Bangladesh Bank asks banks to ensure timely disposal of money suits
The Bangladesh Bank (BB) Wednesday instructed the banks to take measures for timely disposal of the cases pending with Artha Rin Adalat or money loan court-incidentally, when banks reportedly feel liquidity crunch. Banking Regulations and Policy Department of the Bangladesh Bank issued a notification on the day with this direction. In the notification, the central bank mentions that a separate court has been formed for quick settlement of financial-loan cases through the Money Loan Court Act 2003. According to a report of the Bangladesh Bank at the end of June 2023, there were 72540 cases pending with Tk 1.78 trillion trapped. Six months ago at the end of December, Tk 1.67 trillion was stuck in the money-loan court against 72189 pending cases. A year ago in June-2022, against 69369 cases Tk 1.53 trillion worth of money was stuck in the court proceedings. Non-performing loans (NPL) held by debtors hang out as one of staggering problems the country’s banking sector suffers from, and development financiers, including the IMF, prod for a remedy through reforms.
Summit Towers Ltd buys 2,000 towers from Banglalink for Tk 1,100cr
Summit Towers Ltd, a company of Summit Communications Group, is buying 2,000 towers of Banglalink for Tk 1,100 crore, a development that could intensify competition in the tower infrastructure businesses in Bangladesh. The proceeds from the sale will primarily be used to service Banglalink’s financial commitments and generate cost efficiencies while freeing up resources for the company’s digital expansion. Banglalink, which has 6,034 towers currently, will transfer a third of them to Summit Towers, raising the number of sites under the management of the Bangladeshi company to above 4,000. The acquisition of new towers by Summit will accelerate competition in the tower business in the country where edotco Bangladesh is a market leader.
Bangladeshi company M/s CIP Limited to invest $6.23 million in Mongla EPZ
Bangladeshi company M/s CIP Limited is going to set up a bag and luggage manufacturing industry in Mongla EPZ with an investment of $6.23 million. They signed an agreement with Bangladesh Export Processing Zones Authority (BEPZA) to this effect at BEPZA Complex, Dhaka on 15th November. CIP Limited will produce annually 9.5 million pieces of backpack, soft luggage, hard luggage, duffle, trolley, school bag and ladies handbag. 1550 Bangladeshi nationals will get employment opportunity in this company. Demand for investment in Mongla EPZ increased after the launching of the Padma Bridge and vibrant operations of Mongla Port. Mentionable, 31 industries have been operating their business in Mongla EPZ where 15,062 Bangladeshi nationals are employed.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↑ 163.51||↑ 0.47 %|
|FTSE100||$ 7,486.91||↑ 46.44||↑ 0.62 %|
|Nikkei 225||$ 33,318.24||↓ 201.46||↓ 0.60 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 76.05||↓ 0.61 ||↓ 0.80 %|
|Crude Oil (Brent)||$ 80.54 ||↓ 0.64||↓ 0.79 %|
|Gold Spot||$ 1,961.94||↑ 2.09||↑ 0.11 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 111.0000||BDT 111.0000|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<