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.
Banks are slowly seeing back the cash withdrawn in panic in March
Back in March, when the country was gripped by the fear of the novel coronavirus, people were streaming to banks to take out money from their accounts, in what was viewed as a puzzling occurrence. Cashless payment was encouraged then to limit the risk of catching the highly contagious virus. Still, people were withdrawing cash but not necessarily spending more of it.
BB to unveil FY21 monetary policy July 29 aiming to raise pvt sector credit
The Bangladesh Bank has scheduled to unveil the monetary policy statement for the fiscal year 2020-2021 on July 29 with the aim to support economic revival through acceleration of private sector credit growth, said officials. The central bank has decided to scrap organising the customary press briefing to announce the monetary policy statement due to COVID-19 outbreak, said a senior BB official close to the monetary policy drafting body.
Imbalanced money market causes banks to shirk private sector lending
The high interest rate on risk-free investment tools and the low rates of return on risky loans have created a serious imbalance in the money market, causing banks to steer clear of the private sector. This has also exposed the inefficiency of the Bangladesh Bank in controlling money movement.
NBR readies procedures
Bangladesh is set to work out a comprehensive procedure to conduct transshipment of goods with India, Nepal and Bhutan on three routes — sea, land and air. Following the recent kick-off of the Indo-Bangla transshipment of goods via sea route, the National Board of Revenue (NBR) has moved to prepare a common procedure, which both traders and customs officials will have to follow during transshipping goods.
Bangladesh’s stocks maintain upward trend
Bangladesh’s stocks maintained an upward trend on Sunday as the buoyant investors showed their appetite on large-cap issues amid optimism. The key index of the prime bourse crossed the 4,100-mark on the day after nearly five months. DSEX, the core index of the Dhaka Stock Exchange, went up by 48.13 points or 1.18 per cent to settle at 4,129 during the four hours trading.
Chinese Yabang set to invest $300m
China’s Yabang Group is set to invest $300 million in establishing textile and chemical industries in Bangladesh’s economic zone, a top official said. The leading Chinese dye and paint manufacturer will establish industrial units on 100 acres at Bangabandhu Sheikh Mujib Shilpanagar (BSMSN), a flagship project of the Bangladesh Economic Zones Authority (BEZA).
3pc of stimulus for CMSMEs disbursed in 3 months
The country’s banks have sanctioned loans worth Tk 2,065 crore for the cottage, micro, small and medium entrepreneurs in more than three month of the launch of a Tk 20,000-crore stimulus package by the government for the businesses. Although the sanctioned amount represents around 10 per cent of the package, the disbursement of loans is still around Tk 600 crore, or 3 per cent of the total stimulus package size, which reflects the banks’ reluctance to issue credit to the CMSMEs, a Bangladesh Bank official said.
Industry stimulus: Bangladesh Bank okays above Tk9,000cr loans
The Bangladesh Bank (BB) has so far approved loans amounting to Tk9,200 crore against 650 firms under the stimulus package for industries and services affected by the coronavirus pandemic. The government has announced stimulus packages totaling over Tk1,00,000 crore to overcome the economic impact of the virus, including a Tk30,000 crore package for industries and service sectors.