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.
Traders suggest ways to arrest price spiral in Ramadan
Traders yesterday urged the government to control the transport fares, solve the Chittagong port crisis and stop the depreciation of taka to arrest the price spiral of basic commodities before and during the month of Ramadan. They also committed to not hike the prices of basic commodities on the occasion of Ramadan at a meeting with Commerce Minister Tofail Ahmed held at his secretariat office in Dhaka.
Bangladesh takes measures to mitigate liquidity crunch
Bangladesh has taken a series of decision including reducing Cash Reserve Requirement (CRR) and repurchase agreement (REPO) rate to help mitigate the liquidity crunch in the banking system. Under the decisions, the Bangladesh Bank (BB), the country’s central bank, will slash CRR of the banks by 1.0 percentage point to 5.50 per while the interest rate on repo auction will come down to 6.00 per cent from the existing level of 6.75 per cent.
Foreign investment at DSE rebounds in March
The foreign investment at the Dhaka Stock Exchange rebounded in March after dipping into negative mark in the previous month as overseas investors went for bargain hunting on the bearish market. Net overseas investment in March leapt to Tk 124.68 crore from a negative net investment of Tk 94.72 crore in February, showed the data released by the bourse on Sunday.
Govt to assign a ‘small group’ to make capital mkt efficient
Finance Minister AMA Muhith on Sunday said they will assign 'a small group' within two months to make the capital market efficient so that entrepreneurs prefer mobilising long-term funds from it for investment. He, however, did not give any details about the group while speaking as the chief guest at an inaugural session of Annual General Meeting (AGM) of state-owned Janata Bank Limited (JBL) at a city hotel. The function was moderated by JBL Chairman Luna Shamsuddoha.
Experts: Punitive actions necessary to straighten up banking sector
The crisis that currently grips the country’s private banking sector could have been avoided, had the central bank and other banking regulators stepped up and adopted timely, preventive measures, banking and finance experts said. Speaking to the Dhaka Tribune, they also criticized the government’s decision to bail out the failing private banks using public money, saying that the regulators should focus on recovering the money that is missing from the banking sector and take appropriate action against the people responsible for the situation.
No decision on rod, cement prices cut at tripartite meet
A tri-partite meeting at the commerce ministry on finding ways to cut down the exorbitant prices of mild steel rod and cement concluded without any meaningful outcome on Sunday. Manufacturers claimed that the prices of the products rose on the local market because of the price hike on the international market while construction sector businesses countered the claim saying that the rise in price on the local market was not in proportion with the international market.
Will CRR cuts bring down lending rate?
The decision to reduce the Cash Reserve Ratio (CRR) by one percentage point constitutes quantitative easing of monetary policy. A key question is: will it achieve the stated objective of bringing down the bank lending rates back to single digits. There are good reasons to have some doubts.
Dhaka bourse EGM on April 30 to approve strategic partner
Dhaka Stock Exchange (DSE) will hold extra-ordinary general meeting (EGM) on April 30 to take general shareholders' approval for the share purchase agreement to be signed with its strategic partner. The EGM will be held as part of submitting a revised proposal by the Chinese consortium for becoming the strategic partner of the DSE through purchasing 25 per cent stake in the premier bourse.
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