Dhaka, Bangladesh (BBN) - The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
New strategy to cut bank borrowing
The government considers amending the Bangladesh Coinage Order, 1972 with a view to transforming the notes and coins of taka-five denomination into government currency, officials said. If amended, the Ministry of Finance (MoF) believes this will help the government cut bank borrowing gradually to Tk 8.0 billion (800 crore). At present, the MoF issues Tk 1.0 and Tk 2.0 coins and notes. These government currency notes carry the finance secretary's signature. On the other hand, the notes of taka-five denomination and above are issued by the central bank with the governor's signature there.
State banks continue to top default charts
State banks continue to top the default charts, with one bank even having 57 percent of its outstanding loans as bad loans, according to the data disclosed by Finance Minister AMA Muhith in parliament yesterday. Muhith presented the default loan data when lawmakers quizzed him about it during a question-answer session. At the end of March, BASIC Bank had the highest default loan ratio among the five state-owned commercial banks.
India raises minimum export price of onion by $175 a tonne
With indications of substantial damage to the onion production during rabi season, which may impact domestic supply, the Indian government on Friday increased the minimum export price of the key kitchen item from $250 (Rs 15,900) per tonne to $425, reports Times of India. Meanwhile, the Cabinet is likely to take a decision this week on whether government will extend the deadline for enforcing the stock limit norms beyond July 2.
Govt deposits 1,794kg sized gold to Bangladesh Bank
The government has deposited to the Bangladesh Bank (BB), the country’s central bank, nearly 1794 kilograms of gold seized in last five years. “A total of 1793.72 kg of gold seized on various occasions in the last five years were deposited with the central bank,” Finance Minister AMA Muhith told Parliament on Saturday while replying to a starred question from Jatiya Party MP MA Hannan (Mymensingh-7).
Special cell to track money laundering
The government is set to form a special unit to gather information on the amount siphoned out of Bangladesh and scrutinise the income of dual citizens as part of its crackdown on money launderers. Money laundering is a serious risk to economic progress, Finance Minister AMA Muhith said in parliament yesterday. To curb money laundering, the National Board of Revenue's intelligence and investigation are being backed by internal and international information, he added.At present, the government has no mechanism in place to find out the amount of money that is being laundered every year.
Rain renders life, business crippled
Intermittent heavy rain crippled life and business across the country while flashfloods left many virtually marooned in coastal belts and low-lying areas around the capital for the last few days. Reports say at least 10 lives were lost in sudden flood onslaughts and landslides triggered by downpour in seaside Cox's Bazar and Bandarban hill district. As the heavens opened, sending down incessant and intermittent rain, a damper was cast on Eid shopping in the capital as well as across the country.
Dhaka to sign AIIB deal tomorrow
State Minister for Finance and Planning MA Mannan has expected that the big contributors won’t control the policy of the proposed Asian Infrastructure Investment Bank (AIIB) like other global lenders – World Bank and International Monetary Fund. He expressed his optimism while talking to the Dhaka Tribune yesterday just before his departure for China where he is scheduled to sign the China-initiated AIIB deal tomorrow as a founding member of the bank. Criticising one of the global lender, Mannan said, “The management of that particular multilateral bank always appoints managing directors from a certain country. I hope that it won’t be repeated in case of AIIB.”
Bangladesh Bank purchases $84m more from 7 banks
The central bank of Bangladesh purchased US$ 84 million more from seven commercial banks on Thursday aiming to help keep the inter-bank foreign exchange (forex) market stable. “We’re purchasing the US dollars from the banks at market rate to protect the interest of the exporters and migrant workers by keeping the exchange rate of the local currency against the greenback stable,” a senior official at the Bangladesh Bank (BB) told BBN in Dhaka. The US dollar was quoted at BDT 77.80 in the inter-bank forex market, unchanged from the previous level, market operators said.
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