Tag: bangladesh

Firms in the garment and pharmaceutical sectors are navigating severe turbulence in their businesses. The new government is trying to shore up FX reserves, bank balance sheets, keep inflation under control, and deal with flooding that hit over five million people in August.

There have been significant difficulties for supply chains reliant on garment factories, accessing USD, banks and the FX rate; however, a new administration could help bring a turnaround.

Citi veteran, Moinul Huq, has been promoted to the role, from head of the bank’s local transaction banking business.

The transaction is a first for the bank in Asia Pacific and underscores the value of blockchain technology in digitising supply chains.

Toby Brown takes CT through the stages of the insurance company’s rapid Asia expansion.

Use of letters of credit (LC) for exports to Bangladesh surged 118% last year, compared with the previous 12 months. Increased trade with China is likely a key driver.

Sung Wey Min, executive director at Avant Garde Fashion, a Bangladeshi garment exporter, explains why the company is accepting renminbi payments.