Ease for banks as exchange rate drops
The interbank exchange rate of the US dollar and average dollar buying rates by banks started to decline just a week after the public and private banks took up some special measures in coordination with the central bank. According to the central bank, banks traded dollars among themselves at a maximum Tk105.50 on Sunday. The price was at Tk106.75 just the previous day. Bankers said the crisis in the dollar market had eased up slightly, but they wanted to observe for a few more months to say anything concrete. On 12 September, banks started charging Tk99 for export proceeds while paying Tk108 for remittances. Besides, they adopted the weighted average of for the past five days to determine the dollar rate instead of imposing day-to-day buying and selling rates.
Bangladesh received over $1b remittance till Sep 15
Bangladesh received inward remittance worth over $1.0 billion US dollars in the first 15 days of September, amid the forex crisis in the country. Bankers said remittance inflow shows an upward trend as the remitters are encouraged by the depreciation of the taka and they get more than Tk 108 per dollar. The remittance inflow is expected to cross $2.0 billion in September. Bangladesh received remittances of $2.09 billion in July and $2.03 billion in August, which became a blessing amidst the forex crisis, reports UNB. Md Serajul Islam, executive director and spokesperson of Bangladesh Bank, said that the central bank has simplified various processes to attract more remittances through banking channels. The government is also extending remittance incentives as well as providing policy support. Now the dollar rate is getting higher, he said.
NBR relaxes tax return submission for bank loans
The National Board of Revenue (NBR) has relaxed the condition of showing tax return documents for bank loans up to Tk 2.0 million. It issued a notification in this regard on Sunday with immediate effect, which will remain in force June 30, 2023, reports UNB. The budget for the fiscal year 2022-23 made tax return document submission mandatory to get services of 38 categories. Of them, return documents were made mandatory for availing bank loans of more than Tk 0.50 million. As per the revised directive, the NBR has relaxed the condition upon requests from business organisations and small entrepreneurs. Bangladesh Bank has increased the ceiling of loan disbursement to the cottage, micro, small and medium entrepreneurs (CMSMEs). But loan distribution at the rural level became slow due to mandatory return documents submission for loans.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↑ 197.26||↑ 0.64% |
|FTSE100||$7,236.68 ||↓ 45.39||↓ 0.62%|
|Nikkei 225||$27,684.35||↑ 116.70||↑ 0.42%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$85.90||↑0.17||↑0.20%|
|Crude Oil (Brent)||$92.18 ||↑0.18||↑0.20%|
|Gold Spot||$1,676.08 ||↑0.24||↑0.01%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 108.0000|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<