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.
Government looking into debt records of S Alam Group
The government is looking into the records of loans taken by Chittagong-based business conglomerate S Alam Group, Finance Minister AMA Muhith said on Friday. Speaking to reporters after two meetings on fiscal coordination and budget implementation with officials of several ministries and the Bangladesh Bank at the Ministry of Finance auditorium, the finance minister said: “I think S Alam Group has used the loans they took from banks to take over some of the privately owned banks. We are trying to find out how much debt they owe the banks.”
Dollar continues to get dearer
The US dollar appreciated heavily against the taka over the last seven days despite the injection of $102 million into the market by the Bangladesh Bank during the period. The inter-bank exchange rate of the dollar shot up to Tk 81.70 yesterday from Tk 81.20 seven days back and from Tk 78.63 a year ago, according to data from the central bank.
Surge in default loans 'alarming'
The rise in default loans is "alarming", says a study that favours effective use of audit committees by the private commercial banks and enlargement of their boards with experienced members as a remedy. Doing this, it says, could guarantee sound risk management and help administer the managers in a better way.
Bangladesh plans BDT 4.68 trillion budget for FY 19
The outlay of the budget for the next fiscal year (FY) 2018-2019 could be BDT 4.68 trillion, Finance Minister of Bangladesh AMA Muhith said on Sunday. “We announced Taka 400,266 crore budget for current fiscal. Revised budget for the current fiscal will be Taka 371,000 crore. We’ve projected Taka 4,68,000 crore for the next fiscal,” he told journalists after coordination council meeting and Budget Monitoring and Resource Committee (BMRC) meeting at the Finance Ministry in the capital Dhaka.
BERC fights shy of fixing prices
Bangladesh Energy Regulatory Commission, despite having legal entitlement, appears reluctant to rationalise fuel oil prices while it has been raising prices of electricity and natural gas time and again. After increasing the power prices by 5.30 per cent on an average, its chairman Monowar Islam has told New Age that the commission is not yet capable of doing all its regulatory duties related to fuel oil market.
Amendment mistimed: analysts
The proposed amendment to the banking company act will shrink the size of the board at a time when banks need bigger boards with experienced members for sound risk management, speakers said yesterday. Earlier in May, the cabinet approved a proposal to amend the Banking Companies Act such that four directors from a single family are allowed in a bank's board instead of existing two.
BTRC moves to appoint auditors for Banglalink, Airtel
Bangladesh Telecommunication Regulatory Commission is set to float tenders for the appointment of audit firms for auditing two mobile phone operators — Banglalink and Airtel. Airtel was merged with Robi in November, 2016. The telecom regulator would take the final decision on floating the tenders in its meeting scheduled to be held today, a senior BTRC official told New Age on Sunday.
How independent is Bangladesh Bank?
The central bank of a country has the most significant role in governing its banking sector. It is the principal issuer of notes, banker to the government, banker to banks, deciding the monetary policy and controller of credit. It also maintains a stable exchange rate. In order for it to perform said tasks effectively, it has to be able to run autonomously. Critics say that is not the case for the Bangladesh Bank. The Banking Company Act, 1991 empowered the Bangladesh Bank to regulate the country’s banking sector as an autonomous body.
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