No liquidity crisis in banking sector: governor
The banking sector has enough liquidity now, which is a matter of great comfort for the financial sector. Now the banks need to concentrate more on establishing a better corporate culture, which is a continuous process. The banking regulator cannot develop a corporate culture in banks through rules and regulations. Banks have to practise it. Al-Arafah Islami Bank announced that it had allotted Tk 4 crore for distribution among 800 students in total, each receiving Tk 44,000 a year for three to five years. Any student can apply for the stipend after passing higher secondary education. The relaxation of the cash reserve requirement by Bangladesh Bank in April pumped up Tk 20,600 crore in the banking system in June. Banks were sitting on an additional liquidity of Tk 97,500 crore at the end of June, up from Tk 76,900 crore in March. The bank has kept its default loan rate at 5 percent, which is satisfactory compared with the industry average of above 10.4 percent. But the bank’s credit growth is higher than those of deposits, which should be balanced, he suggested. Proper macroeconomic management helps the macroeconomy to remain stable. The banking sector’s CSR expenditure increased around 20 times to Tk 1,049 crore in June this year, up from Tk 55 crore in 2009, the governor said. “It’s a good sign for the banking sector.
Banks, FIs should strengthen CSR activities
Bangladesh Bank (BB) governor Fazle Kabir on Saturday called upon the country’s commercial banks for strengthening corporate social responsibility (CSR) activities to create skilled human resources. He said the country, which recently became eligible to graduate from LDC (least developed country) status, needs to overcome too many social and economic challenges for successful transition in the next 6 years. Suggesting banks and financial institutions (FIs) for coming out of the normal banking activities, he said income earnings or capital raise for development works will not be enough for achieving the goal. A total of 200 poor but meritorious students were awarded scholarship for their outstanding performances in the HSC (higher secondary certificate) examination-2018. Sharing the journey of the bank since 1995. AIBL is the first Islami bank in Bangladesh that is rated as B1 by credit rating agency Moody’s,” he added. According to the AIBL statistics, total deposit of the bank stood at Tk 280 billion with investment portfolio of Tk 260 billion and remittance earning worth Tk 40 billion.
Effective supply chain management can reduce cost of doing business
Inadequate infrastructure, delay at ports and limited access to finance are key barriers to improvement of supply chain management (SCM) in the country, speakers said at a roundtable on Saturday. Poor adaptation and application of technology by the businesses and paucity of skilled labour force at different levels of supply chain are also responsible for holding back the growth of local enterprises, they observed. The observations came at a roundtable titled ‘Challenges and Prospects of SCM in Bangladesh’ jointly organised by IPDC Finance Limited and Bangla business daily Banik Barta at a city hotel. IBM Blockchain Leader Mr Chandanani emphasised the importance of introducing Blockchain system in supply chain for making the business credible through transparent and rating-based operation. Blockchain is an open and cloud-based distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. bKash head of supply chain, procurement, media & digital buying Md Rashedul Alam stressed the need for introducing and popularising academic courses on SCM to meet the growing demand for professionals in the sector. Reckitt Benckiser Bangladesh head of supply service Zia Uddin said e-commerce or IT-based companies will hit hard the traditional supply chain system in the country shortly. The staggering recent growth of such start-ups is strong evidence to the assumption.
NBR sets Dec 02 as new tax return deadline
The individual taxpayers now will be able to submit their income tax returns until December 02 as the last date of return submission on November 30 is a weekly holiday. The last date for submitting income tax returns was November 30.
Workshop on Credit Management
Bangladesh Bank Governor Fazle Kabir along with the bank’s senior executives inaugurating a two-day ‘Workshop on Credit Management’ organised by State Bank of India Bangladesh Operations at its new country office at Gulshan in the city recently.
MTB inks deal with bKash
Anis A. Khan, Managing Director & CEO of Mutual Trust Bank Ltd. (MTB), and Kamal Quadir, Chief Executive Officer of bKash Limited, exchanging an agreement on behalf of their respective entities at a simple ceremony held at MTB Centre, the bank’s Corporate Head Office at Gulshan in the city recently. The agreement allows fund transfer by customers from MTB accounts to bKash accounts and vice versa. The deal also facilitates bKash customers to withdraw cash from any of the MTB ATMs across the country as well as MTB credit cardholders to pay their credit card bills using bKash account.
Spend more on digital marketing
Companies and brands should spend more on digital marketing to generate greater influence in the market. Companies in Bangladesh are only scratching the surface of a broader digital ecosystem, they said, stressing the need for digging deep to help flourish business. Experts were speaking at Digital Marketing Summit 2018 at Le Meridien Dhaka. Agencies concerned have to play a role to make the top management of the companies understand the importance of such marketing. Local conglomerate Meghna Group of Industries presented this year’s summit which was attended by around 400 professionals and experts from home and abroad. The daylong summit with the theme “’delving deep into digital’” was powered by Content Matters and organised in association with leading English newspaper The Daily Star. The summit was followed by the second digital marketing awards in the evening, when 78 best digital works were awarded in 16 categories. Bangladesh Brand Forum received a total of 456 nominations for the awards.
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)||$ 50.42||↓4.21||↓7.71%|
|Crude Oil (Brent)||$ 58.80||↓3.80||↓6.07%|
|Gold Spot||$ 1,223.05||↓5.59||↓0.45%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.8750|
|GBP 1||BDT 107.4774|
|EUR 1||BDT 95.0975|
|INR 1||BDT 1.1864|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.