An apparel factory in Bangladesh. Photo: BBN
Dhaka, Bangladesh (BBN) - The BBN (Bangladesh Business News) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Apparel exports saved by sturdy dollar
The favourable US dollar-taka exchange rate has lent a helping hand to apparel exporters in the outgoing calendar year, cushioning the fallout from the uncertain political climate in the Western world. In the first 11 months of 2017, Bangladesh exported garment items worth $26.40 billion, up 1.38 percent year-on-year, according to data from the Export Promotion Bureau.
Farmers Bank going the way of Oriental
Farmers Bank Limited, which critics say received approval because of political considerations, is now apparently going the way of private Oriental Bank. The bank has not received deposit of a single taka in the last one month. On the contrary, depositors withdrew deposits of over Tk1200 crore in the last few days, precipitating a financial crisis inside the bank.
Banks’ excess liquidity shrinks as cheaper credits fare well
The overall excess liquidity with the commercial banks fell substantially in November this year mainly due to higher credit growth, particularly in the private sector. Officials said the central bank also sold significant amount of US dollar in the recent months, contributing to help the commercial banks reduce their liquidity.
RMG wage board formation likely next week
The government may form by the next week the minimum wage board for reviewing the wages of the country’s readymade garment workers as the labour ministry is scheduled to hold a meeting tomorrow to finalise the decision. RMG factory owners and workers’ organisation have already sent names of their representatives to the ministry for the board.
Negotiations on with foreign firms for fuel import
Government's petroleum agency began negotiations with term suppliers of petroleum to import around 1.30 million tonnes of diesel, jet fuel, furnace oil and octane for the first half of next year. Officials said the state-run Bangladesh Petroleum Corporation (BPC) would fix premium rates to import the refined petroleum products from the suppliers during the January-June (H1) period of 2018.
BTRC to scrutinise overseas VASP activities
Bangladesh Telecommunication Regulatory Commission has initiated a move to scrutinise activities of all overseas telecom value added service providers including Indian Hungama (Bangladesh) Pvt. Limited with emphasise on the VAS provider’s fund repatriation from the country. The move of the telecom regulator came following repatriation of around Tk 13 crore by Hungama, a fully owned overseas entity incorporated in Bangladesh in the year 2010, from Bangladesh against its investments of only Tk 2 lakh in the country.
Only 5% budget deficit met in four months
The government has been able to meet only 5% of the budget deficit in the first four months of the 2017-18 fiscal year, official data show. This fiscal’s estimated deficit is Tk1,12,276 crores. Of the amount, Tk5,610 crores are surplus due to low expenditure in the July-October period. During the same period last fiscal, the deficit surplus was Tk1,393.3 crores.
City Bank raises $26m for Doreen Power
City Bank has recently arranged $26 million in funds for Doreen Group to help it set up a 53.9-megawatt heavy fuel oil-based power plant in Munshiganj. AKA Bank and Commerzbank of Germany provided the export credit agency-backed financing through City Bank to implement the project, Banco Energy Generation Ltd.
BBN/SSR/AD