Good governance ‘a must to end banking sector’s woes’
A nexus between bank directors, businessmen and lawmakers and inadequate judicial infrastructure are responsible for the melancholy performance of country’s banking sector. Bangladesh Institute of Bank Management (BIBM) organised the lecture at its auditorium. Nurul Matin was one of the founders of BIBM. The former governor of the central bank said the major portion of the defaulted loans in the financial sector originated from trade finance where there is certainly lack of trust and transparency. We need to make sure any inefficiency, even if 0.1 per cent of GDP every year. If you look at the global experience, ranging from the developing to the advanced economies, finance is all about trust. In the language of economics.
Allow bonded warehouse facility for all export-oriented sectors
Experts at a session on Monday called for allowing the bonded warehouse (BWH) facility with simplified rules for all the export-oriented sectors to help diversify exports. The session was also informed that though there is no discrimination in the policy regarding availability of the facility, the non-readymade garment sectors were not getting equal treatment in regular practices. The experts, however, identified a number of issues including complex set of rules, manual paper-based process, significant revenue leakage in the current regime, significant amount of redundancy in documentation and data requirements and formalities, absence of required efficiency that are impeding the full potential of BWH facility. The observations and recommendations came at a session on the second day of the SANEM annual economists’ conference (SAEC) 2020 in the city. Out of the total 1,600 items exported in FY’18, some 1,400 were non-RMG, he said, adding that there are more than 4,000 RMG bonded warehouse licences whereas there are only 200 non-RMG licences. Non-RMG exports ranged between US$ 5.0 and US$ 7.0 billion a year during the period of FY2013-17. Effective SBW could have boosted non-RMG exports by nearly $ 1.5 billion a year. To address administrative challenge of managing another 4,000 licensees, in addition to the existing more than 4,000 licensees, she recommended modernisation and full automation of the system.
Square Toiletries holds sales confce-2020
The 1st ‘Annual Sales Conference-2020’ of Square Toiletries Limited Zone was held at Ratnodweep Resort in Pabna. The sales team of Zone 1 (Mymensingh, Rajshahi, and Khulna division) took part in the conference. On the earlier day, they observed the whole production and distribution process in the factory. After the conference, Managing Director Anjan Chowdhury handed over ‘Square Super Hero of the Year- 2019′ and other winners’ awards.
NCC Bank gets new DMD
M Shamsul Arefin has recently been promoted to the post of deputy managing director of NCC Bank. Prior to the promotion, he was the bank’s senior executive vice president and the head of CRM division, according to a statement. Arefin started his banking career as a probationary officer at the Eastern Bank in 1994.
BD needs better-trained manpower as it grows
German Ambassador in Dhaka Peter Fahrenholtz on Monday has said that Bangladesh requires better-trained manpower as it grows. He also stressed on more investment in the country and laid emphasis on an increased exchange of students, researchers and scientists between Dhaka and Berlin. Germany is the third most popular country for international students as they constitute 13.76 per cent of the total number of students in Germany. The number of Bangladeshi students in Germany stood at 3,220 in 2018. DAAD (German Academic Exchange Service) regional office in New Delhi together with DAAD Information Centre in Dhaka has been promoting Bangladesh-German academic collaboration. Responding to a question, DAAD Regional Director Katja Lasch said they provide excellent education at a low cost.
‘Emission tax’ on outdated vehicles in the offing
The government is considering introduction of “emission tax” on the old and outdated vehicles, which emit more carbon and release harmful particles to air. A high-level committee of the government, formed to prepare a policy on the control of air pollution, at its meeting on Monday decided to incorporate a provision into the policy allowing “emission tax” on the old and outdated vehicles.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DSEX||4,506.87988||↑ 25.37||↑ 0.57 %|
|↑ 143.78||↑ 0.51 %|
|FTSE100||7,326.31||↑ 40.30||↑ 0.55 %|
|Nikkei 225||23,050.13||↑ 78.19||↑ 0.34 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 50.49||↑ 0.38||↑ 0.76 %|
|Crude Oil (Brent)||$ 54.75 ||↑ 0.30||↑ 0.55 %|
|Gold Spot||$ 1,575.48||↓ 1.25||↓ 0.08 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.1445|
|GBP 1||BDT 108.720|
|EUR 1||BDT 92.0238|
|INR 1||BDT 1.16240|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<