Bundles of hundred dollar notes

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.

BB puts cap on dollar rate for importers
Bangladesh Bank yesterday put a cap on the US dollar at inter-bank exchange rate plus Tk 2, to control the recent volatile market, said bankers. The central bank informed the treasury officials of the commercial banks about the ceiling at a meeting yesterday. The average Bills for Collection (BC) selling rate crept up 3.49 percent to Tk 83.66 against the dollar in just two weeks since April 11, according to data from Bangladesh Foreign Exchange Dealers’ Association (BAFEDA).

BB sells dollars worth 96m in Apr for govt payments
Bangladesh Bank has increased its volume of US dollar sales in April mainly to clear import payments of government entities amid rising value of the greenbacks against the taka in local money market. The BB sold $96 million to the scheduled banks in the first 26 days of this month for clearing payments against different government purchases including petroleum oil and fertilizer imports, said officials.

Greater support to food likely to raise subsidies next FY
Government subsidies may bloat over 15 per cent to Tk 275.0 billion in the next financial year particularly for food support for the commoners amid price rises. Officials began calculating bigger budgetary allocation for food and allied farm products in the upcoming FY2017-18, beginning July 01.

Govt to dedicate floor for local start-ups in 12 high-tech parks
State Minister for Information and Communication Technology (ICT) Zunaid Ahmed Palak on Wednesday said the government will allocate a floor free of cost in the forthcoming 12 high-tech parks for local IT start-ups to create entrepreneurs. The junior minister came up with the announcement while addressing a Memorandum of Understanding (MoU) signing ceremony between the ICT Division of Bangladesh ICT Ministry and the United Nations Development Programme (UNDP) in Bangladesh.

Bangladesh’s stocks extend gaining streak for second day
Bangladesh’s stocks extended gaining streak for the two consecutive sessions on Wednesday as optimistic investors continued their buying spree on some large-cap stocks. Analysts said the market stayed upbeat trend amid increased turnover value as investors showed their buying appetite on heavyweight bank and non-bank financial institutions shares amid optimism.

Revenue collection rises 20pc
Revenue collection shot up 20 percent year-on-year to Tk 109,266 crore in the July-February period of the current fiscal year. The receipts in February increased 18 percent year-on-year to Tk 13,477 crore, according to National Board of Revenue. Analysts attributed the rise in revenue collection to increased imports and steady growth of domestic economy.

Mandatory insurance schemes for migrant workers likely
The government is likely to make three insurance schemes mandatory for migrant workers to cover risks during the period of their employment abroad, officials said. The Insurance Development and Regulatory Authority (IDRA) has prepared draft guidelines in this regard. The guidelines are meant for bringing all the workers going abroad for jobs under mandatory insurance coverage, they added.

Businesses seek low-cost long-term financing for green growth solutions
Experts, businesses and policy makers on Wednesday sought low-cost long-term financing for adopting energy efficient solutions for industry to achieve environment-friendly sustainable economic growth. At a session on energy efficiency at a day-long conference on green growth solutions, they also sought tax breaks for adopting environment-friendly industrial equipments. They also urged the entrepreneurs to be more efficient in energy use and conservation.

BBN/SSR/AD