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.
Stalemate over rawhide goes
Wholesale traders and tanners on Sunday agreed to buy and sell rawhide and skin of sacrificed animals on assurance that the stalemate over dues, which the tanners owed to the traders, would be settled. Earlier on Saturday, the Bangladesh Hides and Skin Merchant Association (BHSMA) announced that they would not sell rawhide and skin bought from the retailers and seasonal traders until their dues were paid by the tanners.
NBFIs witness 32pc default loan increase in Jan-March
Defaulted loans in the non-bank financial sector increased 32.3 per cent or Tk 1,761 crore during the January-March quarter of the year 2019 amid massive irregularities in the sector that finally resulted in the liquidation of People’s Leasing and Financial Services. The volume of defaulted loans in the NBI sector increased to Tk 7,221 crore at the end of March 2019, from Tk 5,460 crore in December 2018, according to Bangladesh Bank’s Financial Stability Assessment Report published on Sunday.
Banks to comply with CRR, SLR for OBOs from Sept 01
The central bank is set to issue a directive asking the banks to comply with cash reserve requirement (CRR) and statutory liquidity ratio (SLR) rules for their offshore banking operations (OBOs) from September 01. “All formalities have already been completed. A circular will be issued soon,” a senior official of the Bangladesh Bank (BB) told the BBN in Dhaka.
BB policy sparks flurry of loan write-offs
Loan write-offs almost quadrupled in the first quarter of the year on the back of the central bank’s easing of rules, in a sobering reminder of the banking sector’s deteriorating financial health. Between January and March, Tk 557.30 crore was written-off, in contrast to Tk 141.26 crore a year earlier, according to data from Bangladesh Bank.
Bangladesh’s stocks gain slightly after Eid holiday
Bangladesh’s stocks gained slightly on Sunday, the first trading session after nine-day Eid holiday, as investors were active on June-ending shares. Trading and official activities on the bourses remained closed for nine days from August 9 to August 17, including weekly holidays, on the occasion of Eid-ul-Azha.
Rural bank branch percentage falls by 11.5 in 18 years
Bank branches in rural areas as opposed to urban areas declined by 11.5 percentage points in the past 18 years despite the central bank’s initiatives to ensure rural people’s access to finance. A Bangladesh Bank research, ‘Survey on Impact Analysis of Access to Finance in Bangladesh banks’, shows that in 2000, there were 6,119 bank branches, with 2,460, accounting for 40.2 per cent, in urban areas and 3,659 in rural areas, accounting for 59.8 per cent.
Non-compliant hotels risk ruining tourism prospects
Scores of posh hotels, motels and resorts have skipped star ratings from the ministry of Civil Aviation and Tourism to avoid duty, taxes and other ‘hassles’. However, many of these hotels claim to have three to four star facilities.
NGO aid rises on Rohingya crisis
Foreign donations through the NGO Affairs Bureau soared 19.85 percent year-on-year to Tk 7,929.43 crore in fiscal 2018-19 on the back of rising humanitarian assistance for the Rohingyas. Of the sum, about Tk 2,600 crore were for Rohingya assistance mostly from Europe, said Md Shahadat Hossain, acting director general of NGO Affairs Bureau.