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.
Imports to be costlier
The gap between buying and selling rates for US dollar has recently widened to Tk 1.50 from Tk 1, in a development that has made imports costlier and can go on to create inflationary pressure and squeeze the foreign exchange reserves. For years, the gap has been Tk 1 a dollar as per the instruction of the central bank, according to data from the Bangladesh Bank and Bangladesh Foreign Exchange Dealers’ Association.
BB resumes selling US dollar to keep market stable
The central bank of Bangladesh has resumed its foreign exchange support through selling the US dollar to the commercial banks after a month interval aiming to keep the market stable, officials said. As part of the move, the Bangladesh Bank (BB), the country’s central bank, sold US$ 20 million at market rate to two commercial banks directly Thursday to meet the growing demand for the greenback.
Imports hit record $44b in FY17 despite sluggish exports
Country’s import payments hit an all-time high in the recently concluded fiscal year (2016-17) due to large payments for capital machinery imports, arousing suspicion that money were laundered in the process as the growth came against the backdrop of a dull investment situation in the country. The settlement of letters of credit, or actual import payments, increased by 10.47 per cent in FY17 against the 4.22-per cent rise registered in FY16.
Export target set at $41bn for FY2017-18
The Bangladesh government has set its export target at $41 billion, with a growth target of 7.87%, riding on apparel products, for the FY2017-18. Of the amount, $37.50 billion is expected to come from the manufacturing sector, including the RMG sector, while $3.50 billion will come from the service sector, including computer services. Commerce Minister Tofail Ahmed made the announcement at his office in the capital on Sunday. Commerce Secretary Shubhashish Bose was also present during the meeting.
Bangladesh’s stocks down for second day
Bangladesh’s stocks extended losing streak for the second day in a row on Sunday with lower turnover as investors were mostly cautions amid ongoing earnings declaration session. Dealers said a section of investors preferred to book quick-gain while some were busy with rebalancing their portfolio amid ongoing earnings declaration session, taking the market to the red zone for second day.
NBR to bring changes to VAT software
The National Board of Revenue is planning to bring changes to the VAT software so that firms can submit returns online in line with the VAT Act 1991, said a senior tax official yesterday. Provisions for multiple rates of VAT, apart from the standard 15 percent VAT on goods and services, will be incorporated into the Integrated VAT Administration System (IVAS) software that is being developed to digitise the revenue administration.
BTRC recommends drastic hike in ISP licence fees
Bangladesh Telecommunication Regulatory Commission initiated a move to increase the licence acquisition fees of internet service providers drastically following an instruction from the post and telecommunication ministry. Internet service providers said that increasing licence fees would benefit heavyweight investors in the ISP business, while small area-based ISPs might fail to continue business due to imposition of such high licence fee and annual fee.
One million tourists remains a pipe dream for Bangladesh
The government of Bangladesh declares 2016 as tourism year and set a target of one million tourists visiting the country. But uncoordinated initiatives and the threat of militancy struck forced the idea down. The government did not disclose the number of foreign tourists in 2016, another sign of how far off the target the actual numbers were.