Forex dealers call for cautious LC opening
Bangladesh Foreign Exchange Dealers’ Association (BAFEDA) will urge its member banks to be cautious about opening letters of credit (LCs) for import, considering the overall forex market situation. The demand for the US dollar is increasing gradually, mainly due to higher import payments, particularly those of petroleum products and capital machinery. The US dollar was quoted at Tk 83.83 each in the inter-bank forex market on Sunday unchanged from the previous level. On the other hand, the central bank has continued its foreign currency support to the banks for settling import payment obligations, particularly of fuel oils and capital machinery for power plants. As part of the move, the central bank sold US$ 24 million directly to the banks last week to meet the growing demand for the greenback in the market. A total of $277 million has been sold to the commercial banks since July 01 of the current fiscal year (FY) as part of its ongoing support
BSECL to make smart prepaid meters
A joint-venture smart prepayment meter-manufacturing firm-Bangladesh Smart Electrical Company Ltd (BSECL)-was established on Sunday. State-run West Zone Power Distribution Company Ltd (WZPDCL) and Chinese Hexing Electrical Company Ltd (HECL) floated the company. The WZPDCL will have a 51 per cent stake and the HECL a 49 per cent stake in the joint venture. The authorised capital of the BSECL will be Tk 500 million and the paid-up capital Tk 286 million. At the event, Mr Hamid laid stress on the modernisation of power distribution and transmission companies to provide better services for consumers. He welcomed the WZPDCL initiative to manufacture prepayment meters and urged others to follow suit to cater to the growing needs of the country.
Stocks feeling the election nerves
Last month’s disclosure of record GDP growth in fiscal 2017-18, higher government spending, the entry of a Chinese consortium into the Dhaka Stock Exchange and the easing up of liquidity crisis have all failed to jumpstart the market, which has been sluggish since the turn of the year. The DSEX, the key index of the DSE, tumbled over 50 points yesterday to close at 5,331. Turnover stood at Tk 439 crore, down 7.7 percent from the previous day and about 50 percent from a month ago. Meanwhile, IDLC Securities said yesterday’s fall was driven by a decline in energy, food, engineering and textiles stocks. ICB is in a tight position as it is yet to get the funds from selling a bond worth Tk 2,000 crore. KPCL, which declined 7.2 percent in value, was the most traded stock with its transaction of Tk 26.6 crore. Losers beat gainers clearly as 259 stocks declined, 49 advanced and 35 finished unchanged on the DSE. Three companies recommended dividends on the day: state-owned power entity DESCO announced 10 percent cash dividend, MI Cement 15 percent cash dividend, and Rahim Textile Mills 20 percent cash and 10 percent stock dividend for the year that ended on June 30, 2018.
Nagad to make MFS sector lopsided
The disproportionately higher transaction limits of Bangladesh Post Office’s digital financial service platform Nagad have raised the eyebrows of private sector players. Through Nagad, a customer will be able to make 10 transactions a day amounting to Tk 250,000 and send Tk 50,000 in one transaction and the numbers will remain the same in case of money withdrawal also. In contrast, by way of two transactions the cash-in limit is Tk 15,000 and for withdrawal it is Tk 10,000 a day for the existing mobile financial service provider’s bKash, Rocket and UCash. Through Nagad, a person can send Tk 250,000 a day while it stands at Tk 10,000 for the existing MFS providers. Although launched officially in Dhaka yesterday on a test basis, Nagad has been running in other cities since last week. The platform has already logged in 87,000 customers. As of August, there are 6.47 crore active MFS accounts in the country, which have transacted Tk 34,399 crore during the month, according to data from the BB.
Int’l expo on water tech begins Thursday
A three-day international exposition on water, wastewater technologies and solutions will begin in Dhaka on Thursday. In partnership with Local Government Division, the Conference and Exhibition Management Services Ltd (CEMS) will organise the “2nd Water Bangladesh International Expo 2018” in the capital’s International Convention City Bashundhara.
Tourism fair begins in Ctg Oct 25
A three-day international tourism fair—Chittagong Travel Mart-2018—is scheduled to start in Chattogram on October 25. The Bangladesh Monitor, a travel fortnightly, is organising the 10th edition of the event at The Peninsula Chittagong. Some 20 organisations, including airlines, tour operators, hotels, resorts, amusement parks and other tourism related service providers, will showcase their products and services. US- Bangla Airlines, Regent Airways, Air Arabia, Be Fresh, Ocean Paradise Hotel and Resort, Bangkok Hospital, Flamingo Tours and Travel and other local and foreign companies will participate in the event. The fair will remain open for the visitors from 10.30am to 8pm every day from October 25-27.
Commercial sheep rearing expanding
Many poor, ultra-poor and unemployed people become self-reliant by rearing sheep in Tangail district. A sociologist urged the village people to boost commercial sheep rearing. A expert of district livestock office sources said the sheep in one and the same things it would meet nutritional demand besides providing valuable wool for wool based textile. Whereas comparably it is found that the sheep rearing is more profitable that is why wide ranging of commercial sheep farming may bring a social revolution to solve the economic problem of our poor, ultra poor and un-employed people. There are a total 420 enlisted sheep farms are here in all the twelve upazilas of the district. A total of 81,750 sheep are being reared at those farms.
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)||$ 69.38||↑0.26||↑0.38%|
|Crude Oil (Brent)||$ 80.00||↑0.22||↑0.28%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 85.1084|
|GBP 1||BDT 111.2452|
|EUR 1||BDT 96.0023|
|INR 1||BDT 1.1609|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.