BB eases financing process of EDF
Bangladesh Bank (BB) has eased the process of Export Development Fund (EDF) to facilitate access to financing in foreign exchange for input procurements by manufacturer-exporters, reports BSS. “To bring ease in operations of EDF, revised operational procedure prepared through compilation of existing instructions,” said a BB circular Sunday. Authorized Dealer (AD) banks can borrow US dollar funds from the EDF against their foreign currency loans to manufacturer-exporters for input procurements. At their option, the ADs can also lend to some extent from their own foreign exchange funds for input procurements.
PCBs’ operating profits soar on pvt sector credit growth
The unaudited operating profits of the country’s private commercial banks (PCBs) witnessed a remarkable growth in 2017, mainly due to high credit growth to the private sector. Most of the banks saw the profit in the just-concluded calendar year riding on higher import payments, enhanced credit flow to the private sector, and significant return from their capital market investments, according to bankers.
SME loan disbursement up by 21.60pc in nine months
The credit disbursement for the small and medium enterprises (SMEs) increased by 21.60 per cent in the first nine months of 2017 compared to the corresponding period in the last year, according to the Bangladesh Bank (BB) data, reports BSS. “The growth of SME loan disbursement witnessed upward trends as the central bank has strengthened further its monitoring and supervision over the SME loan disbursement activities of the banks and financial institutions (FIs),” a BB senior official told the news agency on Sunday. All banks and FIs have already disbursed over Tk 1.23 trillion (Tk 1,23,046.13 crore) loan in January-September period in 2017 which was over Tk 218.53 billion (Tk 21,853.99 crore) up compared to the same period in 2016.
Forex reserves may come under strain
Bangladesh’s external sector is set to pass through turbulence in 2018 given the anticipated surge in food import, petroleum price in the international market and private sector foreign loans, and election-focused expansionary fiscal policy. Foreign reserves may deplete further and the taka may continue its slide against the US dollar.
New vice chairman of Standard Bank
Lion Mohammed Abdul Aziz has been elected as Vice Chairman of Standard Bank Limited recently. He is the Founder Director of Standard Bank Limited. In 1994, he joined Midland Credit Cooperative Society as Managing Director & Chairman. Later he established business ventures including hotel, garments etc. He is the former vice chairman of Moonlux Knit Composite Garments Ltd.
BMBA elects Nasir as president
Mohammed Nasir Uddin Chowdhury, director of LankaBangla Investments Ltd, has been elected the president of Bangladesh Merchant Bankers Association (BMBA) for 2018-19. The incumbent secretary general Khairul Bashar Abu Taher Mohammad, chief executive officer (CEO) of MTB Capital, was elected the secretary general for another term. Both were elected at a meeting of BMBA’s executive committee held at a city hotel on Sunday.
Dhaka trade fair starts today
The month-long mega-event Dhaka International Trade Fair (DITF) begins in the capital today in order to showcase Bangladeshi products to boost exports. This time companies from home and abroad will display their wares in nearly 600 stalls. The commerce ministry and the Export Promotion Bureau, the organisers, allocated about 50 stalls to foreign companies and the rest to local companies. Space has been allocated for two children parks, a blood donation centre, a maternity centre and a first aid centre. Companies from 27 countries will participate in the annual exposition at Sher-e-Bangla Nagar in Dhaka that will end on January 31, said Commerce Minister Tofail Ahmed at a briefing on the fair premises yesterday.
Robi gets scope to use BR’s fibre optic cable
Robi Axiata Limited has availed the scope to use Bangladesh Railway’s fibre optic cable that was used by mobile phone operator Grameenphone exclusively for 20 years. Mobile operator Robi would now be allowed to use Bangladesh Railway’s 412 kilometres of fibre optic cable as the operator won a tender floated by Railway, a senior official of Bangladesh Telecommunication Regulatory Commission told New Age last week. To this end, Bangladesh Railways and Robi have already signed a lease agreement between them, paving way for the latter to strengthen its network connectivity across the country. After the agreement, BTRC, however, refrained from allowing Robi to install fibre optic cables to establish connection with Bangladesh Railway’s point-of-presence, the BTRC official said.
Nation welcomes 2018
The national, along with the global community, bids farewell to the outgoing year 2017 welcoming 2018 with new hopes. Jubilant people will join different New Year programmes when the clock strikes 12 midnight. New Zealand was among the first few countries to usher in the New Year. The New Zealand Herald reported that hundreds of people are already heading into the city centres to start their celebrations as they welcome the New Year. Celebrations then move across the world — to Asia, the Middle East, Africa, Europe and finally the Americas.
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)||$ 60.42||↑0.58||↑0.97%|
|Crude Oil (Brent)||$ 66.87||↑0.71||↑1.07%|
|Gold Spot||$ 1,302.80||↑7.76||↑0.60%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.69|
|GBP 1||BDT 111.74|
|EUR 1||BDT 99.27|
|INR 1||BDT 1.29|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.