BB forms Tk 5.0b refinance scheme for village-goers
The central bank forms a refinancing scheme worth Tk 5.0 billion to support those who went back to their villages in reverse migration driven mainly by the Covid-19 pandemic. Officials say the low-cost funds from the stimulus fund will be used to help out the people who lost their jobs at the height of the coronavirus pandemic and were now leading a difficult life without any employment in villages. The participant banks in the scheme will get refinance facilities from the central bank at 0.5-per cent interest, according to a notification issued Monday by the central bank. The borrowers will be able to get loans at 6.0-per cent interest under the scheme that will run until December 31, 2024. Borrowers who will avail up to Tk 0.20 million will be allowed to repay the loan in 24 months, which includes a grace period of three months. The repayment tenure will be three years, including a six-month grace period, if the amount of loan ranges more than Tk 0.20 million but within Tk 0.50 million. Earlier, a study found that 18 per cent of the 28 per cent who left their urban world involuntarily during the 18 months of the Covid crisis returned to the cities but 10 per cent did not or could not.
Private LPG rate lowered for January
The Bangladesh Energy Regulatory Commission (BERC) slashed on Monday private retail prices of cooking fuel LPG (liquefied petroleum gas) by 4.07 per cent for trading in January. The price of 12kg LPG has been adjusted to Tk 1,178 for January from December’s Tk 1,228, BERC chairman Md Abdul Jalil said as he announced the new tariff. The commission adjusted the prices considering the Saudi Aramco contract price for January 2022 as the benchmark for fixing LPG prices in the domestic market. It also considered fluctuations of foreign currency and change in the value-added tax (VAT) amount to fix the domestic LPG prices. Aramco’s contract price of propane is $740 per tonne and that of butane $710 per tonne in January. The BERC considers the 35:65 propane-butane ratio to get the average price at $720.50 per tonne. It first fixed the retail prices of LPG for domestic market on 12 April 2021 after holding a public hearing on 14 January in line with a court instruction. The country has some 20 LPG terminals with the reserve capacity of an estimated 100,000 tonnes in total. More or less 35-million cylinders are being used in the LPG business with the involvement of some 200 road tankers, 5,000 trucks and 21 cargoes countrywide.
Tax receipts from DSE jump 65pc in July-Dec
The government revenue earnings from the Dhaka bourse surged by 65 per cent in July-December 2021 compared to the same period a year earlier backed by rising trading volume. Market analysts said backed by rising turnover and bullish capital market, the government earnings from the Dhaka Stock Exchange (DSE) rose accordingly, as earning is related to turnover. The country’s capital market had a good year in 2021 as the core index of the DSE posted an impressive 25 per cent growth. The daily turnover also jumped to Tk 14.75 billion on an average in 2021, which was Tk 6.49 billion in 2020. Accordingly, the government bagged revenue worth Tk 2,389 million in July-December 2021, as against Tk 1,451 million in the same period of the previous year, showing a 65 per cent growth, according to statistics with the DSE. Of the total earnings in July-December 2021, Tk 2022 million came from the TREC holders’ commission, popularly known as brokerage commission, while Tk 367 million came from the share sales by sponsor-directors and placement holders during the period under review, the DSE data shows. The government’s revenue earnings from the DSE registered a 10 years high to Tk 2.66 billion in the FY 2020-21 as the DSE turnover recorded a decade high in few sessions in the last fiscal year.
IIDFC gets new chairman
Md Ataur Rahman Prodhan, CEO & Managing Director of Sonali Bank Limited, has been elected chairman of the Industrial and Infrastructure Development Finance Company (IIDFC) for 2022 and 2023. Md. Ataur Rahman Prodhan is a director of IIDFC. He is a senior banker of the country. Earlier, he worked as managing director & CEO of Rupali Bank Limited and Probashi Kollyan Bank.