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.
Risky loans soaring. BB’s plan? Hide figure.
The central bank is planning to sweep the bulging stressed assets under the rug when it publishes its annual financial stability report in April such that it can paint a rosy picture of the banking sector.
Stressed assets, which include default loans, restructured and rescheduled advances, have shot up 18.89 percent to Tk 222,162 crore in the six months to June last year, according to data from the Bangladesh Bank. The ratio of stressed assets in the banking sector was 22 percent of total loans as of June last year, up 16.10 percent from four-and-a-half years earlier.
BB rolls out capital mkt support plan this week
The central bank is set to announce a long-term comprehensive plan this week aiming to support sustainable development of the country’s capital market. Under the plan, the Bangladesh Bank (BB) will provide both liquidity and policy supports to the banks along with other capital market intermediaries, according to officials.
Bangladesh’s inflation may rise in H2 of FY ’20
Inflationary pressures on Bangladesh economy may intensify in the coming months as the central bank has increased the money supply target for the second-half (H2) of this fiscal year. The central bank of Bangladesh set a 13 per cent growth of broad money for the fiscal year (FY), 2019-20, up from its July target of 12.50 percent, according to the revised monetary programme, announced by the Bangladesh Bank (BB), on Sunday.
Bill on allowing government to use Tk 2 lakh crore surplus funds cleared
The designated parliamentary committee on Sunday cleared, without any major change, a bill aimed at allowing the government to use the ‘surplus funds’ of different government agencies for ‘public welfare’. The Jatiya Sangsad standing committee on finance at a meeting at the JS building gave its nod after examining the bill.
Bangladesh’s stocks gain significantly
Bangladesh’s stocks gained significantly on Sunday as investors were influenced by the government’s policy support. The benchmark index of Dhaka Stock Exchange (DSE), DSEX, rose 232.23 points, or 5.59 percent, to 4,382.06 — notching the highest single-day increase since its inception. The new index started its journey from January 27 of 2013.
WB-Funded Projects/Programmes 2016-20: Only half the targets met
Bangladesh could achieve only a little more than half of the targets set by the World Bank Group for 84 projects and programmes in the last four years, says a draft performance review report of the World Bank Group. The government’s prolonged processing requirements, delayed procurement and weak capacity are the major reasons behind the slow implementation of the projects, according to the report.
Car sales drop for 2nd year on economic downturn, ridesharing services
Car sales have dropped for the second consecutive year in 2019 due to continued slump in demand amid slowing economic activities, according to government data. Besides, an increase in ownership costs and nagging traffic in the capital and its surrounding cities led many prospective buyers to withhold their car buying plans, said car dealers.
Padma Oil Co approves 130pc dividend
Padma Oil Company Limited (POCL), a leading fuel oil company of the country, has approved 130 per cent dividend for shareholders of the company for the 2018-19 financial year. The approval came at the 50th Annual General Meeting (AGM) of the POCL at the Navy Convention Hall at Tiger-pass in the port city yesterday.