Banks urged to invest more in capital market

The securities regulator on Wednesday urged all banks to make fresh investment within their existing scope to support the ailing stock market. The Bangladesh Securities and Exchange Commission (BSEC) suggested the banks three specific ways of making investment afresh as it held a meeting with the listed banks’ CFOs (chief financial officers) at the BSEC office in the capital. First, the banks having exposure to the stock market below 25 per cent can increase it by 2.0 per cent through fresh investments. As per the existing rules, a bank’s exposure is set at 25 per cent of eligible capital comprising paid-up capital, retained earnings, statutory reserve and share premium. And, the exposure is calculated based on the market price of the securities purchased by the bank. Asked, a senior official of Bangladesh Bank (BB) said the exposure limits of all private commercial banks are below 25 per cent and the average exposure of the banks has recently been set at 16 per cent. Following the massive price correction, the DSE broad index DSEX on Monday lost 182.12 points — rated highest single-day fall since March 16, 2020. The DSEX had lost a total of 492.16 points from February 24 to March 7 following Russia’s invasion of Ukraine. The market, however, bounced back on Tuesday and saw a steep rise on Wednesday thanks to some regulatory measures to reduce the lower limit of circuit-breakers to 2.0 per cent from 10 per cent, effective from Wednesday, to stop the free-fall of stocks.

Source: https://today.thefinancialexpress.com.bd/first-page/banks-urged-to-invest-more-in-capital-market-1646845290

RMG exports to US soar 45.53pc in Jan

The country’s apparel exports to the US maintained a hefty growth – both in terms of value and volume – during the first month of current calendar year. The US imported ready-made garment (RMG) items worth US$756 million from Bangladesh in January 2022, marking a 45.53 per cent growth, according to OTEXA, an affiliate of the US Department of Commerce. Bangladesh exported goods worth $519 million to the US in January 2021. The country’s apparel exports in terms of volume also sustained a 42.17 per cent growth to 282.38 million square metres in January 22, up from 198.62 million square metres in January 21. The US imported apparel items worth $1.90 billion from China, and $1.27 billion from Vietnam. Apparel exports from other major sourcing destinations like India, Pakistan and Cambodia grew by 53.40 per cent, 44.41 per cent and 42.12 per cent respectively.

Source: https://today.thefinancialexpress.com.bd/last-page/rmg-exports-to-us-soar-4553pc-in-jan-1646846092

AB Bank reappoints MD

AB Bank has recently reappointed Mr. Tarique Afzal as the President & Managing Director of the Bank for a second term. He took over as the President & Managing Director in July 8, 2019 and his reappointment will be effective from July 8, 2022 after completion of his current tenure and will continue till July 07, 2027. Mr. Tarique Afzal started his banking career in late 1980s in London, UK. Later he served in TD Bank (Canada), ANZ Grindlays, Standard Chartered Bank in Bangladesh. He also held senior positions in Bank Alfalah and BRAC Bank.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/ab-bank-reappoints-md-1646842440