TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK
TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK
TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK
Rate last updated: 02/01/2014 11:15:04 AM
Bangladesh is among the three fastest growing economies in the world, according to the International Monetary Fund (IMF) — in yet another thumping endorsement of the country’s extraordinary growth momentum. The economy will grow at 7.3 percent this year, which will be second highest in the world, as per the IMF report ‘World Economic Outlook, April 2019: Growth Slowdown, Precarious Recovery’ revealed on Tuesday. Neighbouring India will also grow at the same pace as Bangladesh but Rwanda will grow the fastest at 7.8 percent. The three countries would be the only ones in the world to log in more than 7 percent growth this year. The IMF’s projection comes on the heels of the World Bank’s and the Asian Development Bank’s. The World Bank, which does not use calendar year in its projections like its counterpart IMF, said Bangladesh would be among the five fastest growing economies in the world this fiscal year with its 7.3 percent growth. The Asian Development Bank tipped Bangladesh to log in the fastest economic growth in the Asia-Pacific region in fiscal 2019-20. This fiscal year, the economy will grow at 8 percent. The two multilateral lenders’ projections for this fiscal year, however, are lower than the prediction of the government: 8.13 percent.
Source: https://www.thedailystar.net/business/news/bangladesh-second-fastest-growing-economy-imf-1728289
Interest rate swap is gradually becoming popular in the country’s financial market, as many firms are showing interest on such type of derivative to avoid interest rate volatility. Swap is the exchange of one set of cash flows for another, floating to fixed rate or vice versa. Usually taking place over the counter (OTC), the contracts are between two or more parties according to their desired specifications, and can be customised in many different ways. For example, if a party borrows from overseas at a floating rate, swap will happen when the party wants to convert the loan into a fixed rate one, considering its long-term uncertainly. There are three different types of interest rate swap: fixed-to-floating, floating-to-fixed, and float-to-float. As per the Bankers, in recent period, two big swap deals have been signed, one by the Eastern Bank Limited and other by the BRAC Bank Limited, amounting to US$ 140 million.
The amount of VAT evasion has almost doubled in a year as the tax collector has intensified audits. The VAT Audit, Intelligence and Investigation Directorate detected Tk 10.71 billion in evasion of such taxes during fiscal year 2017-18, up from Tk 5.67 billion a year ago, the data available with the revenue board showed. During the last 15 months, the wing unearthed VAT evasion worth Tk 20 billion and realised Tk 1.65 billion from businesses. As per the commissioner of the Directorate, the highest evasion took place in the manufacturing sector, followed by banks, insurers and financial institutions. The directorate realised Tk 574 million in VAT during the first seven months of the current fiscal year against Tk 449 million and Tk 99 million in FY 2017-18 and FY 2016-17 respectively. According to the commissioner, there is a huge untapped potential for VAT collection if pursued properly for realisation. VAT wing alone can contribute around Tk 2.0 trillion to the public exchequer if the VAT team works with due diligence and required facility.
Bahrain-based multinational financial institution Investcorp has expressed its interest to invest in Bangladesh’s different sectors like infrastructure, consumer goods and technology. A visiting delegation of the company expressed the interest at a press conference in the capital on Wednesday, concluding their two-day visit in Dhaka. Executive Chairman of the Investcorp Mohammed Mahfoodh Alardhi, Co-Chief Executive Officer (CEO) Hazem Ben-Gacem and Managing Director for Asia operation Timothy Mattar were present. As per the Executive Chairman, the company is now expanding its footprints in Asian countries, following its successful investment in North America, Europe and Middle Eastern countries. As per him, few years ago, they came to the view that we cannot ignore this part of the world. Admiring Bangladesh’s economic achievement in the recent years and future prospects, he added they have met different people from the private sector to government to learn about the investment climate here.
Trust Bank Limited has signed an agreement with Teletalk Bangladesh Limited recently at Teletalk corporate office, Gulshan. Under this agreement Teletalk Bangladesh Limited will act as a facilitator of USSD (Unstructured Supplementary Service Data) network to its subscribers for Trust Bank Mobile Financial Services ‘t-cash’ through access code *201#
Bangladesh has won the ‘World Summit on Information Society (WSIS) Prize-2019’ for its outstanding contribution to the development of ICT sector. The Establishment of Bangladesh National Digital Architecture (BNDA) and e-Government Interoperability Framework (e-GIF) project of Bangladesh Computer Council won the WSIS Winner Prize in category-6 this year. WSIS Forum chairman and posts, telecommunications and information technology minister Mustafa Jabbar and state minister for ICT Zunaid Ahmed Palak jointly received the award on behalf of Bangladesh from International Telecommunication Union (ITU) secretary general Houlin Zhao in Geneva of Switzerland on Tuesday. Besides, eight projects of Bangladesh have won the WSIS Champions Prize in different categories. The projects are the Development of National ICT Infra-network (Info-Sarker) project, Creating Awareness on E- Right to Information (E-RTI) through Community Radio Project, Teachers’ Portal, E- Climate justice and resilience through Community Radio in coastal areas of the Bay of Bengal in Bangladesh, Geo data to control late blight fungal disease in potato in Bangladesh, IT For The Differently Able and Mobile Based Age Verification before Marriage Registration to Stop Child Marriage project.
Source: http://www.newagebd.net/article/69691/bangladesh-wins-wsis-award-for-6th-time
As per the Commerce Minister, members of the World Trade Organisation (WTO) praised the country’s trade policy that contributed to the nation’s progress in different sectors over the last few years. The appreciation came during the fifth trade policy review (TPR) meeting on Bangladesh in Geneva, Switzerland on April 3 and 5 last. As per the minister, WTO members are satisfied with Bangladesh’s progress in different sectors over the last few years. The minister discussed different trade related issues with different member countries of WTO like the European Union (EU), the US and Japan and they praised the progress in our development works.
Source: http://today.thefinancialexpress.com.bd/trade-market/wto-praises-bds-trade-policy-1554910504
Eastern Refinery Limited (ERL), the lone oil refinery of the country, held its 42nd Annual General Meeting (AGM) recently. The AGM of ERL was chaired by ERL Board Chairman and Chief Coordinator (SDG) of Prime Minister’s Office Md Abul Kalam Azad. The meeting approved the audited report of 2017-18 fiscal of the company. The ERL earned profit (before tax) of taka 13,1194 lac by selling 12.41,731 MT crude oil after refining it. The company also deposited taka 16,75.30 lac to the state coffer in last fiscal. The meeting also expressed satisfaction over the increased production and earned profit of the company.
Source: http://today.thefinancialexpress.com.bd/stock-corporate/erl-holds-42nd-agm-1554916680
Citibank, N.A., Bangladesh recently hosted the “China Day Event” underlining Citi’s commitment to support Chinese clients operating in Bangladesh. Economic Counsellor Li Guangjun, Embassy of the People’s Republic of China, clients and Regional and Cluster Seniors from Citi, attended the event. Delivering the opening remarks, James Morrow, Citi Sub-Cluster Head, for Bangladesh & Sri Lanka, outlined Citi’s focus on serving Chinese clients and connectivity with the Belt and Road Initiative (BRI). As per Mr. Morrow, the Belt and Road is a very ambitious plan that holds the potential to support the development of many countries. It is a truly transnational in scope covering over 120 countries, home to 65% of the world’s population and 41 % of GDP. Citi with its worldwide network is in over half of these markets and is perfectly positioned to act as a partner.
ONE Bank Limited, a private commercial bank, has opened a banking booth and an ATM booth on the campus of Ahsanullah University of Science & Technology in the capital. Managing Director of ONE Bank Ltd. M. Fakhrul Alam and Pro-Vice Chancellor and Treasurer of Ahsanullah University of Science & Technology Kazi Shariful Alam jointly inaugurated the banking and the ATM booths at a ceremony recently.
eGeneration Limited, Licensing Solutions Partner (LSP) of Microsoft Bangladesh, has recently signed an agreement with Robi Axiata Limited to provide Microsoft solutions. Mahtab Uddin Ahmed, Managing Director and CEO, Robi and Shameem Ahsan, Managing Director, eGeneration Ltd. signed this multimillion dollar contract on behalf of their respective companies.
Bangladesh Coast Guard has seized 500,000 yaba pills and held two men from the mouth of the river Ramnabad on the Bay of Bengal in Patuakhali.
Source: https://www.thedailystar.net/frontpage/news/5-lakh-yaba-pills-seized-patuakhali-1728253
| Index Name | Close Value | Value Change | Percentage Change |
|---|---|---|---|
| DSEX | 5,261.60487 | ↓57.1457 | ↓1.07% |
| DJIA | 26,157.16 | ↑6.58 | ↑0.03% |
| FTSE100 | 7,421.91 | ↓3.66 | ↓0.05% |
| Nikkei 225 | 21,647.91 | ↓39.66 | ↓0.18% |
| Commodity | Close Value | Value Change | Percentage Change |
|---|---|---|---|
| Crude Oil (WTI) | $ 64.35 | ↓0.26 | ↓0.40% |
| Crude Oil (Brent) | $ 71.57 | ↓0.16 | ↓0.22% |
| Gold Spot | $1,306.79 | ↓1.20 | ↓0.09% |
| Exchange Rates | |
|---|---|
| USD 1 | BDT 83.5015 |
| GBP 1 | BDT 109.1930 |
| EUR 1 | BDT 94.0720 |
| INR 1 | BDT 1.2032 |
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