Private credits grow as trade demand rises
Credit flow into Bangladesh’s private sector increases further as demand for loans, particularly for trade financing, grows for settling import payments. The reopening of the country’s overall business activities has helped push up the credit growth, officials say about the January upturn. According to the central bank’s latest statistics, the credit flow rose to 11.07 per cent in January 2022 on a year-on-year basis, from 10.68 per cent a month before. It was 3.73-percentage points lower than the Bangladesh Bank (BB) target of 14.80 per cent for the second half (H2) of fiscal year (FY) 2021-22.Bangladesh’s overall import expenses jumped more than 54 per cent to $38.97 billion during the July-December period of FY ’22 from $25.23 billion in the same period a year ago. On the other hand, the settlement of letters of credit (LC), generally known as actual import, in terms of value, rose by nearly 7.0 per cent to $6.41 billion in January – from nearly $6.0 billion in the previous month.Meanwhile, outstanding loans with the private sector rose to Tk 12,662.57 billion in January 2022 from Tk 12,632.47 billion in the previous month.
BIDA proposes reforms in 24 sectors
Bangladesh Investment Development Authority (Bida) has proposed reforms in 24 sectors, including allowing private investment in the power transmission sector and foreign investment in the transport sector. Bida will send the proposals, based on the recommendations from investors at the International Investment Summit 2021 held last November, to the Prime Minister’s Office.The government announced stimulus packages amounting to a combined fund of more than Tk1 lakh crore to help local businesses bounce back from pandemic-induced losses. The government is encouraging private investment in all sectors. In this case, the government is only giving policy support. Some 100 economic zones, both public and private, will provide fertile ground for investment.
Prime Bank signed agreement with BUET
Prime Bank Limited has signed an agreement with Bangladesh University of Engineering & Technology (BUET). Under this agreement, tuition fees deposited by a BUET student at any Prime Bank Branch will be added in real time to the central account of BUET maintained by Prime Bank.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|FTSE100||$ 7,458.25||↓31.21||↓0.42 %|
|Nikkei 225||$ 26,912.27||↑385.45||↑1.45 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 96.40||↑0.68||↑0.71%|
|Crude Oil (Brent)||$ 100.99||↑3.06||↑3.12%|
|Gold Spot||$ 1,905.51||↓3.48||↓0.18 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 86.00|
|GBP 1||BDT 115.3174|
|EUR 1||BDT 96.9306|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<