Good morning. Here's what happened overnight and what you need to know today.
1.
Islamic Banks Deposits Rise: Bangladesh’s Islamic banking sector registered growth in deposits in June although several Shariah-based lenders are facing widespread scams and irregularities. In June, total deposits with Islamic banks increased by Tk 11,625 crore, or 2.71 percent, to Tk 440,427 crore from that in the previous month, according to a Bangladesh Bank report released on Monday. (The Daily Star)
2.
Foreign stock investors rebound: After years of a continued meltdown, foreign investor participation in Bangladesh's capital market has made a visible comeback following the end of Sheikh Hasina's 15-year rule through her ouster. According to data from the Dhaka Stock Exchange (DSE), during the first half of August, stock trading by foreign investors surged by 501%, reaching Tk404.82 crore. A year ago, from 1 to 15 August, foreign turnover at the country's premier bourse was only Tk67.31 crore. (The Business Standard)
3.
Dhaka expressway fetches Tk 1.04b: Dhaka Elevated Expressway (DEE), the country's first road-access-control infrastructure, celebrated one year of inauguration on Tuesday, recording 12.7-million traffic during the period with domination of the lowest-toll-charged vehicles. According to data, Tk 1.04 billion was collected in tolls for using the 11.5-km DEE since its opening on 03 September 2023. However, 98 per cent of the tolls came from private cars and microbuses which pay Tk 80 for using the expressway from any of the six entrance points. (The Financial Express)
4.
Extension of Cross-Border Diesel Pipeline Comes to a Halt: India's plan to extend a cross-border diesel pipeline from Dinajpur's Parbatipur upazila to Natore will apparently see delayed implementation for the ongoing political crisis, according to the Bangladesh Petroleum Corporation (BPC) and an Indian media outlet. Inaugurated in March last year by former prime minister Sheikh Hasina and her Indian counterpart Narendra Modi, the pipeline stretches from Siliguri in West Bengal to an oil depot in Parbatipur. (The Daily Star)
5.
Bangladesh’s NPLs at all-time high of Tk 2.11t: Classified or non-performing loans (NPLs) in Bangladesh's banking sector hit an all-time high at Tk 2.11 trillion in the first half of the current calendar year. The first half (H1) volume of non-performing loans (NPLs) jumped by more than 45 per cent or Tk 657.58 billion to Tk 2113.91 billion as on June 30 from Tk 1456.33 billion six months before, according Bangladesh Bank's latest statistics, released on Tuesday. The actual amount of defaulted loans in banks is significantly higher than reported, the central bankers said, adding that some banks themselves had kept this information concealed, but it is now starting to come to light. (Bangladesh Business News)
---Saju Sarker
BBN/SSR/AD