WB ‘committed to develop Bangladesh’
The World Bank’s portfolio in Bangladesh has nearly doubled in the last six years to $11.6 billion, with the country being one of the largest beneficiaries of concessional credit. The Washington-based multilateral lender was among the first development partners to support Bangladesh following its independence. Since then, the World Bank has committed over $30 billion, mostly in grants, interest-free and concessional credits to Bangladesh. During the forum, Schafer exchanged words with the finance minister and other senior government officials, civil society representative and development partners.
ADB aims to help Bangladesh achieve SDGs
Asian Development Bank (ADB) Vice-President Shixin Chen reaffirmed the multilateral lender’s commitment to help Bangladesh achieve its Sustainable Development Goals (SGD) while addressing the Bangladesh Development Forum. Ever since Bangladesh became an ADB member in 1973, the bank has mobilised more than $25 billion in loans and grants to help bring better infrastructure, public services, and social development outcomes to the people. Bangladesh is now a global example for economic progress with an average GDP growth rate of more than 6.7 per cent over the last decade. The key challenges ahead include increasing investments, both public and private, to close infrastructure gaps, improve skills, diversify the industrial base and improve the business climate, he said, adding that Bangladesh has made serious efforts to meet SDGs.
Make prompt LC payment or face the music
The central back yesterday instructed banks to make their import payment to corresponding foreign banks on time or else strict actions will be taken against the errant lenders. A good number of banks have recently showed an unwillingness to make import payments on time, which has had an adverse impact on the country’s international image. Senior bankers welcomed the initiative, saying that many foreign banks are reluctant to accept letters of credit (LC) issued from Bangladesh as a few local lenders frequently breach the terms and conditions while making payments. The banks are also forced to pay additional interest to their corresponding lenders due to their failure to settle LCs promptly. Besides, the confirmation charge for LCs is also on the rise as a result of the added pressure on the country’s foreign exchange reserve. Confirmation fees are a security mechanism that eliminates risks for exporters. When exporters are not comfortable with the LC-issuing bank, usually due to insolvency risks or local political factors or sometimes both, they may seek an additional guarantee for the LCs. Malpractice in the industry has also had a negative impact on the country’s balance of payments. In breach of global norms, some banks do not make import payments in order to provide extra facilities to their clients, said a bank official requesting anonymity as he is not authorised to speak with media. Clients get extra time to adjust the bank loans against their LCs if their lenders do not duly make import payments.
BD to be world’s 15th largest economy soon
Health and Family Welfare Minister Zahid Malique has said that Bangladesh is marching ahead and hopefully it would be the 15th economic power soon in the world. Bangladesh is now holding 35th position in economic index across the world and we hope that it would become the 15th economic power soon. The country’s economic growth has reached 8.5 per cent and per capita income is more than US $ 1,900, he mentioned, saying that the country’s foreign reserve stands at US $33 billion now and export earning is more than US $70 billion.
DSE/CSE News in Brief
Vanguard AML Rupali Bank Balanced Fund: The trustee committee of the fund declared no dividend based on net loss for the year ended on December 31, 2019. The trustee of the fund also reported EPU of Tk. (1.80), NAV per unit at market price of Tk. 8.49, NAV per unit at cost price of Tk. 10.49 and NOCFPU of Tk. 0.14 for the year ended on December 31, 2019 as against Tk. (0.18), Tk. 10.78, Tk. 11.52 and Tk. 0.12 respectively for the same period of the previous year. Disbursement of dividend: Central Pharmaceuticals Limited: The company disbursed the cash dividend for the year ended on June 30, 2019 to the respective shareholders. Metro Spinning Limited: The company disbursed the cash dividend for the year ended on June 30, 2019 to the respective shareholders. Shurwid Industries Ltd: The company disbursed the cash dividend for the year ended on June 30, 2019 to the respective shareholders through courier service on Tuesday.
Marico declares 300pc interim cash dividend
Marico Bangladesh has declared 300 per cent interim cash dividend for the year ending on March 31, 2020 based on nine months financials. It is the third interim dividends declaration for the year ending on March 31, 2020. Earlier, the company disbursed 250 per cent interim cash dividend based on three months financials and 200 per cent interim cash dividend based on six months financials. The record date for entitlement of interim cash dividend is on February 18, said an official disclosure on Wednesday. The multinational company’s earnings per share (EPS) stood at Tk 19.68 for October-December 2019 as against Tk 16.47 for October-December 2018.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DSEX||4,510.77044||↑ 17.75||↑ 0.39 %|
|↑ 11.60||↑ 0.04 %|
|FTSE100||7,483.57||↑ 2.88||↑ 0.04 %|
|Nikkei 225||23,024.83||↓ 354.57||↓ 1.52 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 52.80||↓ 0.53||↓ 0.99 %|
|Crude Oil (Brent)||$ 59.22||↓ 0.59||↓ 0.99 %|
|Gold Spot||$ 1,580.24||↑ 3.41||↑ 0.22 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.1769|
|GBP 1||BDT 108.240|
|EUR 1||BDT 91.5536|
|INR 1||BDT 1.16654|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<