Bangladesh aims for 10% GDP growth

BBN File photo

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.

Govt to set 7.4% GDP growth rate for FY2018
The government plans to set economic growth at 7.4% in the upcoming fiscal year as calm political situation helped the economic activities run smoothly. A meeting of Fiscal Coordination Council and Budget Management Committee is due today which will set the target. The GDP growth of this fiscal year has been fixed at 7.2% as Finance Division revealed revised budget last week.

BB allows foreign cos to issue Taka bond
Foreign companies operating in Bangladesh have been allowed to issue Taka bonds for mobilising funds from the local sources as the central bank relaxed further the foreign-exchange transactions regulations. This is, however, subject to prior permission of Bangladesh Securities and Exchange Commission (BSEC).

No bar to punish NRB Commercial Bank chairman, MD: SC
The Supreme Court yesterday cleared the way for Bangladesh Bank to take legal action against NRB Commercial Bank’s chairman and managing director for failing to protect the interest of its depositors and shareholders. The apex court scrapped a High Court order that asked the authorities concerned of the central bank not to create any obstruction in discharging duties by NRB Commercial Bank’s Chairman Farasath Ali and its Managing Director Dewan Mujibur Rahman.

IDB to sell off majority of its stakes in Islami Bank
The Islamic Development Bank has taken a decision to sell off majority of its stake in Islami Bank Bangladesh Ltd at market price through stock exchange. The Saudi Arabia-based IDB has recently submitted a proposal before the board of directors to sell off its majority stakes as the government has recently conducted massive restructuring in the IBBL’s board and management, said officials of the bank.

Bangladesh’s stocks end lower for 6th day
Bangladesh’s stocks extended losses for the five consecutive sessions on Wednesday as risk-averse investors continued their selling spree. Following the previous day’s mild correction, the key index of the country’s prime bourse fell 6.22 points within first 15 minutes of trading at 10:45am.

BTCL posts record loss of Tk 336.44cr
Bangladesh Telecommunications Company Limited logged its highest ever loss of Tk 336.44 crore last fiscal year, as the state-owned firm’s struggle against the private mobile operators deepens. The telecom company had reported net profits of more than thousands of crores of taka during 2002-04, after which its profit has been on the decline for every year save for fiscal 2012-13. It became a public limited company in 2008 and since then it could log in profits in only two years.

BPC extends bid deadline for study on crude oil refinery
State-run Bangladesh Petroleum Corporation (BPC) has extended the bid submission deadline by 15 days for interested firms to carry out a feasibility study on setting up a new crude oil refinery near Payra seaport in southern Bangladesh. The new bid submission deadline is April 25 instead of previous April 10, said a senior BPC official.

Depreciating mode of Bangladesh Taka continues
The ongoing deprecating mode of Bangladesh Taka (BDT) continued in both inter-bank foreign exchange (forex) market and customer level on Wednesday. The US dollar was quoted at maximum BDT 79.78 against BDT 79.77 of the previous working day, treasury officials said.