Taka gains against dollar after serial depreciation
A turnaround comes as the Bangladesh taka gained 50 paisa in its value against the US dollar Wednesday after a depreciation dive for four consecutive workdays. The US currency was quoted at Tk 91.50 per unit on the day against Tk 92.00 of the previous working day, according to market operators. Most banks quoted maximum Tk 93.00 for the sale of bills for collection, generally known as BC, for settling import payments on Wednesday-unchanged from the previous level. It sold $124 million directly to nine banks Wednesday to help them meet a growing demand for the greenback. Earlier on Tuesday, the central bank sold $129 million directly to five banks on the same ground. It has so far injected $6.60 billion from the reserves directly into commercial banks as liquidity support for settling their import-payment obligations in the current fiscal year (FY), 2021-22. Bangladesh’s forex reserves came down to $41.75 billion on Wednesday from $41.89 billion on the previous working day following higher sales of the greenback from the reserves.
Exporters to pay higher source tax
Although exporters of all sectors are going to enjoy 10 per cent (green businesses) and 12 per cent (non-green businesses) corporate tax in line with garment makers, source tax on export proceeds is likely to double to 1 per cent from the next fiscal year. The existing 0.5 per cent source tax has been in place for the last couple of years, according to the National Board of Revenue. The move comes against the backdrop of businesses showing interest in importing gold after the government framed a gold policy in 2018 to bring the gold trade under a regulatory framework. Officials expect that the tax waiver would help the jewellery market to flourish and increase the state’s revenue collection.
Mr. Mahbubur Rahman re-elected chairman of National Housing
Mr. Mahbubur Rahman has been re-elected as Chairman of National Housing Finance And Investments Limited at its 237th meeting of the Board held recently for further 2 years. He is the president of International Chamber of Commerce (ICC) – Bangladesh and Chairman of ETBL Holdings Limited. He is the Founder Chairman of Eastland Insurance Co. Ltd., Bangladesh International Arbitration Centre (BIAC) and International Publications Limited (Owning company of The Financial Express). Mr. Rahman is the Founding Member and Former Chairman of Business Advisory Council (BAC) of UN-ESCAP. He has been named 150 “high-impact” leaders in the area of business and social enterprise from Africa, Asia, Latin America and the Middle East.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↓ 269.24||↓ 0.81 %|
|FTSE100||$ 7,593.00||↓ 5.93||↓ 0.08 %|
|Nikkei 225||$ 28,278.45||↑ 44.16||↑ 0.16 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 122.31||↑ 0.20 ||↑ 0.16 %|
|Crude Oil (Brent)||$ 123.89||↑ 0.31||↑ 0.25 %|
|Gold Spot||$ 1,854.88||↑ 1.52||↑ 0.08 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 92.0000|
|GBP 1||BDT 115.8464|
|EUR 1||BDT 98.4676|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<