Dhaka, Bangladesh (BBN)- Bangladesh’s economy will grow between 5.6 percent and 5.8 percent in the fiscal year (FY) 2013-14 if there is no major supply disruption and political uncertainty in the next half of the current fiscal year, the Centre for Policy Dialogue (CPD) predicted on Saturday.
The first phase of Biswa Ijtema, the second largest congregation of the Muslims after Hajj, ends today with Akheri Munajat or the concluding prayer in Tongi on the outskirts of the capital. The Akheri Munajat would be offered sometime between 12:30pm and 1:15pm before Johr prayers, said the organisers of the gathering. Maulana Zubairul Hasan of India is expected to lead the prayer, they added.
The average losses incurred by a garment factory due to the most recent spell of shutdowns and blockades would cross $600,000, the Centre for Policy Dialogue said yesterday. The think-tank came to the inference based on the findings of an impact assessment survey conducted by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) on 42 units between December 1 last year and January 11.
Global freight forwarder and logistics services provider Damco has sought policy support from the Bangladesh Bank (BB) for resolving payment problems centering its sea-air shipment business. The Danish company has also requested the central bank to allow settlement of its overseas obligations in US dollar instead of Bangladesh Taka (BDT).
Leaders of both the major rival political alliance, led by the ruling Awami League and the Bangladesh Nationalist Party have submitted nomination for the forthcoming elections to upazila councils. The BNP-led alliance earlier boycotted the national elections, held on January 5, rallying for an election-time, non-party administration.
Nationwide shutdowns and blockades in the last six months have cost transport, garment, agriculture and tourism sectors a combined Tk 49,017 crore, the Centre for Policy Dialogue said yesterday.The loss is equivalent to 4.7 percent of the gross domestic product (GDP) of fiscal 2012-13, said CPD Distinguished Fellow Debapriya Bhattacharya at the launch of the think tank’s Analytical Review of Bangladesh’s Macroeconomic Performance in FY2013-14 study.
Dhaka and Yangon have agreed to sign accords on food grain export and investment promotion and protection during the recently held joint trade commission meeting in the Myanmar capital. Both sides also agreed to sign instruments on amended agreement to coastal and maritime shipping and finalisation of the standard operating procedures on shipping lines soon.
Dhaka Stock Exchange has decided to reduce the trading settlement period by a day, starting next month, in a bid to boost market activities. At present, the buyer must make payment and the seller must transfer ownership of the stock to the buyer within three days after the trade was made. From next month, the transaction obligations must be completed within two days of the transaction date.
Bangladesh Bank has decided to formulate a cost model to determine the pricing of mobile financial services in the country after the telecom regulator came up with a directive on the matter. The decision came following a meeting between the BB and the Bangladesh Telecommunication Regulatory Commission on January 16 for deciding the regulatory periphery to settle the issue. On December 26, 2013 the BTRC had issued a slab-based maximum charge directive on mobile banking which sparked controversy of overlapping the regulatory periphery.
International Apparel Federation (IAF) has been granted an EU funded project together with its two association members BKMEA (the Bangladesh Knitwear Manufacturers and Exporters Association) and HCIA (the Hellenic Clothing Industry Association).
Some leaders of the shipbuilding industry have demanded of the government to immediately endorse the drafted policy and act for the sector, facilitating it to capitalise on its tremendous prospects locally and globally.
The government has prepared the draft of rules to implement labour laws and has given one month’s time to the stakeholders including owners and workers for their opinions, sources said. The first meeting of the committee headed by Labour Secretary with representatives from the government, employers’ federation, apparel apex bodies-BGMEA and BKMEA-and labour organisations was held on January 23 when the draft was shared with them, they added.
Daily Indicators
Thursday Previous
Inter-bank US$-BDT rate 77.75 77. 75
Inter-bank call money rate 5.50 – 8.00 5.50 – 8.00
Call turnover (in billion) N/A 83.7550
DSE general index 4,702.66 4,640.56
DIBOR N/A 7.1075
Special REPO (in billion) 1.05 1.05
ALS to PDs (in billion) 3.85 2.60
Forex reserve (in billion) $17.87 $17.83
More data like weekly, monthly, quarterly and annually are available to registered users only. Please contact us sending e-mail [email protected] for subscription.
BBN/SSR/AD-26Jan14-9:09 am (BST)
