Govt set to target $2,326 per-capita income
The government is going to raise the country’s per capita income target by $153 to US$2,326 in the next fiscal, despite the economic impact of the coronavirus pandemic, officials said on Saturday. The per capita gross national income or GNI target will be documented in the upcoming national budget, which is expected to be placed before parliament on June 11. For fiscal year 2020, the authorities expect the per head earnings of the population to reach $2,173, up by $264. According to the Bangladesh Bureau of Statistics (BBS), the per capita GNI was recorded at $1,909 in the FY 2019.Bangladesh has been one of top five-fastest growing economies in the world with its stunning GDP growth rate of more than 7.0 per cent over the last few years. Breaking the five-year “6.0 per cent growth trap”, the economy chalked out the 7.0 per cent growth band in FY2016. Then it took only two years to surpass the 7.0 per cent rate in FY2019 when the economy expanded at a rapid clip of 8.15 per cent. The outgoing fiscal year’s target was to eke out 8.2 per cent GDP growth, but the coronavirus pandemic has made reaching that goal highly unlikely. Nevertheless, the finance officials appeared to be bullish, saying the GDP growth would not be lower than the 6.0 per cent rate in FY 2020.The country would certainly graduate to a developing nation status by 2024 and would also become a developed nation by 2041 as its development plans and strategies are moving towards the right path.
DSE turnover remains below Tk 1.0b-mark
The turnover on the Dhaka Stock Exchange hovered below Tk 1.0 billion-mark amid growing tension over Covid-19 pandemic and floor price limitation. Turnover stood at Tk 700 million on the country’s premier bourse on Sunday, after hitting a 13 years’ low to Tk 430 million Thursday last.Of the issues traded, 256 remained unchanged while only 18 issues advanced and 19 declined on the DSE trading floor. However, stocks posted a modest gain on Sunday, snapping a four-day losing streak, as some investors showed their buying appetite on selective shares. DSEX, the key index of the DSE, went up by 8.12 points or 0.20 per cent to close at 3,961, after losing 107 points in the past four straight sessions. Two other indices also edged higher. The DS30 index, comprising blue chips, advanced 6.49 points to finish at 1,327 and the DSE Shariah Index gained 2.62 points to close at 918. Among the major sectors, pharma posted the highest gain of 0.50 per cent, flowed by banking with 0.10 per cent and power 0.10 per cent. On the other hand, telecommunication, financial institutions and ceramic sectors lost 0.10 per cent each. A total number of 12,223 trades were executed in the day’s trading session with a trading volume of 19.87 million shares and mutual fund units. The market-cap of the DSE also advanced to Tk 3,102 billion, from Tk 3,099 billion in the previous session.
Trade through Benapole port resumes after 2.5 months
Benapole port opened for trade between Bangladesh and India yesterday afternoon after being kept shut for around two and a half months since March 23 for the ongoing coronavirus pandemic. At the time of filing of the report, 24 trucks containing motorcycles had arrived from India. About 2,500 trucks loaded with goods are waiting to enter Bangladesh and it might take around 24 hours for those to get moving for being kept lying idle for such a long period, said Kartik Chandra, general secretary of C&F Agent Staff Association at Petrapole.It is now time to resume rail communication to meet the growing demand, said Benapole Customs Commissioner Belal Hossain Chowdhury. The West Bengal government had opted to suspend export-import activities up until the central government lifted a fourth phase of lockdown. The resumption was decided through several meetings of the authorities concerned of both countries, including the Petrapole and Benapole port, customs, business chambers and allied service providing organisations.
Japan entrepreneurs want to invest in BD
Entrepreneurs of Japan are interested to invest in Bangladesh, said country director of Japan External Trade Organisation (JETRO) Yuji Ando. He was addressing a virtual views exchange meeting through video conferencing in the port city. Chittagong Chamber of Commerce and Industry (CCCI) president Mahbubul Alam chaired the event organised by CCCI, JETRO, Dhaka, and Japan-Bangladesh Chamber of Commerce and Industry (JBCCI). Mahabubul Alam said Bangladesh is likely to set up more economic zones and export processing zones in the near future which will be very ‘special’ for investment.Addressing the event, JBCCCI vice president Alam viewed that connectivity is the most important to attract the investment in Bangladesh from the investors of Japan.
MDB launches ‘midland online’
Midland Bank Limited (MDB) has registered for ‘midland online’, its robust, client driven internet banking application.Customers are increasingly using digital banking solutions amidst the spread of novel coronavirus. The bank has made the sign-up process available for customers who don’t require to visit the branch.Through this self-registration process, customers can avail ‘midland online’ by visiting https://ibanking.midlandbankbd.net with few simple steps that will require only few minutes.
3,740 hectares of land brought under jute cultivation in Narsingdi
A total of 3,740 hectares of land has been brought under jute cultivation in all six upazilas of the district during the current season. Of the total, 440 hectares of land were brought under jute cultivation in Sadarupazila, 160 hectares in Polashupazila, 510 hectares in Shipper upazila, 620 hectares in Belaboupazila, 690 hectares in Monohardiupazila and 1320 hectres of land were brought under the cultivation in Raipuraupzila during the season. Department of Agriculture Extension (DAE) office sources said cultivation of jute is increasing every year in the district as growers are getting fair price of their products.
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)||$39.92 ||↑0.37||↑0.94%|
|Crude Oil (Brent)||$ 42.91 ||↑0.61||↑1.44 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.3160|
|GBP 1||BDT 105.556|
|EUR 1||BDT 94.0779|
|INR 1||BDT 1.10462|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<