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’s foreign exchange reserves rose to USD33.11 billion at the end of April, USD709 million higher than one month earlier. The central bank on Sunday also said the reserves were up nearly 2% from one year earlier, reports Reuters. They are sufficient to cover about 10 months’ worth of imports for the country of 160 million people, according to the central bank. Steady garment exports and remittances from Bangladeshis working overseas – the key drivers of the country’s economy – have helped foreign exchange reserves grow steadily in recent years.
Last year Bangladesh earned remittance worth US$ 13.5 billion, equivalent to 6.1 percent of the country’s gross domestic product (GDP). Over the past one decade the country posted a steady remittance growth rate of 4.2 percent, much lower than some of its South Asian neighbours – Pakistan (10.8), Nepal (9.8) and Sri Lanka (9.4) but higher than India (3.3 percent). These statistics were made available by a report released by the International Fund for Agricultural Development (IFAD) on Monday. The report – RemitSCOPE – will be presented at the Global Forum on Remittances, Investments and Development – Asia Pacific to begin in Kuala Lumpur on Tuesday (May 8). The forum will bring together more than 300 policymakers, private sector stakeholders and civil society leaders to map out the road ahead for enhanced remittances. In 2017, migrant workers sent US$ 256 billion to their families in the Asia-Pacific region, according to the report – ‘RemitSCOPE – Remittance markets and opportunities – Asia and the Pacific.’ While remittances benefit about 320 million family members in the region, most of them in rural areas, remittance markets still need to transform to ensure that families can benefit fully from the flows, stated the IFAD report. India (US$69 billion), China (US$64 billion) and the Philippines (US$33 billion) are the three largest remittance-receiving countries in the world; Pakistan (US$20 billion) and Viet Nam (US$14 billion) are also in the top 10.
Source: http://www.theindependentbd.com/post/148920
The number of active mobile money accounts has declined drastically in the country in the recent months following the central bank’s new regulations on mobile financial services (MFS). According to the latest data of Bangladesh Bank (BB), there are a total of 20.26 million active mobile account users in Bangladesh by the end of this March. This is a drastic decline from last August, when there were 30.73 million active mobile money accounts in the country. The data shows that the number of active MFS accounts has dropped by 10.47 million or more than 34% during August-March period of the current fiscal. Industry insiders pointed at the BB restriction on the number of accounts that can be opened with a single national ID card. BB, in a circular issued in January 2017, directed the MFS providers not to open more than one account with a single NID card. The decision is often seen as an attempt by the central bank to restrict the use of MFS platforms for digital ‘hundi’ against the backdrop of declining remittance inflow last year. Following the BB direction, thet have moved to close thousands of accounts, as there cannot be more than one account against one NID.
The central bank has asked the five state-owned commercial banks (SoCBs) to submit their action plans as early as possible to improve financial health through reducing the volume of classified loans. The instruction was given at a meeting held at the Bangladesh Bank (BB) headquarters in the capital on Monday to review the memorandums of understanding (MoUs) of the five SoCBs — Sonali Bank, Janata Bank, Agrani Bank, Rupali Bank and BASIC Bank. BB Governor Fazle Kabir chaired the meeting. Recovery of classified loans through strengthening recovery drives along with the mechanism to improve capital shortfall by the end of this calendar year will be included in the plan, meeting sources said. At the meeting, the state-owned banks have also been advised to use all type of options -recapitalise fund, issuing bonds, own profits and reducing amount of the risk weighted assets – to meet their capital shortfalls.
Source:
http://today.thefinancialexpress.com.bd/first-page/bb-asks-socbs-to-submit-action-plans-1525714660
https://www.thedailystar.net/business/bb-asks-state-lenders-hand-action-plan-1573096
The government should establish a dedicated bank for small and medium-sized enterprises (SMEs) to provide hassle-free financial services for the entrepreneurs, speakers at a discussion said on Monday. Also, easy access to low-cost funds, more budgetary allocations for research and development, a long-term roadmap and tax exemption facility for the startups are needed to boost the SME sector, they said. The SME Foundation organised the discussion on ‘SME-friendly budget proposals’ at its headquarters in the city to brief reporters on the 43-point budget proposal it submitted to the National Board of Revenue (NBR) on Sunday.
Source: http://today.thefinancialexpress.com.bd/trade-market/set-up-dedicated-bank-for-smes-1525714209
The daily average turnover of the premier bourse, an important indicator of its vitality, dropped 24.95 percent in April to Tk 547.36 crore from a year earlier even after the central bank took a host of measures to ease the flow of money into the stockmarket. Recently, the Bangladesh Merchant Bankers Association along with DSE Brokers Association identified liquidity crunch in the financial sector as one of the reasons behind the lower turnover in the market.
Source: https://www.thedailystar.net/business/dse-refuses-perk-despite-bb-move-1573093
Thakur Das Kundu, Md Liakat Hossain Moral and Md Afzal Karim have recently been promoted as deputy managing directors of Bangladesh Krishi Bank (BKB). Prior to the promotion, they have been serving the bank as general managers, the bank said in a statement yesterday. Kundu started his banking career at the bank as a senior officer in 1983. Moral started his banking career at the bank as a senior officer in 1983. Karim started his career in House Building Finance Corporation.
Source: https://www.thedailystar.net/business/bkb-gets-new-dmds-1573054
Modhumoti Bank Limited launched the Modhumoti Digital Banking at 22 UDC Agent Points at Sadar and Rajoir upazilas of Madaripur recently, said a statement. Md Wahidul Islam, Deputy Commissioner of Madaripur, inaugurated the Modhumoti Digital Points as the chief guest. Moklesur Rahman, Senior Vice-President and Head of Agent Banking Operation of Modhumoti Bank, presided over the ceremony. Modhumoti Bank took the initiative of agent banking through signing an agreement with the Access to Information (a2i) programme of the Prime Minister’s Office. Under the agreement, the entrepreneurs of Union Digital Centres (UDCs) will act as the agent of the bank.
Metlife Foundation on Monday awarded five Bangladeshi entrepreneurs, nonprofit and other social impact organizations with total grant of US$100,000 as winners of Inclusion Plus, a global competition from the foundation that aims to increase access to quality, sustainable financial services in the category of financial technology, financial products and services. The foundation at a program held on Monday in Dhaka handed over the grant money to the five finalist innovative projects to support the scaling up of their projects in accelerating financial inclusion in the country. Apon Wellbeing, a project designed to provide affordable health care, insurance, credit and other benefits to ready-made garment (RMG) workers through collaborations between service providers, manufacturers, and communities received a grant of US$50,000 as the champion of the Inclusion Plus Bangladesh. From the other projects, ShopUp received the grant of US$25,000 as first runner up, while Weather Index-Based Agriculture Insurance by Green Delta Insurance received US$12,000 as third winner. Sajida Foundation and Shakti Foundation jointly became the winner of fourth position and received a grant of US$5,000 each.
The Economic and Social Commission for Asia and the Pacific (UNESCAP) of the United Nations projected that Bangladesh economy would grow by 7.40% in the current fiscal year. The UN organisation made the projection in its annual flagship publication ‘Economic and Social Survey of Asia and the Pacific 2018’ released on Monday in Bangkok. It also projected that inflation would come down to 5.9% at the end of FY18 and may likely to be lower further to 5.5% in FY19. The growth of the country’s Gross Domestic Product (GDP) will remain static in the next fiscal year, according to the projection. The ESCAP’s projections largely match with the country’s national statistical agency’s provisional estimate. The Bangladesh Bureau of Statistics (BBS) estimated that the GDP of the country would post 7.65% growth in FY18. The report, however, cautioned on the country’s banking sector. It also pointed out that in the wake of upcoming national elections in several countries including Bangladesh, effective fiscal management is even more important. The report also pointed out that due to robust domestic demand and improved global economic prospects, developing economies in the region are projected to grow by 5.5% in both 2018 and 2019. United Nations Under-Secretary-General and ESCAP Executive Secretary said that rapid technological advancements, while promising immense opportunities are also posing considerable challenges in terms of job polarization and income and wealth inequalities.
The World Bank (WB) is allegedly going ‘very slow’ in providing no objection certificate (NOC) in favour of environmentally critical projects which are to be financed from its own coffer, sources said. Seven such red-listed projects, to be financed under the WB-funded ‘Financial Sector Support Project (FSSP)’ and implemented by the central bank, have been waiting for almost a year to get its nod, they added. To grant funds for such environmentally hazardous projects from the FSSP, a prior approval of the World Bank is mandatory. Now the Bangladesh Bank (BB) has requested the government to persuade the Washington-based multilateral donor agency to quicken the process of providing NOC so that funds can be released for the implementation of the projects.
The government is set to approve Tk 1.73 trillion Annual Development Programme (ADP) for the next fiscal Thursday, with the transport sector receiving the highest funds, officials said Monday. They said the ADP outlay for the next financial year 2018-19 is 9.77 per cent or Tk 154.06 billion higher than that of the revised allocation for the current fiscal year of FY2018. The National Economic Council, led by the Prime Minister, is scheduled to sit Thursday next in Dhaka, where the Planning Commission (PC) will place the draft ADP for approval. Commission officials said they had drafted a Tk 1.73 trillion worth of development budget for the next FY2019, where Tk 1.13 trillion will come from the government’s internal resources. The remaining Tk 600 billion will come from the external sources as the project aid.
Source:
http://today.thefinancialexpress.com.bd/first-page/next-adp-size-to-reach-tk-173t-1525714579
https://www.thedailystar.net/business/transport-power-take-centre-stage-budget-1573117
Bangladesh has sustained a GDP growth rate of more than 6 percent for over a decade. The impending graduation out of the least developed countries category is a remarkable achievement for the country of 160 million people, in its fifth decade as an independent nation. This growth trajectory has brought in its wake several key challenges on the environment front: unchecked extraction of scarce natural resources, environmental degradation, population pressure, climate-related vulnerabilities, to name a few. Bangladesh is one of the lowest ranked countries in the global Environmental Performance Index prepared by the Yale Centre for Environmental Law and Policy. The 2018 report ranks Bangladesh 179th out of 180 countries. Studies have shown that Bangladesh loses about 1 percent of its GDP due to the harmful effects of air pollution alone. This has, in turn, put pressure on policymakers to ensure that growth strategies followed by the country are sustainable. A key element of sustainability is a green growth path, which is not only expected to limit the damage to the environment but also to enhance the productivity of the natural capital stock. In a country where the poor remain heavily reliant on natural resources, an equitable or inclusive growth agenda needs to take on a decidedly ‘green’ hue – following the path of ‘green growth’.
Source: https://www.thedailystar.net/business/budget-should-support-green-growth-1573069
The SME Foundation has sought duty support in the upcoming national budget for small and medium enterprises. The foundation, which is the apex institution for SME development in the country, has placed 43 duty and tax related proposals to the National Board of Revenue (NBR). A level playing field should be built and some protectionist measures should be taken to help the SME sector flourish, said Md Safiqul Islam, managing director of SME Foundation. He spoke at a discussion in Dhaka yesterday, which was organised by the foundation to shed light on its budget proposals.
Source:
https://www.thedailystar.net/business/more-duty-support-sought-smes-1573078
https://www.dhakatribune.com/business/2018/05/07/entrepreneurs-call-sme-friendly-budget-fy2018-19/
Two statutory regulatory orders (SROs) of the National Board of Revenue (NBR) regarding tax exemption have created confusion among the investors of the private plants in economic zones (EZs), officials said. Through one SRO, NBR offered 10 years’ tax exemption at reduced rate on income of EZ investors while another offered 15 years full tax exemption or tax holiday facility to private power generation companies’ income which will start commercial production within December 31, 2019. “Those two orders created confusion over the applicability of 15 years tax-exemption facility on the private power generation companies investing inside EZs as it is not mentioned in the incentive package of the investors in EZs,” said a senior official of the Bangladesh Economic Zones Authority (BEZA). As per incentive package of the NBR, offered in 2015, investors of the EZs are exempted from payment of income tax for 10 years on their earnings from all types of business. However, in another SRO issued in 2013, the revenue board offered 100 per cent tax-exemption facility for 15 years for private power generation companies’ earnings conditionally. Investors said they are not clear whether the 15 years tax exemption facility would be applicable for the companies inside EZs, the official said.
Source: http://today.thefinancialexpress.com.bd/first-page/two-sros-of-nbr-puzzle-investors-1525714726
Bangladesh Economic Zone Authority has sought a 15-year tax holiday for private power plants to be set up in the planned economic zones. The BEZA in a letter to the National Board of Revenue said that the tax benefits for power plants to be established inside the economic zones should be similar to those power plants outside the zones enjoy. The authority also sought clarification from the revenue board whether the existing 15-year tax holiday benefit the power plants outside the zones enjoy would also be applicable to the power plants to be set up in EZs as two existing statutory regulatory orders of the NBR created confusion among investors.
The government has initiated a big move to construct a double line railway track on Khulna-Darshana section under the Indian 2nd Line of Credit in a bid to enhance the capacity of Bangladesh Railway on Dhaka-Khulna and Khulna-Chilahati corridor, reports BSS. “The Executive Committee of the National Economic Council (ECNEC) in its next meeting today is likely to consider a project to this end,” said a Planning Commission official. ECNEC Chairperson and Prime Minister Sheikh Hasina will preside over the meeting to be held at the NEC conference room in the capital’s Sher-e-Bangla Nagar area. The official told the news agency that Bangladesh Railway under the Railways Ministry will implement the project titled ‘Construction of double line railway track on Khulna-Darshana junction section’ at an estimated cost of Tk3,506.75 crore to be implemented by December 2022. “Of the total project cost, Tk2,689.92 crore will come as project assistance from India under its 2nd Line of Credit while the rest of Tk816.82 crore from the state coffer,” added the official.
Source: http://www.theindependentbd.com/post/148975
Strongest performing frontier markets like Bangladesh, Vietnam and Sri Lanka offer exceptional growth potential and will soon take the lead, said Shameem Ahsan, general partner of Fenox Venture Capital and chairman of eGeneration Group. “With massive shift in economic growth and tech innovations, frontier and emerging markets are becoming strategic cases for global venture capitalists who want to diversify their global portfolios,” he said. Ahsan was delivering a keynote speech at a session tilted “Making the Most of Tech Revolutions in Emerging & Frontier Markets” of the Global Capital Summit organised by venture capital platform F50 at the Palo Alto Hills Golf & Country Club in Silicon Valley, the USA on Thursday.
Source: https://www.thedailystar.net/business/bangladesh-holds-exceptional-growth-potential-1573048
Two cutter suction dredgers will be procured for Chattogram Port to enhance the navigability of Karnaphuli River from Sadarghat to Bakolia Char. Sources in Chattogram Port Authority (CPA) said DPP (detailed project proposal) of the project has been approved in a meeting at Ministry of Shipping (MoS) on Sunday with Shipping Minister M Shajahan Khan in the chair. Shipping Secretary Abdus Samad and CPA Chairman Commodore Zulfiquer Aziz, among others, were present in the meeting. Shajahan Khan said service jetties at the upstream of jetty number-1 will be re-located and reconstructed. Ongoing construction work of Patenga Container Terminal will be expedited for enhancing the port’s container handling, he added. A senior port official said 51 equipments will be procured soon for New Mooring Container Terminal of Chattogram Port. Letter of Credit (LC) has already been opened for procurement of 19 equipment which will shortly arrive in the port. Procurement of 10 other equipment is under process.
Source: http://today.thefinancialexpress.com.bd/trade-market/ctg-port-to-get-two-dredgers-1525714272
Bangladesh has turned denim into a value-added product prompting globally renowned clothing retailers and brands to place bulk work orders for their upscale customers, industry people said. Previously, the country used to produce denim trousers for $5.50 and $7.0 a piece, but now the price range has gone up to $10 to $11, said Mostafiz Uddin, managing director of Denim Expert Ltd, a Chittagong-based denim exporter. “Global leading denim business units are flocking to Bangladesh to source the best value-added items,” he said. Uddin said his company can sell the item at $14 and $18 a piece but the volume currently being churned out by Denim Expert Ltd in the price range is lower. According to manufacturers, new technologies used in washing and polishing as well as the increasing use of finer fabrics and design are allowing Bangladesh to add more value to denim items. Uddin said the high-end denim goods fetching $10 to $11 a piece for the country are of the same quality of those produced in factories in Turkey selling at $14 and $16 a piece.
Source: https://www.thedailystar.net/business/value-added-denim-much-demand-1573084
Biman Bangladesh Airlines launched e-ticket selling service through mobile phone and mobile banking on Monday. From now on, any passenger can book or buy Biman’s ticket by dialing 01777-715613 or 02-8901600 for all its 15 international and seven domestic routes in addition to the existing ticket buying facilities, said a press release.
Source:
http://today.thefinancialexpress.com.bd/trade-market/news-briefs8-5-2018-1525714359
http://www.theindependentbd.com/post/148922
Premier Cement Mills reported its consolidated earnings per share (EPS) of BDT. 2.04 for January-March 2018 as against BDT. 2.05 for January-March 2017. The company’s consolidated EPS was BDT. 2.56 for July 2017-March 2018 as against BDT. 3.93 for July 2016-March 2017. The company has also reported its consolidated net operating cash flow per share (NOCFPS) of BDT. 2.23 for July 2017-March 2018 as against BDT. 7.78 for July 2016-March 2017. The consolidated net asset value (NAV) per share was BDT. 41.27 as on March 31, 2018 and BDT. 40.71 as on June 30, 2017. The company’s share trading Monday closed at BDT 80.10 each with a marginal loss of 1.0% or BDT 0.8 per share. According to DSE information, the company’s sponsor-directors hold 55.13% shares, whereas institutions hold 17.07% shares, foreign shareholders 0.01% shares and public shareholders 27.79% shares as of March 31, 2018.
| Index Name | Close Value | Value Change | Percentage Change |
|---|---|---|---|
| DSEX | 5,683.54 | ↓10.74 | ↓0.19% |
| DJIA | 24,357.32 | ↑94.81 | ↑0.39% |
| FTSE100 | 7,567.14 | ↑64.45 | ↑0.86% |
| Nikkei 225 | 22,538.77 | ↑71.61 | ↑0.32% |
| Commodity | Close Value | Value Change | Percentage Change |
|---|---|---|---|
| Crude Oil (WTI) | $ 70.06 | ↓0.67 | ↓0.95% |
| Crude Oil (Brent) | $ 75.60 | ↓0.57 | ↓0.75% |
| Gold Spot | $ 1,313.70 | ↓0.51 | ↓0.04% |
| Exchange Rates | |
|---|---|
| USD 1 | BDT 83.85 |
| GBP 1 | BDT 113.73 |
| EUR 1 | BDT 99.97 |
| INR 1 | BDT 1.25 |
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