Dhaka, Bangladesh (BBN) - The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
IMF extends credit facility after govt steps up reforms
The International Monetary Fund on Sunday agreed to extend the ECF programme until October 31 after the government’s stance on a string of reforms appeared positive to the international lender, a top official of the finance ministry said. With the extension decision, the finance ministry officials are now upbeat about getting the last two trenches, equivalent to nearly at US$ 280 million, soon, which was stalled for more than six months, because of failure to pursue a number of reforms on key economic issues.
Bank borrowing by govt jumps five times
The government's borrowing from the banking system increased five times in the first 29 days of the fiscal year from a year earlier on the back of revenue mismatch. From July 1 to July 29, the government borrowed Tk 9,447 crore from the banking system in contrast to Tk 1,722 crore a year earlier. Typically, if there is a mismatch between earnings and expenditure, the government meets the gap by borrowing from both the central bank and commercial banks. The government borrowing reached about Tk 14,000 crore a few days back, but it has been repaying the amount as and when the revenues are trickling in, said a Bangladesh Bank official.
Govt borrowing thru savings tools 145pc up in last fiscal
The government's net borrowing from state-run savings instruments increased by over 145 per cent to Tk 287.32 billion in the last fiscal year (2014-15) compared to that of the previous fiscal, official sources said. Officials concerned have attributed the higher rates of yield -- up to 13.45 per cent in some cases before May 23 -- to such a significant rise.
Bangladesh’s imports cross $38bn in FY 15
Bangladesh’s overall imports crossed US$38 billion-mark in the just concluded fiscal year (FY) 2014-15 despite lower prices of commodities particularly fuel oil in the global market, officials said. The country’s imports grew more than 3.0 per cent in the FY 15 mainly due to higher import of capital machinery, they added.
Onion price spiral: Importers under scanner
More than a dozen consignment onions imported from India have come under the government scanner after price spiral of the item was allegedly triggered by manipulation by the importers. The government is worried after retail price of one kilogram of imported onion hit Tk 70 from Tk 40 a week before, in the local market, said officials. The price of locally grown onion also rose in the last week. Commerce secretary Hedayetullah Al Mamoon told reporters on Sunday that they had already reviewed two consignments that were awaiting release at Bhomra land port.
Bangladesh’s stocks edge higher
Bangladesh’s stocks inched slightly higher on Sunday amid volatile trading throughout the session as investors remained followed cautious stance. DSEX, the prime index of the Dhaka Stock Exchange (DSE), crossed the 4,800-mark and ended at 4,802.02, gaining 9.71 points or 0.20 per cent, after witnessing volatility throughout the session.
BB asks MFS providers to verify clients’ information with NID
Bangladesh Bank yesterday directed the mobile financial service-providing banks and subsidiaries to verify their clients’ information. As per the directive, the banks will see if the information given in the know your customer forms and the SIM cards match. The central bank made the directive to reduce the risk of criminally-motivated transactions.
Hurry up on gas connections: BGMEA
The government should fast-track the process of giving new gas connections to industrial units if the garment export target of $50 billion is to be reached, BGMEA President Atiqul Islam said yesterday. Setting the $50 billion target to be reached by 2021 was a right move, as Bangladesh's garment products are still performing well in the international market, he said at a press conference ahead of the apparel and safety exposition in Chittagong on August 6. Although fiscal 2014-15's export target could not be achieved, the garment makers are brimming with confidence, as the international retailers are placing abundant work orders to Bangladeshi factories.
BBN/SSR/AD