Tax receipts from DSE hit 10-year high
The government’s revenue earnings from the Dhaka bourse hit a 10-year high to Tk 2.66 billion in the just concluded fiscal year. Market operators said on the back of rising trading volume, the government earnings from the prime bourse rose accordingly, as earning is related to turnover. However, the government’s earnings from the Dhaka Stock Exchange (DSE) dipped more than 10 years low to Tk 1.04 billion in the past FY2019-20 due to sluggish market turnover coupled with trading suspension for more than two months due to Covid-19 outbreak.The government bagged revenue worth Tk 2.66 billion in the FY2020-21, which was Tk 1.04 billion in the FY2019-20, registering an increase of 156 per cent year-on-year, according to statistics from the DSE. Of the total earnings in the FY2020-21, Tk 1.80 billion came from the TREC (trading right entitlement certificate) holders’ commission, popularly known as brokerage commission.The DSE, on behalf of the government, collects the tax as TREC holders’ commission at a rate of 0.05 per cent and from sponsor-directors’ and placement holders’ shares sales at a rate of 5.0 per cent. The bourse then deposits the amount to the public exchequer.The daily turnover, the important gauge, jumped to more than Tk 10 billion on average in the FY2020-21, surging by 162 per cent over the previous fiscal’s average of Tk 3.81 billion.Between July 1 and June 30, DSEX, the prime index of the DSE, rose 2,161 points or 54 per cent to reach at 6,150 on June 30. With the inclusion of some big companies in the outgoing fiscal like largest IPO Robi Axiata, the market capitalisation of the prime bourse also soared to an all-time high at Tk 5,252 billion on July 15, 2021.
Spice market heats up ahead of Eid
Despite assurances made by the government to keep spice prices under control ahead of Eid, prices of spices including clove, cumin seeds and cardamom, known as ‘garam masala’, increased by 8.0-10 per cent in a week. Cardamom prices shot up to Tk 3,400-3,600 per kilogram (kg) at retail level depending on quality while clove to Tk 1,100-1200 a kg on Thursday.Meanwhile, the wholesalers and retailers have blamed each other for the hike. Prices of cumin seeds increased to Tk 400-500 a kg based on variety. However, cinnamon prices remained static at Tk 450-500 a kg in the week. Prices of two other main cooking ingredients, ginger and garlic, had already increased notably by 40-65 per cent in the last seven days which traders attributed to the rise in import costs. Local ginger was sold at Tk 150-160 per kg and garlic at Tk 120-140 a kg on Saturday. Imported Chinese ginger was selling at Tk 200-220 a kg while garlic at Tk 160-180 on the day. However, prices of onion remained static at Tk 45-55 a kg.The prices of spices would not go up since the government has taken necessary measures to this end like the previous years.
New Managing Director of National Housing
Mr. Mohammad Shamsul Islam has been appointed as Managing Director of National Housing Finance and Investments Ltd. (NHFIL) for 3 (three) yearswith effect from 16th July 2021. Mr. Mohammad Shamsul Islam joined as Additional Managing Director of National Housing Finance and Investments Ltd. (NHFIL) in February 2021. Upon retirement of immediate past Managing Director, the Board of Directors has appointed Mr. M.S. Islam as Managing Director.Prior to joining as Additional Managing Director, he was Deputy Managing Director of Global Islami Bank Limited from May 2017. Mr. M.S. Islam has more than 32 years’ experience in Banking Sector. He started his career with AB Bank Limited as Probationary Officer in the year 1989. Mr. M.S. Islam completed his MBA in Banking from the University of Dhaka.