October revenue sees 10% growth – despite import curb
The country’s overall revenue collection saw a slight improvement in October despite most of the key indicators of the macro economy currently trending downward. According to the National Board of Revenue (NBR) sources, the growth in revenue collection was 7.67% in September, which rose to 10% in October. Though the overall revenue collection rose by 10% in October, it is still 5% less than the corresponding period last year. From July to October of the current financial year, the overall revenue collection from import duty, VAT and income tax has grown by 14%, which is also less than the same period of the last fiscal. However, the total collection of import tax [customs duty, value-added tax (VAT) and tax] increased by less than 6% in October, which was 22% in the same period of the last fiscal year 2021-22, said NBR sources, adding that the import tax collection declined a bit due to import curb measures.
SIBL focuses on grassroots to build up deposit base
Social Islami Bank Ltd (SIBL) is focusing on small depositors and millions of unbanked people in order to build a strong deposit base. The private bank has introduced savings schemes for education, marriage and medical care by giving importance to the needs of people, especially the middle class. The initiative comes as people need a good chunk of money for medical treatment and to get their children admitted to educational institutions at home and abroad. The savings schemes will enable the account holders to meet a portion of their requirements. “The feature of these savings schemes is that one can get the double the amount they deposit. We have already received a very good response from savers,” said Zafar Alam, managing director and chief executive officer of SIBL. “We always keep peoples’ needs in our mind.” Apart from this, SIBL plans to introduce deposit schemes for non-resident Bangladeshis (NRBs), retired citizens and street vendors in a bid to attract savers and bring more people under the banking system.
Majority of listed govt firms post annual profits
Around 61% of listed public sector companies have posted profits while the rest were in the red in the last financial year. The Bangladesh Shipping Corporation topped the list by registering a 213% increase in its profit, buoyed mainly by soaring freight rates. But the Power Grid Company of Bangladesh (PGCB) Ltd – the only state-owned power transmission firm in the country – has experienced a 61% profit drop owing to fluctuations in foreign currency rates. Eighteen government firms are listed on the capital market, most of which have monopolies in their respective sectors. All firms having business monopolies are making good profits. On the other hand, government companies having competitors in their respective industries – engineering, food and accessories sector and hotel and tourism – have not fared well, as usual.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↓ 45.41 ||↓ 0.13%|
|FTSE100||$7,376.85||↓ 8.67||↓ 0.12%|
|Nikkei 225||$28,146.59||↑ 201.80||↑ 0.72%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$79.73||↓ 0.35 ||↓ 0.44%|
|Crude Oil (Brent)||$87.90 ||↑ 0.45||↑ 0.51%|
|Gold Spot||$1,743.23||↑ 5.18||↑0.30%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 103.4100||BDT 106.9000|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<