Bangladesh Bank fixes interbank dollar rate at Tk91.95

The Bangladesh Bank fixed the interbank exchange rate of dollar at Tk91.95 today. About $10 million was sold by the central bank on Monday, said BB spokesperson Md Serajul Islam. The central bank will sell dollars at the newly fixed rate from now. The price has been increased by Tk2.05 from Sunday’s rate of Tk89.90. On Thursday, the price of dollars was Tk91.5. Previously on Sunday, most banks in the country settled import Letters of Credit (LCs) at Tk91.50-Tk92 per dollar, two days after the central bank withdrew the uniform exchange rate of dollars. In interbank transactions alone, the taka has depreciated by more than 3% against the US dollar since April 2021. In April last, the exchange rate was Tk84.8. On 12 April, following an inter-ministerial meeting, the BPC was told to pay the fuel oil bill by purchasing dollars at the market rate or the interbank rate. On April 26 of the same month, the BPC informed the decision to the state-owned and private banks.  With the inter-bank exchange rate rising, the value of paper dollars is also increasing by leaps and bounds. On Monday, buyers had to pay Tk98.20 to buy $1 from money exchangers. Earlier, on 17 May, the price of $1 rose to Tk102 in the kerb market.

Source: https://www.tbsnews.net/economy/bangladesh-bank-fixes-interbank-dollar-rate-tk9195-434150

Govt to lower corporate tax to 12% for non-RMG sectors

The government is going to introduce a 12% corporate tax for all export sectors – the same rate as the readymade garment industry is now enjoying – with a view to encouraging export diversification, according to finance ministry sources. Besides, green industries exporting goods and services will be taxed at 10%. All sectors other than the RMG now pay a 30% tax for exports of goods and services. The prevailing tax rate for export-oriented RMG factories stands at 12% and it is 10% for green ones. The new budget will also propose imposing a 5% source tax on rental value of waterbodies, which are not government property.  At the same time, Internet service providers also will face a 10% source tax while receiving their payments.

Source: https://www.tbsnews.net/economy/budget/govt-lower-corporate-tax-12-non-rmg-sectors-434486

Insurance companies see highest price appreciation

Dhaka bourse closed the Monday’s session marginally lower after seven sessions of continuous rise following mixed performance of major sectors. Insiders said investors opted to book profits offloading their holdings matured in previous sessions. Of the major sectors, general insurance saw the highest price appreciation and all of the top 10 gainers were from this sector. The share prices of the top 10 gainers rose ranging 9.39 per cent to 10 per cent on Dhaka Stock Exchange (DSE). The DSE opened the day’s session positively and the DSE broad index DSEX continued an upward trend for around 50 minutes. Later, the DSEX exhibited ups and downs and finally closed the session with a marginal loss. At the end of the session, the DSEX closed at 6489.17 with a loss of 0.12 per cent or 8.22 points.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/tanjil-chowdhury-re-elected-chairman-of-prime-bank-1654452984