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The Star
13-07-2025
- Business
- The Star
Bangladeshi taka becomes stronger against USD
DHAKA, July 13 (Xinhua) -- Bangladeshi taka has become stronger against U.S. dollar due to strong inflow of remittances and expected higher export earnings. According to the Bangladesh Bank (BB) data, the dollar has depreciated against the Bangladeshi taka over the past 10 days. Most banks were seen Sunday exchanging dollars at 120.30 taka- 121.20 taka, a drop from the 122.80 taka-122.90 taka rates offered at the start of last week, the national news agency Bangladesh Sangbad Sangstha (BSS) reported. Bangladesh remittances hit an all-time high of over 30 billion dollars in the fiscal year 2024-25 from July 2024 to June 2025. During the fiscal year 2024-25, export earnings increased 8.58 percent to reach 48.28 billion dollars, also helping stronger taka against the dollar. A senior official of the central bank said that despite the BB's move to introduce market-based exchange rates, the dollar has continued its downward trend and Bangladeshi taka has become stronger.
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First Post
08-07-2025
- Business
- First Post
Hit by 35% Trump tariff, Bangladesh seeks trade deal with US to save its cash cow
Dhaka is now exploring ways to boost imports from the US in bid to bridge the trade deficit, which Trump has cited to justify his tariff imposition read more After last August's student-led uprising and the subsequent ouster of now-deposed PM Sheikh Hasina, Bangladesh's textile and garment production had just started to come back on track. The industry is the backbone of the country's economy, accounting for 80 per cent of the country's exports. However, the Donald Trump administration on Monday (July 7) slammed his wrecking ball into the industry by imposing a whopping 35 per cent tariff on the impoverished South Asian economy. STORY CONTINUES BELOW THIS AD This is more than double the 16 per cent currently levied by the US, a major export destination for Dhaka. Bangladesh exported $8.36 billion worth of goods to the United States in 2024, while imports from there amounted to $2.21 billion, according to the Bangladesh Bank and the National Board of Revenue. Bangladesh scrambles to get relief According to a report by news agency AFP, Dhaka is now exploring ways to boost imports from the US in a bid to bridge the trade deficit, which Trump has cited to justify his tariff imposition. The country is offering to import Boeing planes and boost imports of US wheat, cotton and oil. Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), called it 'a big challenge for the garment sector'. 'We had expected the tariff imposed on us to be between 10 to 20 percent,' he said, adding he expected Dhaka's interim leader Muhammad Yunus to 'raise the issue with the United States'. Former BGMEA director Mohiuddin Rubel warned the impact as tariffs stand would be dire. 'The new tariffs raise worries about job losses in Bangladesh as the US is its main export market,' he said. 'Bangladesh needs to act quickly by engaging US importers to push for policy changes, resuming high-level trade talks, and highlighting the importance of its products.' US President Donald Trump has ramped up his trade offensive, threatening steep new tariffs on 14 countries unless they agree to buy more American goods and increase US-based manufacturing. STORY CONTINUES BELOW THIS AD
Business Recorder
03-07-2025
- Business
- Business Recorder
Major garment producer Bangladesh eyes US trade deal
DHAKA: Bangladesh, the world's second-biggest garment manufacturer, aims to strike a trade deal with the United States before Donald Trump's punishing tariffs kick in next week, the country's top commerce official told AFP. Dhaka is proposing to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, which Trump used as the reason for imposing painful levies in his 'Liberation Day' announcement. 'We have finalised a draft reciprocal trade agreement,' Mahbubur Rahman said Wednesday, adding the government was 'hopeful of reaching a win-win agreement'. Rahman said a meeting between officials from both countries was slated for July 8, with the United States representing 20 percent of Bangladesh's ready-made garments exports. Textile and garment production accounts for about 80 percent of exports in Bangladesh and the industry has been rebuilding after it was hit hard in a student-led revolution that toppled the government last year. Trump hit Bangladesh with 37 percent tariffs in his April 2 announcement, which is more than double the 16 percent already placed on cotton products. He suspended the tolls' introduction until July 9, as he did with other global trading partners, though a baseline 10 percent levy was kept in place. Bangladesh exported $8.36 billion worth of goods to the United States in 2024, while imports from there amounted to $2.21 billion, according to the Bangladesh Bank and the National Board of Revenue. Planes, oil, cotton 'As part of the initiative to reduce the trade gap, the government already decided to import a large volume of wheat, purchasing 14 aircraft from US manufacturer Boeing, buying cotton and more oil and gas from the US farms,' Rahman said. He did not give further details on the exact timing or extent of the proposed deals, but said the government had held around 28 meetings and document exchanges in a bid to reach an agreement. Interim leader Muhammed Yunus spoke to US Secretary of State Marco Rubio on Monday and told him Dhaka was 'working with your officials to finalise a package of measures to effectively respond to President Trump's trade agenda'. Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the national platform of the garment makers, expressed concerns about any deal. Bangladesh garment industry rebounds, but workers say little change 'The already enacted additional 10 percent tariff is hitting our exporters, and if it goes further, we might lose US buyers,' he warned. But Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), told AFP he was optimistic. 'We are hopeful of a positive outcome on the US tariff before July 9,' he said. 'There will be a temporary problem if the US administration does not revise the tariff. But it will largely and ultimately hit the US buyers, as they would have to buy goods at higher prices.'
The Sun
03-07-2025
- Business
- The Sun
Major garment producer Bangladesh eyes US trade deal
DHAKA: Bangladesh, the world's second-biggest garment manufacturer, aims to strike a trade deal with the United States before Donald Trump's punishing tariffs kick in next week, the country's top commerce official told AFP. Dhaka is proposing to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, which Trump used as the reason for imposing painful levies in his 'Liberation Day' announcement. 'We have finalised a draft reciprocal trade agreement,' Mahbubur Rahman said Wednesday, adding the government was 'hopeful of reaching a win-win agreement'. Rahman said a meeting between officials from both countries was slated for July 8, with the United States representing 20 percent of Bangladesh's ready-made garments exports. Textile and garment production accounts for about 80 percent of exports in Bangladesh and the industry has been rebuilding after it was hit hard in a student-led revolution that toppled the government last year. Trump hit Bangladesh with 37 percent tariffs in his April 2 announcement, which is more than double the 16 percent already placed on cotton products. He suspended the tolls' introduction until July 9, as he did with other global trading partners, though a baseline 10 percent levy was kept in place. Bangladesh exported $8.36 billion worth of goods to the United States in 2024, while imports from there amounted to $2.21 billion, according to the Bangladesh Bank and the National Board of Revenue. - Planes, oil, cotton - 'As part of the initiative to reduce the trade gap, the government already decided to import a large volume of wheat, purchasing 14 aircraft from US manufacturer Boeing, buying cotton and more oil and gas from the US farms,' Rahman said. He did not give further details on the exact timing or extent of the proposed deals, but said the government had held around 28 meetings and document exchanges in a bid to reach an agreement. Interim leader Muhammed Yunus spoke to US Secretary of State Marco Rubio on Monday and told him Dhaka was 'working with your officials to finalise a package of measures to effectively respond to President Trump's trade agenda'. Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), the national platform of the garment makers, expressed concerns about any deal. 'The already enacted additional 10 percent tariff is hitting our exporters, and if it goes further, we might lose US buyers,' he warned. But Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), told AFP he was optimistic. 'We are hopeful of a positive outcome on the US tariff before July 9,' he said. 'There will be a temporary problem if the US administration does not revise the tariff. But it will largely and ultimately hit the US buyers, as they would have to buy goods at higher prices.'
Time of India
08-06-2025
- Business
- Time of India
Old Bangla currency with Bangabandhu Mujib's face becomes souvenir in Bengal
Kolkata: Many in Kolkata with currency notes of Bangladesh that have the image of the country's founding father, Bangabandhu Sheikh Mujibur Rahman, are saving them as souvenirs. This has been prompted after Bangladesh Bank recently introduced new currency notes of Taka 1,000, Taka 50, and Taka 20. The redesigned notes have images of various nationally important establishments in place of the image of Bangabandhu. The official website of Bangladesh Bank, which is the centralised bank of the nation, clearly mentions: "Bangladesh Bank has the sole authority to issue banknotes in Bangladesh. Bangladesh Bank, like other central banks the world over, changes the design of banknotes from time to time. The Bangladesh Bank has so far issued notes in the denominations of Tk.5, Tk.10, Tk.20, Tk.50, Tk.100, Tk.500, and Tk.1000 in this series. " The Taka 50 note highlights Ahsan Manzil and Zainul Abedin's Sangram. The Taka 1,000 note showcases the National Memorial and the Jatiya Sangsad Bhaban. The Taka 20 note features Kantaji Temple and the Paharpur Monastery. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Flexible Phone Plans for Small Biz Undo In India, cultural activist Subha Prasad Nandi Majumdar, who is from a refugee family of 1947, described this as a move on expected lines "given the kind of political forces that have taken over the power in Bangladesh." "That is because the present regime, as per Yunus's own admission, has pushed a reset button regarding Bangladesh's history. A regime, which remains a stoic witness, if not active participant, to the demolition of 32 Dhanmondi and all sculptures associated with the liberation struggle would naturally be too keen to remove Bangabandhu' s image from currency notes," Majumdar said. Majumdar went to Bangladesh in Feb and heard that the currency change was underway. "I realised that these currency notes will be treated as historic souvenirs in the coming days. I believe a large section of the population in Bangladesh will retain a part of their currencies with Bangabandhu's image as a souvenir while exchanging new currency notes," he said. On his return to Kolkata, Majumdar deliberately never converted them to Indian currency. Saikat Sekhareswar Ray, the head of the department of editing at the Satyajit Ray Film and Television Institute, too wants to keep the old currency as a souvenir. "A nation in search of a new identity often attempts to shed its past by any means possible. Unfortunately, some of these efforts are merely symbolic — this being one of them ," Ray said. Author Prabal Kumar Basu last went to Dhaka in 2020. "It was just before Covid-19. I have some currencies of Bangladesh that bear Mujib's image. I kept all of those and have no wish to convert them to Indian currency. Since there was no announcement about replacing the old currency with the new, I kept them with me. I want to visit Bangladesh again and hope to use them," Basu said.
