Govt’s gross borrowing from banking system soars
The government’s gross borrowing from the banking system jumped suddenly Sunday to finance budget deficit partly for the current fiscal year (FY), officials said. Bangladesh government borrowed Tk 13 billion on the day against previously fixed target worth Tk 2.0 billion through holding of its 91-Day Treasury Bills (T-bills). On the other hand, the interest rate on the T-bills dropped at the lowest ebb on the day, as commercial banks rushed to offer bids in the auctions, according to bankers. The cut off yield, generally known as interest rate, on 91-day T-bills came down to 1.0 per cent on the day from 1.09 per cent of the previous auction, held on May 06. Earlier on April 17, 2009, the cut off yield was 1.11 per cent, the market operators said. Bidders offered Tk 14.42 billion against pre-targeted amount of Tk 2.0 billion for the 91-day T-bills of the auctions, according to the result. Of those Tk 13 billion was accepted for the government approved security, it added.
Yield on 91-Day T-bills falls to 1.0%
The interest rate on 91-Day Treasury Bills (T-bills) dropped at the lowest ebb on Sunday, as commercial banks rushed to offer bids in the auction, bankers said. The cut off yield, generally known as interest rate, on 91-day T-bills came down to 1.0 per cent on the day from 1.09 per cent of the previous auction, held on May 06.
Chinese consortium, DSE ink share purchase deal today, enters hi-tech era
Dhaka Stock Exchange (DSE) will sign the much-talked-about share purchase agreement with the Chinese consortium, comprising Shenzhen Stock Exchange and Shanghai Stock Exchange, today (Monday) for making the latter its strategic partner. After signing the share purchase agreement, the Chinese consortium will hold 25% or above 450.94 million shares of DSE. As per the regulatory approval, the consortium will purchase the DSE’s shares at a price of BDT 21 each.
Bangladesh needs more warehouse space: World Bank
Bangladesh will need 26.74 million square feet of additional warehouse space by fiscal 2021-22 thanks to the spiralling foreign trade, according to a survey of the World Bank. Currently, the demand for warehouse space, mainly for storing imported and exportable goods near ports, is 41.5 million square feet, according to the preliminary findings. In the next four years, such demand will hit 68.24 million square feet, 29.54% of which would be used by the manufacturing sector, the study said. The consumption-led demand will grow 27% and export-import demand will use 11.7% of the space, it said.
MAX Group’s 163 MW combined cycle power plant commercial operation starts
CEO of Gas Power Systems, GE South Asia, Deepesh Nanda (third from right) greeting Founder and Chairman of MAX Group Ghulam M Alomgir on the commencement of the commercial operations of MAX Group’s 163 MW combined cycle power plant in Fenchuganj recently
Odisha eyes long-term power trade with BD
Odisha’s bulk purchaser cum trading entity Gridco qualified at the technical cum commercial tenders floated by the Bangladesh Power Development Board (BPDB) recently, India’s local media reports say.
The financial bids are set to be invited in the next 15 days. In what could be its first trading of power with a foreign nation, the Indian state is aiming at long-term supply of power to Bangladesh from 2020 onwards. The Indian eastern state is expected to have a thermal power glut of over 1,600 MW from 2020, as two super critical units of 660 MW each owned by its PSU Odisha Power Generation Corporation (OPGC) are set to be commercialised by then. The state government will also be entitled to 800 MW of power as its share from NTPC’s ensuing 1600 MW super thermal power station at Darlipalli near Sundargarh.
ShopUp: One-stop solution platform for Facebook entrepreneurs
This platform provides social media based micro-entrepreneurs with a way to sell with better organization and access to affordable financing. Facebook, one of the world’s largest social media platforms, has proved a blessing for many entrepreneurs with small businesses.
Paddy price in Haor region drops to three-year low
After experiencing devastating flash floods last year, Haor farmers are also in serious peril during this Boro harvesting season as its price reached a three-year low. Influence of middlemen including local ‘faria’, wholesalers and husking millers is forcing them to sell their Boro paddy at half of their production cost, farmers said at a press conference on Sunday.
ADB for mitigating agriculture risks in Bangladesh
Bangladesh government, Asian Development Bank (ADB) and stakeholders at a seminar on Sunday discussed financial protection options to mitigate risks in the country’s agricultural sector. The two-day international seminar on “Financial Protection towards Agriculture Risk Mitigation in Bangladesh” was opened at a hotel in Dhaka.
Illegally imported fabrics flood market
The domestic market has been flooded with illegally imported yarn and fabric, hitting the local industry hard, industry people alleged. As a result, a huge quantity of locally produced items has remained unsold Although the volume of commercial imports of fabrics is meager because of high import duty, a huge quantity of sarees, three-pieces and other clothing from India, China and Pakistan are flooding the local market, he alleged. Since fabrics and other clothing are being imported illegally without any duty, they are cheaper than local items, he explained. The BTMA alleged that over 0.8 million or 1.0 million pieces of women’s clothing, including sarees and three-pieces, are entering the country illegally through 17 boarder hats and are being carried to the capital by trains.
Furniture exports to reach $1b by 2021
Export earnings from the country’s furniture sector is likely to reach $1 billion by 2021. The Furniture sector is working as an import substitute as well as created huge employment opportunities. Jute diversification products are playing vital role to prevent internal migration from rural to urban areas creating huge employments opportunities locally. The country’s furniture industry export earnings stood at $ 53 million in the last fiscal year. If the government gives proper policy support to the furniture industry, it will earn more foreign currency as well as create huge employments opportunities. Japan, USA, UK and some African countries are the export destination of Bangladeshi Furniture products,
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DSEX||5,558.67||↓ 28.55||↓ 0.51%|
|Nikkei 225||22,818.44||↑ 59.96||↑ 0.26%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$70.47||↓ 0.23||↓ 0.33%|
|Crude Oil (Brent)||$76.75||↓ 0.37||↓ 0.48%|
|Gold Spot||$1,320.78||↑ 1.48||↑ 0.11%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 84.16|
|GBP 1||BDT 114.19|
|EUR 1||BDT 100.69|
|INR 1||BDT 1.25|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.