TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK


TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

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Rate last updated: 02/01/2014 11:15:04 AM

Important Business News Extracts – January 24 2017

DBBL to operate as MRT Rapid Pass clearing house

Dutch Bangla Bank Limited (DBBL) is set to work as a clearing house bank for operating uniform ticketing system of public transports in the city. It is scheduled to sign an agreement in this regard with Dhaka Transport Coordination Authority (DTCA) today (Tuesday). The bank has been selected out of six private sector banks, which submitted the expression of interest (EoI) in December 2015.

Source: http://print.thefinancialexpress-bd.com/2017/01/24/162919

Lending to farmers grows 13.0% in H1

Lending to farmers grew over 13 per cent or BDT 11.8 billion in the first half (H1) of this fiscal following prod to bankers by the central bank for catering higher demand for funds in the farm sector, officials said. The disbursement of farm credits rose to BDT 99.3 billion in the July-December period of the FY 2016-17 from BDT 87.6 billion in the same period of the FY16, according to the Bangladesh Bank (BB) latest statistics. Of the total BDT 99.3 billion, eight state-owned banks disbursed BDT 46.1 billion, and the remaining BDT 53.3 billion was handed out by the private commercial banks (PCBs) and foreign commercial banks (FCBs).

Source: http://print.thefinancialexpress-bd.com/2017/01/24/162916

Bangladesh Bank to announce new monetary policy January 29

Bangladesh Bank is going to announce its monetary policy for the January-June period of this year on January 29, said officials of the central bank. A BB official told New Age on Monday that the central bank might keep unchanged the private sector credit growth target in the upcoming monetary policy considering the existing lower credit demand from the private sector amid ongoing sluggish business. Under the monetary programme for the financial year 2016-17, the central bank set a 16.6% credit growth target for the private sector by December 2016 and 16.5% by June 2017. The BB official said that it would be a tough job for the financial sector to achieve the targeted private sector credit growth of 16.5% by June of FY17 as the credit demand from the private sector was still sluggish amid dull business.


Foreign Direct Investment curves down, substantially

Net inflow of Foreign Direct Investment (FDI) into Bangladesh appeared much smaller than what was estimated earlier as the central bank revised the data matching an updated matrix. The FDI netting in the last fiscal year, 2015-16 (FY16), was estimated at US$2 billion, but the latest calculations put it at $1.29 billion. Bangladesh Bank has started calculating the net inflow of FDI in line with the sixth edition of the Balance of Payments (BoP) and International Investment Position Manual (BPM6) of the International Monetary Fund (IMF).

Source: http://www.thefinancialexpress-bd.com/2017/01/22/59814/FDI-curves-down,-substantially

BD bids to borrow $500m from India

The government bids to borrow US$ 500 million from India for bankrolling economic zones (EZs) planned across Bangladesh under a special industrialisation recipe. Officials said the loan will be utilised for infrastructure development of Mirsarai special economic zone and different other economic zones (EZs) including Moheshkhali EZ. “We will give a proposal to the authority concerned of India seeking a loan,” said a senior official at Bangladesh Economic Zones Authority (BEZA).

Source: http://www.thefinancialexpress-bd.com/2017/01/23/59895/BD-bids-to-borrow-$500m-from-India

15pc VAT on grave preservation fees

Value Added Tax (VAT) will be imposed on grave preservation fees as per a recent decision of the government, officials said. Finance minister AMA Muhith recently turned down a proposal put forward by the National Board of Revenue (NBR) for VAT exemption on such fees. From now on, 15 per cent VAT will be imposed on grave preservation fees. According to the officials, the finance minister rejected the proposal saying that as well-off people preserve graves, so there is no justification for waiving VAT on its maintenance fees.

Source: http://www.thefinancialexpress-bd.com/2017/01/23/59892/15pc-VAT-on-grave-preservation-fees

Budget promises continue to remain undelivered

The government managed to spend 76 percent of its budget in fiscal 2015-16, which is in keeping with the past trend of having a sizeable amount of unused funds at the yearend. Some Tk 225,051 crore was spent last fiscal year against the budget of Tk 295,100 crore, according to data from the Finance Division. Officials of the finance and planning ministries blame the poor implementation of the development works for the failure to exhaust the budget. But even then there is incongruity on the statistics of expenditure of the development budget. Typically, at the end of a fiscal year, the Implementation Monitoring and Evaluation Division or IMED provides data on implementation of the annual development programme.

Source: http://www.thedailystar.net/business/budget-promises-continue-remain-undelivered-1349980

Bangladesh may come out of LDC group in 2024: CPD

Bangladesh will likely be recommended for graduation from the category of the least developed countries in 2018, and will come out of the LDC group in 2024, the Centre for Policy Dialogue said in a statement yesterday. The issue is high on the government’s agenda. The CPD organized a discussion with government officials on Bangladesh’s LDC graduation strategy, at Brac Centre Inn in Dhaka on January 22. Twenty-seven government officials from the key ministries, agencies and training institutes participated in the event, according to the statement. The discussions were focused on structural transformation, sustainable development goals, external challenges facing the economy, international support measures, and the advantages and disadvantages that will emanate from the graduation.


Bapex-Santos joint venture to drill Magnama structure

State-run Bangladesh Petroleum Exploration Company (Bapex) is set to initiate first-ever oil and gas exploration in offshore Magnama next month under a joint venture with Australian Santos, said officials. The cabinet committee on economic affairs approved this month inking of a sales and purchase agreement (SPA) with the JV. State-run Bangladesh Petroleum Exploration and Production Company Ltd (Bapex) earlier inked a ‘binding offer agreement’ with Santos under which it will carry out offshore drilling jointly with Santos at Magnama structure.

Source: http://print.thefinancialexpress-bd.com/2017/01/24/162917

National Board of Revenue seeks budget proposals from stakeholders

The National Board of Revenue has started preparatory work for formulation of the revenue budget for the next fiscal year of 2017-2018. As part of the preparation, the three wings — income tax, value-added tax and customs — of the NBR have sought budget proposals from external stakeholders including trade bodies, associations and research organizations as well as from its field offices. The three wings in separate letters have recently requested the stakeholders to submit their respective written budget proposals by February.

Source: http://www.newagebd.net/article/7651/nbr-seeks-budget-proposals-from-stakeholders

Jute packaging made mandatory for 11 more products

The government has made jute packaging mandatory for 11 more products to boost domestic use of the golden fibre following the imposition of anti-dumping duty by India on Bangladeshi jute and jute goods. India on January 5 imposed, to the Bangladeshi exporters’ dismay, anti-dumping duty ranging from USD 19.0 to USD 352.0 a tonne on import of jute and jute goods from Bangladesh. The textile and jute ministry on January 21 issued a gazette notification amending the Mandatory Jute Packaging Rule-2013 and making use of jute bags for the agricultural products mandatory. According to the notification, growers and traders will have to compulsorily use jute bags for packaging of chilli, onion, garlic, turmeric, ginger, pulses, coriander, potato, atta, maida and rice bran.

Source: http://www.newagebd.net/article/7648/jute-packaging-made-mandatory-for-11-more-products

Germany to help develop textiles education

Germany is willing to establish a strong collaboration with Bangladesh to develop the country’s textiles and higher education sectors, said a UGC press release. A three-member German delegation expressed the interest at a meeting with University Grants Commission (UGC) Chairman Professor Abdul Mannan at his office on Monday.

Source: http://print.thefinancialexpress-bd.com/2017/01/24/162884

Local and Global Stock Indices

Index NameClose ValueValue ChangePercentage Change
Dow Jones Industrial Average19,799.85↓27.4↓0.14%
Nikkei 2257,151.18↓47.26↓0.66%
FTSE 10018,877.71↓13.32↓0.07%

World Commodities

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$53.01↑0.26↑0.49%
Crude Oil (Brent)*$55.53↑0.3↑0.54%
Gold Spot*$1,217.82↓0.41↓0.03%

Major Currencies Exchange Rates Movement in Last Seven Days





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Last couple of weeks ago we all were living in a peaceful condition, performing our daily tasks freely and perfectly. Entire economy and business environment was also in a good shape, until COVID-19 put a forceful stoppage to the overall life style and economy of the world. We all know that social distancing and cleanliness are the keys to prevent this pandemic. Hence, we urge your conscious effort to limiting public interaction and suspending wherever possible.

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