Govt body suggests duty rates for gold import
An inter-ministerial body has suggested downward revision of duty rate from the existing Tk 3000 to Tk 2000 for per bhori of gold brought under the baggage rules. The committee also recommended realising Tk 1000 as duty for import of per bhori of gold, Tk 6000 for per carat of diamond and Tk 50 for per bhori of silver by jewellers. The recommendations were made in line with the Gold Policy-2018 which was framed in October last. Duty has to be re-fixed at such a rate so that it can encourage the traders to import gold through legal channel. That’s why the duty rate was cut by Tk 1,000 per bhori. The country’s annual demand for gold, according to commerce ministry officials, is between 20 tonnes and 40 tonnes. They said nearly 80 per cent of demand is met by smuggled gold while the rest by recycled one.
BB orders more paperwork regarding proposals of new banks
The central bank has asked its officials concerned to place the proposals with more required documents again in the next meeting for reconsideration of approval of three new banks. The decision was made in a meeting of the board of directors at Bangladesh Bank (BB) headquarters. The officials have also been asked to submit more required documents of two other proposed banks–Peoples and Citizen–in the next meeting for approval. The board sought documents with recommendation of the application review committee for consideration of issuing letter of intent (LoI) for the proposed Peoples Bank Ltd. Besides, Shimanto Bank Limited, owned by BGB Welfare Trust, was given licence in 2016. Currently, there are 58 banks in Bangladesh. Of them, 40 are local private banks, nine foreign banks and nine state-owned banks.
Bangladesh Venture Capital gets licence
Bangladesh Venture Capital Ltd has received ‘Alternative Investment Fund Manager’ Licence from Bangladesh Securities and Exchange Commission under Bangladesh Securities and Exchange Commission (Alternative Investment) Rules, 2015. As a licence holder, Bangladesh Venture Capital Ltd (BVCL) will be able to manage the venture capital fund, private equity and impact fund. Bangladesh is a very sound place for developing entrepreneurship as we got the most talented young generation and the lifestyle of the peoples helps them to get the leadership skills which is a very important quality for becoming entrepreneurs. BVCL made collaboration with the Daffodil Business Incubator to ensure best incubation, co-working with other facilities so that young entrepreneurs can groom their full potential.
BD a viable hub of companies leaving China
As more and more companies look to relocate production bases away from China, Bangladesh can be a major alternative for global supply chain, said a senior Standard Chartered banker. But it needs more investment in big infrastructure while ensuring a congenial investment climate to reap potential benefits. Bangladesh’s recent growth performance is quite impressive. However, to sustain this growth, the country needs a few things. The second trend we’re seeing is a transformation from paper to digital. And when I talk about paper to digital journey, essentially it is about enriching some new technology and using it to reduce the cost. A recent report from Asian Development Bank found a global funding gap of $1.5 to 1.6 trillion for SMEs-roughly 60 per cent of which comes from Asia. Bangladesh is a key market for us and we’re very optimistic about its future.
Qatar opens visa centre in city
Middle-eastern country Qatar has opened its visa center in Bangladesh. The QVC, the first of Qatar in Bangladesh, was opened under the mandate of the Ministry of Interior of Qatar, with a view to bringing in a comprehensive visa service requiring applicants to enroll biometrics data. The State of Qatar has become one of the favourite destinations of Bangladeshi work forces; as the laws in Qatar are set to assure all necessary comforts, facilities and securities for the expatriates. Opening Qatar visa centers in Bangladesh shall be a big step forward in this regard as it will provide all visa related services with first class medical examinations facility and other travel assistances without any cost for all visitors wishing to travel to the State of Qatar. These visa centers will reduce the sufferings of the visitors and ensure transparency in visa procedures, and that is in line with the Qatar’s Vision – 2030, At least 350,000 Bangladeshis, mostly workers, are now in the Gulf country.
Yarn prices slide on supply glut
The fall in yarn prices by at least 12 percent in the last two months has made Bangladesh’s 430 local millers uneasy. Between June and July, the widely consumed 30 carded yarn sold between $3.40 and $3.50 a kilogram. But from November onwards the prices of the same yarn dropped to $3.05 a kg. If the trend continues, the stock of yarn, which is the main raw material for finished apparel items, may pile up, putting the $8 billion primary textile industry under threat. Easy availability of cheap Indian yarn and lower prices of raw cotton worldwide due to the US-China tariff war are to blame for the sliding yarn prices. Bangladesh’s 430 spinners can supply nearly 90 percent of the demand for yarn from the knitwear sector and 35 percent from the woven sector. As a result, Bangladeshi woven garment manufacturers import fabrics worth more than $6 billion from countries like China, India, Vietnam and Pakistan.
BB to release new notes
New notes of Tk 2 and Tk 5 denominations will be released from Bangladesh Bank’s Motijheel office today. The two new notes will carry the signature of Finance Secretary Abdur Rouf Talukder. The notes will also be released from other offices of the central bank in phases.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 52.24||↑0.59||↑1.14%|
|Crude Oil (Brent)||$ 60.83||↑0.63||↑1.05%|
|Gold Spot||$ 1,244.76||↑1.51||↑0.12%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.7705|
|GBP 1||BDT 104.7718|
|EUR 1||BDT 94.8868|
|INR 1||BDT 1.1612|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.