Volume 02/2024 February 2024

Major Economic Indicators: Monthly Update

Monetary Policy Department

BANGLADESH BANK
 Contents Page No.
Executive summary 1-2
1. Money and credit developments 3
2. Reserve money developments 4
3. Liquidity situation of the scheduled banks 5-6
a) Bank group-wise liquid assets 5
b) Liquidity indicators of the scheduled banks 6
4. Financial sector prices 7-9
a) Weighted average yields on bills, bonds, BB policy rate and call money rate 7
b) Interest rate spread of banks and non-bank financial institutions 8
c) Sector-wise breakdown of interest rate spread of all scheduled banks 9
5. Capital market developments 10
6. Public finance 11-15
a) Government tax revenue collections 11
b) Sale and repayment of National Savings Certificates (NSC) 12
c) Government deficit financing 14
7. Price and wage index and inflation at national level 16
a) Consumer price index (CPI) and rate of inflation at national level 16
b) Wage Rate Index (WRI) and growth rate at national level 17
8. Industrial production
a) Index of Industrial Production of medium and large-scale manufacturing industry 18
b) Index of Industrial Production of index of small scale manufacturing industry 18
9. Food situations 19
10. Agricultural credit and non-farm rural credit 20
11. Industrial and CMSME loans 21-22
a) Industrial term loans 21
b) CMSME loans 22
12. Exports 23-24
a) Annual exports 23
b) Monthly exports 23
c) Category-wise breakdown of exports 24
13. Imports 25-27
a) Custom based import, import LCs settlement and LCs opening 25
b) Category-wise breakdown of custom-based import 26
c) Item-wise fresh opening and settlement of import LCs 27
d) Projected of opening of import LCs & probable liabilities against back to back 27
LCs of authorized dealer banks
14. Workers’ remittances 28-29
a) Monthly workers’ remittances 28
b) Remittance earnings from top ten countries 29
15. Foreign exchange reserves of Bangladesh Bank and commercial banks 30
16. Foreign aid 31
17. Exchange rate movements 31
18. Balance of payments 33
Appendix A: Break-up of fresh opening and settlements of import LCs 35
Appendix B: MEI Publication Panel 37
Comments and suggestions may be sent to:
Md. Sadrul Hasan, Additional Director ([email protected])
Sunita Rani Das, Assistant Director ([email protected])
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

Executive Summary

1. Monetary and Financial Sector

Broad money (M2) growth registered at 8.65 percent (y-o-y) in January 2024 compared to 8.51 percent in
January 2023.
Domestic credit growth was 11.86 percent in January 2024 compared to 15.54 percent growth of January 2023.
Public sector credit growth narrowed to 19.68 percent in January 2024 from 29.32 percent in January 2023.
Private sector credit growth was 9.95 percent (y-o-y) in January 2024 compared to 12.62 percent in January
2023.
Deposits of the banking system grew by 10.56 percent (y-o-y) in January 2024, while it grew by 6.14 percent in
January 2023.
Reserve money fell by 1.54 percent (y-o-y) in January 2024 compared to 9.12 percent growth of January 2023,
resulting from a lower growth in NDA along with a fall in NFA.
Total Excess Liquid Assets (including securities) was BDT 1,54,524.39 crore, while cash in excess of required
reserves was BDT 5,156.56 crore at the end of January 2024.
The weighted average call money rate in the inter-bank money market fell to 9.30 percent in February 2024 from
9.38 percent of January 2024, remaining closely below the Standing Lending Facility (SLF) rate.
The reference lending rate, known as ‘SMART’ (six months moving average rate of treasury bills) was 9.61
percent in February 2024 rising from 8.68 percent of January 2024.
The weighted average interest rate (WAIR) on deposits of all banks increased by 3 basis points and reached
4.55 percent in October 2023 and that of NBFIs moved up by 6 basis points and reached 8.21 percent compared
to the previous month.
The WAIR on advances of all banks inched up 6 basis points to 7.89 percent and the same of NBFIs rose by 2
basis points to 11.60 percent respectively in October 2023 compared to the previous month.
DSE Broad Index (DSEX) fell to 6153.34 in January 2024 from to 6246.50 in December 2023.

2. Fiscal Sector
NBR tax revenue collection augmented by 15.09 percent during July-January of FY24; achieving 46.12 percent
of the target set for FY24.
There was a net repayment of National Savings Certificates (NSC) of BDT 7350.35 crore during July-January of
FY24 compared to the net repayment of BDT 3069.43 crore of July-January of FY23.
The government made a net repayment of BDT 18966.60 crore to the banking system during July-January of
FY24, while net borrowing from the public (non-banking system) during July-January of FY23 was BDT 9063.02
crore. Domestic debt (public) to GDP ratio was 15.80 percent at the end of January 2023, slightly lower than
that of the previous year.

1
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

3. Real sector
Headline point-to-point inflation fell to 9.67 percent in February 2024 from 9.86 percent in January 2024.
Headline 12-month average inflation, however, rose to 9.66 percent in February 2024 from 9.59 percent in
January 2024.

The general index of industrial production grew by 3.24 percent (y-o-y) during July-December of FY24 compared
to 8.21 percent (y-o-y) growth of the said index during July-December of FY23.

The disbursement of agricultural credit increased by 17.55 percent while that of the non-farm rural credit
decreased by 7.95 percent during July-January of FY24 compared to the same period of FY23.

The disbursement of CMSME loans increased by 8.06 percent (y-o-y) in FY23 compared to 19.26 percent of
FY22.

The disbursement of industrial term loans increased 31.52 percent (y-o-y) in FY23 compared to 5.23 percent
of FY22.

4. External sector
Merchandise commodity exports grew by 3.71 percent (y-o-y) during July-February of FY24. This
achievement, however, fell short of the strategic target set for the period by 6.48 percent.

Merchandise imports declined by 18.30 percent during July-January of FY24 compared to the same period of
the previous fiscal year.
Fresh opening of import LCs fell by 2.44 percent during July-January of FY24 because of rising the price of
USD and BB’s close price monitoring of LC opening.
Inflow of remittances increased by 7.61 percent (y-o-y) during July-February of FY24 stood at USD 15.08
billion.

Gross foreign exchange reserves stood at USD 25.97 billion at the end of February 2024; however, according
to the BPM6 this gross foreign exchange reserves amounted to USD 20.78 billion.

Receipts of total foreign aid increased by 3.26 percent while that of net foreign aid decreased by 0.43 percent
respectively during July-January of FY24 compared to July-January of FY23.

Bangladesh Taka depreciated against USD by 1.49 percent during July-February of FY24 compared to 11.47
percent depreciation during July-February of FY23.

Current account balance recorded a surplus of USD 3.15 billion during July-January of FY24 compared to a
deficit of USD 4.65 billion during July-January of FY23. The financial account recorded a deficit of USD 7.35
billion during July-January of FY24 against the lower deficit of USD 0.81 billion during July-January of FY23.
As a result, the overall balance recorded a lower deficit of USD 4.68 billion during July-January of FY24
compared to an overall deficit of USD 7.39 billion during July-January of FY23 in the balance of payments.

Note: The information furnished in the executive summary and the subsequent pages are provisional and subject to revision.

2
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank
1. Money and credit developments
(BDT in crore)
R R R P Flow of July- Flow of July-
Particulars June, 2022 January, 2023 June, 2023 January, 2024 R P
January, FY23 January, FY24
1 2 3 4 5 6=(3-2) 7=(5-4)
A. Net Foreign Assets of 364298.80 314305.10 316728.30 266789.20 -49993.70 -49939.10

the banking system (-4.72) (-13.95) (-13.06) (-15.12) (-507.72) (-114.04)

B. Net Domestic Assets 1343823.40 1437135.50 1570439.80 1636091.10 93312.10 65651.30
of the banking system (+14.02) (+15.07) (+16.86) (+13.84) (+46.83) (+59.11)
a) Domestic credit 1671749.00 1773179.30 1926770.80 1983428.30 101430.30 56657.50
(+16.10) (+15.54) (+15.25) (+11.86) (+32.13) (+14.53)
Public sector 320513.40 347153.20 432514.60 415485.10 26639.80 -17029.50
(+27.67) (+29.32) (+34.94) (+19.68) (+42.15) (-24.95)
Government (net) 283314.50 303589.20 387349.90 367743.60 20274.70 -19606.30
(+28.18) (+30.81) (+36.72) (+21.13) (+40.78) (-30.26)
Other Public 37198.90 43564.00 45164.70 47741.50 6365.10 2576.80
(+23.92) (+19.75) (+21.41) (+9.59) (+56.62) (+279.68)
Private sector 1351235.60 1426026.10 1494256.20 1567943.20 74790.50 73687.00
(+13.66) (+12.62) (+10.58) (+9.95) (+28.86) (+38.27)

b) Other items (net) -327925.60 -336043.80 -356331.00 -347337.20 -8118.20 8993.80

Broad money (A+B) 1708122.20 1751440.60 1887168.10 1902880.30 43318.40 15712.20

(+9.43) (+8.51) (+10.48) (+8.65) (-40.99) (-52.50)
A. Currency outside 236448.90 262992.80 291913.50 257295.30 26543.90 -34618.20
banks (+12.85) (+24.18) (+23.46) (-2.17) (+3424.63) (+103.45)
B. Deposits of the 1471673.30 1488447.80 1595254.60 1645585.00 16774.50 50330.40
banking system (+8.90) (+6.14) (+8.40) (+10.56) (-55.05) (-55.19)
a) Demand deposits 189455.80 180159.50 199974.40 186273.60 -9296.30 -13700.80
(+13.92) (+11.58) (+5.55) (+3.39) (-17.54) (-4838.16)
b) Time deposits 1282217.50 1308288.30 1395280.20 1459311.40 26070.80 64031.20
(+8.20) (+5.43) (+8.82) (+11.54) (-48.28) (-51.85)
Source: Statistics Department, BB.
Note:- Figures in the parentheses indicate percentage changes (y-o-y). P = provisional, R = Revised.

a. Broad Money b. Domestic Credit

 Broad money (M2) recorded 8.65  Domestic credit increased by 11.86 percent (y-o-y) at the end
percent growth (y-o-y) at the end of of January 2024 compared to 15.54 percent growth at the end
January 2024 against the revised of January 2023.
projected growth of 9.7 percent for  Of the sources of domestic credit, the public sector credit and
private sector credit grew by 19.68 percent and 9.95 percent
June 2024.
(y-o-y) respectively at the end of January 2024.
 Net foreign assets (NFA) fell by 15.12
c. Currency outside Banks (CoB) and Deposits
percent in January 2024. However, the  Deposits of the banking system increased substantially at the
significantly larger component of M2 - end of January 2024, resulting in a fall in the currency outside
net domestic assets (NDA) grew by banks (CoB) compared to their levels of June 2023. This rise
13.84 percent and was the key in deposits might have been propelled by the rising interest
contributing factor to the growth of rates during the period.
broad money.
Growth of broad Money Growth of domestic credit
20 (y-o-y) 20 (y-o-y)
15.54
15 15
8.65 11.86
Percent

Percent

10 10
8.51
5 5
FY23 FY24 FY23 FY24
0 0
Nov

May
Sep
Jul.

Mar

Jun
Feb
Aug.

Oct

Dec

Jan

Apr

Nov

Mar

May

Jun
Jul.

Sep

Feb
Dec
Aug.

Apr
Oct

Jan

3
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

2. Reserve money developments

(BDT in crore)
Flow of July- Flow of July-
January, January,
Particulars June, 2022R June, 2023R January January
2023R 2024P
FY23R FY24P
1 2 3 4 5 6=(3-2) 7=(5-4)
A. Net Foreign Assets of 347757.70 290992.70 287497.50 232550.20 -56765.00 -54947.30
Bangladesh Bank (-5.22) (-17.32) (-17.33) (-20.08) (-832.31) (-84.86)
B. Net Domestic Assets of -595.70 61797.60 96087.60 114815.50 62393.30 18727.90
Bangladesh Bank
(+96.84) (+315.58) (+16230.20) (+85.79) (+171.28) (-5.75)
Claims on Govt.(net) 54930.00 107439.60 157411.90 125862.20 52509.60 -31549.70
Claims on other public 3435.60 3614.90 3893.40 4173.60 179.30 280.20
Claims on DMBs 16073.90 49597.30 61847.20 109153.90 33523.40 47306.70
Other items (net) -75035.20 -98854.20 -127064.90 -124374.20 -23819.00 2690.70
Re s e rve mone y (A+B ) 347162.00 352790.30 383585.10 347365.70 5628.30 -36219.40
(-0.26) (+9.12) (+10.49) (-1.54) (+73.77) (-802.25)
A. Currency in circulation 256182.70 287143.30 311947.70 282490.10 30960.60 -29457.60
(+12.91) (+24.09) (+21.77) (-1.62) (-0.84) (+80.23)
i) Currency outside
banks 236448.90 262992.80 291913.50 257295.30 26543.90 -34618.20
(+12.85) (+24.18) (+23.46) (-2.17) (+35.58) (+113.48)
ii) Cash in tills 19733.80 24150.50 20034.20 25194.80 4416.70 5160.60
(+13.60) (+23.09) (+1.52) (+4.32) (-53.21) (+47.25)

B. Deposits held with BB* 90979.30 65647.00 71637.40 64875.60 -25332.30 -6761.80
(-24.92) (-28.57) (-21.26) (-1.18) (+56.70) (-365.63)
Of which: Excess
reserves 28302.58 57.87 4381.79 -6893.92 -28244.71 -11275.71
(-55.68) (-99.81) (-84.52) (-12013.56) (+38.19) (-90.17)
Money multiplier 4.92 4.96 4.92 5.48 NA NA
Source: Statis tics Department, BB.
Note:- Figures in the parenthes es indicate percentage changes (y-o-y). P = Provis ional, R = Revis ed, NA = Not applicable:
Growth rate of NDA at the end of current period= [(xt -xt-1 )/|xt-1 |]; where xt = NDA at the end of current period, xt-1 = NDA at the
end of previous period and |xt-1 | = abs olute value of NDA at the end of previous period.
*Includes non-bank financial institutions.

Growth of reserve money

 Reserve money (RM) recorded a decrease of (y-o-y)
20
BDT 5424.60 crore or 1.54 percent (y-o-y) at FY23 FY24
the end of January 2024. 15

 Of the sources of reserve money, net foreign 9.12

10
Percent

assets (NFA) of Bangladesh Bank decreased by

BDT 58442.50 crore or 20.08 percent (y-o-y), 5

while net domestic assets (NDA) of Bangladesh 0

-1.54
Bank increased by BDT 53017.90 crore at the
-5
end of January 2024.
May
Jul

Dec
Aug

Oct

Nov

Jan

Apr
Mar

Jun
Sep

Feb

 Reserve money decreased as NFA decreased substantially.

 Money multiplier reached 5.48 at the end of January 2024, from 4.96 at the end of January 2023, as reserve

deposit ratio decreased along with a fall in currency deposit ratio.

4
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

3. Liquidity situation of the scheduled banks

a. Bank group-wise liquid assets
(BDT in crore)
As of end P
As of end January, 2024
June, 2023 Balances with Bangladesh Bank
Cash in tills + Local Currency Unencumbered Minimum
Bank Group balances with Excess Total Liquid
Total Liquid Foreign approved Required
Sonali Bank Required Reserve Currency Assets 1/
Assets securities Liquid Assets
Ltd. Reserves * (un-invested
cash)

1 2 3 4a 4b 5 6 7
=(3+4a+4b
State-owned Banks 133929.83 4393.05 17668.63 925.74 316.25 105898.69 129202.36 74782.51
Specialised Banks 2540.33 n/a 1961.77 22.96 130.26 n/a 2114.98 1961.77
Private Banks
196662.18 14650.28 33317.01 1495.61 4282.71 148100.63 201846.25 140086.74
(Other than Islamic)
Islamic Banks 37933.18 6272.63 15791.51 593.84 1591.80 14306.98 38556.75 37603.68
Foreign Banks 50168.40 726.01 3837.05 2118.41 3776.76 42283.06 52741.29 17033.67
Total 421233.93 26041.97 72575.96 5156.56 10097.79 310589.35 424461.63 271468.37
(as % of total liquid (+6.14) (+17.10) (+1.21) (+2.38) (+73.17)
assets)
Source : Department of Offsite Supervision, BB.
Comment: The data shown in the above table are collected based on the regulatory purposes of Bangladesh Bank.
Note :- Figures in parentheses indicate sectoral share in the total liquid assets. P=provisional. , R= Revised.
*Required reserves is calculated @ 4.0% CRR since April 15, 2020; 1/ Minimum required liquid assets is the sum of required reserves (@4.0% CRR) and Statutory Liquidity
Rrequirement (SLR) (@13.0% for Conventional Banking and @5.5% for Islamic Banking); n/a=Data not required for supervision purpose.

5
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank
 Total liquid assets of scheduled banks increased by 0.77 percent and registered at BDT 424461.63 crore at
the end of January 2024 from the level of end June 2023.
 The minimum required liquid assets of the scheduled banks at the end of January 2024 stood at BDT
271468.37 crore, while it was BDT 254961.89 crore at the end of June 2023.
 Excess reserves (cash in excess of CRR) stood at BDT 5156.56 crore in January 2024 which was BDT
11629.64 crore in June 2023.
 Liquid assets in excess of maintained SLR decreased by 7.07 percent to BDT 154524.39 crore in January
2024 compared to June 2023, however, it was 5.38 percent lower than that of December 2023.
2000 Excess liquid assets (excess of SLR): bank group-wise*

1500 Foreign Banks

billion taka

1000 Islamic
State-owned
500 Private (Other than Islamic)
Total Excess Liquid Assets
0
Jun'23
Jan'23

Jan'24
Jul'23

Sep'23

Oct'23
Nov'22

Nov'23
Aug'23
Dec'22

Dec'23
-500 *Specialized banks are exempted from maintaining SLR

b. Liquidity indicators of the scheduled banks

Advance/Invest Liquidity Net Stable

ment Deposit Coverage Ratio Funding Ratio
As on
Ratio (LCR) (NSFR)
(ADR/IDR)
End September, 2022 76.23% 160.52% 110.18%
End December, 2022 79.00% 153.97% 110.22%
End March, 2023 79.36% 153.28% 110.30%
End June, 2023 78.51% 152.37% 109.71%
End September, 2023 78.08% 154.69% 110.28%
End December, 2023 80.38% NA NA
Source: Department of Off-site Supervision, Bangladesh Bank.

 Advance Deposit Ratio (ADR) of the banking system was increasing gradually since March 2022
until March 2023. Since September 2023 it stopped falling, remaining well below the allowable
limit1 set by BB and in December 2023, it rose and reached 80.38 percent.
 Maintained Liquidity Coverage Ratio (LCR) of the banking sector reached 154.69 percent in
September 2023, still remaining above the minimum requirement of 100 percent that would cover
the banks net cash flows for a minimum of 30 days.2
 Minimum regulatory requirement of holding Net Stable Funding Ratio (NSFR) was maintained at
110.28 percent in September 2023 compared to 109.71 percent percent in June 2023.3

1
Banks were instructed in April 2020 to maintain their ADR within maximum 87 (85 percent + 2.0 percent of special
consideration) percent for conventional banks and 92 (90.0 percent + 2.0 percent of special consideration) percent for Islamic
Shari’ah based banks respectively according to DOS circular no.02 dated 12 April 2020.
2
LCR measures a bank’s need for liquid assets in a stressed environment over the next 30 calendar days: minimum requirement
for LCR is greater or equal to 100 percent.
3
NSFR measures a bank’s need for liquid assets in a stressed environment over one year period: minimum requirement for NSFR
is greater than 100 percent.

6
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

4. Financial sector prices

a. Monthly weighted average yields on bills, bonds, BB policy rates and call money rate
Policy Call
Treasury Bills BGTB rate SLF rate* SDF rate* money
(repo)* rate

14-Day 91-Day 182-Day1/ 364-Day 2-Year 5-Year 10-Year 15-Year 20-Year

FY23
June --- 6.80 7.07 7.90 8.09 8.71 --- --- --- 6.00 8.00 4.25 6.06
FY24
July --- 7.26 7.35 8.64 8.86 9.02 9.09 --- --- 6.50 8.50 4.50 6.30
August --- 7.33 7.38 8.42 8.92 9.00 9.12 --- --- 6.50 8.50 4.50 6.28
September --- 7.24 7.40 7.97 8.65 8.99 9.20 9.49 9.76 6.50 8.50 4.50 6.41
October 8.27 8.85 9.08 9.39 9.15 10.05 10.39 10.54 10.54 7.25 9.25 5.25 7.35
November 9.39 9.97 10.10 10.26 10.54 10.99 11.01 11.16 11.21 7.75 9.75 5.75 8.03
December 9.90 10.89 11.09 11.28 8.69 10.35 10.46 11.06 11.16 7.75 9.75 5.75 8.84
January -- 11.23 11.33 11.55 11.42 11.51 11.87 11.99 12.08 8.00 9.50 6.50 9.38
February -- 11.34 11.42 11.60 11.70 11.92 12.02 12.12 12.22 8.00 9.50 6.50 9.30
Source: Monetary Policy Department and Debt Management Department, Bangladesh Bank . ---- = no auction conducted,
* Bangladesh Bank has refixed policy Rate at 8.00 percent with 150 (±) basis points symmetric corridor consisting of SLF at 9.50 percent and SDF at 6.50 percent with effect from 21 January,
2024; 1/ Bangladesh Bank calculates SMART (six months moving average rate of Treasury bill) from the moving average of the yields on 182-Day treasury bill over the past six months.

1/ Bangladesh Bank calculates SMART (six months moving average rate of Treasury bill) from the moving average of the yields on 182-Day treasury bill over the past six months.

 The weighted average yields on 91-Day, 182-Day and 364-Day increased in February 2024 compared to the
previous month.
 The weighted average yields on 2-Year, 5-Year, 10-Year, 15-Year and 20-Year Bangladesh Government
Treasury Bond (BGTB) increased and registered 11.70 percent, 11.92 percent, 12.02 percent, 12.12 percent
and 12.22 percent respectively in February 2024.
 The policy rate was increased by 25 basis points and re-fixed at 8.00 percent on 17 January 2024, with a
150(±) basis points symmetric corridor consisting Standing Lending Facility(SLF) rate and Standing Deposit
Facility(SDF) rate, with effect from 21 January 2024.
 Weighted average call money rate decreased by 8 basis points to 9.30 percent in February 2024 from 9.38
percent of January 2024.

Yields on treasury bills Policy rate, SDF, SLF and call money rate
14.0 9.50
10.0
12.0 11.60 9.38
11.42 8.0
10.0 8.00
11.34
6.0
Percent

8.0
Percent

6.50
6.0 4.0
4.0 91-day 182-day
2.0 Policy rate(Repo) SDF rate
2.0 Call money rate SLF rate
364-day 14-day
0.0 0.0
Jun.23

Jan.24
Mar.23

Jul.23
May.23

Sep.23

Nov.23
Oct.23
Aug.23
Apr.23

Dec.23
Feb.23

Feb.24
Oct.23
Jun.23

Dec.23
Jan.24
Mar.23

Jul.23
Apr.23
Feb.23

May.23

Sep.23

Feb.24
Nov.23
Aug.23

7
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

b. Interest rate spread of banks and non-bank financial institutions

(Percent)
All Banks
Non-Bank Financial
Excluding credit Excluding consumer
SMART**
Institutions (NBFIs)
card finance and credit card
WAIR* WAIR*

Spread
on on
WAIR* WAIR* WAIR*

Spread
deposits advances WAIR* on
on Spread on Spread on
advances
advances advances deposits
FY23
June 7.10 4.38 7.31 2.93 7.26 2.88 7.19 2.81 7.93 8.20 0.27
FY24
July 7.10 4.46 7.75 3.29 7.69 3.23 7.65 3.19 8.02 8.18 0.16
August 7.14 4.52 7.85 3.33 7.80 3.28 7.75 3.23 8.08 11.47 3.39
September 7.20 4.52 7.83 3.31 7.78 3.26 7.73 3.21 8.15 11.58 3.43
October 7.43 4.55 7.89 3.34 7.84 3.29 7.80 3.25 8.21 11.60 3.39
November 7.72 4.64 7.99 3.35 … … … … 8.34 11.65 3.31
December 8.14 4.70 9.36 4.66 … … … … 8.45 11.68 3.23
January 8.68 4.92 9.75 4.83 … … … … 8.65 11.77 3.12
February 9.61 … … … … … … … … … …
Source: Debt Management Department and Statistics Department, Bangladesh Bank.
*WAIR = Weighted Average Interest Rate. **Six M onths' M oving Average Rate of Treasury Bills. ... = Data not avaiable; @WAIR on advances for NBFIs was calculated
based on the last contractual interest rate for the current bad loans since August 2023.

 The spread between the weighted average interest rate (WAIR) on advances and deposits of all
banks moved up by 17 basis points to 4.83 percent in January 2024 compared to the previous
month.
 Spread between the WAIR on advances and deposits of NBFIs stood at 3.12 percent in
January 2024 which was 3.23 percent in December 2023. It should be noted that, the WAIR on
lending had been calculated based on the last contractual interest rate for bad loans from
August 2023.
 The WAIR on deposits of all banks and NBFIs rose to 4.92 percent and 8.65 percent
respectively in January 2024 compared to the previous month.
 The reference lending rate, known as ‘SMART’ (six months moving average rate of treasury
bills) increased by 93 basis point to 9.61 percent in February 2024.
 Spreads between WAIR on deposits and advances, across types of financial intermediaries and
major sectors of the economy, ploted in the following charts (page 09), show a steady but
elevated stance in response to the reference rate.

8
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank
c. Sector-wise breakdown of interest rate spread of all scheduled banks
(Percent)
Sector-wise break down of interest rate spread of all scheduled banks
All other sectors
SME Agriculture Large Industries Services
(excluding SME)
WAIR* WAIR* WAIR* WAIR* WAIR*

Spread

Spread

Spread

Spread

Spread
on on on on on
advances advances advances advances advances
FY23
June 6.99 2.61 7.39 3.01 7.48 3.10 7.23 2.85 7.66 3.28
FY23
July 7.39 2.93 7.82 3.36 7.96 3.50 7.70 3.24 8.36 3.90
August 7.45 2.93 7.94 3.42 8.23 3.71 7.77 3.25 8.38 3.86
September 7.49 2.97 7.91 3.39 8.29 3.77 7.74 3.22 8.40 3.88
October 7.57 3.02 7.96 3.41 8.30 3.75 7.83 3.28 8.45 3.90
November 7.68 3.04 … … 8.64 4.00 7.91 3.27 … …
December 9.52 4.82 … … 9.34 4.64 9.36 4.66 … …
January 9.87 4.95 … … 9.51 4.59 9.80 4.88 … …
Source: Statistics Department, Bangladesh Bank.
*WAIR = Weighted Average Interest Rate. # Revised.
5.6 Sector-wise break down of interest rate spread of banks
5.1 4.95
4.88
4.6
3.90 4.59
4.1
3.6
Percent

3.1
2.6
2.1 SME Agriculture Large Industry Service
1.6
Oct'23

Dec'23
Jan'23

Feb'23

Mar'23

Jul'23

Sep'23

Jan'24
Nov'23
Apr'23

Jun'23
May'23

Aug'23

Interest rate spreaed of banks and NBFIs

5.00 4.83 4.00
Banks
4.50 Spread (Excluding Credit Card) 3.00
Spread (Excluding Consumer Finance & Credit Card) 3.12
4.00 NBFIs (RHS) (@following on page 8)
Percent
Percent

2.00
3.50

1.00
3.00

2.50 0.00
Oct'23

Dec'23
Jan'23

Feb'23

Mar'23

Jul'23

Sep'23

Jan'24
Apr'23

Nov'23
Jun'23
May'23

Aug'23

9
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

5. Capital market developments

Annual capital market developments in Dhaka Stock Exchange (DSE)
(BDT in crore )
Outstanding DSE Broad Market
Issued
Stock (End of Enlisted issues Market Turnover Index Capitalization
Capital and
Calender Year) Capitalisation during the year (DSEX) as % GDP*
Debentures
2021 617 146369.50 542196.40 353978.62 6756.66 13.65
2022 656 411716.10 760825.60 234300.21 6206.81 17.14

Monthly capital market developments in Dhaka Stock Exchange (DSE)

(BDT in crore)
DSE Broad Market
Enlisted issues Issued Turnover
End Month Market Index Capitalization
(In number) Capital and during the
Capitalisation (DSEX) as % GDP*
Debentures month
January'23 657 414154.60 765472.40 11726.84 6267.05 17.24
February'23 655 413324.40 763009.10 8628.99 6216.95 17.19
March'23 654 411893.90 762366.30 9406.41 6206.80 17.17
April'23 652 412865.80 765690.70 10296.30 6262.69 17.25
May'23 653 416678.30 773719.00 18461.91 6339.74 17.43
June'23 653 417777.90 772078.00 14680.09 6344.09 17.39
July'23 654 431140.80 781278.60 17127.60 6324.81 15.60
August'23 652 426626.40 776057.60 9652.43 6299.50 15.50
September'23 652 429212.30 777475.50 11306.36 6284.63 15.53
October'23 653 435457.30 784267.00 10068.75 6278.66 15.66
November'23 650 426458.10 771816.90 9498.20 6223.03 15.42
December'23 654 433857.40 780849.60 10206.05 6246.50 15.60
January'24 656 435100.50 751734.10 15747.22 6153.34 15.01
Source : Dhaka Stock Exchange, Dhaka.
*GDP at current prices (Bas e 2015-16) for FY23 is collected from Banglades h Bureau of Statis tics (BBS). While, GDP target
of the Minis try of Finance is us ed for FY24.

 The DSE Broad Index (DSEX) moved down by 1.49 percent (m-o-m) in January 2024.
 Market capitalization decreased by 3.73 percent (m-o-m) to BDT 751734.10 crore at the end of January
2024 which is 15.01 percent of nominal GDP.
 Total turnover in terms of value increased by 54.29 percent (m-o-m), while its’ volume increased by
39.24 percent (m-o-m) at the end of January 2024 respectively.
 The relative strength index (RSI) of DSEX increased to 29.17 in January 2024 from that of index 36.58
in December 2023, indicating oversold situation of the stock market.
 The PE ratio slightly moved up to 14.40 in January 2024 from 13.12 in December 2023.
 The DSE Shariah index moved up to 1348.95 in January 2024 from 1346.15 in December 2023.
 The number of enlisted issues (of securities) increased to 656 in January 2024 compared to 654 in
December 2023, thus issued capital (of listed securities) also increased as well in January 2024.
The share of individual industries in total turnover is shown in the pie chart:

Share of sectoral turnover, January 2024 Market capitalization and index of DSE

Financial 10000 Capitalisation (LHS) 11200

Miscellaneo Others Institutions
17.89% Banks DSEX (RHS)
us 5.82% 7.07% 2.88% 9200
8000
Telecommu Insurance
billion BDT

nication 7200
16.88% 6000
0.53%
Food & 5200
Fuel
&Power Allied 4000
Product 3200
4.10%
7.04% 2000
Mutual 1200
Funds
3.88% Pharmaceuti 0 -800
Cement cals &
June'23

Oct'23
Jan'23

Jan'24
Mar'23

Dec'23
Apr'23
Feb'23

May'23

Sep'23

Nov'23
Aug'23
July'23

2.03% Textile
Engineering Chemicals
5.85%
12.98%
13.07%
10
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank
6. Public finance
a. Government tax revenue collections
(Taka in crore)
Total revenue collections
FY17 FY18 FY19 FY20 FY21 FY222/ FY23
during
NBR Tax Revenue 171679.14 202312.94 223892.42 218406.05 259881.8 301633.84 331454.88
(185000.00) (225000.00) (280000.00) (300500.00) (301000.00) (330000.00) (370000.00)
1/ 6282.39 7041.07 6031.9 3950.11 4918.3 6990.92 7555.59
Non-NBR Tax Revenue
(7261.00) (7202.00) (9600.00) (12567.00) (15000.00) (16000.00) (18000.00)
Total Tax Revenue 177961.53 209354.01 229924.32 222356.16 264800.1 308624.76 339010.47
(192261.00) (232202.00) (289600.00) (313068.00) (316000.00) (346000.00) (388000.00)
Note:- Figures in parentheses indicate the target of revenue collection.
1/ Before FY22 Non-NBR tax revenue included narcotics & liquor duty, taxes on vehicals, road tax, land revenue and stamp duty (non judicial);2/ According to iBAS++ from FY22
onwards.Non-NBR tax revenue includes taxes on financial and capital transactions, narcotic and liquor duty, taxes on use of goods and on permission to use goods or perform
activities and stamp duty. 3/Data for non-NBR tax revenue available up to June 2023 (FY23) since October 2023.

(BDT in crore)
NBR Tax Revenue Non-NBR Total Tax
Customs Tax Revenue
VAT Income Tax Others* Total
duties Revenue2/ Collections
1 2 3 4 5=(1+..+4) 6 7=(5+6)
FY23R
January 3053.41 10374.88 8504.11 4946.34 26878.74 946.94 27825.68
20916.07 66027.98 52463.14 32903.03 172310.22 4438.10 176748.32
July-January
(+10.89) (+22.09) (+0.00)
P
FY24
January 3525.79 12566.20 11050.52 5532.93 32675.44 NA NA
22897.46 81254.48 61840.23 32313.08 198305.25 NA NA
July-January
(+15.09) NA NA
Source: National Board of Revenue and Office of the Controller General of Accounts, Bangladesh, P=Provisional, R=Revised. Note:-* others include
sup p lementary tax (local+imp ort), Exp ort, Excise duty , Turnover tax and Travel tax. Figures in the p arentheses indicate p ercentage changes over the
corresp onding p eriod of the p receding y ear; NA=Not Available. #Data for total tax revenue is not available from July 2023, as Non-NBR tax revenue is
not available.

 NBR tax revenue collection grew by 15.09 percent (y-o-y) during July-January of FY24. VAT,
income tax and customs duty stood at 40.97 percent, 31.18 percent and 11.55 percent of total
NBR tax revenue respectively during the period under review.
 This collection during July-January of FY24 was 46.12 percent of the target set for FY24 (target
for NBR tax revenue collection have been set at BDT 4,30,000.00 crore in the budget for FY24).
 Total tax revenue (NBR and Non-NBR) during July-December of FY24 grew by 13.18 percent
(y-o-y), plotted in the following chart on the left-hand side.

Growth of total tax revenue Cumulative growth: NBR Tax Revenue

60 30
Non-NBR NBR Total
40 25 FY 23 FY 24
Percent

20
percent

20
13.18 15.09
15
0 10
10.89
-20 5
Jul-23
Jan-23
Feb-23

Jun-23

Sep-23
Oct-23
Dec-22

Mar-23
Apr-23

Dec-23
Aug-23

Nov-23
May-23

0
May
Jun.
Sep.

Feb.
Nov.

Mar.
Jul.

Jan.
Oct.

Dec.

Apr.
Aug.

11
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

b. Sale and repayments of national savings certificates (NSC)

(BDT in crore)
Outstanding at
Repayment
FY Sale Net sale the end of the
(Principal)
year*
(1) (2) (3) 4=(2-3) (5)
FY18 78784.68 32254.38 46530.30 237766.52
FY19 90342.39 40402.91 49939.48 287706.00
FY20 67127.75 52699.40 14428.35 302134.35
FY21 112188.24 70228.70 41959.54 344093.89
FY22 108070.53 88154.78 19915.75 364000.97
FY23 80858.63 84154.56 -3295.93 360705.04
Source:- Department of National Savings (DNS). (BDT in crore)
Outstanding Outstanding
Net sale(+)/Net Net sale(+)/Net
Months Sale Repayment at the end Sale Repayment at the end
repayment(-)1 * repayment(-)
(Principal) period (Principal) period *
FY24P FY23
July 7860.66 8208.26 -347.60 360357.43 7018.43 6625.31 393.12 364394.09
August 7049.60 7819.11 -769.51 359587.92 7519.69 7511.61 8.08 364402.17
September 6745.79 6893.64 -147.85 359440.07 6973.23 7043.86 -70.63 364331.54
October 7420.02 8460.18 -1040.16 358399.91 6533.17 7496.33 -963.16 363368.38
November 6794.40 8348.20 -1553.80 356846.11 6884.93 7868.25 -983.32 362385.06
December 5420.09 7624.41 -2204.32 354641.79 5542.37 7033.31 -1490.94 360894.12
January 7963.90 9251.00 -1287.10 353354.69 8284.96 8247.54 37.42 360931.54
July-January 49254.46 56604.81 -7350.35 353354.69 48756.78 51826.21 -3069.43 360931.54
(+1.02) (+9.22) (-139.47) (-2.10) (-20.85) (+4.84) (-125.23) (+1.31)
Target for net sale of NSCs has been set at BDT 18,000.00 crore for FY24.
Source:- Department of National Savings (DNS).
Note:- Figures in the parenthesis indicate percentage changes over the corresponding period of the preceding year.
P=Provisional; * Outstanding = Net sale+Outstanding at the end previous month; 1 Growth rate of net sale of current period= [(xt -xt-1 )/|xt-1 |], where xt = net sale for current period, xt-1 = net sale for
previous period and |xt-1 | = absolute value of net sale for previous period. 12
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

 Total sale of National Savings Certificates (NSC) during July-January

0
Cumulative growth of net sale of NSCs
of FY24 amounted to BDT 49254.46 crore which was 1.02 percent
-125.23
higher compared to the same period of the previous fiscal year.
-200 -139.47
FY 23 FY 24
 Total repayment of NSC increased by 9.22 percent to 56604.81 crore

Percent
during July-January of FY24 compared to the same period of the -400

previous fiscal year.

-600
 The net sale of NSC during July-January of FY24 decreased

Sep.

Feb.
Jul.

Jan.

Mar.

Jun.
Nov.

Apr.
Dec.
Oct.

May.
Aug.
substantially by 139.47 percent (y-o-y) resulting in a net repayment of

BDT 7350.35 crore.

 Outstanding amount of NSC stood at BDT 353354.69 crore at the end of January 2024, which was 2.10 percent lower compared to the same

month of the previous fiscal year.

13
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

c. Government deficit financing

(BDT in crore)

Total
Net borrowing of Net non-bank
Total Net foreign Total financing as Outstanding Outstanding domestic
the Govt. from borrowing of the
FY domestic financing 3/ financing % of GDP @
Domestic debt debt as % of GDP@
the banking Govt. from the
1/ financing at current (end period)4/ at current market price
system public 2/
market price

1 2 3 4=(2+3) 5 6=(4+5) 7 8 9
FY19 18269.30 53928.68 72197.98 42084.37 114282.35 3.87 428262.35 14.51
FY20 66907.60 22986.27 89893.87 50999.13 140893.00 4.44 518156.22 16.34
FY21 39790.00 44280.64 84070.64 47402.71 131473.35 3.72 602226.86 17.06
FY22 61940.50 26925.08 88865.58 73197.27 162072.00 4.08 691092.44 17.40
FY23 102017.30 7651.84 109669.14 74645.22 184314.36 4.10 800761.58 17.83
July-January of FY23 19880.30 3796.75 23677.05 32123.95 55801.00 1.24 714769.49 15.92
July-January of FY24 -18966.60 9063.02 -9903.58 36616.39 26712.81 0.53 790858.00 15.80
Source: Statistics Department and Debt Management Department, Bangladesh Bank; Department of National Savings (DNS); Ministry of Finance & Bangladesh Bureau of Statistics (BBS).
1/ 2/
Excludes interest. Includes treasury bills & bonds (both in face value, Bangladesh Government Investment Sukuk included since December 2020) held by the non-bank financial institutions through secondary
3/
auctions, Net sale (NSCs) and excludes P.Bonds/income tax Bonds. Total foreign aid disbursement less amortization payment (converted using cummulative exchange rate of the corresponding period).
4/
Outstanding Domestic Debt (end period)= Outstanding domestic debt of a fiscal year + Total Domestic financing of the following fiscal year. @ Actual revised GDP and estimated annual GDP for FY23 as published
by BBS. nominal GDP (base 2015-16=100) has been used.Estimated GDP for FY23 is as per Medium Term Macroeconomic Framework (MTMF) of MoF.

 Net repayment of the government from the banking system reached BDT 18966.60 crore while, non-bank borrowing of the government

from the public reached BDT 9063.02 crore. The large repayment to banking system resulted in a net domestic repayment of BDT

9903.58 crore during July-January of FY24.

 Net foreign financing increased by 13.98 percent (y-o-y) to BDT 36616.39 crore during the period under review.

14
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

 Despite the larger domestic repayment, borrowing of the government was BDT 26712.81 crore during July-January of FY24 compared to

the borrowing of BDT 55801.00 crore in July-January of FY23.

 As per budget for FY24, targets for government’s borrowing from the banking system (net), non-banking system (net) and foreign sources

(net) for FY24 has been set at BDT 1323.95 billion, BDT 230.00 billion and BDT 1024.90 billion respectively. Total deficit financing

during July-January of FY24 stood at 0.53 percent of estimated GDP.

15
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

7. Price and wage index and inflation at national level

a. Consumer price index (CPI) and rate of inflation at national level1
Twelve-Month Average Basis Point to Point Basis
Base: FY2005-06 = 100
General Food Non-food General Food Non-food
FY
Index Inflation Index Inflation Index Inflation Index Inflation Index Inflation Index Inflation
FY20 273.26 5.65 296.86 5.52 243.00 5.85 276.12 6.02 297.95 6.54 248.13 5.22
FY21 288.44 5.56 313.86 5.73 255.85 5.29 291.70 5.64 314.19 5.45 262.87 5.94
FY22 306.18 6.15 332.86 6.05 271.98 6.31 313.76 7.56 340.48 8.37 279.50 6.33
Base: FY2021-22 = 100*
FY23 109.02 9.02 108.71 8.71 109.39 9.39 112.46 9.74 112.25 9.74 112.63 9.60
FY24
July 109.85 9.20 109.55 8.84 110.21 9.64 112.89 9.69 112.74 9.76 113.02 9.47
August 110.73 9.24 110.66 9.08 110.91 9.55 117.06 9.92 120.08 12.54 114.61 7.95
September 111.60 9.29 111.79 9.37 111.61 9.44 118.83 9.63 122.47 12.37 115.87 7.82
October 112.51 9.37 112.94 9.73 112.36 9.33 120.24 9.93 123.90 12.56 117.27 8.30
November 113.37 9.43 113.91 9.95 113.10 9.17 119.10 9.49 120.04 10.76 118.33 8.15
December 114.22 9.48 114.77 10.08 113.88 9.05 118.40 9.41 117.48 9.58 119.16 8.52
January 115.11 9.59 115.63 10.22 114.75 9.02 119.60 9.86 118.30 9.56 120.66 9.42
February 115.99 9.66 116.48 10.32 115.61 8.98 120.09 9.67 119.07 9.44 120.92 9.33
Source: Bangladesh Bureau of Statistics (BBS), Ministry of Planning.
*Twelve month average food and non-food indices have been calculated after shifting base from FY06 to FY22.

CPI inflation
 Headline inflation (point to point) declined to Base shifted from
FY06
13.0
9.67 percent (y-o-y) in February 2024 from to Base:
12.0 FY222 FY2021-22=100
January 2024.
11.0
 Food inflation (p-t-p) and non-food inflation 10.0 9.67
(p-t-p) declined to 9.44 percent and 9.33 percent
Percent

9.0 9.66
respectively. Headline inflation (p-t-p) declined, 8.0
due to the fall in both food and non-food 7.0
inflation. 6.0
12 month average Point to Point
 Twelve-month average headline inflation 5.0

however rose to 9.66 percent (y-o-y) in 4.0

Jul'23

Jan'24
Oct'23
Feb'23

Sep'23

Dec'23

Feb'24
Mar'23
Apr'23

Jun'23
May'23

Aug'23

Nov'23

February 2024, remaining much higher than the

revised target of 7.50 percent for FY24.
 Among the components of non-food inflation, the highest inflation of 16.79 percent (y-o-y) was
observed in ‘recreation and culture’ segment, followed by 13.63 percent (y-o-y) inflation in
‘furnishings, household equipment and routine maintenance of the house’, 10.91 percent (y-o-y)
inflation in ‘housing, water, electricity, gas and other fuels’, 9.10 percent (y-o-y) inflation in
‘clothing and footwear’, 6.85 percent (y-o-y) inflation in ‘transportation’ and 2.14 percent (y-o-y)
inflation in ‘health’ in February 2024.

1
BBS has changed the base of CPI from 2005-06 to 2021-22 along with new basket weights, methodologies and introducing classification of Individual
Consumption by Purpose (COICOP). (Details about the new base can be found in the volumes before 09/2023 September 2023, of this document.)
2
Base shifted from FY06 to FY22 for point to point general index and twelve month average general index. Inflation is calculated accordingly.
16
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

b. Wage Rate Index (WRI) and growth rate at national level1

Point to Point Basis

Base: FY2010-11 = 100
General Agriculture Industry Service
FY
Index Growth Index Growth Index Growth Index Growth
FY23 211.19 7.39 211.50 7.47 206.67 7.00 219.00 7.76
Base: FY2021-22 = 100*
FY24
July 110.38 7.52 110.39 7.72 110.12 6.96 111.33 8.14
August 111.10 7.58 111.19 7.89 110.75 6.90 112.00 8.10
September 112.23 7.64 112.40 7.91 111.81 7.12 113.03 8.12
October 113.27 7.69 113.47 7.93 112.88 7.24 113.91 8.14
November 114.55 7.72 114.93 8.03 113.96 7.30 115.14 8.22
December 115.36 7.74 115.77 8.07 114.71 7.32 115.98 8.25
January 116.12 7.77 116.56 8.13 115.40 7.29 116.89 8.30
February 117.30 7.78 117.75 8.16 116.52 7.31 118.26 8.34
Source: Bangladesh Bureau of Statistics (BBS), Ministry of Planning.

 Headline wage rate index (point to point) grew WRI growth

by 7.78 percent (y-o-y) in February 2024

10.0
Base shifted from Base:
compared to that of February 2023. FY11 to FY22 FY2021-22=100

 Wage rate index in Agriculture sector grew by 9.0

8.16 percent (y-o-y) in February 2024

Percent

8.0
compared to 8.13 percent growth of January 7.78
7.0
2024. 7.11

 Wage rate index in Industry sector grew by 6.0 Point to Point

7.31 percent (y-o-y) in February 2024

5.0
Jun'23
Feb'23

Sep'23

Feb'24
Mar'23

Nov'23
Jul'23

Jan'24
Oct'23
Apr'23

Dec'23
Aug'23
May'23

compared to 7.29 percent growth of January

2024.
 Wage rate index in Service sector showed the
highest growth with 8.34 percent (y-o-y) in
February 2024 compared to 8.30 percent
growth of January 2024.

 Among the eight divisions of Bangladesh, Rangpur experienced 8.25 percent growth (y-o-
y) in WRI followed by Dhaka (7.44 percent), Khulna (7.23 percent), Rajshahi (7.15
percent), Barishal (6.83 percent), Chattogram (6.55 percent) and Sylhet (6.38 percent). The
new division Mymensingh had the wage rate index of 114.71 in February 2024, which was
113.87 in January 2024.

1
BBS has changed the base of WRI from 2010-11 to 2021-22, with the help of Labor Force Survey 2016-17, and have been publishing with this new base
since July 2023.
17
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

8. Industrial production
a. Industrial production of manufacturing industry
 The production index of all manufacturing enterprises (large, SMME and cottage) decreased
by 0.88 percent to 223.60 in December 2023 from 225.59 in December 2022.

b. Index of Industrial Production (IIP) large-scale industrial production of manufacturing

industry (Base: FY2015-16 = 100)
Monthly Average
General Percentage Average Percentage
Period
Index change (y-o-y) index change (y-o-y)
Jul-22 174.34 10.64
Aug-22 187.68 13.39 July-August, FY23 181.01 12.05
Sep-22 174.89 -5.09 July-September, FY23 178.97 5.82
Oct-22 189.54 0.33 July-October, FY23 181.61 4.33
Nov-22 216.82 17.71 July-November, FY23 188.65 7.13
Dec-22 235.20 12.74 July-December, FY23 196.41 8.21
Jan-23 228.70 6.97 July-January, FY23 201.02 8.00
Feb-23 198.50 6.32 July-February, FY23 200.71 7.79
Mar-23 204.18 4.14 July-March, FY23 201.09 7.37
Apr-23 186.32 -3.37 July-April, FY23 199.62 6.27
May-23 202.04 17.73 July-May, FY23 199.84 7.22
Jun-23 221.54 4.62 FY23 201.65 6.98
Jul-23 202.46 16.13
Aug-23 205.17 9.32 July-August, FY24 203.82 12.60
Sep-23 192.99 10.35 July-September, FY24 200.21 11.87
Oct-23 180.92 -4.55 July-October, FY24 195.39 7.58
Nov-23 208.59 -3.80 July-November, FY24 198.03 4.97
Dec-23 226.55 -3.68 July-December, FY24 202.78 3.24
Source: Bangaldesh Bureau of Statistics (BBS).
P = Provisional.
Note: Sub indices were not available for the new base (FY2015-16=100) in the published statement of BBS
and the general index of July 2021 has been converted by Monetary Policy Department, Bangladesh Bank to
base : FY2015-16=100 from base : FY2005-06=100.

 The general index of industrial production Average (cumulative) quantum index

(large scale manufacturing) during July- of large -scale manufacturing
20 industries (growth)
December of FY24 increased by 3.24 percent
(y-o-y) compared to 8.21 percent increase of 15 FY23 FY24
Percent

the same period of previous year. 8.21

10
 The industrial sector contributed 35.77
percent (FY23) to GDP; moreover, of the 5
3.24
components of industrial sector- 0
May
Jul

Dec
Aug

Oct
Nov

Apr
Jan

Mar

Jun
Sep

Feb

manufacturing sector contributed 23.10

percent to GDP in FY23.
c. Index of Industrial Production (IIP) of small, medium and micro enterprise (SMME) and
small-scale (cottage) manufacturing industry (Base: FY2015-16 = 100)1
 The general index industrial production of small, medium and micro enterprise (SMME)
increased by 1.32 percent (y-o-y) and reached 232.46 in December 2023.
 The general production index for small scale manufacturing industry (cottage) increased by
4.98 percent to 198.70 in December 2023 compared to the same month of the previous year.
However, the said index was 0.29 percent lower compared to the previous month (November
2023).

1
According to base: FY2015-16=100. Monthly data were introduced instead of quarterly data for the new base (FY2015-
16=100) since October 2022.
18
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

9. Food Situations
(In lac metric ton)
Food grai n Imports Foodgrai
Actual Domesti c Publ i c n Stock
Fi scal Producti on Producti on Net Domesti c Publ i c
Domesti c (Publ i c)*
Year Target Producti on* Publ i c** Pri vate Total Di stri buti on
(Gross) 1 Procurement ** (End
June)
FY18 372.97 373.76 336.38 13.91 83.83 97.74 15.35 21.17 13.15
FY19 373.12 374.08 336.67 5.44 52.90 58.34 24.15 25.94 16.74
FY20 399.69 376.32 338.69 4.36 60.02 64.38 18.71 27.77 11.20
FY21 395.53 386.93 348.24 10.52 56.50 67.02 15.53 32.63 14.48
FY22 407.08 392.31 353.08 12.29 37.70 49.99 20.20 30.77 16.07
1
FY23 427.32 402.19 361.97 13.14 36.17 49.31 19.43 30.08 18.48
T
FY24 446.50 ---- ---- 11.00 ---- 11.00 20.74 33.53 ----
Note : T =Target. ---- = Data not avaiable; 1 Actual Domestic Production (gross) for Rice (Aus, Aman & Boro) and wheat. B = Boro, R =
Revised, (import, procrument and distribution are revised),
1
*= After 10% deduction for seed, feed, waste etc., **Including food aid, ***Including transit, Rice= Aus, Aman and Boro. , Production of
Aus and Aman for FY22 .
(In lac metric ton)
Parti cul ars Jul y-January, FY24 Jul y-January, FY23

1. Production (Rice & Wheat)2 1

… …
2. Imports (Rice & Wheat) 30.28 24.04

3. Procurement (Rice: Aman & Boro) 12.56 10.01

4. Distribution (Rice & Wheat) 17.44 15.79

5. Outstanding Food Stock at end of
January (Rice & Wheat) *** 16.43 19.57
Note : ---- = Data not avaiable. ***Including transit . B = Boro, R = Revised, (import, procrument and distribution are revised),
Source : Food Planning and Monitoring Unit (FPMU), Ministry of Food.

 Food production (rice and wheat) reached 402.19 lac metric tons in FY23.
 Food grain (Aus, Aman, Boro and wheat) production target for FY24 is set at 446.50 lac metric tons.
 Import (rice and wheat), distribution (rice and wheat) and procurement of rice (Aman and Boro) rose
by 6.24 lac metric tons (y-o-y), 1.65 lac metric tons (y-o-y) and 2.55 lac metric tons (y-o-y)
respectively during July-January of FY24.
 Stock of food grains was lower by 3.14 lac metric tons at the end of January of FY24 compared to the
same period of the previous fiscal year.

Public Domestic Procurement, Imports and

Food Production Stock of Food Grains
(Target and Actual)
July-January, FY24 July-January, FY23
Production Target
650 35
Lac metric ton

Actual Domestic Production (Gross) 30.28

Lac metric ton

30
550 24.04
446.5 25
19.57
450 20
16.43
12.56 15
350 402.19 10.01
10
250
5
150 0
FY20
FY14
FY15
FY16
FY17
FY18
FY19

FY21
FY22
FY23
FY24

Public Domestic Food Grain Foodgrain Stock

Procurement Imports

19
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

10. Agricultural credit and non-farm rural credit

a. Agricultural credit (BDT in crore) b. Non-farm rural credit (BDT in crore)
Disbursement Recovery Disbursement Recovery Disbursement Recovery Disbursement Recovery
Month Month
FY23 FY22 FY23 FY22
July-June 27032.64 27248.51 22510.48 21553.94 July-June 5797.25 5761.58 6323.73 5909.47
(+20.09) (+26.42) (+12.66) (+0.04) (-8.33) (-2.50) (+14.35) (+5.93)
Month FY24 p FY23 Month FY24 p FY23
July 1687.57 2303.14 1427.81 1646.11 July 303.70 407.18 236.96 399.69
August 2797.05 2101.18 1816.70 1827.07 August 519.94 439.08 355.83 250.26
September 2929.83 2308.75 2239.46 2531.34 September 586.55 454.98 507.61 421.90
October 2713.14 2514.81 2336.62 2253.06 October 422.73 419.33 548.35 450.89
November 2943.01 3069.69 2751.04 2633.56 November 376.60 400.31 557.30 457.23
December 2621.66 2899.26 3184.52 2949.70 December 424.39 461.83 707.90 608.95
January 2540.75 2131.06 1755.04 1637.87 January 286.93 399.99 259.18 378.87
July-January 18233.02 17327.89 15511.19 15478.71 July-January 2920.83 2982.70 3173.13 2967.79
(+17.55) (+11.95) (+15.45) (+26.15) (-7.95) (+0.50) (-12.34) (-7.09)
Source: Agricultural Credit Department, Bangladesh Bank.
Figures in parentheses indicate percentage changes over the corresponding period of the preceding year. P = Provisional
Programmed level for total disbursement of agricultural credit and non-farm rural credit was set to Tk.35000.00 crore for FY24.

Agricultural credit disbursement Non-farm rural credit disbursement

3500 1000
3000 2540.75 800
2500
BDT in crore
BDT in crore

2000 600
1755.04
1500 400
1000 286.93 259.18
200
500 FY23 FY24 FY23 FY24
0 0

May
Sep.

Feb.

Jun.
Mar.
Nov.
Jul.

Jan.
Oct.

Dec.

Apr.
Aug.
May
Jul.

Jan.
Sep.
Oct.

Dec.

Feb.

Jun.
Mar.
Apr.
Aug.

Nov.

 Total disbursement of agriculture and non-farm rural credit registered at BDT 21153.85 crore during
July-January of FY24, of which BDT 18233.02 crore was disbursed as agriculture credit and BDT
2920.83 crore as non-farm rural credit.
 The disbursement of agricultural credit grew by 17.55 percent (y-o-y) during July-January of FY24, up
from 15.45 percent during the same period of previous fiscal year. On the other hand, Non-farm rural
credit, decreased by 7.95 percent (y-o-y) during July- January of FY24.
 Recovery of agriculture credit showed 11.95 percent (y-o-y) growth, while the recovery growth of non-
farm rural credit was 0.50 perccent (y-o-y) during July-January of FY24.
c. Overdue and outstanding agriculture and non-farm rural credit
(BDT in crore)
P R
FY24 FY23
End Month Overdue as % Overdue Outstanding Overdue as %
Overdue Outstanding
of outstanding of outstanding
January 9031.63 55634.92 16.23 7301.45 51225.71 14.25
(+23.70) (+8.61) (-1.15) (+5.94)
Source: Agricultural Credit Department, Bangladesh Bank.
Note:- Figures in parenthesis indicate percentage changes over the corresponding period of the preceding year. P = Provisional, R = Revised.

 Overdue of agriculture and non-farm rural credit as percentage of its total outstanding increased and
stood at 16.23 in January of FY24 compared to the same period of FY23, while it was a bit higher
compared to 14.59 percent in December of FY24.
 Outstanding agriculture and non-farm rural credit registered 8.61 percent (y-o-y) growth in January of
FY24 compared to the same period of FY23.

20
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

11. Industrial and CMSME loans

a. Industrial term loans
(BDT in crore)
Disbursement Recovery
Period
LSI MSI SSCI Total LSI MSI SSCI Total
FY20 59654.85 8139.33 6462.83 74257.01 54117.66 7876.24 7729.97 69723.87
FY21 54625.71 7525.13 6614.40 68765.24 46413.44 6072.58 6002.69 58488.71
FY22 56033.47 6765.93 9561.56 72360.96 49986.89 7610.07 7265.62 64862.58

FY23 67611.76 9073.33 18486.94 95172.03 63235.82 8938.12 34219.29 106393.23

FY23
July-September 14120.49 1448.94 2993.02 18562.45 15482.08 2065.72 3062.38 20610.18
(+19.10) (+9.91) (+80.35) (+25.13) (+51.01) (+57.45) (+116.39) (+58.79)
October-December 19808.77 2266.35 7499.44 29574.56 21882.08 3007.34 25704.26 50593.68
(+32.11) (+43.88) (+240.45) (+57.54) (+55.62) (+30.47) (+1117.50) (+173.81)
January-March 14375.89 2602.58 3929.19 20907.66 13179.04 2067.28 2653.03 17899.35
(+12.82) (+31.62) (+49.92) (+20.57) (+4.35) (+6.28) (+32.76) (+8.00)
April-June 19,306.61 2,755.46 4,065.29 26,127.36 12692.62 1,797.78 2,799.62 17,290.02
(+17.44) (+45.40) (+32.06) (+22.01) (-2.69) (-12.22) (+60.82) (+2.72)

Overdue Outstanding
End Period
LSI MSI SSCI Total LSI MSI SSCI Total
June, 2022 34851.82 11738.42 4338.28 50928.52 246669.08 49664.12 24077.02 320410.22
June, 2023 41588.82 12414.37 5587.23 59590.42 305269.01 57555.00 32493.81 395317.82
Source: SME & Special Programmes Department, Bangladesh Bank .
Note:- Figures in parentheses indicate changes over the same period of the previous year.
LSI=Large Scale Industries, MSI=Medium Scale Industries, SSCI= Small Scale & Cottage Industries.

 Total disbursement and total recovery of industrial term loans increased by 31.52 percent (y-o-

y) and 64.03 percent (y-o-y) respectively in FY23 as compared to their levels of FY22.

 Disbursement and recovery of industrial term loans also increased by 22.01 percent (y-o-y)

and 2.72 percent (y-o-y) during April-June, the last quarter of FY23 against the same period of

the previous fiscal year.

 Outstanding amount of industrial term loans at the end of June 2023 stood at BDT 395317.82

crore.

 Overdue of industrial term loans at the end of June 2023 was BDT 59590.42 crore, which was

15.07 percent of the outstanding amount.

21
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

b. Disbursement, recovery and outstanding situation of CMSME loans1

(BDT in crore)

Banks/NBFIs Non-Bank
State-owned Foreign Specialised
CMSME Loans Private Banks Financial Total
Banks Banks Banks
FY/Quarter Institutions

Disbursement 17505.33 174385.71 3718.74 3737.55 8047.71 207395.03

Recovery 10923.78 162413.06 3640.74 2936.87 6331.86 186246.31
Outstanding of
FY22 45337.99 207593.02 2311.04 3839.95 12366.58 271448.58
CMSME Loans
Outstanding of
251218.68 981001.46 40161.34 34543.82 55179.46 1362104.76
Total Loans

Disbursement 24425.80 180703.64 5268.50 4560.55 9145.37 224103.87

Recovery 12107.46 167326.42 4331.28 3614.35 7408.15 194787.66
FY23 Outstanding of
52933.35 221182.11 3488.31 5217.62 13020.63 295842.02
CMSME Loans
Outstanding of
296552.55 1076559.00 48325.91 37396.48 54885.20 1513719.14
Total Loans
Disbursement 5588.08 46910.02 821.73 849.76 2314.68 56484.26
Recovery 2421.68 35279.43 1163.94 389.65 1631.56 40886.26
Outstanding of
April-June, FY22 45337.99 207593.02 2311.04 3839.95 12366.58 271448.58
CMSME Loans
Outstanding of
251218.68 981001.46 40161.34 34543.82 55179.46 1362104.76
Total Loans
Disbursement 8627.02 48907.75 1561.24 1266.58 2384.46 62747.05
Recovery 2765.92 40341.60 1843.78 969.00 2025.24 47945.53
Outstanding of
April-June, FY23 52933.35 221182.11 3488.31 5217.62 13020.63 295842.02
CMSME Loans
Outstanding of
296552.55 1076559.00 48325.91 37396.48 54885.20 1513719.14
Total Loans
% changes of Disbursement of CMSME loans
durinh April-June, FY23 over April-June, 54.38 4.26 90.00 49.05 3.01 11.09
FY22

Outstanding CMSME Loans as % of Total

17.85 20.55 7.22 13.95 23.72 19.54
Outstanding loans at the end of June of FY23

% changes of Outstanding of CMSME loans

16.75 6.55 50.94 35.88 5.29 8.99
at the end of June of FY23 over June of FY22
Source: SME & Special Programmes Department, Bangladesh Bank.
N/A=Not Available.

 Disbursement of Cottage, Micro, Small and Medium Institution-wise share of outstanding

Enterprise (CMSME) loans increased by 11.09 CMSME Loans as of end June of FY23
percent during April-June of FY23 compared to the Foreign
same quarter of the preceding fiscal year. Private Banks
Banks 1.18%
 It also increased 27.88 percent (q-o-q) during April- 74.76%
June of FY23 (over January-March of FY23). Specialised
Banks
 Disbursement of CMSME loans increased by 8.06 1.76%
percent in FY23 compared to the preceding fiscal
year.
 Outstanding of CMSME loans at the end of June of NBFIs
4.40%
FY23 was 8.99 percent higher compared to the same State-owned
Banks
month of the previous fiscal year. 17.89%
 Outstanding CMSME loans was 19.54 percent of total
outstanding loans at the end of June of FY23, which
was higher than that of the same quarter of the preceding fiscal year.
 The distribution of CMSME loans from different categories of financial institutions as of end June of FY23
is shown in the pie diagram above.

1
Table presented using latest available data and will be updated when new data is available.

22
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

12. Export
a. Annual exports
(USD in million)
FY18 FY19 FY20 FY21 FY22 FY23R
36668.17 40535.04 33674.12 38758.31 52082.66 55558.77
(+5.81) (+10.55) (-16.93) (+15.10) (+34.38) (+6.67)
Source : Export Promotion Bureau (EPB), Bangladesh.

b. Monthly exports
(USD in million)
P
Month FY24 FY23R
July 4592.92 3984.81
August 4782.19 4607.00
September 4310.33 3905.07
October 3762.03 4356.62
November 4784.81 5092.56
December 5308.09 5365.19
January 5724.34 5136.24
February 5187.50 4630.18
July-February 38452.21 37077.67
(+3.71) (+9.56)
Export target is set at USD 62000.00 million for FY24.
S o urc e : Expo rt P ro m o tio n B ure au (EP B ), B anglade s h.
R =R e v is e d data; P =P ro v is io nal. S trate gic targe t during J uly-M ay o f FY 23
N o te :- Figure s in pare nthe s e s indic ate pe rc e ntage c hange s o v e r the
c o rre s po nding pe rio d o f the pre c e ding ye ar.

 Monthly export of commodities increased substantially by 12.04 percent (y-o-y) in February

2024.
 Total commodities export, however, grew merely by USD 1374.54 million or 3.71 percent (y-o-
y) during July-February of FY24 compared to 9.56 percent during the same period of FY23.
 During July-February of FY24 export achievement was USD 2663.79 million or 6.48 percent
lower than the strategic target of USD 41116.00 million set for the period.
Cumulative movements of export growth
50.00 Monthly movements of export
7000 performance
40.00
6000
30.00
in million USD

5000 5187.5
20.00
Percent

9.56 4000 4630.18

10.00
3000
0.00 2000
3.71
-10.00 FY23 FY24 1000 FY24 FY23
-20.00 0
May
Jun.
Jul.

Apr.
Oct.

Dec.
Jan.
Aug.

Nov.
Sep.

Mar.
May

Feb.
Jun.
Jul.

Apr.
Oct.

Dec.
Jan.
Aug.

Nov.
Sep.

Mar.
Feb.

23
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

c. Category-wise breakdown of exports

(USD in million)
Change of
July-February of FY24
July-January, July-January,
Particulars over
FY24 FY23
July-February of FY23
In amount In percent
1. Woven Garments 14264.14 14301.56 -37.42 -0.26
2. Knitwear 18592.26 17060.33 1531.93 +8.98
3. Home Textiles 539.35 769.86 -230.51 -29.94
4. Agricultural Products 636.51 623.18 13.33 +2.14
5. Jute and Jute Goods 581.55 610.08 -28.53 -4.68
6. Leather and Leather Products 712.68 832.38 -119.70 -14.38
7. Frozen and Live fish 273.97 318.95 -44.98 -14.10
8. Chemical Products 227.46 202.13 25.33 +12.53
9. Plastic Products 161.62 138.35 23.27 +16.82
10. Engineering Products 337.94 349.32 -11.38 -3.26
11. Others 2124.73 1871.54 253.19 +13.53
TOTAL 38452.21 37077.68 1374.53 3.71
Source: Export Promotion Bureau (EPB), Bangladesh.

 Exports increased mainly due to increasing demand for knitwear, which contributed 48.35 percent
share of the country’s export and increased by 8.98 percent (y-o-y) during July-February of FY24.
The readymade garment products (knitwear and woven garments) contributed the lion’s share
(85.45 percent) of the country’s exports during the period.
 Among all others items, exports of plastic products (+16.82%), chemical products (+12.53%), and
agricultural products (+2.14%) increased during July-February of FY24.
 There were the highest decreases in exports of home textiles (-29.94%), followed by leather and
leather products (-14.38%), frozen and live fish (-14.10%), jute and jute goods (-4.68%),
engineering products (-3.26%) and woven garments (-0.26%) during July-January of FY24 as
compared to the preceding fiscal year. The highest reduction of exports by volume occurred in
exports of woven garments during the period.

24
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

13. Imports
a. Custom-based import, import LCs settlement and LCs opening
(USD in million)
Custom based import (c&f) Import LCs opening Import LCs settlement
P R P1 P1
Month FY23 FY22 FY23 FY23
July-June 75061.60 89162.30 67632.90 72856.21
(-15.81) (+35.93) (-26.67) (-12.94)
Month FY24
P
FY23
R
FY24
P2
FY24
P2

July 5384.60 6338.10 5031.28 6173.36

August 5247.60 7375.30 6394.87 5762.35
September 5277.20 7191.90 5222.46 4712.84
October 5962.70 6654.70 5863.29 5630.55
November 5890.80 7591.60 5590.57 5873.28
December 5232.60 6042.90 5332.39 5626.77
January 5865.00 6371.50 6113.93 5932.48
July-January 38860.50 47566.00 39548.79 39711.63
(-18.30) (-5.72) (-2.44) (-15.23)
Source: National Board of Revenue (NBR), Bangladesh and Foreign Exchange Operations Department
(FEOD), Bangladesh Bank .
Note:- Figures in the parentheses indicate percentage changes over the corresponding period of the
preceding year. P = Provisional; R= Revised; NA= Not Available. 2. Customs based c& f data incorporated
in MEI since February, 2015 onwards with the
1 approval of competent authority.
Data retrieved from OIMS on 11.07.2023; 2 Data retrieved from OIMS on 25.02.2024.

 Custom based imports decreased by USD 8705.50 million or 18.30 percent (y-o-y) during July-January
of FY24, which had also decreased by 5.72 percent during July-January of FY23. The fall in imports
might be the outcome of a number of initiatives taken by the central bank as well as the government
since April 2022, i.e., close monitoring of LC opening with price rationalization along with
allowing depreciation of local currency.
 Opening of import LCs fell by 2.44 percent (y-o-y) during July-January of FY24, while settlement
of import LCs declined by 15.23 percent. Even though, LC opening has been fluctuating over the
consecutive months, overall, total amount of LC opening has been falling since September 2022;
which has eventually caused a decline in total LCs settlement during July-January of FY24.

Cumulative movements of custom based

60 12000 Monthly movements of custom based
imports
50 imports
10000
40 FY23 FY24
in million USD

30 8000
Percent

20 6371.50

10 6000

0 -5.72
4000 5865.00
-10
-20 2000 FY23 FY24
-30 -18.30
0
Jun.
Jul.

Oct.

Apr.
Jan.
Aug.

Nov.
Dec.
Sep.

Mar.

May.
Feb.

May
Aug.

Dec.
Jan.
Sep.

Mar.

Jun.
Jul.

Apr.
Oct.
Nov.

Feb.

25
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

b. Category-wise breakdown of custom-based import

USD in million

Change of July-January of FY24

July-January of July-December
Particulars over July-January of FY23
FY24 of FY23
In amount In Percent
Food Grains 964.40 1592.60 -628.20 -39.44
Rice 12.50 490.60 -478.10 -97.45
Wheat 951.90 1102.00 -150.10 -13.62
Cons ume r Goods 2705.40 3276.20 -570.80 -17.42
Edible Oil 1250.50 1891.90 -641.40 -33.90
Sugar 673.70 517.90 155.80 30.08
Others 781.20 866.40 -85.20 -9.83
Inte rme diate Goods 23430.80 28582.60 -5151.80 -18.02
Crude Petroleum 643.30 593.50 49.80 8.39
Raw Cotton 1939.60 2940.60 -1001.00 -34.04
Textile and Articles thereof 4325.40 4988.80 -663.40 -13.30
Others 16522.50 20059.70 -3537.20 -17.63
Capital Goods 6539.90 8674.30 -2134.40 -24.61
Capital Machinary 2362.60 3101.60 -739.00 -23.83
Other Capital Goods 4177.30 5572.70 -1395.40 -25.04
Othe rs 5220.00 5440.30 -220.30 -4.05
TOTAL 38860.50 47566.00 -8705.50 -18.30
Source: Statistics Dep artment, Bangladesh Bank

 Among the categories, intermediate goods, capital goods, consumer goods and food grains had

60.29 percent, 16.83 percent, 6.96 percent and 2.48 percent share respectively to total custom-

based import during July-January of FY24.

 Decline in the imports of food grains (39.44 percent), capital goods (24.61 percent), intermediate

goods (18.02 percent) and consumer goods (17.42 percent) during July-January of FY24 as

compared to July-January of FY23 resulted in decreased custom-based import.

26
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

c. Item-wise fresh opening and settlement of import LCs#

(USD in million)

% changes during July-

July-January of FY24 July-January of FY23 January of FY24 over
Items July-January of FY23

Opening Settlement Opening Settlement Opening Settlement

A. Consumer goods 4002.49 3792.51 4791.58 4750.31 -16.47 -20.16
B. Intermediate goods 2613.69 2975.57 3051.11 3303.40 -14.34 -9.92
C. Industrial raw materials 13567.54 12666.33 14198.36 17551.70 -4.44 -27.83
D. Capital machinery 1557.10 1709.18 1511.07 2310.04 3.05 -26.01
E. Machinery for misc. inds. 1363.63 1402.33 1441.57 1809.01 -5.41 -22.48
F. Petroleum & petro.prodts. 5487.06 5729.86 5899.07 5978.99 -6.98 -4.17
G. Others* 10957.28 11435.84 9643.20 11143.28 13.63 2.63
Total 39548.79 39711.63 40535.95 46846.73 -2.44 -15.23
of which back to back 5687.68 4954.93 5327.30 6179.79 6.76 -19.82
Source: Foreign Exchange Operations Department (FEOD), Bangladesh Bank.
P = Provisional; Op ening = 'Fresh op ening of imp ort LCs' and Settlement = 'Settlement of imp ort LCs'.
# Data retrieved from Online Imp ort M onitoring Sy stem on 25.02.2024.

Item wise share of LCs opening during July-January of FY24 and July-January of FY23 are shown
in the following pie diagrams. Item-wise detailed data of fresh opening and settlement of import
LCs during July-January of FY24 and July-January of FY23 are also given in the appendix.

Item-wise share of LC opening during Item-wise share of LC opening during

July-January of FY23 July-January of FY24
Industrial Capital Petroleum
Machinery
raw machinery &
Intermediat for misc.
materials 3.73% Capital petro.prodts
e goods inds. 3.45%
35.03% . 13.87%
7.53% machinery
Machinery 3.94% Others
for misc. 27.71%
Industrial
Consumer inds. 3.56%
raw
goods materials
11.82% Petroleum 34.31%
& Intermediat Consumer
Others petro.prodts e goods goods
23.79% . 14.55% 6.61% 10.12%

d. Projection of opening import LCs and probable liabilities against back to back LCs of
authorized dealer banks
(USD in million)
Probable liabilities of banks against
Month Opening of import LCs
back to back LCs
Feb'24 4683.74 908.60
March'24 4830.58 959.48
April'24 4741.47 805.06
Feb-Apr, FY24 14255.79 2673.14
Source: Compiled by Monetary Policy Department (MPD), Bangladesh Bank on the basis of the statements of all authorized dealer
banks.

The projection of import LCs opening during February-April of FY24 was USD 14255.79 million
which was higher than the projection of USD 13121.51 million during February-April of FY23.The
probable liability against back to back LCs was USD 2673.14 million during February-April of FY24
which was 43.13 percent of foreign currency holdings (Nostro account net balance+Investment in
OBU+FC balances with Bangladesh Bank) of AD banks as on 29 February 2024.

27
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

14. Workers’ remittances

a. Monthly workers’ remittances
(USD in million)
FY21 FY22 FY23R
24777.71 21031.68 21610.73
(+36.10) (-15.12) (+2.75)
Month FY24P FY23R
July 1973.15 2096.32
August 1599.45 2036.93
September 1334.35 1539.60
October 1971.43 1525.54
November 1930.04 1595.17
December 1991.26 1699.70
January 2113.15 1958.87
February 2166.04 1560.48
July-February 15078.87 14012.61
(+7.61) (+4.27)
S o urc e : S ta tis tic s De pa rtm e nt, B a ngla de s h B a nk.
No te :- F igure s in the pa re nthe s e s indic a te pe rc e nta ge c ha nge s o ve r the s a m e pe rio d o f
the pre vio us ye a r. P = P ro vis io na l; R = R e vis e d.

 Total workers’ remittances inflow increased by USD 1066.26 million or 7.61 percent to USD
15078.87 million during July-February of FY24 compared to that of July-February of FY23. This
increase in inward remittances may be a result of depreciation of BDT and new incentive
opportunity extended by banks, with effect from 22 October 2023, which allows up to 2.5 percent
incentive on inward remittances in addition to the existing 2.5 percent incentive facility by the
government.
 Inflow of workers’ remittances continued to increase since December 2023 and registered USD
2166.04 million in February 2024, which was 38.81 percent higher compared to the same month
of previous year and it was also 2.50 percent higher compared to the previous month of the same
year.
Monthly movements of workers' Cumulative growth of workers'
3500
remittance inflow 60 remittance inflow
3000
40
2500
In million USD

2166.04
Percent

20 7.61
2000

1500 0
1560.48 4.27
1000 -20

500 -40
FY24 FY23
FY24 FY23
0 -60
Jan.
Aug.
Sep.

Dec.

Mar.

Jun.
Jul.

Oct.

Apr.
Nov.

Feb.

May.

Jan.

May
Dec.
Aug.
Sep.

Mar.

Jun.
Jul.

Apr.
Oct.
Nov.

Feb.

28
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

b. Remittance earnings from top ten countries

July-February of FY24 July-February of FY23

Amount in As percentage of Amount in As percentage of

Country Country
million USD total remittance million USD total remittance

U.A.E. 2906.11 19.27 U.S.A. 2497.24 17.82

U.K. 1880.83 12.47 K.S.A. 2479.53 17.69
K.S.A. 1788.68 11.86 U.A.E. 1896.52 13.53
U.S.A. 1675.28 11.11 U.K. 1248.32 8.91
Italy 1000.36 6.63 Kuwait 1019.26 7.27
Kuwait 975.56 6.47 Qatar 948.69 6.77
Malaysia 969.11 6.43 Italy 790.42 5.64
Qatar 750.55 4.98 Malaysia 732.27 5.23
Oman 603.07 4.00 Oman 438.58 3.13
Singapore 386.22 2.56 Bahrain 319.11 2.28
Others 2143.10 14.21 Others 1642.67 11.72
Total 15078.87 100.00 Total 14012.61 100.00
Source: Statistics Dep artment, Bangladesh bank

 The U.A.E. appeared as the largest remittance sender country during July-February of FY24 while
U.S.A has been the top remittance sender country for the same period of FY23.
 Gulf Cooperation Council (GCC) countries (K.S.A, UAE, Kuwait, Qatar, Oman, Bahrain) had
49.00 percent share of total inflow of remittances during July-February of FY24, whereas about
11.11 percent of total remittance came from U.S.A. during the period under review.
 In the top ten list, among the European countries, the U.K. and Italy contributed combindly to
19.11 percent of total remittances received during July-February of FY24.

29
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

15. Foreign exchange reserves of Bangladesh Bank and commercial banks

a. Gross foreign exchange reserves of Bangladesh Bank (BB)
(USD in million)

FY22 FY22 (BPM6)* FY23 FY23 (BPM6)*

A. Outstanding reserve at the
end of the year 41826.73 33385.55 31202.98 24753.89
(-9.84) (-14.89) (-25.40) (-25.85)
Month / P P
FY24 FY24 (BPM6)* FY23 FY23 (BPM6)*
Year
July 29732.07 23374.25 39599.91 31173.37
August 29260.65 23255.00 39065.79 30692.91
B. Outstanding September
26908.40 21056.56 36476.41 28166.24
reserve at the
October 26480.86 20710.06 35808.73 27534.26
end of the month
November 24894.58 19300.61 33789.62 25736.21
December 27130.04 21867.74 33747.74 26022.53
January 25111.92 19963.46 32222.55 24701.41
February 25966.57 20780.03 32266.97 24935.83
Source : Accounts & Budgeting Department, Bangladesh Bank .
Figues in paretheses indicate percentage changes over the same period of the preceding year. P= Provisional;
NA= Not Available; BPM6= Balance of Payments and International Investment Position Manual 6;
*calculation according to BPM6

 Gross foreign exchange reserves stood of USD Gross FX reserves of BB

40
25.97 billion at the end of February of FY24
30
USD in billion

from USD 31.20 billion at the end of June of

20
FY23.
10
 Gross foreign exchange reserves, compliant
0
with BPM6, stood at USD 20.78 billion at the
Jun.23
Feb.23

Sep.23

Feb.24
Mar.23

Nov.23
Jul.23

Oct.23

Jan.24
Apr.23

Dec.23
May.23

Aug.23

end of February of FY24.

b. Gross foreign exchange held by commercial banks (CB)*

 Gross foreign exchange held by commercial banks increased by 5.61 percent (y-o-y) at the end
of February 2024.
I
 It also decreased by 5.30 percent compared to January 2024.
(USD in million)

A. Outstanding FY21 FY22 FY23 Gross FX balance held by CBs

reserve at the end 5518.28 5205.90 5530.29 7.00
of the year (+20.36) (-5.66) (+6.23) 6.40
Month / P 5.80
FY24 FY23
billion USD

Year 5.20
July 5900.52 4881.49 4.60
August 5808.74 5018.67
B. Outstanding 4.00
September 6174.01 4904.99
reserve at the end 3.40
October 5924.02 4505.60
of the month 2.80
November 5970.87 4708.18
2.20
December 5559.65 4795.90
Jul.23

Jan.24
Jun.23

Oct.23
Feb.23

Sep.23

Feb.24
Mar.23
Apr.23

Dec.23
Aug.23

Nov.23
May.23

January 5844.24 4849.28

February 5534.49 5240.46
Source: Foreign Exchange Policy Department, Bangladesh Bank .
Figues in parethesis indicate percentage changes over the same period of
the preceding year. P= Provisional. * Debit balance in Nostro A/C +
Investment in OBU. Holding of February 2024 is updated with NOP of
29th February, 2024.
30
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

16. Foreign aid

(USD in million)
Food Project Total Payment Food Project Total Payment
Month Net Foreign Aid Net Foreign Aid
Aid Aid Aid (Principal) Aid Aid Aid (Principal)
FY23 FY22
July-June 52.50 9198.20 9250.70 1744.69 7506.00 2.53 10005.85 10008.38 1526.71 8481.66
(-8.07) (-7.57) (+14.28) (-11.50) (+43.69) (+43.39) (+9.83) (+51.74)
FY24 FY23

July 0.00 405.79 405.79 170.78 235.00 0.00 488.04 488.04 136.48 351.55
August 0.00 333.28 333.28 117.73 215.56 0.00 376.26 376.26 79.81 296.45
September 5.50 543.87 549.37 241.08 308.29 12.50 472.45 484.95 197.02 287.94
October 0.00 344.45 344.45 133.12 211.33 0.00 690.81 690.81 138.25 552.56
November 0.00 648.33 648.33 163.43 484.89 0.00 491.88 491.88 131.55 360.32
December 5.00 1777.61 1782.61 127.89 1654.71 12.50 1236.13 1248.63 108.42 1140.21
January 0.00 334.66 334.66 114.44 220.22 0.00 478.92 478.92 123.49 355.43
July-January 10.50 4387.98 4398.48 1068.48 3330.01 25.00 4234.48 4259.48 915.02 3344.46
(+3.63) (+3.26) (+16.77) (-0.43) (-10.17) (-9.69) (+0.74) (-12.18)
Source: Forex Reserve & Treasury Management Department (FRTMD), Bangladesh Bank & Economic Relations Division, Ministry of Finance.
Note:- Figures in the parenthesis indicate percentage changes (y-o-y). P = Provisional, Project Aid includes grant and loan; food aid indicates
food grant.

 Total foreign aid was higher by USD 139.00 Foreign Aid

5000
million or 3.26 percent (y-o-y) during July- 4500
4000
January of FY24.
3500
 After principal repayment, the net receipt of

4259.48
USD in million

3000
4398.48

3344.46
3330.01
2500
foreign aid was also reduced by USD 14.45 2000
million or 0.43 percent (y-o-y) during July- 1500
1000
January of FY24. 500

 Grant as percentage of net foreign aid 0

Total Aid Net Aid
registered 5.55 percent during July-January of July-January of FY24 July-January of FY23
FY24.
17. Exchange rate movements
1/ 2/
(BDT/USD) (Rupee/USD)
Month Month Avg. Month End Month Avg. Month End Month End Month End
FY22 FY23 FY22 FY23
June 92.0347 93.4500 108.3504 108.3578 78.9421 82.0428
FY23R FY24 FY23 FY24
July 93.8873 94.7000 108.9367 109.0000 79.4203 82.2481
August 94.9056 95.0000 109.4973 109.5000 79.7194 82.6784
September 99.8699 101.5005 110.0800 110.5000 81.5522 83.0580
October 102.1000 102.1988 110.5000 110.5000 82.3934 83.2692
November 102.6670 102.3021 110.8636 110.5000 81.5970 83.3500
December 103.4509 104.0089 110.1429 110.0000 82.7862 83.1164
January 104.5678 105.2293 110.0000 110.0000 81.7387 83.0805
February 106.1796 105.5545 110.0000 110.0000 82.6816 82.9246
1/
Bangladesh Foreign Exchange Dealer's Association (BAFEDA) and 2/ Financial Benchmark India Private Ltd.
Note: Month average rates (BB intervention rates) are provided by Statistics Department of Bangladesh Bank up to
10.09.2022. Month end rates are calculated by BAFEDA up to 10.09.2022 which, also include BB intervention rates till that
date. 12.09.2022 onwards, daily rates have been collected from BAFEDA and monthly averages have been calculated from those rates.
From

31
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

 Exchange rate of Bangladesh Taka, against USD,

112.00
depreciated by 1.49 percent during July-February of BDT/USD
111.00
FY24 compared to the depreciation of 11.47 percent
110.00
during July-February of FY23, reflecting easing of
109.00
depreciation pressure.
108.00
 To contain the persistent foreign exchange
107.00 BDT/USD (Interbank Rate)
pressure during FY23, Bangladesh Bank as well as
106.00
the government took various policy measures;
aided by steady inflow of remittances and lower 84.00
import payments. INR/USD
83.50

 Bangladesh Bank sold a net of USD 7.58 billion in 83.00

the foreign exchange market during July-February 82.50

of FY24 compared to a net of USD 9.95 billion 82.00

during July-February of FY23. Also Bangladesh 81.50

Bank purchased USD 0.73 billion during the 81.00

period through currency swap contract with

1.34
commercial banks. 1.34
1.33
 Indian Rupee (INR) experienced 1.06 percent 1.33
1.32
depreciation against the US dollar at the end of 1.32
1.31
February 2024 over that of the end 1.31 BDT/INR
1.30
June 2023 (graphical presentations of exchange 1.30
30-07-2023
15-08-2023
31-08-2023
16-09-2023
02-10-2023
18-10-2023
03-11-2023
19-11-2023
05-12-2023
21-12-2023
06-01-2024
22-01-2024
07-02-2024
23-02-2024
rate of Bangladesh Taka (BDT) vis-a-vis USD,
Indian Rupee (INR) vis-a-vis USD and BDT vis-a-
vis INR are shown in the charts at the right side).
 The Nominal Effective Exchange Rate (NEER) Effective Exchange Rate Indices
130 (Base:2015-16=100)
index increased from 81.29 in January 2024 to
106.54

120
81.77 in February 2024. 110

 The REER index increased from 105.71 in 100

90
January 2024 to 106.54 in February 2024; the
80
81.77

upward turn of the index from 100 indicates a 70 NEER (LHS) REER (LHS)

marginal loss of competitiveness in international 60

May-23
Mar-23
Apr-23

Sep-23
Sep-22

Nov-22
Dec-22

Feb-23

Jun-23

Nov-23
Dec-23

Feb-24
Aug-22

Jul-23
Aug-23
Jan-23

Jan-24
Oct-22

Oct-23

trade compared to the previous month, as local

prices remained on an elevated level.
1/
Starting from 01 July, 2023 Bangladesh Bank has been using the interbank exchange rate for transaction in the foreign
exchange market.

32
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

18. Balance of payments (BOP)

(USD in million)

R
July-January July-January
Particulars FY22 FY23
of FY23R of FY24P
Trade balance -33250 -17163 -13396 -4628
Exports f.o.b(including EPZ) 49245 52332 30631 31398
Imports f.o.b(including EPZ) 82495 69495 44027 36026
Services -3987 -4384 -2389 -2767
Credit 8531 6971 4321 3635
Debit 12518 11355 6710 6402
Primary income -2726 -3407 -1701 -2713
Credit 345 443 250 308
Debit 3071 3850 1951 3021
Of which:Official interest payment 518 1030 402 867
Secondary income 21767 22289 12838 13256
Official transfers 65 88 38 23
Private transfers 21702 22201 12800 13233
of which : Workers' remittances (current a/c. 0 21493 12382 12837
portion)**
Current account balance -18196 -2665 -4648 3148
Capital account 610 475 174 162
Capital transfers 610 475 174 162
Financial account 16691 -2078 -812 -7354
i) Foreign direct investment(net)* 1827 1649 999 901
ii) Portfolio investment (net) -158 -30 -46 -107
of which : Workers' remittances (financial a/c. 114 118 70 64
portion)**
iii) Other investment(net) 15022 -3697 -1765 -8148
Medium and long-term (MLT) loans 10295 8704 4048 4380
MLT amortization payments 1527 1745 915 1155
Other long-term loans (net) 1443 434 25 392
Other short-term loans (net) 3315 -1883 -546 -1359
Trade credit (net) 311 -6436 -2509 -9222
DMBs & NBDCs(net) 1185 -2771 -1868 -1184
Assets 791 799 379 13
Liabilities 1976 -1973 -1489 -1170
Errors and omissions -5761 -3954 -2102 -640
Overall balance -6656 -8222 -7387 -4684
Reserve assets 6656 8222 7387 4684
Bangladesh Bank(net) 6656 8222 7387 4684
Assets -4987 -8766 -8890 -4768
Liabilities 1669 -544 -1503 -84
Gross official reserves (as per BPM6) 33386 24754 24701 19963
Gross official reserves 41827 31203 32223 25112
In months of imports of goods and services (prospective) 6.2 4.9 5.3 4.4

In months of imports of goods (cif) (prospective) 6.7 5.3 5.8 4.8

Source :Statistics Department, Bangladesh Bank.
Note:- Both exports and imports are compiled on the basis of customs data. P=Provisional; R = Revised.
* FDI is calculated on net basis by deducting disinvestment, repayments of loans & loss.
** Workers' remittances ( current a/c. portion)+ Workers' remittances ( financial a/c. portion) = Total inflow of remittances.

33
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

 Current account balance recorded a surplus of USD 3.15 billion during July-January of FY24
compared to a deficit of USD 4.65 billion during July-January of FY23, mainly supported by lower
trade deficit during the period.
 Overall balance incurred a lower deficit of USD 4.68 billion during July-January of FY24
compared to USD 7.39 billion deficit during July-January of FY23. Despite the surplus in current
account balance, a deficit in the financial account of USD 7.35 billion resulted in this deficit in
overall balance during the period under review. The deficit in financial account was mainly
attributed by deficits in trade credit net (USD 9.22 billion) and other net short term loans (USD
1.36 billion).
 The foreign exchange reserves of January 2024 were sufficient to pay import of goods for 4.8
months (cif, prospective) which is lower from 5.1 months in December 2023.

Balance of Payments FX reserves covering months of import

4000 3148 of goods (cif)
2000 6.5
0
6.0
-2000
USD in million

-4000 5.5
Months

-6000 -4628 -4648 -4684 5.0 4.80

-8000
-10000
-7387 4.5
-12000 4.0
-14000 -13396 3.5
-16000
Trade Balance Current Account Overall Balance 3.0 Jun.23
Feb.23

Sep.23
Mar.23

Nov.23
Jul.23
Jan.23

Jan.24
Apr.23

Oct.23

Dec.23
Aug.23
May.23

Balance

July-January of FY24 July-January of FY23

34
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

Appendix A
Break-up of fresh opening and settlement of import LCs
(USD in million )
Percentage changes
during July-January of
July-January of FY24 July-January of FY23
FY24 over July-January
of FY23
Items Opening Settlement Opening Settlement Opening Settlement
A. Consumer goods 4002.49 3792.51 4791.58 4750.31 -16.47 -20.16
Rice and wheat 926.32 865.88 1536.89 1341.47 -39.73 -35.45
Sugar and salt 802.55 680.25 585.55 426.50 37.06 59.50
Milk food 188.74 213.94 183.17 205.17 3.04 4.28
Edible oil (refined) 772.65 792.10 1167.08 1386.18 -33.80 -42.86
All kinds of fruits 247.26 165.37 196.54 158.52 25.81 4.32
Pulses 123.67 136.23 149.49 141.92 -17.28 -4.01
Onion 161.76 168.66 82.45 75.90 96.18 122.23
Spices 297.71 289.93 144.31 146.06 106.30 98.50
Second hand clothings 0.78 0.38 2.40 1.32 -67.39 -71.15

Drugs and medicines(finished) 34.27 39.38 46.44 50.23 -26.22 -21.60

Others 446.79 440.39 697.26 817.04 -35.92 -46.10
B. Intermediate goods 2613.69 2975.57 3051.11 3303.40 -14.34 -9.92
Coal 559.61 707.85 602.34 432.81 -7.10 63.55
Cement 74.19 60.19 81.30 93.19 -8.74 -35.41
Clinker & limestone 373.18 388.99 568.24 641.29 -34.33 -39.34
B. P. sheet 56.69 69.89 36.49 52.22 55.34 33.84
Tin plate 2.78 2.31 1.97 2.52 41.24 -8.45
Scrap Vessels 247.35 254.55 246.41 225.97 0.38 12.65
Iron and steel scrap 828.86 967.19 779.36 1011.02 6.35 -4.34
Non-ferrous metal 70.24 95.08 66.23 62.20 6.06 52.85
Paper and paper board 161.06 152.17 162.05 163.48 -0.61 -6.92
Others 239.72 277.35 506.71 618.69 -52.69 -55.17
C. Industrial raw materials 13567.54 12666.33 14198.36 17551.70 -4.44 -27.83
Edible oil (Crude) 150.51 234.28 308.01 369.27 -51.13 -36.56
Seeds 469.09 525.71 186.42 547.38 151.64 -3.96
Textile fabrics (B/B & others) 5533.81 4943.96 5784.20 6329.40 -4.33 -21.89
Pharmaceutical raw materials 636.26 606.83 554.52 575.14 14.74 5.51
Raw cotton 1604.62 1541.03 1300.24 2122.16 23.41 -27.38
Cotton yarn 1303.27 1090.12 947.57 1278.69 37.54 -14.75
Copra 20.75 17.79 115.21 172.65 -81.99 -89.69
Synthetic fibre & yarn 558.78 495.47 536.54 707.44 4.15 -29.96
Chemicals & chem. products 2046.01 2014.40 3044.43 3985.79 -32.79 -49.46
Others 1244.44 1196.72 1421.23 1463.79 -12.44 -18.24
Opening = 'Fresh opening of import LCs', Settlement = 'Settlement of import LCs' .
(continued on page-36)

35
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

Break-up of fresh opening and settlement of import LCs

(USD in million )
Percentage changes during
July-January of FY24
July-January of FY24 July-January of FY23
Items over July-January of
FY23
Opening Settlement Opening Settlement Opening Settlement
D. Capital machinery 1557.10 1709.18 1511.07 2310.04 3.05 -26.01
Textile machinery 76.16 125.74 94.06 304.62 -19.03 -58.72
Leather / tannery 2.64 2.57 5.23 9.54 -49.49 -73.03
Jute industry 0.90 2.45 6.70 13.51 -86.60 -81.87
Garment industry 161.24 240.16 159.96 327.72 0.80 -26.72
Pharmaceutical industry 50.07 83.82 70.52 74.76 -29.00 12.11
Packing industry 3.21 2.85 2.02 5.72 58.85 -50.21
Other industry 1262.89 1251.59 1172.58 1574.15 7.70 -20.49
E. Machinery for misc. inds. 1363.63 1402.33 1441.57 1809.01 -5.41 -22.48
Other machineries 12.68 19.95 62.25 69.59 -79.63 -71.34
Marine diesel engine 1.43 1.40 0.84 5.76 70.64 -75.69
Computer & its accessories 114.19 142.86 113.39 180.73 0.70 -20.95
Motor vehicle & motorcycle parts 96.74 93.40 97.43 109.68 -0.72 -14.85
Bicycle parts 19.16 18.78 42.23 54.53 -54.63 -65.55
Other iron and steel products 163.06 170.66 107.16 137.55 52.16 24.07
Motor vehicles 152.51 178.38 211.57 276.26 -27.92 -35.43
Other electronics components 33.14 37.01 49.61 74.49 -33.19 -50.32
Tractors & power tiller 23.20 15.37 15.38 16.65 50.84 -7.73
Others 747.52 724.52 741.71 883.76 0.78 -18.02
F. Petroleum & petro.prodts. 5487.06 5729.86 5899.07 5978.99 -6.98 -4.17
Crude 334.04 435.58 472.63 385.03 -29.32 13.13
Refined 3240.87 3191.07 2994.77 3110.23 8.22 2.60
Others 1912.15 2103.21 2431.68 2483.73 -21.36 -15.32
G. Others 10957.28 11435.84 9643.20 11143.28 13.63 2.63
Commercial sector 2839.59 2696.83 2539.29 2556.07 11.83 5.51
Industrial sector 8117.70 8739.01 7103.91 8587.21 14.27 1.77
Rooppur Nuclear Power Plant --- 499.97 --- 632.32 --- -20.93
Total 39548.79 39711.63 40535.95 46846.73 -2.44 -15.23
of which back to back 5687.68 4954.93 5327.30 6179.79 6.76 -19.82
Source: Foreign Exchange Operations Department(FEOD), Bangladesh Bank .
Opening = 'Fresh opening of import LCs', Settlement = 'Settlement of import LCs'.
Data retrieved from Online Import Monitoring System on 25.02.2024.

36
 Major Economic Indicators: Monthly Update (February, 2024)
Monetary Policy Department, Bangladesh Bank

Appendix B
Major Economic Indicators: Monthly Updates (MEI) Publication Panel

Chief Adviser

Dr. Md. Habibur Rahman

Deputy Governor

Chief Editor

Dr. Md. Ezazul Islam

Executive Director (Research)

Assistant Editor

Md. Abdul Kayum

Director (Research)

Contributor

Md. Sadrul Hasan

Additional Director (Research)

Sadia Sultana Abeda Sultana Nabila Fahria

Joint Director (Research) Joint Director (G) Joint Director (Research)

Sunita Rani Das Md. Abu Yousuf

Assistant Director (Research) Assistant Director (Research)

37