Pubali Bank, Padma Oil, IFAD Autos placed in DS30
The Dhaka Stock Exchange has reshuffled its two indices — DS30 and DSEX — as part of its half-yearly rebalancing of the indices, with an effect from July 23.Pubali Bank, Padma Oil and IFAD Autos Limited have made their way to the blue-chips index, DS30, as they met all the criteria to be eligible constituents of the index.On the flip side, Bata Shoe Company, United Commercial Bank and Meghna Petroleum have been dropped from the DS30 as they failed to comply with the requirements needed to remain members of the index.The bourse restructured the indices in accordance with the DSE Bangladesh Index Methodology, designed by S&P Dow Jones Indices, a DSE statement said on Sunday.As per regulations, 30 companies are selected for DS30, considering performance in every six months on their profitability, market capitalisation and share size.No company became qualified to be eligible constituents of the DSEX for Quarterly IPO Addition in the DSE broad index.The bourse launched DSEX and DS30 on January 28, 2013 for reflecting better calculation of market trends.The DSEX reflects around 97 per cent and theDS30 around 51 per cent of the total equity market capitalisation.To be added to the DSEX index, a company must have adjusted market capitalisation above Tk 10 crore while for the DS30, a company must have a float-adjusted market capitalisation above Tk 50 crore.
PD banks want half-yearly auction schedule for T-bills, bonds
Country’s 12 primary dealer banks have requested Bangladesh Bank to take initiative so that the finance ministry prepares the auction calendar, a government’s bank borrowing schedule, on half-yearly basis instead of the existing one-month basis.The Primary Dealers Bangladesh Ltd, an organisation of the 12 commercial banks, placed the proposal before the central bank on June 21 saying that their assets and liability management would run properly if the government sets the auction calendar on half-yearly basis.A BB official told New Age on Sunday that the PDs had recently faced problem in managing their assets and liabilities as the government borrowing from the banking system had fluctuated significantly in recent months.The government suspended all auctions for treasury-bills and bonds for banks in May and March due to availability of cash with its (government) account, whereas it made huge bank borrowing in June to manage the deficit financing of the fiscal budget in the last moment of the recently concluded fiscal year.Against the backdrop of fluctuating bank borrowing by the government, the PDs faced trouble in managing their liquidity properly, the BB official said.The government borrowed around Tk 17,000 crore in June from the banks and it also set a borrowing target of Tk 15,000 crore from the same source for July, according to the central bank data.It is expected that the government will borrow heavily from the banking source this fiscal year to implement its mega infrastructural projects ahead of the national elections scheduled to be held early.
Lack of policy support drives coin out of market
It is not long ago when coins of various denominations came in very handy with day-to-day financial transactions alongside currency notes, but nowadays the metallic money with smaller values have ceased to function.The lack of policy support by the central bank and its failure to control transactions using coins are attributed to the cause of their disappearance from the retail markets.Sources said instead of facilitating smaller transactions, they have ended up in the Bangladesh Bank vault, thus leading to crisis in the retail transactions by end users.Banking sources said except in some departmental stores or shopping malls, coins are not of much use in the market and those who save coins out of their interest also replace them with paper notes in the course of time.A source in the central bank said it has an accumulation of coins worth Tk500 crore of different values, including 1 paisa, 5 paisa, 10 paisa, 25 paisa and 50 paisa, Tk1, Tk2 and Tk5.Of the smallest denominations of currency, 1 paisa, 5 paisa, 10 paisa, 25 paisa and 50 paisa have lost their uses in the market, with Tk1, Tk2 and Tk5 remaining idle in the vault despite their necessity in the field of transactions.As the central bank’s vaults are almost overstocked with huge coins, it has directed banks to accept coins according to limits fixed on the basis of their branch sizes. The limit starts from Tk5,000 to Tk30,000 depending on branch sizes.
BB to maintain cautionary stance in upcoming monetary policy
Bangladesh Bank (BB) will maintain its cautionary stance in the new monetary policy statement (MPS) which is expected to be announced at the end of this month, reports BSS.”We will not make any major change to the policy while announcing the MPS for the first half of the financial year 2017-18 (FY18),” a senior BB official told the news agency.Responding to a question about the date of announcement of the MPS, the BB official said, “It’ll be announced at end of this month (July).”Talking to the news agency about preparation of the MPS, BB deputy governor Abu Hena Mohd Razee Hassan said that the MPS would be finalised on the basis of the national budget for the 2017-18 financial year and the fiscal policy directions.
Meghna Bank holds half-yearly conference
Half-yearly Conference of Managers & Executives-2017 of Meghna Bank Limited was held recently in a city hotel, Dhaka.The Conference was presided over by the Managing Director of Meghna Bank Limited, Mr. Mohammed Nurul Amin.
Chairman of Meghna Bank Ltd, Mr. H. N. Ashequr Rahman MP inaugurated the Conference as Chief Guest. At Inaugural session, Chairman, Executive Committee of Bank Mr. Md. Kamal Uddin, Director Ms. Rehana Ashequr Rahman, Director Mr. M. A. MalequeMP,Director S.M. Jahangir Alam Manik were present.In the meeting, Meghna Bank Management reviewed business progress of the last six months and set strategic business plan for the next half of the year-2017.
Modhumoti Bank Limited signed an MoU with Sandhani Life Insurance Co. Ltd
Modhumoti Bank Limited signed an MoU with Sandhani Life Insurance Co. Ltd on Nationwide Collection Service (NCS) & Payment Transfer Solution (PTS) Sunday. Ahasanul Islam, Managing Director & CEO of Sandhani Life Insurance Co. Ltd. and Md. Shafiul Azam, Managing Director & CEO of Modhumoti Bank Limitedsigned the agreement on behalf of the respective companies.
Mercantile Bank holds half yearly biz confce
The Half Yearly Business Conference 2017 of Mercantile Bank Limited was held recently at FARS Hotel & Resorts in the city. A total of 119 Branch Managers and all Divisional Heads participated in the conference. Shahidul Ahsan, Chairman of the Bank inaugurated the Conference as the chief guest. Kazi Masihur Rahman, Managing Director & CEO of the bank presided over the meeting. A.K.M. Shaheed Reza, Vice Chairman; Mohd. Selim, Chairman, Executive Committee; Al-Haj Akram Hossain (Humayun), Chairman, Mercantile Bank Foundation & Director of the Bank; A. S. M. Feroz Alam and Al-Haj Mosharref Hossain Directors were present.
EXIM Bank holds half yearly business confce
Half Yearly Business Development Conference 2017 of EXIM Bank was held recently at EXIM Bank Head Office, Dhaka. Chairman of the Bank Md. Nazrul Islam Mazumder was present as Chief Guest while Managing Director and CEO Dr. Mohammed Haider Ali Miah presided over the conference. All branch Managers, Divisonal heads of head office and regional managers also attended the conference. Director of EXIM Bank Lt Col (Retd) Serajul Islam, DMDs of EXIM Bank M Sirajul Islam, Sirajul Haque Miah, Khondoker Rumy Ehsanul Huq, Md. Feroz Hossain, Md. Mukhter Hossain, Md. Humayun Kabir and Shah Md. Abdul Bari were present in the programme. Md. Nazrul Islam Mazumder, Chairman of the Bank asked the Branch Managers for working with integrity and transparency.
Premier Bank Ltd holds Half Yearly Business Conference-2017
Premier Bank Ltd holds Half Yearly Business Conference-2017 in the city recently. Premier Bank Chairman Dr HBM Iqbal inaugurated the programme as the chief guest. MD & CEO Khondker Fazle Rashid attended the function.
‘Officials need to be updated about changes’
Senior Finance Secretary and Chairman of the Institute of Public Finance (IPF) Governing Council Hedayetullah Al Mamun in a training on Sunday advised the officials to keep abreast with the latest situation in the country’s financial sector.He was speaking at the opening ceremony of the 17th “Fiscal Economics and Economic Management (FIM) Course” organised by the IPF.Mamun called on the trainees to gather financial acumen from the training and get engaged in the public service intensely.IPF Director General and Joint Finance Secretary Habibur Rahman presided over the function, also attended by additional finance secretaries Moinul Islam and Shahabuddin Ahmed.A total of 25 officials from different ministries are participating in the 17th FIM course which will continue for two and a half months.In the course, the participants will be trained on overall financial management, macroeconomic economic reforms, financial structure reforms, budget management issues and the achievement of state development, poverty reduction and sustainable development goals relating to the contemporary financial sector issues.Senior government officials, researchers, academicians and experts on public finance management will impart training.
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