BB okays MFS providers to bring remittance directly
Bangladesh Bank has allowed mobile financial service (MFS) providers to bring inward remittance, in order to increase remittance inflow.The foreign exchange policy department of Bangladesh Bank issued a circular in this regard on Tuesday, according to UNB.According to the circular, authorised dealers can make drawing arrangements directly with exchange houses abroad without prior permission from Bangladesh Bank.Authorised dealers are also allowed to go for drawing arrangements without letters of reference or certificates from the Bangladesh embassy or high commission of the respective country.In order to bring wider flexibility, MFS providers will be allowed to repatriate wage earners’ remittance in association with internationally recognised online payment gateway service providers, banks, digital wallets, card schemes, and aggregators abroad, said the Bangladesh Bank notification.In this context, MFS providers must have standing arrangements with foreign PSPs to receive foreign currency in their account, and equivalent taka value will be credited to the wage earners’ MFS accounts.
Dozen cos plan to raise Tk700cr from stock market for expansion
A dozen companies are planning to raise around Tk700 crore funds from the capital market through initial public offering (IPO). They intend to go for business expansion with the new capital infusion. The business entities are choosing the stock market for sourcing finance at a time when bank money has become costlier amid liquidity crunch.Most of the fund raisers are small companies that are trying to recover from pandemic-induced losses but finding it difficult to get bank financing.But, some big groups are also planning to raise funds from the stock market aiming to gain reputation for their subsidiaries and attract foreign investors.For instance, Partex Group, one of the largest conglomerates in the country, is hunting for foreign investments for its affiliate company Partex Cables to set up a backward linkage industry that will supply raw materials for manufacturing cables.
Limited designs, outdated tech plaguing SMEs
Limited knowledge of designs and outdated technologies are common problems plaguing almost all clusters of small and medium-sized enterprises (SMEs) around Bangladesh, said speakers at a seminar yesterday.According to SME Foundation, clusters are a concentration of enterprises within a geographical location producing similar products or services and having common strengths, weaknesses, opportunities and threats.Most SME clusters produce almost similar products throughout their life but customers’ choices are changing every day and they are not willing to purchase products of the same design, quality or shape at a high price, they said.As a result, they are attracted to imported good-looking products, even when those are of a lower quality and cost more, they added.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$78.55||↑0.35||↑0.45%|
|Crude Oil (Brent)||$83.90||↑0.87 ||↑1.05%|
|Gold Spot||$1,753.56 ||↑3.71||↑0.21%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 102.4800||BDT 104.0000|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<