BB asks banks to keep ADCs open round the clock
The central bank has asked the commercial banks to ensure round-the-clock operation of alternative delivery channels (ADCs) during the upcoming Eid-ul-Azha holidays in order to facilitate smooth transactions. The ADCs include ATM (automated teller machine), POS (point of sale), e-payment gateway and mobile financial services (MFS) through which a customer can access financial services. On Sunday, the Bangladesh Bank (BB) issued a directive in this regard, asking the managing directors and chief executive officers of the scheduled banks to take necessary measures to ensure smooth transactions during the vacation. The move is aimed at ensuring access to banking services through ADCs during Eid holidays, BB spokesperson Shubhankar Saha told the FE. Usually, transactions through digital channels such as ATM, Internet or online and mobile financial services surge on the weekend and other holidays, said Mr. Saha, also an executive director of the central bank. The scheduled banks will remain closed from September 01 to 03 on the occasion of Eid-ul-Azha, one of the largest religious festivals of the Muslims. In its directive, the central bank also asked the banks to beef up security measures at the ATM booths to avert any untoward incidents. It also instructed the banks to ensure that cash is always available at the ATM booths during the vacation.
30 crime syndicates producing fake notes
Over 30 crime syndicates have been involved in producing and circulating of different fake currencies, especially US dollars, Euro, Pound, Saudi Riyal and Taka, a police official said. “Criminals usually choose the slums scattered in different parts of Dhaka, Narayanganj, Savar, Tongi, Gazipur, Munshiganj and Keraniganj for running the illegal business,” he said. The making of fake notes are increasing and spreading across the country which affected the country’s business, trade as well as economy, according to reports by different news agencies.
Remittance inflow to rebound in FY18: Bangladesh Bank
The flow of remittance in the country is expected to rebound in the current fiscal (2017-18) as Bangladesh Bank (BB) has taken measures to streamline legal channel for encouraging NRBs to send home money, reports BSS. There was a falling trend in the inflow of remittances since fiscal year 2014-15, but the situation witnessed a change at the beginning of fiscal year 2017-18 as expatriates sent home USD 1,115.57 million in July, up by USD 110.06 million from the corresponding month in the previous fiscal 2016-17 (FY17), according to the BB data. Migrant workers sent USD 712.03 million in the first 18 days of August in FY18, which was USD 24.77 million up from the same period of the previous fiscal. According to the BB, the country received a total of USD 15,316.91 million in FY15, USD 14,931.15 million in FY16 and USD 12,769 million in FY17.has found. Inflow of remittance witnessed a record fall in February of FY 17 as migrant workers sent home only USD 940.75 million.
Most banks skip Fund Transfer Pricing policy
Most of the country’s banks are yet to have any Fund Transfer Pricing (FTP) policy despite growing importance of the same in reducing the risk of liquidity shortfall, a recent industry-wide survey reveals. Whereas almost all banks in the developed economies have a sound and effective FTP policy, only 42 per cent of banks in Bangladesh do possess an FTP policy, says the study conducted by the Bangladesh Institute of Bank Management (BIBM). More alarmingly, it was also found that nearly 10 per cent treasuries of the banking industry in Bangladesh have no good idea about the FTP, the BIBM study concluded based on the responses from 33 banks of the country. Meanwhile, only 33 per cent banks of Bangladesh are using dedicated software for fund transfer pricing whereas 67 per cent of them are using either off-line methods or core banking software for carrying out their FTP activities, the research has found. The findings of the study were shared during a seminar on Sustainability Reporting Practices and Fund Transfer Pricing of Commercial Banks held in the city on Sunday.
BD willing to ink € 50m loan deal with France next month
Bangladesh is eager to sign a €50 million credit agreement with France to fund its garment factory remediation, officials have said. “We expect to sign a loan agreement worth €50 million with France for upgradation of safety standards of the country’s export-oriented ready-made garment (RMG) sector by September next,” a senior official of Economic Relations Division (ERD) told the FE. “The French Development Agency (Agence Française de Développement, AFD) board authorised a loan of €50 million for the project in December 2015. The French agency has managed to mobilise other development partners. The French agency has already sent a draft of ‘grant financing agreement’ on EU grant fund, the official said. The AFD fielded a mission in Dhaka from June 11 to June 15, 2017 to review the progress in its credit facility programme undertaken for RMG sector..
BD to become partner of paperless trade initiative Tuesday
Bangladesh will sign paperless trade agreement on Tuesday to become a partner of the initiative adopted by UNESCAP. Commerce minister Tofail Ahmed, who left Dhaka on Monday for Bangkok, will sign the agreement at UNESCAP headquarters, said a ministry release. United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) in 72th session adopted the resolution on “Framework Agreement on Facilitation of Cross-Border Paperless Trade in Asia and the Pacific”. The Cabinet on August 7 took decision for Bangladesh’s partnership with the movement, reports BSS.
Indian co gets 220MW power plant deal sans bidding
Indian Shapoorji Pallonji group on Monday struck a 22-year power sales contract with Bangladesh Power Development Board without competitive bidding. Shapoorji’s subsidiary, Nutan Bidyut (Bangladesh) Ltd, will supply electricity from its 220MW power plant at 3.9830 US cents or approximately Tk 3.19 per unit or kilowatt-hour when it would run on natural gas and $16.9621 US cents or Tk 13.57 per unit when it would run on diesel. Nutan Bidyut will set up the dual-fuel power plant at Bhola by December 2019, according to a handout distributed at the contract signing ceremony. The power plant will run at 220MW capacity if gas supply is available and it will run at 212MW capacity if it would run on diesel in case of non-availability of gas supply. State minister for power, energy and mineral resources Nasrul Hamid, power division secretary Ahmad Kaikaus, power board chairman Khaled Mahmud, Petrobangla chairman Abul Mansur Md Faizullah and Shapoorzi’s top officials were present at the contract signing ceremony.
Bangladeshi investors to set up ceramic factory in Nigeria
Some Bangladeshi investors concluded arrangements to establish a ceramic factory in Nigerian state Kogi. Bangladesh High Commissioner to Nigeria, Maj.-Gen.Sharif Kaikoba disclosed this while he called on Sunday Governor of the state Yahaya Bello,according to a report published in /www.dailytrust.com.ng. The meeting was held at Lokoja, the capital of Kogi. Kogi is a state in the central region of Nigeria. Kaikoba said the industry would have taken off since, but had to put it on hold because of the security challenges facing the state.
Runner to produce Eicher brand trucks in Bangladesh
Runner Motors Ltd with technical support from VE Commercial Vehicles Ltd (VECV) of India will set up a completely knocked down (CKD) assembling plant to produce Eicher brand trucks in Bangladesh. The truck assembling facility will be established on 35 acres of land in Bhaluka upazila of Mymensingh district within next year and the proposed plant will have capacity of assembling around 500 units of Eicher brand trucks per year. The announcement was made at a press meet on Monday arranged by Runner Motors Ltd at Bangabandhu International Conference Center (BICC) in the city. Presided over by Runner Group of Companies chairman Hafizur Rahman Khan, the programme was also addressed by VECV managing director and chief executive officer (CEO) Vinod Kumar Aggarwal, VECV senior vice-president (international business) SS Gill, and Rangs Motors Ltd managing director (MD) Sohana Rouf Chowdhury.
Local and Global Stock Indices
|Index Name||Close Value||Value Change||Percentage Change|
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)*||$ 46.79||↑0.21||↑0.45%|
|Crude Oil (Brent)*||$ 52.04||↑0.15||↑0.29%|
|Gold Spot*||$ 1,316.93||↑6.80||↑0.52%|
Major Currencies Exchange Rates Movement in Last Seven Days
|USD 1||BDT 81.12*|
|GBP 1||BDT 104.93*|
|EUR 1||BDT 97.09*|
|INR 1||BDT 1.27*|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.