Banks asked to receive application even if export proceeds not repatriated
Bangladesh Bank on Wednesday asked commercial banks to receive the applications submitted by the exporters against their claimed subsidy and cash incentive even if the export proceeds were not repatriated. The exporters, however, will get the cash incentive and subsidy against their exported items after the repatriation of the export proceeds. In such case, the banks earlier did not accept the applications from the exporters if the export earnings were not repatriated to Bangladesh. The BB issued a circular to authorised dealer branches of all banks asking them to follow the new directives so that the exporters could enjoy the subsidy and cash incentive instantly after repatriation of export earnings.The banks, however, will have to take prior approval from the central bank before processing the applications.
HSBC launches app to help clients track global trade transactions
HSBC yesterday introduced a new mobile banking application for exporters and importers in Bangladesh to give them an edge in tracking international trade transactions digitally. The world’s leading trade bank unveiled the HSBC net Trade Transaction Tracker at a ceremony at the Westin hotel in Dhaka. The app can be used on iPhones and all android smartphones. It will provide HSBC customers with a real-time view of their documentary credits, collections and payments across markets and countries worldwide.“The HSBC Trade Transaction Tracker helps customers manage their trade banking activities more efficiently,” Ajay Sharma, regional head of global trade and receivables finance of HSBC Asia Pacific, said at the launch.
Al-Arafah signs MoU with aamra Payment
Al-Arafah Islami Bank Limited Wednesday signed a Memorandum of Understanding (MoU) with aamra Payment Systems Limited (APSL), a payment systems service provider, to facilitate development of cutting-edge payment systems and solutions in Bangladesh. The MoU signing ceremony was held at Al-Arafah Tower, the Head Office of the Bank. Alhajj Abdus Samad, Chairman of the Bank and Syed Faruque Ahmed, Chairman of aamra companies were present on the occasion where Managing Director of Al-Arafah Islami Bank Limited Md. Habibur Rahman and Managing Director of aamra technologies Syed Farhad Ahmed signed the agreement on behalf of their respective organizations.
NRBC Bank signs MoU with US Bangla Airlines
A Memorandum of Understanding (MoU) was signed recently between the NRBC Bank Limited and US Bangla Airlines Limited. As per the agreement, all VISA Card holders of NRBC Bank will enjoy three and six months of zero per cent Simplebuy Facility (monthly instalment) on various packages offered by the airlines company. Kazi Safayet Kabir, Executive Vice-President and Head of FI and ADC of NRBC Bank, and Sohail Majid, Deputy Director, Marketing and Sales of US Bangla Airlines, signed the MoU on behalf of their respective sides.
Sonali Bank Limited and Pran Dairy
Finance Minister AMA Muhith was present as a memorandum of understanding was signed between Sonali Bank Limited and Pran Dairy on Wednesday at a city hotel.
South Bangla Agriculture & Commerce (SBAC) Bank Ltd
South Bangla Agriculture & Commerce (SBAC) Bank Ltd recently accorded a farewell reception to its former managing director and CEO Md. Rafiqul Islam. The bank’s managing director and CEO (CC) Md. Golam Faruque handed over a crest to the past managing director.
Rice import gets boost
Disclosing for the first time this year’s crop loss figure, the government yesterday decided to slash the tax on rice imports to 2 percent from 10 percent. Flashfloods in the six northeastern haor districts and fungal attacks (rice blast) in 19 districts in the Boro season have caused 20 lakh tonnes of crop loss, said the food ministry.At least 20 districts in the north and elsewhere in the country have been flooded over the past few days. Against this backdrop, a cabinet committee meeting at the secretariat yesterday approved the government’s decision to import 20 lakh tonnes of food grains – 15 lakh tonnes of rice and 5 lakh tonnes of wheat – in the current fiscal year. This is an 11 lakh tonnes addition to the government’s earlier projected food import volume of 9 lakh tonnes.
Bangladesh now attractive FDI destination: Japanese envoy
Outgoing ambassador of Japan in Dhaka Masato Watanabe on Wednesday said Bangladesh has turned into an attractive destination for Foreign Direct Investment (FDI), reports BSS.”The present government has initiated economic development under the leadership of Prime Minister Sheikh Hasina. For this, the country has become an attractive destination for FDI,” he said while paying a farewell call on Industries Minister Amir Hossain Amu at the Industries Ministry in the city. During the meeting, they discussed various bilateral issues, including Japanese investment, technology transfer and relocation of Japanese factories to Bangladesh.Informing about the establishment of Special Economic Zone (SEZ) for Japanese entrepreneurs, Amu said the Japanese businessmen can invest in the economic zone.
Regent to operate a flight every day on Doha route
Regent Airways yesterday announced operating a flight every day on the Doha route from August 24, the airline said in a statement.The private carrier now operates four flights a week from Dhaka and Chittagong on the route.Regent started flights on Dhaka-Doha route on May 19 this year. It also started flights from Chittagong to Doha route on July 2.Regent Airways is now operating a total of seven international routes.Regent will start another new international route for Dammam of Saudi Arabia in October.
Bangladeshi consumers very optimistic: Mastercard survey
Bangladesh is the third most optimistic market in the Asia Pacific thanks to consumers’ positive outlook on stockmarket, jobs and income, according to the Mastercard Index of Consumer Confidence released yesterday.In the first half of 2017, the country’s score in the index rose 6.6 points to 89.4 compared to the second half of 2016.The index is calculated on a scale of 0 to 100, with zero being the most pessimistic, 100 the most optimistic and between 40 and 60 being neutral.With the increase, Bangladesh moved further into the ‘very optimistic’ territory, with improvement in all five components that made up the index.Cambodia leads the region as the most optimistic market with 93.1 points. Vietnam (90.8), the Philippines (88.8) and China (88.2) rounded off the top five.This is the most comprehensive and longest running survey of its kind in the region.
|Crude Oil (WTI)*
|Crude Oil (Brent)*
Major Currencies Exchange Rates Movement in Last Seven Days
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.