Govt endorses Tk 2.02t ADP for FY 20
The government has approved a Tk 2.02-trillion Annual Development Programme (ADP) for the next fiscal year (FY), 2019-20, which is 21 per cent higher than the allocation for the current FY. According to Planning Minister M A Mannan, presided over by Prime Minister (PM) Sheikh Hasina, a meeting of the National Economic Council (NEC), held in Dhaka on Tuesday, endorsed the ADP. The size of the revised ADP is Tk 1.67 trillion in the current FY, 2018-19. The Planning Minister also added, the government also approved another development programme for the next FY, which involves Tk 123.93 billion, for the state-run autonomous and semi-autonomous bodies. According to the proposal, the government agencies under different ministries and divisions will receive the funds for implementing some 1,475 projects across the country.
ICB to receive Tk 7.60b from Bangladesh Bank
The state-run Investment Corporation of Bangladesh (ICB) will receive Tk 7.60 billion today (Wednesday) from the Central Bank under the capital market refinancing scheme. The Managing Director of the ICB Kazi Sanaul Hoq has confirmed the amount of the fund to be received as part of the government’s market supportive measure. According to Mr. Sanaul, they received a letter from the Central Bank on Tuesday regarding the disbursement of the fund. He said the government is providing the fund to support the country’s capital market which recently has witnessed continuous price correction. The government has approved the fund with an interest of 4.0 per cent.
BSEC to be tough about minimum shareholding
Directors of a listed company will not be allowed to sell their shares if Sponsors and Directors fail to hold a combined minimum stake of 30 percent in the firm. According to the official, the Bangladesh Securities and Exchange Commission (BSEC) took the decision at a meeting at its office in Dhaka yesterday. The regulator also made it mandatory for companies to explain the reasons for issuing stock dividends instead of cash. It suspended a stock broker’s certificate for alleged misuse of investors’ money. The BSEC is set to be tough on the minimum shareholding issue as many firms are not paying heed to its previous directive.
14 mega projects to get Tk 45,140cr in new dev budget
The government has allocated almost one-fourth of the development budget for fiscal 2019-20 to 14 mega projects with a view to accelerating their construction as it looks to make good on its last electoral promise. The government allocated Tk 45,140 crore to 14 mega projects for quick completion. The estimated cost of the 14 projects is Tk 334,011 crore, of which Tk 67,111 crore has already been used. According to the Planning Ministry documents, the Rooppur Nuclear Power Plant was given the highest allocation of Tk 14,980 crore. The project’s total cost has been estimated to be Tk 113,092 crore and until February Tk 16,665 crore has been spent.
BB sees foreign investment potentials in green bond
The Central Bank sees substantial potential in foreign investment if quality green bond is launched in Bangladesh. The opinion came as Bangladesh Bank (BB) and the International Finance Corporation (IFC) recently started a joint assessment of green bond opportunities in the country. Officials said, the green bond study has been undertaken aiming to expedite the long-term financing scope for sustainable business practices. Presently long-term financing in Bangladesh is dependent on the banking system, which is not viable. This dependence on the banking system can be replaced with bonds by attracting foreign investments.
Shibbir Mahmud elected Vice Chairman of IFIL
Shibbir Mahmud has been elected as Vice Chairman of Board of Directors of Islamic Finance and Investment Limited. The decision was made in the 251st meeting of IFIL held recently. Prior to that he was the Chairman of Board of Director 2018 of IFIL.
50 tonnes mango to be exported from Rajshahi
Varieties of mango produced in Rajshahi have been exporting to different European countries over the last couple of years. This year also, the amount of exportable quality mango is expected to be around 100 tonnes. Of those, at least 50 tonnes are likely to be exported with arrangement of the Department of Agriculture Extension (DAE). To achieve the target, around 50,000 mangoes are being fruit bagged after the best uses of modern technologies in the district at present. Apart from, best qualities mangoes are being produced for exporting to foreign countries.
BB releases new Tk 1000 note on Thursday
Bangladesh Bank (BB) is going to release new Taka 1000 note on Thursday aimed at strengthening the security features of the currency. The measurement of the new note is 160 x 70 millimetre and the new note will be available at BB’s Motijheel branch from May 23. Later, the note will be available at all branches of the Central Bank. In the new note, the existing design and colour of the Taka 1000 note are unchanged. Crocodile pattern rolling star thread has been added in the note.
90pc youth employed in informal sector: ERF
According to a study, nearly 90 percent of the youth population in Bangladesh are employed in the informal sector, depicting the daunting task the country faces in creating formal jobs for the people aged 15 to 29. Reducing the youth’s dependence on informal jobs is a very challenging task, so adequate budget is essential to overcome the problem. The study – Investing on Young People: What does the Budget reflect? – was carried out by ActionAid Bangladesh in 2019 and its findings were shared at a discussion in Economic Reporters’ Forum (ERF) of Dhaka recently.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DJIA||25,877.33|| ↑197.43|| ↑0.77%|
|Nikkei 225|| 21,300.31||↑27.86||↑0.13%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 62.99||↓0.11||↓0.17%|
|Crude Oil (Brent)|| $ 71.92||↓0.26||↓0.36%|
|Gold Spot|| $1,273.66||↓1.02|| ↓0.08%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 82.8391|
|GBP 1||BDT 105.3330|
|EUR 1||BDT 92.4282|
|INR 1||BDT 1.1867|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<