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.
Rise of foreign currencies bringing economic worries
Depreciation of the taka against all major international currencies including the US dollar has continued over the last few months reaching its highest peak at Tk 82.88 per dollar on Thursday causing apprehension of economic pressure particularly on inflation and balance of payment. The situation may be prolonged making import of essentials costlier until export earnings and remittance inflows pick up at expected level, experts on Sunday said.
Monetary policy is part of overall economic policy: Rangarajan
Dr. Chakravarthi Rangarajan, former Governor of the Reserve Bank of India (RBI), said monetary policy is part of overall economic policy that influences the economy through changes in the availability and price of credit and money. “While monetary policy can have multiple objectives, it needs to steer in a clear direction and prioritization of objectives becomes essential,” Dr. C. Rangarajan also former Chairman of the Economic Advisory Council to the Prime Minister of India said while delivering the First A K N Ahmed Memorial Lecture on Central Banking on Sunday evening.
70pc machinery for effluent treatment found substandard
The government made tanners in Hazaribagh shift to Savar Tannery Estate hastily, being misguided by a group of people about preparedness of the leather hub, said the BSCIC chief. As industry stakeholders aired fear of local people’s outrage against pollution by untreated tannery waste from the ill-equipped estate, the Bangladesh Small and Cottage Industries Corporation (BSCIC) Chairman, Mushtaq Hasan Muhuamad Iftikhar, came up with the accusation at a function Sunday.
Banking needs met anytime, anywhere
Anwarul Alam, 38, has four accounts — two for credit cards, one loan account and another salary account — with four different banks. He has to pay instalments for his loan and clear off his credit card dues by the first week of the month. He also has to pay utility bills — gas, water and electricity.
India slashes onion exports price by $150/tone
Indian government has reduced the minimum export price (MEP) of onion by US$ 150 per tonne with prices of the kitchen staple moderating. The MEP for onion, the floor price below which exports are not allowed, has been reduced to $700 per tonne from $850 fixed in November, as per the commerce ministry, reports PTI.
Norfund vows to work with City to help SMEs
Norfund, the Norwegian government’s investment fund for developing countries, yesterday expressed its intent to collaborate with City Bank to help Bangladesh’s small and medium enterprises get access to funds. The disclosure comes as Norfund last month signed a $10 million loan agreement with City Bank to support the local lender’s trade and project financing requirements for its clients.
Taxmen find fake tax clearance certificates
Taxmen have detected a number of forged tax clearance certificates at field-level tax offices that were prepared with the support of vested quarters including tax practitioners and supporting tax officials, tax officials said. The government has made it mandatory for taxpayers to submit tax clearance certificates for obtaining different services including visa.
Bangladesh’s stocks end higher, turnover remains low
Bangladesh’s stocks finished higher for the two consecutive sessions on Sunday with low participation of investors as many investors remained followed cautious stance ahead of monetary policy announcement. Analysts said although the market ended positive note, many investors remained followed “wait-and-see” strategy ahead monetary policy statement (MPS) and earnings declaration of listed companies.