Revenue collection jumps 21pc in Jul-Aug

Revenue collection by the National Board of Revenue (NBR) witnessed robust growth of 21 per cent in the July-August period of the current fiscal year thanks to the devaluation of taka, high inflationary pressure and expansion of the economy.

As such, the NBR has collected Tk 40,270 crore from income tax, value added tax (VAT) and customs duty in the first two months of fiscal 2022-23, according to official documents. Revenue collection by the NBR had grown by some 14.49 per cent during the same period last year. In an extraordinary move, the government had offered holders of undisclosed income amnesty for bringing back their laundered money back to the country by paying 7 per cent tax. However, there was no response in this regard over the past two months, NBR officials say.

Source: https://www.thedailystar.net/business/economy/news/revenue-collection-jumps-21pc-jul-aug-3124241

BB asks banks, FIs to frame own policies

Bangladesh Bank (BB) has requested banks and financial institutions (FIs) to formulate their own green bond-financing policies to facilitate investment in green projects and help achieve sustainable development goals (SDGs) of the country.

The policy, however, should be approved by the competent authorities of the banks and FIs, according to a circular issued on Tuesday. Bangladesh is one of the pioneers in engaging its central bank (Bangladesh Bank) that issued regulatory policies for Green Banking, Guidelines on Environmental and Social Risk Management and Sustainable Finance Policy for the banks and FIs. The circular said the government prioritised achieving the SDGs that requires significant sustainable investment in infrastructures. Bangladesh is committed to lower greenhouse gas (GHG) emission by 5.0 per cent by 2030 while its Perspective Plan 2021-2040 and Bangladesh Delta Plan 2100 have ambitious targets of sustainable economic growth and highlighted the need for climate change mitigation and adaptation.

Source: https://thefinancialexpress.com.bd/trade/bb-asks-banks-fis-to-frame-own-policies-1663726822

Banks, NBFIs must have bad loans below 10% to issue green bonds 

Banks and non-bank financial institutions (NBFIs) will be able to issue green bonds only when their non-performing loan (NPL) is less than 10% of the total loans. However, there will be a relaxation of the rule for state-owned banks, according to the “Policy on Green Bond Financing”, announced by the central bank through a circular on Tuesday. With the proceeds of these bonds, banks and financial institutions can finance sectors like eco-industrial parks, bus rapid transit, ecotourism and insurance.

Source: https://www.tbsnews.net/economy/banking/banks-nbfis-must-have-bad-loans-bellow-10-issue-green-bonds-500150