Shahjalal Islami Bank tops transaction chart

Shahjalal Islami Bank topped the Dhaka bourse transaction chart Wednesday while top 10 traded companies captured more than 27 % transaction s some directors of the bank purchased its shares in bulk which also led the bank’s share price to be more than doubled in six months. Fakir Knitwears (where Mr. Fakir Akhtaruzzaman is the MD of Fakir Knitwears and also a director of Shahjalal Islami Bank), recently expressed its intention to buy more than 1.35 million shares of the bank at prevailing market price in the public/block market) through stock exchanges. According to statistics available with the DSE, about 8.84 million shares of Shahjalal Bank were traded, generating a turnover of BDT 282 million, which was 4.15 % of the premier bourse’s total transaction. The bank’s share price hovered between BDT 31.20 and BDT 33.90, before closing at BDT 32.50 each, shedding 1.21 % over the previous session.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/shahjalal-bank-tops-transaction-chart-1511978190

Deadline for tax return submission ends today

The deadline for submitting income tax return for 2017-18 ends today amid a positive response from taxpayers, with the final tally of submissions expected to be higher this year compared to that in the previous year. “We received very good response from taxpayers this year,” said Md Abdur Razzaque, member for tax administration and human resources management at the National Board of Revenue, adding that the youth seemed particularly enthusiastic. As of November 28 of the fiscal year, taxmen received 11.25 lakh returns from individual taxpayers, up 48 percent year-on-year, according to officials. Razzaque expects that the total number of return submissions to rise 28 percent year-on-year to 20 lakh. “Many people who obtained taxpayers identification numbers last year will submit return this year.” Another reason for the higher number is increased compliance by private sector employees, he said. To allow taxpayers to complete tax procedures and pay tax, the NBR has been holding “Tax Week” since November 24 at its field offices for the second year.

Source:
http://www.thedailystar.net/business/deadline-tax-return-submission-ends-today-1498450
http://www.newagebd.net/article/28948/7-banks-fail-to-keep-BDT-8877cr-in-provision

Now BIFC faces liquidity crunch

After Farmers Bank, a non-bank financial institution has failed to pay a depositor’s money, a development that erodes depositors’ confidence. Bangladesh Industrial Finance Company (BIFC) failed to pay back Tk 31.73 crore of state-owned Rupali Bank due to its liquidity crunch. Rupali Bank lodged a complaint with the Bangladesh Bank on November 22 where it said the BIFC did not pay back the money, which was a term deposit and had matured in October. According to Rupali Bank, the bank had deposited Tk 50 crore, of which Tk 30 crore matured last month. The bank sent a number of letters to the trouble-hit BIFC for the Tk 31.73 crore, with interest, but failed to make the BIFC pay. The BIFC even did not respond to Rupali Bank’s queries, a letter mentioned.

Source: http://www.thedailystar.net/frontpage/bifc-failing-repay-rupali-banks-tk-32cr-1498375

FBL gets three months time to improve state

The central bank has given three months’ timeframe for improving the condition of trouble-torn Farmers Bank Limited (FBL), bank’s director Dr. Mohd Atahar Uddin said on Wednesday. “The central bank has asked the new board of the bank to improve its corporate governance and solve liquidity shortage problem within three months,” he said while speaking to reporters following a meeting with Bangladesh Bank (BB) Governor Fazle Kabir. The BB governor called on the bank’s reconstituted board members at central bank on Tuesday. \ Mr Atahar Uddin also said the directors will inject new capital from two Tk 5-billion bonds and from their own sources to improve liquidity situation in the bank. “We will get the bonds’ approval within two to three days.” However, he refused to elaborate as to how much money they would invest afresh from their own sources. BB executive director (ED) and spokesperson Shuvankar Saha confirmed giving a deadline, but he did not clarify whether it is three months or not.

Source:
http://today.thefinancialexpress.com.bd/last-page/fbl-gets-three-months-time-to-improve-state-1511976159
http://www.newagebd.net/article/29429/farmers-bank-to-issue-BDT-500cr-in-bond-to-meet-liquidity-crisis

Banks move to curb dollar’s rally

Foreign exchange dealers yesterday decided not to sell US dollar at rates higher than Tk 83, in a bid to stem the recent appreciation of the greenback. The decision came at a meeting of the Bangladesh Foreign Exchange Dealers’ Association, which was attended by senior treasury officials of 20 banks. The move comes after the central bank on Tuesday served show-cause notice to the 20 banks for misreporting their Bills for Collection selling rate, which is the rate at which banks make import payments. The BC sell rate went up to Tk 85 recently, when the official rate quoted by banks was less than Tk 83. Amid the backdrop, BAFEDA called the meeting with the treasury managers, said Mohammed Nurul Amin, chairman of the association. At the meeting, the top officials of the 20 banks said they had to sell dollar at a higher rate than their declared rate due to higher demand. Moreover, there was a huge gap between demand and supply as Bangladesh Bank could not provide adequate dollar to banks.

Source:
http://www.thedailystar.net/business/banks-move-curb-dollars-rally-1498501
http://today.thefinancialexpress.com.bd/last-page/dealer-banks-admit-price-fixing-of-dollar-1511976094

BB provides foreign currency support to banks

The central bank of Bangladesh has provided its foreign exchange support continuously through selling the US dollar to the banks for settlement of import bills, officials said. As part of the move, the central bank sold US$28 million at market rate to two banks state-owned commercial banks directly on Wednesday to meet the growing demand for the greenback in the market.

Source: https://businessnews-bd.net/morning-business-round-121/

Savings certificates sale on the rise again

The sale of savings certificates was on the rise in October after a downward trend during the previous two months, Bangladesh Bank data has revealed. Last month, the government borrowed Tk4,620 crore from the sector, an increase of 26% on the Tk3,665 crore borrowed in September. Figures in the central bank report show government borrowing in September to have been a blip; Tk3,975 crore and Tk5,053 crore were borrowed from the sector in August and July respectively. The government has now borrowed a net amount of Tk17,315 crore in the first four months of the current fiscal year – equivalent to 57.43% of the planned total for the whole FY, and 8.49% higher compared to the same period last year. However, the total investment in saving instruments was Tk26,963 crore, of which Tk2,916 crore has been paid as capital and Tk6,732 crore as interest from previous saving schemes. Net investment – the amount left after paying the interest and capital from previously sold savings certificates – is deposited with the government exchequer. The government takes out money from there to use in various projects. Central bank data shows that one-third of the savings instruments sold in the first four months were family savings certificates. From this, the government’s net borrowing is Tk6,316 crores. It took another Tk4,543 crores from three-month interest bearing savings certificates and another Tk1,769 crores from pensioner saving instruments.

Source: http://www.dhakatribune.com/business/economy/2017/11/29/savings-certificates-sale-rise/

BD Finance signs deal with Socio Economic Health Education Organization (SEHEO)

Bangladesh Finance And Investment Company Limited (BD Finance) signed a corporate Loan agreement with Socio Economic Health Education Organization (SEHEO). SEHEO, a people centered NGO involved in various socio economic and health education programs in our country. Under this agreement SEHEO will enjoy optimum facility to finance the micro credit programme for the under privileged people of south east region of Bangladesh.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/bd-finance-signs-deal-with-seheo-1511978226