Commuting on north-south metro rail begins
People are all agog to ride past Dhaka’s nagging traffic impasse by overhead train as commercial operation of the city’s maiden metro rail through its 20-kilometre corridor from Uttara to Motijheel starts today, after Saturday’s ceremonial inauguration. At 7:30am, two trains from both ends will roll on the double-track elevated metro rail across the capital city, where all roads below are jammed with variegated slow-and fast-moving vehicles that kill long man hours. Prime Minister Sheikh Hasina took the first trip after formal inauguration Saturday of the Agargaon-Motijheel part of the metro rail under mass rapid transit (MRT)-6 package. She also later inaugurated physical works on the MRT-6 metro- rail line being built as subway crossing the city in east-west direction under the ground.
Money stashed outside banks reverses course
Deposits that flew out of banks’ vaults for trust deficit and lower rates of return have now taken a reverse course to enter the banking channel, as banks have lately raised interest rates, sources said. According to officials and bankers in the know, such reversal comes as a matter of blessing for the banking sector that now passes through a tough time because of looming major liquidity crunch amid central bank’s recent belt-tightening steps to squeeze fund supply into the money market to tame inexorable investment. According to latest statistics of Bangladesh Bank (BB), the volume of currency outside the banks was recorded at Tk 2.92 trillion in June 2023 that declined to Tk 2.66 trillion in July and Tk 2.58 trillion in August. Now, in the climb-down, the money tucked under mattress dropped to Tk 2.53 trillion in the month of September. Managing director and CEO of Dhaka Bank Limited Emranul Huq said currency outside the banks had increased largely because of trust deficit following some reported loan-related irregularities in some Sharia-based banks, and depositors driven by the fear of losing their money withdrawn the funds not only from the unconventional banks but also from the banks having poor ratings.
Ghorashal-Polash urea plant goes into production Nov 12
The long-awaited Ghorashal-Polash Urea Fertiliser Factory in Narsingdi is set to start functioning next Sunday (November 12). The largest in South East Asia, according to industries ministry, the plant has a capacity to produce 0.92-million tonnes (924,000 tonnes) of urea annually. Prime Minister Sheikh Hasina will inaugurate the commissioning of the factory. A ministry official told the FE on Saturday that the factory would not only produce fertiliser, but also help the country reduce its reliance on imports. The factory would help provide employment of around 30,000 people directly and indirectly, he added. The factory has been built on 110 acres of land. The factory will produce 2,800 tonnes of urea daily with an estimated 1.0-million tonnes yearly.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↑ 222.24||↑ 0.66 %|
|FTSE100||$ 7,417.73||↓ 28.80||↓ 0.39 %|
|Nikkei 225||$ 31,949.89||↑ 348.24||↑ 1.10 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 80.51||↓ 1.95 ||↓ 2.36 %|
|Crude Oil (Brent)||$ 84.89 ||↓ 1.96||↓ 2.26 %|
|Gold Spot||$ 1,992.65||↑ 6.87||↑ 0.35 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 110.8000||BDT 110.8000|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<