Dollar price jumps over Tk100 mark

US dollar price now jumps over Tk 100 mark for the first time in Bangladesh, prompting the central bank to begin a probe into the unusual exchange-rate hike. A brigade of 12 inspection teams of Bangladesh Bank started on-site inspections into alleged ‘distortion’ to foreign-exchange rate by some banks. Rate distortion means banks charge higher price of the US currency bypassing their announced rates particularly for BC (bills for collection) selling and TT (Telegraphic Transfer) clean, they explained. At least 20 banks, including four state-owned commercial banks, have been included in the list for the inspection, according to the officials. They also said the central bank would take next course of action against the banks after receiving the inspection reports. 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–unchanged from the previous level. Some banks, however, traded the US currency ranging between Tk 95 and Tk 96 for settling import-payment obligations of their customers, according to the operators. On the other hand, the banks quoted dollar at Tk 86.60 on the day–unchanged from the previous working day–to remitters for TT of their funds. Some banks which are handling lower export business offer higher rates to exporters for purchasing export proceeds, they added. In some cases, the banks quoted the US dollar between Tk 92 and Tk 93 for purchasing export proceeds instead of Tk 86.70.

Source: https://today.thefinancialexpress.com.bd/first-page/dollar-price-jumps-over-tk100-mark-1652810430

25% of Govt procurement must come from CMSMEs

A new law is being formulated making it mandatory for the government to make at least 25% of its procurement from the domestic cottage, micro, small and medium enterprises (CMSMEs). It would relax the condition of the open tender method, and some other obligations such as publishing tender notices in newspapers and paying tender prices by suppliers. The proposed law would ensure the provision of 50% advance payment to suppliers, sharing of work among participating companies and pricing through negotiations. The industries ministry has finalised the draft of the “Sub-Contracting Act 2022” to meet the global challenges arising from the fourth industrial revelation and to accelerate the pace of industrialisation in the country. Under the new law, small entrepreneurs will be able to supply imported goods and parts as domestic products with at least 50% value addition. Apart from that, required financial and technical support would be provided to the companies interested in acquiring the capacity to produce items not manufactured in the country.

Source: https://www.tbsnews.net/economy/25-govt-procurement-must-come-cmsmes-421782

Vice Chairman of Uttara Bank re-elected

Mr. Iftekharul Islam, the Managing Director of Aftab Group, has been re-elected the Vice Chairman of the Board of Directors of Uttara Bank Limited. He is also Vice Chairman of the Executive Committee and Chairman of the Risk Management Committee. Mr. Iftekharul Islam is also the Chairman of Uttara Bank Securities Limited (Brokerage House) a subsidiary company of Uttara Bank Limited & UB Capital and Investment Limited a Merchant Bank which is also a subsidiary company of Uttara Bank Limited. He is also a member of the Executive Committee and general body of Bangladesh Association of Banks.

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