Powdered milk Imports soar on rising demand
Powdered milk imports are spiralling on the back of increased demand from a section of consumers on health concerns related to locally produced liquid milk and higher use by sweetmeat, confectionery and ice cream makers, said industry operators. In the first five months of the year, milk and cream imports rose 23 percent year-on-year to 75,881 tonnes, according to data from the Bangladesh Bureau of Statistics (BBS). The BBS data reveals that import growth of milk and cream in 2018 was 19 percent. Milk consumption is increasing as people’s disposable income is on the rise on the back of steady growth of the economy, said a senior official of consumer goods division of Abul Khair Group, which sells the Marks brand powdered milk.
Private ICDs to hike tariffs from August 1
Private Inland Container Depots (ICDs) are set to increase their charges for handling consignments by 20-25 percent, in a development that will raise the cost for importers and exporters by more than Tk 100 crore annually. Almost 90 percent of the total export goods are stuffed into containers at the 19 private ICDs, also known as off-docks, located in and around the port city, before shipment through the Chattogram port, while 21 percent of the import containers are sent from the port to the ICDs, from where the import goods are delivered. Besides, the import containers that become empty after the goods are delivered directly from the port are also sent to the ICDs for storing for a particular time. The 19 ICDs handled around 6.15 lakh TEUs (twenty -foot equivalent units) of export containers, 2.86 lakh TEUs import containers and 5.87 lakh TEUs empty containers in 2018-2019 fiscal year.
Monetary Policy to beef up Capital Market
The Central Bank is set to unveil its first half-yearly (H1) monetary policy for the current fiscal year, 2019-20, on Wednesday, with the policy rates likely to remain unchanged. The monetary instrument is also expected to continue its policy support for the country’s moribund stock market. Bangladesh Bank (BB) governor Fazle Kabir will announce the monetary policy statement (MPS) for the July-December period of the FY 2020 aimed at achieving sustainable economic growth by curbing inflationary pressures on the economy. The policy rates, including CRR (cash reserve requirement), SLR (statutory liquidity ratio), Repo and Reverse Repo, may remain unchanged for H1 of FY’20, according to Central Bank officials. As part of the strategy, the BB is likely to focus on boosting loans for micro, small and medium enterprises (MSMEs) and the agriculture sector along with microcredit to help create job opportunities across the country.
City Bank to issue Tk 4.0 billion Perpetual Bonds
The Board of Directors of the City Bank Limited has decided to raise Tk 4.0 billion through issuance of perpetual bonds.The City Bank will issue the bonds for raising fund to meet capital requirement under Basel III and to strengthen the regulatory capital base of the Bank in line with the Bangladesh Bank guideline on risk based capital adequacy dated December 2014. The issuance of bond is subject to approval from the concerned authorities — Bangladesh Bank (BB) and Bangladesh Securities and Exchange Commission (BSEC) and complying with regulatory requirements. Each share of the bank, which was listed on the Dhaka Stock Exchange in 1986, traded between Tk 26.9 and Tk 27.5, before closing at Tk 27.30 on Sunday at Dhaka Stock Exchange (DSE).
5% Tax at source for all Savings Certificate up to Tk 5 lac
Finance Minister AHM Mustafa Kamal has stepped back from his budget decision to increase the source tax on all national savings instruments to 10 percent, considering that the hike would add more burden on the fixed income groups. Now, savings certificates (Sanchayapatra) up to Tk 5 lakh would incur 5 percent tax at source instead of 10 percent. However, savings instruments over Tk 5 lakh will incur 10 percent tax at source. The decision will be applied retrospectively from July 1, he said. Currently, the Department of National Savings is offering four saving schemes — 5-Years Bangladesh Sanchayapatra, 3-Monthly Profit Bearing Sanchayapatra, Family Savings Certificate, and Pensioner Sanchayapatra. Minister said saving instruments were introduced for the poor people, but some rich people are taking unfair advantage by abusing the opportunities and purchasing saving instruments in different names. Asked if the government had any plan to lift the ceiling of Tk 5 lakh, the minister said they will review the matter in future.
NBR asks Customs Houses to speed up release of imported goods
The National Board of Revenue (NBR) has asked customs houses to speed up customs formalities and release of imported goods — especially key essential commodities — on priority basis to ensure smooth supply ahead of Eid-ul-Azha. It also instructed the officials concerned not to leave their workplaces without completing discharge of goods, and to do their duties extra hours if necessary. The commissioners concerned will monitor the progress carefully, and will inform the NBR on daily basis till Eid-ul-Azha. The revenue regulator of the country issued the directive on Thursday responding to the request of traders to ensure speedy release of imported onion-laden vehicles.
Farmers opting for Avocado cultivation
Farming of avocado, a fruit enriched with various vitamins and containing medicinal quality to resist various diseases, is gaining popularity in Rajshahi and Chapainawabganj. In addition to mango, avocado might also emerge as a prominent fruit with numerous health benefits in the districts in near future, said officials at the Horticulture Centre and the Department of Agriculture in Rajshahi. According to agro-scientists at the Regional Horticulture Centre, Rajshahi, the American-bred fruit has matchless taste and nutrients. The fruit can easily be cultivated in the country. Since avocado has a good demand and high price in the local market, farmers are being gradually interested to cultivate it.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|Nikkei 225||21,764.00|| ↑147.20|| ↑0.68%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)|| $ 57.20||↑0.33||↑0.58%|
|Crude Oil (Brent)|| $ 64.06||↑0.35||↑0.55%|
|Gold Spot|| $1,423.78||↓3.02||↓0.21%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.8718|
|GBP 1||BDT 101.8680|
|EUR 1||BDT 92.2531|
|INR 1||BDT 1.2046|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<