TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK
TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK
TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK
Rate last updated: 02/01/2014 11:15:04 AM
Bangladesh Bank is preparing a contractionary monetary policy statement (MPS) for the second half of the current fiscal year to control the supply of credits and inflation in a bid to maintain economic stability, according to officials. The new monetary policy is expected to ensure price stability, and gain public trust in currency. Monetary policy plays a vital role in controlling the supply of money, often by setting up a target of inflation rate or interest rate, they said. Bangladesh Bank Governor Fazle Kabir is likely to announce the MPS late this month. A senior official said the policy statement will be declared on Monday afternoon. He added that they had taken all necessary preparations to announce the MPS. The bank has already finalized the MPS, and it is now being reviewed by the government authorities concerned, according to sources. Bangladesh Bank officials said proposals and suggestions from eminent economists and the bank’s officials would be incorporated in the MPS. In the draft MPS, Bangladesh Bank has given special focus on ensuring the quality of credit and keeping inflation at a reasonable level, they added. With the MPS being a contractionary policy, the officials claimed that it would be a growth-supportive measure.
Source: http://www.dhakatribune.com/business/2018/01/27/new-monetary-policy-contractionary-growth-friendly/
Aziz Pipes, a leading PVC pipe manufacturer, owes Tk 28.71 crore to Uttara Bank. The company took the loan between 1997 and 2003 from the bank’s Motijheel corporate branch. On maturity, it failed to pay back, and the bank published an auction notice in August 2005 in a newspaper to sell the mortgaged properties of the borrower. But the lender’s legal move did not bother the borrowers. They filed a writ petition with the High Court to stop the auction process. Then about three months later, the bank filed a case with Dhaka Artha Rin Adalat (money loan court) against Aziz Pipes and its seven owners and their legal heirs to recover the loan. Later, Aziz Pipes filed two write petitions with the HC in 2008 and 2014 and the HC subsequently stayed the lower court proceedings. In 2015, however, the HC vacated the writ petitions and the case is now pending with the money loan court. Some 12 years have gone by but the bank is still fighting for recovery of its money. In another instance, Dhaka Bank has been fighting since 2008 to recover a paltry Tk 1.74 lakh from a credit card user. Though the court issued an arrest warrant for the defaulter, law enforcers found the address of the borrower false. They are just two of the 55,262 cases involving Tk 73,556 crore defaulted loans pending with courts as of June 2017. The amount stuck in lawsuits accounts for 10.05 percent of the banking industry’s total outstanding loans of Tk 731,625 crore as of June last year. Such a huge amount of loans stuck in legal tangle not only discourages good borrowers to pay back their loans in time, it also eats up banks’ profits and weakens their financial health, experts and bankers said. It also erodes banks’ capital base as the lenders have to keep aside the same amount in provision against these defaulted loans.
Source: http://www.thedailystar.net/frontpage/defaulted-loan-grows-long-legal-process-1526089
On the face of it, banks are awash with money. In September last year, excess liquidity of the banks totalled Tk 92,000 crore. The paradox is the banks do not have money when it comes to lending. And now Corporate Bangladesh can say goodbye to the low lending rate era they had been enjoying for quite a few years when their cost of fund was quite low after years of high rates. Bangladesh’s banking system is going through a strange and critical phase right now. The banks are plagued by huge frauds. Bangladesh Bank investigations are revealing on a regular basis how different phony organisations had taken out huge sums in fake loans. How banks have violated all banking norms to lend to shady companies. How some flagship names in business with long dubious reputations have viciously schemed to get new loans in the name of repaying old loans which they then usurped up as well without paying a dime.
Source: http://www.thedailystar.net/frontpage/liquidity-crisis-deepens-money-there-money-not-1525324
Apparel exporters are now entitled to get the new market exploration assistance even if they bring export proceeds from any third country as the central bank Thursday relaxed the regulations on the cash incentive. Earlier, they had to bring the export proceeds from the country where they sent the goods to be eligible for enjoying the cash incentive of 3.0 per cent for exploring new markets – other than the traditional ones of the United States, Canada and the European Union. The condition has been relaxed as the exporters were facing difficulties in realising the incentive in case of orders by the global retailers for a market having their presence, which is considered a new market for Bangladesh. But, the buyer had to pay for the imports from the country where their headquarters are located – be it USA or EU, said a senior official of Bangladesh Bank (BB). As a result, the exporters had to face difficulty in getting the incentive. However, the business relationship between the exporters and importers will have to be ensured properly, according to a notification issued by the BB. “We’ve relaxed the regulations to facilitate exports by apparel and clothing sector particularly to the new markets,” said the official. It is expected to help the exporters improve their competitiveness in the global market, he said. “We’ve issued the circular in line with an advice by the Ministry of Finance.”
Source:
http://today.thefinancialexpress.com.bd/public/first-page/bb-relaxes-incentive-term-for-new-rmg-market-exploration-1516902007
http://www.newagebd.net/article/33411/bb-relaxes-receiving-cash-incentives-for-rmg-exports-to-new-markets
Net sales of savings instruments crashed to a 23-month low in December last year as banks started to raise the interest rates on their deposit products on the back of a liquidity shortage. Last month, the net investment in savings tools stood at Tk 2,651 crore, down 15.94 percent year-on-year, according to data from the Department of National Savings. Since December 2015 the monthly net sales hovered between Tk 3,000 crore and Tk 5,000 crore. The majority of the banks have recently started to increase the rate of interest on deposit, which has decreased the savers’ appetite to park their funds in savings instruments, according to Syed Mahbubur Rahman, managing director of Dhaka Bank. The banks are now offering interest rate on fixed deposit receipts (FDR) of 9-9.50 percent; the rate is expected to go higher.
Source: http://www.thedailystar.net/business/appetite-savings-tools-finally-fading-1526179
Mutual Trust Bank Ltd. (MTB) held its Annual Business Conference 2018 (MABC 2018) Saturday at Bangabandhu International Conference Center (BICC), Dhaka. The programme was attended by MTB Chairman, M.A Rouf, JP, MTB Directors, Rashed A. Chowdhury and Khwaja Nargis Hossain, the Bank’s Managing Director & CEO, Anis A. Khan, Additional Managing Director & COO, Md. Hashem Chowdhury and Deputy Managing Directors, Md. Zakir Hussain, Syed Rafiqul Haq and Goutam Prosad Das attended the day-long session.
Source: http://today.thefinancialexpress.com.bd/stock-corporate/mtb-holds-annual-business-confce-1517066935
The National Board of Revenue (NBR) expects to mobilise Tk 83.65 billion in additional revenue from large taxpayers in the second half of the current fiscal year by resolving legal disputes and 4G licensing. The Value Added Tax (VAT) wing of the National Board of Revenue eyes this amount, as its Large Taxpayers Unit (LTU) in its recent performance report placed the target of collecting the blocked revenue, in addition to taxes on the telecom-technology licensing. The unpaid large tax amount is due from the state-owned Petrobangla and mobile-phone companies. Experts and officials said the estimated additional amount of revenues, if finally received, would help government minimise the projected revenue shortfall due to the deferment of the new VAT and Supplementary Duty (SD) Act.
Shipping companies that connect Bangladesh with the outer world now look Far East for their fortunes especially as China as an economic superpower spurs the fastest international trade growth. Explaining this paradigm shift in shipping business, sources concerned said this is comparatively a new route and will save both freights and time significantly, particularly as China is out on a mission to build up all modes of connectivity under its Belt and Road initiative. And shippers believe it will save their lead time and help boost export. Currently, two top global lines have already started plying between Bangladesh and China and another will set sails middle of February. The latter will establish link with two more countries of the Far East — South Korea and Taiwan — in addition to the ports located south and east of China. People at the shipping lines told the FE that vessels are trying for connecting Chittagong with different Chinese ports, namely Port of Shanghai in Shanghai, Port of Nansha in Guangzhou, Port of Huangpu, east of Shanghai, and Port of Shekou in Guangzhou.
Indian Oil Corp, refiner and fossil fuel retailer, in talks with Bangladesh and Myanmar to enhance trade of petroleum products and offer its expertise to set up oil infrastructure in the two countries, reports The Economic Times from India. This month, Indian Oil will open offices in Bangladesh and Myanmar, with a plan to closely pursue business opportunities in the two countries. “For the neighbouring countries, we are not only looking for business, we are looking for association beyond business. Because these countries are also facing similar problems which we have encountered in past, we will be happy to share our experience with them and help them in solving whatever problems they are facing,” Indian Oil Corp Chairman Sanjiv Singh told the news agency. The first thing that may materialise in a month or so is a deal for liquefied petroleum gas (LPG), or cooking gas, under which Bangladesh would export LPG to Indian north-eastern states. “We are working on concepts that their trucks can come to India and give us LPG. Rather than we trying to feed those parts of North-East, all along from Haldia, it makes tremendous sense (to depend on Bangladesh trucks for supply),” Singh said.
Source: http://www.theindependentbd.com/post/134606
Bangladesh’s overall imports increased by 11.99 per cent or US$391.24 million in December following higher import of food grains and fuel oils, officials said. The settlement of letters of credit (LCs), generally known as actual import, in term of value, rose to $3.65 billion in December 2017 from $3.26 billion in the same period of the previous calendar year, according to the central bank’s latest statistics.
Source:
https://businessnews-bd.net/imports-rise-11-99/
http://today.thefinancialexpress.com.bd/first-page/food-fuel-imports-tip-the-balance-1516988338?date=27-01-2018
Sweater shipment from Bangladesh is on the rise thanks to competitive pricing and longer winters in the Western world as a result of climate change, exporters said. Bangladesh exported sweaters worth $3.37 billion in fiscal 2016-17, up 5.64 percent year-on-year, according to data from the Export Promotion Bureau. Even three years ago, the window for sweater sales was at most four months, from November to February. Now, the window opens in October and continues until March. The shift of work orders from China to Bangladesh is also another factor for the higher shipment, said Saif Ahmed, deputy general manager of Mohammadi Group, which exports nearly three million pieces of sweater in a year. Seeing that the winter season has expanded in the Western world, almost all sweater manufacturers in Bangladesh have expanded their capacity, he said.
Source: http://www.thedailystar.net/business/export/sweater-exports-the-rise-1525354
Commerce Minister Tofail Ahmed on Saturday assured the garment accessories and packaging manufacturers of the government steps to help the sector meet export target. He also said the government would scrutinise the possibility of providing cash incentives to the accessories and packaging manufacturers. The minister came up with the views at the ‘Export Trophy Presentation Ceremony’ arranged at the closing of the four-day trade show on garment accessories and packaging products. The Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA) organised the event at International Convention City Bashundhara (ICCB) in the city.The National Board of Revenue (NBR) chairman Md Mosharraf Hossain Bhuiyan and the Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) president Md Shafiul Islam Mohiuddin also spoke at the programme with BGAPMEA president Abdul Kader Khan in the chair.
Country’s export earnings from finished leather registered 27.8 per cent fall to US$97.53 million in the first half of the current fiscal year (FY 2017-18), according to the latest data of Export Promotion Bureau (EPB). The leather sub-sector earned $135.16 million in the corresponding period of last fiscal year (2016-17). The export earnings faced the setback allegedly due to an adverse impact of the industry relocation to Savar and fall in prices of the products in the international market. Besides, industry insiders blamed congestion in the Chittagong seaport that might have affected shipments of the products.
Bangladesh Petroleum Exploration and Production Company on Saturday confirmed its second biggest discovery of a gas field at Bheduria in Bhola with an estimated reserve of at least 600 billion cubic feet. Bapex managing director Nowshad Islam confirmed the company’s sixth and the country’s 27th gas field discovery as gas started flowing on Monday afternoon during the drill stem test or DST, a mandatory test before making a discovery announcement, of the exploration well.
Source: http://www.newagebd.net/article/33569/bapex-confirms-second-biggest-discovery
The European Union (EU) has said Bangladesh must look at export diversification and attracting more foreign direct investment (FDI) seriously to make the country’s “very admirable and amazing” economic growth sustainable. It said Bangladesh has witnessed over 7% of GDP growth over the last couple of years.
Source: http://www.dhakatribune.com/bangladesh/2018/01/27/eu-envoy-laments-difficulty-business-bangladesh/
Bangladesh Telecommunication Regulatory Commission has proposed an amendment to the telecommunication infrastructure sharing guidelines with a view to introducing partial sharing of telecom operators’ active infrastructure. The telecom regulator on Wednesday published a draft amendment on the Telecommunication Infrastructure Sharing Guidelines in its website after holding a meeting with the stakeholders. An official of the commission told last week that introduction of telecom infrastructure sharing would partially help in rolling out telecom services to the rural areas more quickly by ensuring maximum utilization of resources. At present, telecommunication entities, including the mobile phone operators, are allowed to share their passive infrastructure (non-electronic assets), while active infrastructure sharing would allow telecom operators to share some of their electronic equipment. The proposed guidelines, however, refrained from allowing mobile phone operators to share their network coverage or spectrum. The guidelines said that the commission will allow telecom operators sharing Radio Access Network (RAN), Base Transceiver Station, Node B, e-Node B, antenna, feeder cable and microwave radio equipment among themselves.
Source: http://www.newagebd.net/article/33467/telecom-active-infra-sharing-soon
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