Finance Minister AMA Muhith BBN file photo

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.

Govt may revise budget much ahead of usual time
Hot on the heels of cancelling the full implementation of the Value Added Tax and Supplementary Duty Law 2012, finance minister AMA Muhith has hinted at revising the national budget much ahead of usual time. ‘I will place a revised budget much earlier to adjust the changes and figures of the budget,’ he said on Saturday while talking to reporters at his secretariat office during a post-budget discussion.

Notorious borrowers escaped defaulter list
Many commonly known bad borrowers have dodged the list of top 100 defaulters released in the parliament last week through sleight of hand, said Finance Minister AMA Muhith. The list contained names that were little known. Asked why the names of notorious defaulters are missing from the list, Muhith said: “They are crafty — they have rescheduled their loans.”

Bangladesh relaxes forex rules for industries in EPZs
The central bank of Bangladesh has relaxed foreign exchange rules for Industrial enterprises operating in Export Processing Zones (EPZs) to bring uniformity in regulations between enterprises of EPZs and Economic Zones (EZs). The central bank issued a circular on Sunday and asked all authorised dealers (AD) in foreign exchange in Bangladesh to follow the latest instructions related to use of share capital and authorised loans through foreign currency/local currency accounts by the EPZs’ industries.

PD banks want half-yearly auction schedule for T-bills, bonds
Country’s 12 primary dealer banks have requested Bangladesh Bank to take initiative so that the finance ministry prepares the auction calendar, a government’s bank borrowing schedule, on half-yearly basis instead of the existing one-month basis. The Primary Dealers Bangladesh Ltd, an organisation of the 12 commercial banks, placed the proposal before the central bank on June 21 saying that their assets and liability management would run properly if the government sets the auction calendar on half-yearly basis.

Bangladesh’s stocks keep gaining for fifth day
Bangladesh’s stocks extended the winning streak for the five consecutive sessions on Thursday as enthusiastic investors continued their buying spree amid optimism. Brokers said the market maintained upbeat momentum having optimistic support of sector specific stocks. However, top gainers chart dominated by low cap companies amid several speculations.

Interest on some savings tools may remain unchanged
The interest rates on some savings instruments may be kept attractive as it is right now to ensure social security of pensioners and the middle- and low-income groups. “Their interest will be strongly protected,” said Hedayetullah Al Mamoon, senior secretary of the finance division at an informal briefing on Saturday.

ACU adds JPY as third trading currency
The Asian Clearing Union (ACU) has included the Japanese yen (JPY) in its basket as the third trading currency to boost business activities among its member-countries. The decision was taken at a board meeting held in Colombo on July 13 with Indrajith Coomaraswamy, Governor of the Central Bank of Sri Lanka, in the chair, officials said in Dhaka.

More firms to come under NBR’s large taxpayers unit
The National Board of Revenue is considering bringing in some big firms under the purview of Large Taxpayers Unit and de-listing smaller ones to ensure effective monitoring and compliance. The LTU is a field office responsible for collecting VAT from big companies. The unit was formed in 2004 to provide better services to the high tax-paying companies so that the state gets the correct amount of revenue from them.

BBN/SSR/AD