TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK
TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK
TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK
Rate last updated: 02/01/2014 11:15:04 AM
The central bank has strengthened its foreign currency support to the commercial banks for settling import payment obligations, particularly of food grains and fuel oils. As part of the move, the Bangladesh Bank (BB) sold US$ 15 million directly to two commercial banks on Monday to meet the growing demand for the greenback in the market. “We’ve sold the US currency to the banks at market rate on the day for making their import payment bills,” a BB senior official told the FE. A total of $110 million was sold to the banks between October 01 and October 16, he added. However, the exchange rate of Bangladesh Taka (BDT) depreciated by two paisa against the US dollar on the day mainly due to higher demand for the greenback in the market. The US dollar was quoted at Tk 80.82 each on Monday against Tk 80.80 of the previous working day, according to the market operators. Meanwhile, the central bank advised the banks, particularly the foreign commercial banks (FCBs), to act carefully for ensuring the country’s foreign exchange (forex) market stability.
Many willing savers find it difficult to invest in the state-run savings instruments reportedly for inadequate supply of such investment-documents at designated selling points, sources said. Some of them blamed such a situation on apathy among a section of officials and bankers in selling the savings certificates and a sort of ‘unofficial restraint’ on part of the government amid a surge in such secure investment. Talking to the FE, some savers said either they had to face immense difficulties or tried in vain to purchase their desired savings tools from banks for short supply. One investor, preferring anonymity, said after having tried several days, he managed to buy a three-year savings certificate as the bank branch failed to supply his desired one – ‘family savings’ certificate. Almost same is the situation with the post offices, investors concerned said. Currently, savings certificates are sold through the central banks, commercial banks, post offices and the Department of National Savings (DNS). Officials at some commercial bank branches, however, admitted that the supply crunch of some particular instruments, specially the Family Savings one, occurred sometimes because of their high demand. An official at Agrani Bank, however, said: “Some people are unable to purchase savings certificates from our branches as we usually sell the same to those who have accounts with us.” Echoing the same tone, an official at the Bangladesh Bank (BB) said sometimes supply of some particular savings certificates, especially those in high demand among investors, becomes scarce for the time being. He further said that, apart from selling the state-run savings instruments itself, the central bank also distributes those to other banks for sale as per their official allotments.
Bangladesh Bank has raised the limit on the amount of Bangladeshi currency a traveller can carry while departing for and returning from abroad to facilitate travellers meeting their transport-related expenses. The central bank’s circular issued on Sunday said that the passengers leaving and returning to Bangladesh would be allowed to carry Tk 10,000 each instead of Tk 5,000 without making any announcement. A BB senior official said that carrying Tk 5,000 was found inadequate to meet immediate travel costs after arriving in the country. Besides, exchanging other currencies into Bangladeshi currency is sometimes troublesome for anyone just after arriving in the country, the official said.
Income tax collection from the large corporate taxpayers posted 20.55 per cent growth in the first quarter of the current fiscal year (FY) largely because of higher financial contribution of the commercial banks, officials said. With the impressive growth of private sector credit and higher imports, they said, the operating profit of the banks registered substantial increase in the July-September quarter. The Large Taxpayers Unit (LTU) under the income tax wing of National Board of Revenue (NBR) collected Tk 32.20 billion in income tax during the period as compared to Tk 26.71 billion in the same period last year, NBR sources said. Around 60 per cent of the LTU’s total income tax collection comes from the commercial banks while the LTU contributes one-third of the country’s total income tax collection. Industrial imports increased by 26 per cent in July-August period of the current FY, banking sources said, while different infrastructure development works leading to the growth in imports. Bankers said capital machinery and food grains were also imported substantially in the two months of the fiscal, contributing to the revenue earning of the commercial banks through fees, charges, commission etc.
Both trading volume and turnover in Dhaka Stock Exchange crashed to a four-month low yesterday, plunging thousands of retail investors into sudden uncertainty. Compared to the previous session, the turnover fell 19 percent to nearly Tk 503 crore, which is the lowest since June 18 and less than half of the turnover of Tk 1,092 crore recorded on October 11. The trading volume has also gone down to only 14.08 crore, the lowest since June 13. Merchant bankers and stockbrokers said many investors were inactive and remained on the sidelines to safeguard their position.
Source: http://www.thedailystar.net/business/dse-turnover-hits-four-month-low-1477612
BRAC Bank Limited recently signed a partnership agreement with Bangladesh Institute of Bank Management (BIBM), said a statement. Ms. Bilquis Jahan, Head of Human Resources, BRAC Bank, and Dr. Shah Md. Ahsan Habib, Professor & Director (Training), BIBM, signed the agreement on behalf of their organizations. Under the agreement, BRAC Bank will partner the key banking publications of BIBM. The publications are — Trade Services of Banks in Bangladesh (A Compilation of Selected Studies by BIBM), Green Banking in Bangladesh (Environmental Risk Management in Banking), Banking Review Series (A Compilation of the Review of Banking Activities every year), Proceedings of annual banking conference (An Annual Publication), Trade Services & Operations for Bankers, Traders & Credit Services and Operations for Bankers & Businesses.
Source: http://today.thefinancialexpress.com.bd/stock-corporate/brac-bank-signs-deal-with-bibm-1508170156
The revenue authority has eased the provision of physical inspection for export consignments until June 2018 to clear a backlog of 2,300 applications submitted mainly by jute and leather exporters for duty drawback of raw materials. In an order, the National Board of Revenue recently said the applications for duty draw back could be settled upon confirmation of exports based on documents such as proceed realisation certificates and without physical inspection report. “We welcome the step. This will be helpful for us to get duty drawback,” said Md Shaheen Ahamed, chairman of Bangladesh Tanners Association (BTA).
Source:
http://www.thedailystar.net/business/rules-relaxed-duty-drawback-1477615
http://www.newagebd.net/article/26304/nbr-relaxes-inspection-of-export-consignments-till-june-18
Experts called for making Regulatory Impact Assessment Policy to reduce unpredictability of rules and regulations that stymies investment and innovations in the country. Conducting a regulatory impact assessment before introducing any new regulations would help reduce the possibility of introducing poor-quality regulations and thus reduce the risk of inconsistent legislation, they said at a roundtable on ‘Regulatory Unpredictability in Bangladesh’ organized by Policy Research Institute in Dhaka Monday. “Regulatory unpredictability is a major issue that comes in the way of private-sector development in Bangladesh,” said Dr. Ahsan H Mansur, Executive Director of PRI, in his keynote presentation. “Regulatory unpredictability increases the cost of doing business, reduces productivity, discourages both foreign and domestic investment and causes uncertainty with regard to economic and investment decisions,” he added. While identifying the sources of regulatory unpredictability, Dr. Mansur noted that rules and regulations are often announced without prior notice, consultation or impact assessment. He also pointed that inadequate coordination between government agencies leads to conflicting rules and regulations.
A visiting Accord delegation has started reviewing its ongoing safety related activities and the possible extension for three additional years, persons familiar with the situation said. The delegation comprising representatives from global apparel brands including H&M, and rights groups would sit with the government and other partners on October 19 to discuss the tenure expansion issue, they said. As part of the consultation, the delegation on Monday held meeting with the leaders of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) at its head office in Dhaka. “We discussed the long-pending issues related to ongoing safety activities including termination of all factories of a group due to the non-compliance in a single unit, certification after completing initial CAP (corrective action plan),” Md Siddiqur Rahman, president of the BGMEA told reporters.
Source:
http://today.thefinancialexpress.com.bd/trade-market/accord-team-to-push-for-tenure-extension-as-talks-open-thursday-1508170799
http://www.newagebd.net/article/26306/accord-wont-cut-ties-with-all-units-of-a-group-for-safety-faults-at-1-unit
The overdependence on Indian cotton is becoming a cause of concern for local spinners as India itself is turning into a major cotton consumer with an increase in its export of apparel items, industry insiders said. Currently, Bangladesh imports more than 60 percent of its required cotton from India, the single largest source of the raw material for the country. “The overdependence on Indian cotton is a cause of concern for us. We should think of alternatives,” said A Matin Chowdhury, managing director of Malek Spinning Mills Ltd, one of the major local cotton importers in Bangladesh. Bangladeshi spinners import cotton from India because of shorter lead-time, which is very necessary for the garment business in the present context of fierce global competition, Chowdhury said.
Source: http://www.thedailystar.net/business/spinners-rely-too-much-indian-cotton-1477609
Energypac Power Generation, a leading power engineering company, will raise a capital worth Tk 1.50 billion under the book building method to expand its Liquid Petroleum Gas (LPG) project. As part of raising capital, the company held an IPO (initial public offering) road show on Sunday at a city hotel in the capital Dhaka. The company initially already started commercial operation of LPG plant set up at Dacope Upazila in Khulna district through 0.5 million gas cylinders named ‘G-Gas’. Of Tk 1.50 billion, which will be raised through IPO, Tk 1.0 billion will be utilised to expand the company’s LPG project and Tk 480 million will go for repayment of bank loan. The company said they have been conducting PL gas distribution service through 12 distribution networks and more than 300 distributors across the country.
Source: http://today.thefinancialexpress.com.bd/stock-corporate/energypac-power-to-raise-tk-150b-1508170359
Investment in energy-efficient production technologies pays off in due course — be it in terms of lower electricity and water bills or lesser carbon emissions. Take the case of DBL Group, one of the leading garment exporters in Bangladesh, which embraced green methods in a big way and is now reaping the benefits. Between 2013 and 2014, the company invested $2.4 million to upgrade its facilities, and got the returns within six months, according to its Managing Director MA Jabbar.
Source: http://www.thedailystar.net/business/dbl-group-championing-green-production-methods-1477384
The Cabinet on Monday approved the draft of the ‘Health Development Surcharge Management Policy-2017’, aiming to control tobacco use, prevent non-communicable diseases while creating mass awareness against the bad impacts of tobacco. The approval was given at a meeting of the Cabinet held at the Prime Minister’s Office with Prime Minister Sheikh Hasina in the chair, reports UNB. Briefing reporters after the meeting at the Bangladesh Secretariat, Cabinet Secretary Mohammad Shafiul Alam said a law was already there for controlling tobacco use and the policy had been formulated as a guideline in this regard. Shafiul Alam said that some specific suggestions have been incorporated into the policy regarding tobacco control and its use to establish Bangladesh as a smoking-free country by 2040 as declared by the Prime Minister.
The High Court has ordered mobile operators to stop offering ‘special internet night packages’ for six months amid concerns over Blue Whale, an online suicide game. It was among three instructions provided by the bench of Justice Moinul Islam Chowdhury and Justice JBM Hassan following a writ petition hearing on Monday, reports bdnews24.com. The instructions are: Gateway links to Blue Whale and other suicide games must be closed; all internet night packages that offer special rates from 12am to 6am must be stopped for a period of six months; and a monitoring cell of experts must be formed and the game’s participants must be identified and provided with counselling.
Infozillion BD-Teletech Consortium has been selected finally for awarding a licence to operate the much-awaited mobile number portability (MNP) service amid controversy over the selection process, a senior official of the telecom regulator told New Age on Monday. The latest development came as the post and telecommunications ministry endorsed a BTRC proposal in this regard after getting approval from Prime Minister Sheikh Hasina. The telecom regulator on Monday received a letter from the post and telecommunications ministry in this regard. The endorsement of the telecom ministry came following the BTRC’s proposal under the section 36 of Bangladesh Telecommunication Act, 2001. The MNP service would allow the mobile phone users to change operator without changing their existing number.
State-run Bangladesh Telecommunications Company Limited (BTCL) is set to launch a “triple-play service” providing video and data facilities alongside the voice transmission through a single network, officials said on Monday. “The project is expected to get the ECNEC approval in its meeting tomorrow,” a planning ministry official familiar with the process said. BTCL officials, meanwhile, said the project mainly focused on establishing modern telecommunication facility, expanding tele-density and tele-access as well as information and communication technology services for the people.
| Index Name | Close Value | Value Change | Percentage Change |
|---|---|---|---|
| DSEX | 6,013.84 | ↑4.90 | ↑0.08% |
| DJIA | 22,956.96 | ↑85.24 | ↑0.37% |
| FTSE100 | 7,526.97 | ↓8.47 | ↓0.11% |
| Nikkei 225 | 21,260.89 | ↑5.33 | ↑0.03% |
| Commodity | Close Value | Value Change | Percentage Change |
|---|---|---|---|
| Crude Oil (WTI)* | $ 51.80 | ↓0.07 | ↓0.13% |
| Crude Oil (Brent)* | $ 57.83 | ↑0.01 | ↑0.02% |
| Gold Spot* | $ 1,293.58 | ↓2.21 | ↓0.17% |
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