Forex borrowing thru offshore banking to continue

Placement of funds from offshore banking operations (OBOs) with domestic banking units will continue to facilitate import payment, at this hour of foreign-exchange crisis worldwide.The central bank Wednesday extended time for fund transfer from OBOs to facilitate settlement of import payments for capital machinery, industrial raw materials and imports by the government.The facility will remain valid till June 30, 2023, according to a circular issued by foreign- exchange investment department of the Bangladesh Bank and signed by its director HusneAraShikha.This relaxation will help mitigate the ongoing dollar crisis to some extent, a central bank official told the FE, seeking anonymity.This will help in collecting dollar and mitigate dollar shortages. OBOs operate their activity under the central bank guidelines and they usually take deposits and lend through foreign currencies.Earlier, Bangladesh Bank had extended the facility up to December 31, 2022.But such placement of funds into domestic banking units will not exceed 25 per cent of a bank’s regulatory capital.However, a number of bankers feel such facilities usually would not help much on-shore banking.

Source: https://thefinancialexpress.com.bd/economy/forex-borrowing-thru-offshore-banking-to-continue-1672887092

Alternative trading board launched for Dhaka bourse

An alternative trading board (ATB) was launched for the stock market yesterday to facilitate the secondary trading of non-listed companies, corporate bonds, open-ended mutual funds, and exchange-traded funds. Prof ShibliRubayat-Ul-Islam, chairman of the Bangladesh Securities and Exchange Commission (BSEC), inaugurated the ATB at a ceremony held at the Dhaka Stock Exchange (DSE) auditorium. Stocks of LankaBangla Securities, a non-listed brokerage company, and bonds of Pran Agro were available at the newly launched board on the first day of the trading. Investors will be able to digitally buy and sell the shares that are listed with the ATB. For listing with the ATB, there is no lower limit of paid-up capital. So, any non-listed companies who are registered with the Registrar of Joint Stock Companies and Firms (RJSC) can be listed on the board.

Source: https://www.thedailystar.net/business/economy/news/alternative-trading-board-launched-dhaka-bourse-3213016

India assures Bangladesh of providing energy support

State Minister for Power, Energy and Mineral Resources Nasrul Hamid today said Indian power and petroleum ministers assured of providing support to Bangladesh’s energy and power sector.”We have conducted two separate meetings successfully, as the two ministers assured of extending their cooperation to Bangladesh’s power and energy sector,” he told journalists after the meetings at Bangladesh High Commission conference room in Dhaka.Nasrul Hamid met Petroleum and Natural Gas and Housing and Urban Affairs Minister Hardeep Singh Puri and Power and Minister of Power Raj Kumar Singh respectively.He said that discussions were held about the plan of the Numerigar oil pipeline inauguration by this year with the presence of two prime ministers.The state minister informed journalists that Bangladesh wants to import fuel from Indian in a large volume, adding, “Meanwhile, we are importing oil from India in a small scale. LNG pipeline installation process is underway from India to Khulna, which will be installed by H Energy”.

Source: https://www.thedailystar.net/business/global-economy/news/oil-price-falls-3212046