BB mounts monitoring
The central bank mounted monitoring and supervision on the special fund constituted by commercial banks only for investment in the capital market. As part of the move, all the scheduled banks have been instructed to submit information regarding investment from their respective fund on a monthly basis instead of quarterly basis as was earlier. Earlier this month, the BB had detected serious irregularities during scrutiny of the June-based quarterly statements regarding breach of the investment policy by at least 12 to 15 banks. A total of 29 banks out of 60 have already formed the special fund in line with the BB advice to facilitate investment in the capital market. Currently, the size of the fund stands at Tk 35 billion. Of the amount, around Tk 17.0 billion has already been invested in the capital market. Earlier on February 10 last calendar year, the central bank allowed all scheduled banks to create special fund worth Tk 2.0 billion each of five-year tenure only for investment in the capital market. Such investment will not be included in the banks’ capital-market exposures, both on solo and consolidated basis, until February 2025.
Stocks bounce back after 3-day fall
Bangladesh’s stock market bounced back yesterday after losing a total of 61 points over the last three days as investors started to buy stocks, thinking that the profit booking session had ended. The DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), rose 45 points, or 0.68 per cent, to 6,869.On the same day, the DS-30, the blue-chip stock index, rose 10 points to 2,453.Turnover, an important indicator of the market, rose 21 per cent to Tk 2,249 crore yesterday at the DSE, where 225 stocks advanced, 119 fell and 32 remained unchanged.The general insurance and textile sectors dominated the turnover board, accounting for 27.3 per cent of the day’s total turnover, while the top 10 traded stocks contributed 25.2 per cent of the total trade. Stocks of Beximco Limited traded the most, worth Tk 116 crore, followed by LafargeHolcim Bangladesh, British American Tobacco, Maksons Spinning, and Beximco Pharmaceuticals. The Chittagong Stock Exchange (CSE) also rose yesterday as the CASPI, the general index of the port city bourse, edged up 153 points, or 0.77 per cent, to 19,997.
Southeast Bank receives National Exchange Company award
Rashidul Islam, Deputy General Manager of National Exchange Company S.R.L, Italy, handed over a crest to M. Kamal Hossain, Managing Director of Southeast Bank, for providing excellent services for distributing inward remittances sent by the Bangladeshi expatriates. The crest was awarded to Southeast Bank for distributing Inward Remittances sent by the Bangladeshi Expatriates through National Exchange Company S.R.L, Italy. Southeast Bank tied-up Inward Remittance Distribution agreement with National Exchange in the year of 2020.
Jamuna Bank signs MoU with Sayeman Beach Resort
Jamuna Bank Limited has signed an agreement with Sayeman Beach Resort, located at the heart of Cox’s Bazar, at Jamuna Bank Tower in the city recently. Under the MoU, Jamuna Bank Credit Cardholders will enjoy upto 40 per cent discount in room booking over published rate and 10 per cent discount a la carte food menu at Casablanca Restaurant all the year round.