Dhaka, Bangladesh (BBN) - The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Private sector credit growthlow on subdued demand
Private-sector credit growth remained on a downturn as lower import-payment obligations and availability of low-rated overseas loans subdued demand for local funds, bankers said. The growth in private-sector credit flow came down to 12.69 per cent in August from 12.96 per cent in July.
Foreign aid disbursement drops 20pc
Foreign aid disbursement fell 20 percent in the first two months of the fiscal year from the same period a year earlier due to low development spending. Between the months of July and August, foreign aid disbursement stood at $292.71 million. A high disbursement target was set for this fiscal year, but in the first two months the ministries and divisions could spend only 6.71 percent of the amount.
WB likely to give $250m as budget support for next fiscal year
The World Bank is expected to give Bangladesh $250m as budgetary support in the next fiscal year against the country’s demand of $500m, said Finance Minister AMA Muhith.“Although we sought $500m, the World Bank is likely to give us $250m in the maximum,” he told journalists after a meeting with the WB Senior Vice President Kyle Peters at WB-IMF annual meetings at the Peruvian capital Lima yesterday, as reported by private Channel i TV station.
Bangladesh’s stocks plunge
Bangladesh’s stocks suffered a big fall on Sunday, mainly due to panic-driven sell-offs. Stock trading resumed with a downturn which sustained till close the session. Key index of Dhaka Stock Exchange (DSE) sheds 53.23 points and Chittagong Stock Exchange (CSE) loses 108.93 points on Sunday’s closing session.
Subcontracting guidelines yet to be finalised in 2 years
The government has failed to finalise guidelines for the factories engaged in subcontracting in the readymade garment sector in last two years. The move for formulating a subcontracting policy was initiated following the tragic fire incident in Tazreen Fashions Ltd on November 24, 2012. After the Rana Plaza Building collapse on April 24, 2013 that killed more than 1,100 people, mainly garment workers, the issue of unauthorised subcontracting further came into spotlight and the government expedited the work for subcontracting policy and finalised a draft in July last year.
Anti-money laundering steps under scanner
A team of Financial Action Task Force, a global watchdog on money laundering, yesterday started evaluation of the measures Bangladesh has taken to arrest money laundering and terrorist financing. The eight-member panel will conduct intensified evaluation until October 22, and its feedback will determine whether Bangladesh will continue to remain out of the grey list of the watchdog. The country was delisted in February last year. Staying out of the list reduces the costs and time of the country's financial transactions with the rest of the world.
Trade facilitation, transit modalities main focus in Dhaka-Thimphu talks
A commerce secretary-level meeting between Dhaka and Thimphu will be held in the capital next month to push forward issues on trade facilitation and transit modalities, a top official in the commerce ministry said. The meeting will take place a month after Dhaka and Kathmandu complete their commerce secretary level meeting in Dhaka, slated for October 17-18. Ahead of the meeting from November 18-19, Bhutan has sent a list of five new land customs stations for establishing in Bangladesh territory to facilitate bilateral trade with the South Asian nation, it was learnt.
BBN/SSR/AD