Banks asked to keep LC margin at minimum 25%
The central bank has fixed the margin rate for opening import letter of credit (LC) at minimum 25% in a bid to facilitate overall currency and loan management activities in the wake of recent global trade trends.LCs for importing baby food, essential food items and fuel, life-saving medicines, local and export-oriented industries and agricultural related products will, however, be excluded from the directive, a circular of the Banking Regulation and Policy Department of the Bangladesh Bank said on Monday.Until now, the margin rate in opening import LC has been based on the banker-customer relationship. This new directive will come into effect immediately and will remain in force until further notice.
YoungoneCorporation to invest $500m in textiles and IT at KEPZ
Youngone Corporation is planning to invest up to $500m at the Korean Export Processing Zone (KEPZ) in the textiles and information technology sectors in the next few years, said its Chairman Kihak Sung. The state of the art 100 acres hi-tech park would employ 20,000 to 30,000 people, said Kihak Sung. Five buildings are already under construction while a few more will be built in the near future. The KEPZ, owned by the Youngone Corporation, is also developing another 50 acres of land that would host twenty 22-storey IT buildings. The park/complex will have a number of software development facilities, including high-rise IT buildings, universities, schools, and a community complex with service apartments.
3.2MWp rooftop solar plant opens
The country’s largest rooftop solar power plant under the opex model, a 3.2-megawatt peak (MWp) array, was inaugurated in Narayanganj on Monday. The facility has been established on a textile mill’s buildings in Bhulta, on the outskirts of Dhaka city. Sustainable and Renewable Energy Development Authority (SREDA) chairman Mohammad Alauddin inaugurated it on rooftops of multiple buildings of Robintex Group. Joules Power Ltd (JPL), the country’s first utility-scale solar power plant owner at Teknaf, funded over Tk 190.61 million to install the ‘JPL-Robintex Rooftop Solar Power Plant’. The factory owner will buy electricity from the plant for a period of 20 years. The plant will also remain connected to the grid under the net-metering policy.
New AMD of Bank Asia
Mr. Adil Chowdhury has recently been promoted as AMD of Bank Asia Ltd. Prior to his promotion, Mr. Chowdhury was DMD of the Bank. Mr. Chowdhury has over two decades of banking experience with more than 15 years of international exposure, most recently serving as Director of The Bank of Nova Scotia (Canada) in Hong Kong and Singapore.