BB cuts Interest Rate for Export Development Fund
The central bank yesterday cut interest rate on its export development fund (EDF) by 1 percentage point with a view to giving a boost to sluggish export earnings. As per a notice issued by the Bangladesh Bank, manufacturers who export will now be able to borrow foreign currency loans at LIBOR (London Interbank Offered Rate) plus 1.5 percent, down from 2.5 percent previously. LIBOR, which serves as a global benchmark for short-term interest rates, has been hovering between 1.90 percent to 1.92 percent for the last few days, meaning the cost of foreign currency loans will remain at about 3.42 percent. The banking regulator also cut the interest rate for banks as they will be charged LIBOR plus 0.50 percent from the previous rate of LIBOR plus 1 percent. In the first four months of the fiscal year export receipts fell short of target by $14.33 billion by nearly 7 percent, according to data from the Export Promotion Bureau. Furthermore, last month exports raked in $3.07 billion, down 17 percent year-on-year.
NBR awards BRAC Bank as one of the highest Tax Payers
The National Board of Revenue (NBR) has awarded BRAC Bank Limited with Tax Card on being the 5th highest tax payer in banking sector category, said a statement. This is for the first time that BRAC Bank has received the Bangladesh Government’s recognition on tax payment. Under the Large Tax Payer Unit of NBR, BRAC Bank has been on the one of leading contributors to the national exchequer. BRAC Bank’s Deputy Managing Director and CFO M Masud Rana, FCA, received the accolade from Senior Secretary, Internal Resources Division and NBR Chairman Md. Mosharraf Hossain Bhuiyan, NDC, at a ceremony of Tax Card for the year 2018-2019 at a city hotel in the city recently.
FBCCI to hold Meeting on Essentials Nov 24
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) will hold a meeting on November 24 with all the concerned stakeholders including traders of the essential items to keep the prices stable. The country’s apex trade body took the decision in the wake of rumours and price hike of essentials like onion and salt. It also requested the traders of the consumer and essential items not to resort to any kind of unethical means to gain access profit. Turning to the huge buying spree of salt by the consumers today, he suspected that rumours might have led the consumers to buy salt to a huge volume. He urged the consumers not to pay heed to any kind of rumours.
Agri Food Processors eye $1b in Exports
Agricultural food-processing entrepreneurs yesterday said they can raise their annual exports by more than 40 percent to $1 billion within 2021 through adoption of advanced technology. Shipment by the agricultural food-processing sector stood at around $700 million in the last fiscal year. The agro-food processing sector needs to adopt advanced technology to fulfill the plan of exporting products worth $1 billion a year. The Bangladesh Agro-Processors’ Association (Bapa) and Rainbow Exhibition & Event Management Services Ltd (Reems) jointly organised the briefing. Two concurrent expositions – the 9th Agro Bangladesh Expo 2019 and the 6th Rice & Graintech Expo Bangladesh – would also take place in the same venue. The exposition aims at creating a bridge between the local market and the international market and familiarising local entrepreneurs with modern technologies and products. A total of 234 agro-processors, technology providers, financial institutions, and many other related companies from 15 countries will exhibit their products and services at the three-day fair, which is open to visitors from 11:00am to 7:00pm.
Prime Bank holds School Banking Conference
Prime Bank Limited organised ‘School Banking Conference 2019’ at Joypurhat recently, as the lead bank. Mohammad Jakir Hossain, Deputy Commissioner, Joypurhat attended the programme as the chief guest, while Mohammad Salam Kabir, Superintendent of Police, Joypurhat and Rashida Begum, Deputy General Manager, Bangladesh Bank (Bogura) were present at the conference as special guests. The main objective of the programme, under the supervision of Bangladesh Bank, was to let the students know about “Savings, creating savings mentality and growing up with a positive view of savings. The conference was attended by 19 commercial banks, along with students and teachers of 19 schools of the district.
Standard Bank to issue Perpetual Bond worth Tk 5.0 billion
Standard Bank will raise a capital worth Tk 5.0 billion through issuance of perpetual bond as additional tier-I capital. The company’s board of director has taken the decision of raising capital through the bond, according to a disclosure. The company will raise the capital to strengthen its capital base along with supporting the business growth subject to approval from the concerned regulators. Standard Bank, presently an ‘A’ category company, was listed on the stock exchanges in 2003. The company’s sponsor-directors hold 39.63 per cent shares, institutions 21.96 per cent, foreigners 1.26 per cent and general public 37.15 per cent as of October 31, 2019..
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|DSEX||4,722.37456||↑ 0.35479||↑ 0.008|
|↓ 102.20||↓ 0.36%|
|FTSE100||7,323.80||↑ 16.10||↑ 0.22%|
|Nikkei 225||23,116.40||↓176.25 ||↓ 0.76%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 55.18 ||↓ 0.03||↓ 0.05%|
|Crude Oil (Brent)||$ 60.86||↓ 0.05||↓ 0.08%|
|Gold Spot||$ 1,474.25||↓ 1.79||↓ 0.12%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.1016|
|GBP 1||BDT 107.534|
|EUR 1||BDT 92.0331|
|INR 1||BDT 1.15804|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<