BB issues new Policy to police Offshore Banking Operations
The central bank has issued a new policy asking banks to comply with cash reserve requirement (CRR) and statutory liquidity ratio (SLR) rules for their Offshore Banking Operations. Under the new policy, three-fourths of total outstanding offshore operations’ funds will have to be invested in Bangladesh. According to the new policy issued by the Bangladesh Bank (BB), all the banks will have to maintain capital requirements under Basel-III framework along with the implementation of Asset Liability Management (ALM) guidelines for their offshore banking operations. The banks have been asked to renew the approvals of OBUs in line with the new policy by applying to the central bank within three months. The banks will have to launch their offshore banking operations within six months or the time period subsequently extended by the central bank from the issuing date of approval.
Stocks rebound as Bank, Telecom issues surge
Stocks rebounded on Monday, after a single-day break, as optimistic investors showed their buying appetite on banking sector shares. As per the market analysts, news of central bank’s move to raise banks’ paid-up capital coupled with hopes for cuts in interest rates on savings instruments infused positive sentiments into the market. According to the officials, the central bank is set to raise paid-up capital of scheduled banks to Tk 5.0 billion from the existing Tk 4.0 billion over the next two years. As per the chairman of National Board of Revenue (NBR), the government is also considering reducing the yield rates of savings certificates. As per an analyst of a leading brokerage firm, if that happens, it will divert liquidity from the money market into the capital market.
Square Pharma leads DSE transaction chart
Square Pharmaceuticals dominated the turnover chart of the Dhaka bourse Monday while ten most traded companies grabbed nearly 40 per cent of total transactions. As per the market analysts, investors showed their buying appetite for Square Pharmaceuticals shares throughout the session as a fundamentally sound issue. According to statistics from the DSE, about 10.03 million shares of Square Pharma were traded, generating a turnover of more than Tk 450 million, which was 6.26 per cent of the prime bourse’s total turnover. The total turnover on the DSE stood at Tk 7.18 billion on Monday, which was Tk 5.81 billion in the previous session. The company’s share price closed at Tk 274.10 on Monday, gaining 1.18 per cent over the previous day. In the last five straight days, the second largest market-cap company’s share price rose 4.0 per cent. Its share traded between Tk 247.10 and Tk 321 in the last one year.
East West SEZ gets BEZA licence
Bangladesh Economic Zone Authority (BEZA) has given final licence to the East West Special Economic Zone (SEZ), a concern of Bashundhara Group, aimed at making the country a global investment hub. BEZA Executive Chairman handed over the final license to managing director of East West SEZ at a function at the BEZA headquarters in the city. The East West SEZ is being established on 102 acres of land at Keraniganj Upazila adjacent to Dhaka-Chattagram highway. The zone will create employment opportunities for around 70,000 people. According to the Executive Chairman of BEZA, investors from home and aboard are showing positive responses in developing economic zones in the country.
IDLC announces partnership with Exotix Capital
IDLC, the largest multi-product multi-segment non-banking financial institution in Bangladesh, and Exotix Capital, the leading developing markets investment platform on Monday announced a new partnership to provide extensive research insights and corporate access into the Bangladeshi market to global investors. Exotix will distribute in-depth insights from IDLC via its innovative new research platform to its global subscriber base. This partnership follows additional agreements of Exotix with other industry-leading brokerages in Egypt, Zimbabwe, Saudi Arabia, Vietnam, Sri Lanka and Pakistan. As per the CEO of Exotix Capital, this partnership further develops our deep, local connections in emerging markets and enables us to provide an unparalleled level of insight. According to him, IDLC’s experience and corporate access into Bangladesh is unrivalled, and we are thrilled to start delivering their expertise to clients around the world searching for investment opportunities in that market.
Explore SME sector potentials to create jobs: Speakers
Officials and business community leaders stressed on exploring potentials of the small and medium enterprise (SME) sector to create job opportunities for boosting uplift and faster economic growth. They also emphasised the need for further easing the process of allocating SME loans at single digit interest rates and skill development of local entrepreneurs to flourish the sector and ensure production of international standard SME products. According to a report of BSS, Experts made the observation at a post-rally discussion held as part of the launching ceremony of a seven-day regional SME product fair in Rangpur city on Monday.
IPDC Finance MD wins ‘Outstanding CEO Award’
Mominul Islam, Managing Director and CEO of IPDC Finance Limited, has won the ‘Outstanding CEO Award’ by ADFIAP (the Association of Development Financing Institution in Asia and the Pacific) at an award ceremony held in Muscat, Oman recently. The ADFIAP’s ‘2019 Outstanding CEO’ award seeks to recognise dynamic chiefs of development financial institutions (DFIs) who have contributed to the development of their respective organizations in their respective countries.
ACCA signs MoU with SSMI Asia
The Association of Chartered Certified Accountants (ACCA) Bangladesh has recently signed a Memorandum of Understanding (MoU) with Six Sigma Management Institute Asia (SSMI Asia). Head of ACCA Bangladesh and SSMI Asia – Bangladesh Vice President signed the MoU on behalf of their respective organisations.
BDBL gets New Chairman
Former Senior Secretary Mohammad Mejbahuddin has joined Bangladesh Development Bank Limited (BDBL) as Chairman of the board of Directors of the Bank.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225||21,485.29|| ↓42.94||↓0.20%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)|| $ 55.23 ||↓0.25||↓0.45%|
|Crude Oil (Brent)|| $ 64.72|| ↓0.04||↓0.06%|
|Gold Spot|| $1,328.84||↑1.26||↑0.09%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 84.0475|
|GBP 1||BDT 110.4300|
|EUR 1||BDT 95.4948|
|INR 1||BDT 1.1792|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<