Bangladesh Bank (BB) asks banks to frame code of conduct
The central bank of Bangladesh has asked all financial institutions (FIs) operating in the country to prepare their respective ‘Code of Conduct’ by January 31, 2018 for ensuring transparency and accountability in delivering products and services. The Bangladesh Bank (BB) also directed the FIs to frame the Code of Conduct in line with guidelines of the ‘Code of Conduct for Banks & Non-Bank Financial Institutions’, said a circular Tuesday.
Trade deficit doubles as imports tip the balance
Bangladesh’s overall trade deficit more than doubled in the first four months of this fiscal year (FY) as higher import payments against lower export receipts tipped the balance. The deficit rose by nearly 109 per cent to US$ 5.79 billion during the July-October period of FY 2017-18 from $2.77 billion in the same period of the previous fiscal, according to the latest central bank statistics. “Higher import-payment obligations than export earnings pushed up the country’s overall trade deficit significantly during the period under review compared to the same period of the FY 17,” a senior official of the Bangladesh Bank (BB) told the FE Tuesday.
Muhith again defends allowing new banks
Finance Minister AMA Muhith yesterday defended the decision to allow opening of new banks, saying the lenders that are not doing well would automatically merge. “I am not worried about it…There is no cause for concern,” he told reporters at his secretariat office when asked whether the opening of new banks would create a risk for the banking sector. Muhith said banking services were yet to reach many people and the expansion required more banks. In Bangladesh, there are 57 banks at present, many with their financial condition and governance in dire straits. The performance of the nine banks that started operations in 2013 is not good.
New GM of BDBL
Md. Abdul Khaleque, Dhaka Zonal Head, recently joined as General Manager of IT and Risk Management Departments at Bangladesh Development Bank Limited (BDBL). Mr. Khaleque started his banking career with now defunct Bangladesh Shilpa Bank (BSB) as Public Relations Officer in 1984, said a statement.
Muhith calls for more ADB fund
Finance Minister AMA Muhith requested the Asian Development Bank (ADB) to extend its support to assist Bangladesh’s effort to be a developed country. “You (ADB) should come forward with higher concessional funds for Bangladesh,” he said. The finance minister said it while speaking on the occasion of celebrating 50 years of the ADB in Dhaka Tuesday evening. ADB Bangladesh Resident Mission in Dhaka organised the programme.
Govt to introduce e-passport, e-gate at airports, says Kamal
The government will introduce electronic passport (e-passport) and electronic gate (e-gate) at international airports, Home Minister Asaduzzaman Khan told the launching ceremony of the national call centre for emergency services, reports BSS.
New economic corridor can make $150b output by 2050
The proposed South-west Bangladesh Economic Corridor (SWBEC) may help generate up to US$ 150 billion of economic output by 2050, if implemented in a well-coordinated manner, the Asian Development Bank (ADB) has opined. At the same time, the envisaged corridor, aimed to develop the country’s backward south-west and north-west regions, may create up to 35 million jobs, the multilateral development financier revealed at a dissemination seminar in the capital on Tuesday.
Padma Bridge Railway Link Project: Affected people getting compensation cheques
The affected people of Padma Bridge Railway Link Project started getting rehabilitation benefits in Narayanganj on Tuesday, reports UNB. Compensation cheques were distributed among the affected people at a function held at Prapti City ground at Pagla of Fatulla. In association with the Bangladesh Railway and the Construction Supervision Consultant (CSC) of Bangladesh Army, Development Organisation of the Rural Poor (DORP), an NGO, launched the cheuqe distribution among the affected people in Narayanganj. DORP is implementing the rehabilitation activities under the supervision of CSC. Project director of Padma Bridge Railway Link Engineer Golam Fakhruddin Ahmed Chowdhury, CSC deputy chief coordinator Brig Gen Md Abdul Mukim Sarkar, chief engineer of the project Md Afzal Hossain and DORP founder AHM Noman and Kutubpur Union Chairman Monirul Alam were present at the function.
Power generation cost soaring on rise in int’l fuel prices
The country’s overall electricity generation cost started rising significantly from November 2017 amid escalating oil prices in the international market, as the power production is heavily dependent on ‘expensive’ oil-fired power plants. The cost might soar further, as the oil prices in the international market maintains an uptrend following the latest unrest in global politics over the ‘Jerusalem capital’ issue, market insiders have predicted. The government’s over-reliance on the oil-fired power plants instead of the low-cost ones to raise the country’s overall electricity generation over the past several years has now proved ‘wrong,’ experts have said. The country now has a total of 43 oil-fired power plants having the total generation capacity of 3,313 megawatts (MW), which is around 41 per cent of the currently available generation of around 8,000 MW, according to statistics from BPDB. Of them a total of 34 plants with a total generation capacity of 2,567 MW are furnace oil-fired, and the remaining nine with a total capacity of 846 MW are diesel-based plants. The share of oil-fired power plants in the country’s overall electricity generation is set to rise further next year, a senior official of state-run Bangladesh Power Development Board (BPDB) told the FE.
BD to construct multipurpose terminal under 3rd Indian LoC
The government will construct a multipurpose terminal with Indian Line of Credit (LoC) aiming to start commercial operation of Payra port by 2022, officials said Monday. The Indian government from its recently confirmed US$ 4.5 billion LoC-III will provide around US$ 750 million for building the multipurpose terminal, said Commodore Jahangir Alam, chairman of the Payra Port Authority (PPA). “This will be the single largest investment for the under-construction Payra port. After completion of its construction in 2022, the port’s operation including loading and unloading of goods for foreign trade will start,” he told the FE.
First ever B’desh co producing polyester staple fibres from plastic bottles
A Bangladeshi company for the first time is producing and exporting polyester staple fibres recycling plastic bottles considering the growing market of man-made fibres in the global textile industry. Setting up a plastic recycling plant spending about Tk 200 crore, Mumanu Polyester Industries Ltd started producing PSF for the first time in Bangladesh with an aim to reduce pollution caused by plastic and contribute to the national economy. PSF is kind of polyester fibre made directly from recycled bottle flakes and the fibre is used widely in spinning to make polyester spun yarn which is then knitted or weaved into fabrics. ‘More than three years ago, I visited a PSF producing factory in China and the technology inspired me to set up the same plant in Bangladesh as millions of plastic pet bottles are affecting our environment for lack of recycling,’ said Abul Kalam Mohammad Musa, managing director of Mumanu Polyester Industries Ltd.
15 awarded for spreading ICT services
The government yesterday awarded 15 eminent personalities and organisations, including Annisul Huq, the recently deceased mayor of Dhaka North City Corporation, for helping to spread ICT services. Huq’s two daughters received the Smart Citizen Service Award that recognised the mayor’s efforts in creating “smart city services”. DNCC was presented another award on smart citizen service in local government. Panel Mayor Muhammad Usman Gani received it. The government’s ICT Division organised the awards ceremony in the capital’s Bangabandhu International Conference Centre celebrating the first National ICT Day. The other recipients include Prof Muhammed Zafar Iqbal (lifetime achievement), City Bank Ltd (online banking), ServicEngine Ltd (software export) and Shahjalal University of Science and Technology (education on ICT).
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)||$ 57.54||↑0.40||↑0.70%|
|Crude Oil (Brent)||$ 63.95||↑0.61||↑0.96%|
|Gold Spot||$ 1,243.58||↓0.98||↓0.07%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.81|
|GBP 1||BDT 110.33|
|EUR 1||BDT 97.28|
|INR 1||BDT 1.29|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.