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.

Now BIFC faces liquidity crunch

After Farmers Bank, a non-bank financial institution has failed to pay a depositor’s money, a development that erodes depositors’ confidence. Bangladesh Industrial Finance Company (BIFC) failed to pay back Tk 31.73 crore of state-owned Rupali Bank due to its liquidity crunch. Rupali Bank lodged a complaint with the Bangladesh Bank on November 22 where it said the BIFC did not pay back the money, which was a term deposit and had matured in October.

Savings certificates sale on the rise again
The sale of savings certificates was on the rise in October after a downward trend during the previous two months, Bangladesh Bank data has revealed. Last month, the government borrowed Tk4,620 crore from the sector, an increase of 26% on the Tk3,665 crore borrowed in September.

FBL gets three months time to improve state
The central bank has given three months’ timeframe for improving the condition of trouble-torn Farmers Bank Limited (FBL), bank’s director Dr. Mohd Atahar Uddin said on Wednesday. “The central bank has asked the new board of the bank to improve its corporate governance and solve liquidity shortage problem within three months,” he said while speaking to reporters following a meeting with Bangladesh Bank (BB) Governor Fazle Kabir.

Banks move to curb dollar’s rally
Foreign exchange dealers yesterday decided not to sell US dollar at rates higher than Tk 83, in a bid to stem the recent appreciation of the greenback. The decision came at a meeting of the Bangladesh Foreign Exchange Dealers’ Association, which was attended by senior treasury officials of 20 banks.

BB provides foreign currency support to banks
The central bank of Bangladesh has provided its foreign exchange support continuously through selling the US dollar to the banks for settlement of import bills, officials said. As part of the move, the central bank sold US$28 million at market rate to two banks state-owned commercial banks directly on Wednesday to meet the growing demand for the greenback in the market.

Textiles ministry takes back five more mills
The cabinet committee on economic affairs at a meeting on Wednesday approved a proposal that would enable the textiles and jute ministry to get back five mills. The mills are Rajshahi Silk Factory, Thakurgaon Silk Factory, Sylhet Taxtile Mills Limited, Kurigram Taxtile Mills Limited and Chittagong Valika Woolen Mills.

SoEs’ profit fall squeezes FY17 revenue earnings
Country’s revenue from the second-biggest source shrank in 2016-17 as receipts from dividends and profits of the state-owned enterprises (SoEs) fell over 29 per cent short of Tk 323.50-billion target. Official figures show such drastic fall in the non-tax revenue (NTR) from a number of departments, autonomous bodies and similar organisations against the aforesaid original target.

Deadline for tax return submission ends today
The deadline for submitting income tax return for 2017-18 ends today amid a positive response from taxpayers, with the final tally of submissions expected to be higher this year compared to that in the previous year. “We received very good response from taxpayers this year,” said Md Abdur Razzaque, member for tax administration and human resources management at the National Board of Revenue, adding that the youth seemed particularly enthusiastic.

BBN/SSR/AD