Post Office Savings Bank to go online in June
The Post Office Savings Bank will not receive any manual deposits from its general account holders from next June. According to a statutory regulatory order issued by the Internal Resources Division in the past week, the bank will go for digital deposits to bring all transactions under the electronic system by June 2024. The IRD officials said that the general account holders would require digital transformation of their manually operating accounts by the next June to keep up transactions beyond June 2024. As per the order, those who will open manual accounts before June 2023 will receive benefits for the next one year only. Popular schemes such as savings certificates operated by the Post Office Savings Bank have already been brought under the electronic system to check abuses of the certificates of deposit. Besides, the Post Office Savings Bank has its own instruments under which depositors can make a certain amount of investment to receive 7.5 per cent interest. IRD officials said that both short- and long-term savings of the Post Office Bank were decreasing since mandatory requirement of the National Identity Card to operate accounts. They said that over Tk 2,000 crore deposits were withdrawn from the bank in the July-December period of 2022 by the general account holders while there was a new investment of Tk 210 crore in the savings tools during the same period.
Govt boasts Tk 31.38b Jul-Oct budget surplus
Two unusual financial developments helped the government put aside a budget surplus of Tk 31.38 billion in the first four months of the current fiscal year, which economists, however, believe is transitory. According to data released from the Ministry of Finance (MoF), revenue mobilisation was Tk 1.078 trillion, compared to expenditures amounting to Tk 1.047 trillion, during the July-October period of the fiscal year 2022-2023. During the period, the total revenue collection increased by 5.6 per cent compared to the corresponding period of the previous fiscal year (FY22) and achievement as to the annual target was 24.8 per cent. The tax revenue, consisting of both NBR and non-NBR revenues, stood at Tk 958.04 billion, up by Tk 58.92 billion from the same period a year before. Non-tax revenue or NTR was recorded at Tk 117.95 billion during the period under review. The major share of government revenue comes from NBR (National Board of Revenue) sources (86.8 per cent up to October 2022), the data showed. In FY 2022, during the corresponding four months, the budget balance was negative at Tk 13.82 billion.
Southeast Bank gets two new DMDs
Southeast Bank recently promoted two senior executive vice-presidents to the post of deputy managing directors. Of them, Abidur Rahman Chowdhury was the senior executive vice president and head of branch at the principal branch of the bank. He started his career at the bank as a probationary officer in 1996. Chowdhury obtained his honour’s and master’s degrees in finance and banking from the University of Dhaka and an MBA in management from the same university. Meanwhile, Md Masum Uddin Khan was the head of credit risk management division and senior executive vice-president of the bank. He joined Southeast Bank in 2019. Khan started his career at Agrani Bank in 1996, and later worked for Basic Bank and City Bank. He attained his graduation degree in finance and banking and post-graduation in finance from the University of Dhaka and an MBA (major in marketing) from the same university.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|FTSE100||$ 8,004.36 || ↓ 8.17 ||↓0.10%|
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World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$76.34||↓ 2.15||↓ 2.74%|
|Crude Oil (Brent)||$ 83.00||↓ 2.14||↓ 2.51%|
|Gold Spot||$1,842.36||↑ 6.00||↑ 0.33%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 104.5100||BDT 107.0000|
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