20 289.08 242.74 292.21 212.44 277.56 242.40 217.05 208.93 275.652020February 274.08 292.15 245.33 293.26 216.75 278.44 246.36 218.19 209.65 280.05March 275.39 294.01 245.75 293.36 217.18 278.80 246.74 218.34 210.07 281.64April 277.16 296.83 245.86 293.38 217.37 279.00 246.77 218.35 210.07 281.85May 271.39 286.89 246.74 293.69 217.63 279.01 254.99 218.41 210.07 282.01June 273.01 289.00 247.56 293.81 219.01 279.14 255.24 219.35 210.07 284.53July 275.13 291.87 248.49 293.85 219.94 279.53 255.57 221.62 210.08 287.79August 279.26 298.38 248.84 293.94 219.95 281.05 255.76 221.84 210.11 288.95

CONSUMER PRICE INDEX : RURAL(Base: 2005-06 = 100)

Source: Bangladesh Bureau of Statistics


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1. Food &Beverage

2. Non-Food

I. Clothing &

Footwear

II. Fuel &Lighting

III. HouseholdEquipment

IV. MedicalCare & Health

Expenses

V. Transport &Communication

VI. Recreation,Entertainment

VIII. Mise.

Goods &Services

2012-13 177.71 195.91 161.88 170.39 153.55 211.03 151.15 157.53 139.06 176.962013-14 199.73 214.85 171.61 183.66 162.80 221.11 155.82 168.52 147.83 186.372014-15 204.76 230.56 182.32 197.93 172.33 223.53 169.80 190.26 150.95 194.162015-16 219.31 245.66 196.39 216.50 186.86 236.67 180.93 215.50 152.84 199.872016-17 233.29 263.09 207.38 224.66 201.60 246.87 185.05 229.59 158.93 206.452017-18 247.17 283.19 215.83 238.67 208.77 255.74 188.96 242.55 164.59 211.572018-19 262.17 300.30 229.00 267.92 216.22 272.20 197.25 265.77 166.95 222.782019-20 277.06 315.83 243.34 285.82 230.27 291.66 208.97 283.12 169.81 239.062020

February 278.48 316.16 245.70 286.71 234.69 296.07 209.81 283.25 170.23 240.24March 279.49 317.16 246.72 287.79 236.05 297.33 210.25 284.82 170.26 240.32April 280.66 319.39 246.98 287.91 236.09 297.72 211.35 285.35 170.33 240.64May 277.47 311.63 247.75 287.96 236.33 297.74 212.61 289.09 170.34 241.02June 281.87 319.81 248.87 288.49 236.42 300.22 214.34 290.80 170.34 245.79July 284.09 322.42 250.75 289.06 236.42 304.91 215.08 296.51 170.37 251.09August 287.38 328.71 251.42 289.15 236.46 309.98 215.22 296.98 170.39 252.27

CONSUMER PRICE INDEX: URBAN(Base: 2010-11=100)

WAGE RATE INDEX BY SECTORS: BANGLADESH(BASE: 2010-11=100)

Sector 2016-17 2017-18 2018-19 Apr’20 July’20 August’20

General 141.46 150.59 160.23 174.31 174.78 175.28

percentage change (Point to Point) 6.50 6.46 6.40 5.90 5.82 5.91percentage change (over previous month) 0.43 0.27 0.291. Agriculture 141.22 150.27 159.92 174.40 174.87 175.20percentage change (over previous month) 6.59 6.41 6.42 6.18 6.15 6.16percentage change (over previous month) 0.51 0.27 0.19i) Agriculture 141.19 150.23 159.91 174.45 174.92 175.25

percentage change (Point to Point) 6.60 6.40 6.44 6.20 6.17 6.19

percentage change (over previous month) 0.51 0.27 0.19

ii) Fish 143.19 152.63 160.59 171.76 172.44 172.80



2. Industry 140.27 149.45 158.74 171.69 172.14 172.83



i) Construction 137.43 145.32 152.86 162.94 163.18 163.67



ii) Production 146.01 157.81 170.66 189.42 190.31 191.42



3. Service 145.01 154.44 164.78 179.29 179.72 180.70





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bangladesh’s stock market performance and investor confidence

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