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.
Credit growth outpaces deposits
Overall deposit growth in the banking sector recorded a falling trend recently while credit growth increased significantly, indicating a strong possibility of a tight liquidity situation in the near future, bankers and officials said. The deposits had a slower growth than that of the credit growth in the first seven months of the current calendar year as the depositors got discouraged to keep money with banks due to lower interest rates.
Tough to recover, so go for waiver
Sonali Bank has decided to waive interest of Tk 129 crore on more than Tk 360 crore loan of Alltex Group owned by former lawmaker and Awami League leader Afsar Uddin Ahmad. The board of the state-run lender, which is struggling to reduce its nearly 30 percent bad loans, made the decision in favour of one of the bank's top five defaulters on “special consideration”, say Sonali Bank officials.
BRAC Bank’s declaration on bKash under regulators’ scanner
The Bangladesh Securities and Exchange Commission has initiated a move to scrutinise BRAC Bank’s recently published price sensitive information on its subsidiary bKash’s announcement about selling its (bkash) shares to a strategic investor. As part of the move, the capital market regulator has already instructed the Dhaka and Chittagong stock exchanges to look into the issue, a senior official of the BSEC told New Age on October 19.
Bangladesh Bank sells $15m more to two banks
The central bank of Bangladesh has sold US$15 million more to two commercial banks directly to meet the growing demand for the greenback in the market, officials said. “The central bank has sold the US currency to the banks at market rate on Thursday to settle their import payment obligations,” a senior official of the Bangladesh Bank (BB), the country’s central bank, told BBN in Dhaka.
Bangladesh’s stocks end lower for second week
Bangladesh’s stocks ended lower for the two consecutive weeks that ended on Thursday as risk-averse investors continued their selling binge amid ongoing earnings disclosures and dividend declarations session. Analysts said profit taking and cautious trading amid ongoing quarter-end earning disclosures and year-end dividend declarations pushed the market down.
Some important ministries worst ADP performers in July-Sept
The government spent 10 per cent of its development budget in the first quarter (Q1) of this fiscal, one percentage point up from the last corresponding period, although some vital sectors fell behind. In the front row among the worst performers are Railway Ministry, Bridges Division, Primary and Mass Education Ministry, Health Services Division, and Housing and Public Works Ministry with respective development spending of only 1.85 per cent, 3.81 per cent. 4.02 per cent, 5.76 per cent and 6.46 per cent, official said Saturday.
Food inflation highest in 38 months
Food inflation increased 55 basis points in September to hit 7.87 percent -- the highest in 38 months -- on the back of the massive production loss of the staple rice. In recent months, rice prices rose to record highs, reflecting the dwindling supplies following flood-induced losses to the main boro crop coupled with reduced production and imports in 2016.
BGB, police to get back customs authority with conditions
The National Board of Revenue is going to empower the Border Guard Bangladesh and the Bangladesh Police to exercise the authority of a customs officer that includes arresting suspected smugglers without warrant under the customs act for the prevention of smuggling. The tax authorities may issue two separate statutory regulatory orders soon entrusting the two agencies with functions of customs officers in conducting anti-smuggling drives, searching vehicles suspecting conveyance of smuggling goods and seizing the smuggled goods under the Customs Act-1969.
BBN/SSR/AD