Taka depreciates deeper

Bangladesh taka’s value dropped deeper in exchange with the US dollar amid higher demand for the greenback against lower receipts through trade and remittance. The local currency lost its value by 80 paisa on the inter-bank foreign- exchange (forex) market on Monday in such a fall after over a week, market operators told the FE. The US currency was quoted at Tk 87.50 each on the day against Tk 86.70 on the previous working day. It was Tk 86.45 on May 08. The dollar was traded at Tk 85.80 on January 08 this calendar year. The US dollar was quoted at maximum of Tk 87.60 each for the sale of bills for collection, generally known as BC, on the day against Tk 86.75 of the previous level. Bangladesh’s foreign-exchange reserves came down to $41.91 billion on Monday from $41.93 billion of the previous working day, according to official figures. The reserves fell to $41.95 billion on May 11 after the payment worth $2.24 billion to the Asian Clearing Union (ACU) against the imports of March-April period of 2022 from $44.11 billion of the previous working day.

Source: https://today.thefinancialexpress.com.bd/first-page/taka-depreciates-deeper-1652723389

Exporters for continuation of 0.5% source tax for 5 years

The Exporters Association of Bangladesh (EAB) has urged the government to continue 0.5% tax deducted at sources, widely known as source tax, on exports for at least five years in a bid to keep up Bangladesh’s export competitiveness amid the ongoing crises – soaring production costs, falling rates of taka against dollar and surging freight charges. The exporters also demanded to consider the source tax as the final settlement for the earnings so that they need not recalculate it in their income tax files.

Source: https://www.tbsnews.net/nbr/exporters-continuation-05-source-tax-5-years-421090

New AMD of Jamuna Bank

Md. Abdus Salam has been promoted as Additional Managing Director of Jamuna Bank Limited (JBL). He joined Jamuna Bank Limited as Executive Vice President in June of 2010, Mr. Salam started his banking career with Islami Bank Bangladesh Limited as Probationary Officer in May 1989. Afterwards he served Social Islami Bank Limited, Prime Bank Limited, and Mercantile Bank Limited in different capacities.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/new-amd-of-jamuna-bank-1652717598

NCC Bank to launch Islamic banking business

NCC Bank is going to introduce Islamic banking through setting up separate windows by the third quarter of this calendar year. The second generation Private Commercial Bank (PCB) has already received a no-objection certificate (NoC) from the central bank in this connection. NCC Bank is planning to enhance its financing in Retail and Small and Medium Enterprises (SME) for minimising risk and diversifying portfolios by the next two years. Under the new plans of the bank, the investment in Retail and SME will be reached at 35 per cent of its total loans and advances within 2023-24 from the existing level of 24 per cent.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/ncc-bank-to-launch-islamic-banking-business-1652717335