Dollar crisis to go by next June

Bangladesh Bank is anticipating the pressure on the balance of payments will blow over by the end of this fiscal year thanks to hearty assistance from development partners –– an outlook termed wishful by economists. At the end of this fiscal year, the balance of payment deficit will be just $150 million in contrast to $5.4 billion at the end of June, according to the central bank’s latest projection, which was prepared last month. The recovery will be thanks to generous project aid and budget support, record remittance inflows and export receipts, according to documents seen by The Daily Star. As per the outlook, exports will hit $55 billion in fiscal 2022-23, up 11.8 percent year-on-year. Remittance will cross the $25 billion-mark for the first time. Last fiscal year, remittance inflows amounted to $21.7 billion. A record $16 billion will come in from development partners in budget support and regular aid disbursements and foreign direct investment, up from $13.7 billion last fiscal year.

Source: https://www.thedailystar.net/news/bangladesh/news/dollar-crisis-go-next-june-3158151

BSEC gives in to use of cheques in stocks trade

The Bangladesh Securities and Exchange Commission yesterday revoked for a second time an order which had stipulated that investors could buy shares only against funds already present in beneficiary owners’ accounts. The decision was taken against demands from stakeholders for keeping valid the use of cheques. In 2010, the BSEC ordered all brokers and merchant banks to buy shares on behalf of investors only when the latter’s cheques were honoured and the fund available in the respective beneficiary owners’ accounts. However, the order was revoked just two days after it was issued. In recent months several investors, including some who had no funds available, were found to have bought and sold shares in quick successions with cheques that were later dishonoured. This prompted the BSEC to pass an order in September stipulating that shares could be bought only when funds were available in accounts.

Source: https://www.thedailystar.net/business/economy/stock/news/bsec-gives-use-cheques-stocks-trade-3158266

Al-Arafah Islami Bank gets new AMD

Al-Arafah Islami Bank promoted its deputy managing director to the post of additional managing director (AMD). The promotee, SM Jaffar, previously served National Bank and Premier Bank in his long professional career, a press release said. Jaffar started his banking career with Arab Bangladesh Bank as a probationary officer in 1985. He completed his graduation in business administration. 

Source: https://www.thedailystar.net/business/economy/news/al-arafah-islami-bank-gets-new-amd-3156386