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.
Revenue target may be Tk 340,000cr next fiscal year
The finance ministry plans to set a revenue collection target of Tk 340,000 crore in the next fiscal year, up 18 percent from that in the current fiscal year. This is a preliminary target, an official of the ministry said. The revenue collection goal for fiscal 2017-18 is Tk 287,990 crore.
Economists contradict BBS claim on ‘job-rich growth’
Despite having higher economic growth, Bangladesh couldn’t create requisite job opportunities, thereby putting the country’s sustainable growth potential at risk, economists said. They said a higher number of unemployed people (0.1 million), as the latest Labour Force Survey (LFS) 2018 shows, is a piece of bad news for the country.
Bangladesh’s foreign loan borrowers to face risks: BIBM
Bangladesh’s foreign loan borrowers may face both interest rate and exchange risks following the recent rising trend of LIBOR (London Inter-Bank Offered Rate), according to the Bangladesh Institute of Bank Management (BIBM). The foreign loans are significantly cost-effective for borrowers, but they may also create interest rate risk and foreign exchange risk, the BIBM said in a draft study report, released at a workshop in the capital on Thursday.
57 banks charging double digit interest rates
All 57 commercial banks in the country are charging double digit interest rates on loans from businesses, Bangladesh Bank (BB) says. Some banks are charging more than 15% interest rates on industrial loans, the central bank said in a report published in February. According to the report, business persons have to pay double digit interest on both short and long term loans. Both state-owned and private banks have simultaneously hiked the interest on loans to double digits.
Bangladesh’s stocks extend losses for fifth week
Bangladesh’s stocks extended the losing streak for the five consecutive weeks that ended on Thursday as investors continued their selling spree amid persistent liquidity crisis. Analysts said the investors remained cautious as the persistent liquidity crisis coupled with uncertainty over the Dhaka bourse’s share sales to strategic partner continues.
40km Elevated Expressway: Govt moves to link highways
The government plans to build a nearly 40km elevated expressway from Hemayetpur in Savar to Madanpur in Narayanganj for creating a vital link between major highways. The East-West Elevated Expressway would allow traffic to switch highways and skip the congested streets of the capital. Vehicles on Dhaka-Aricha highway would be able to speed towards the Dhaka-Chittagong highway with options to go in the direction of Mawa and Sylhet.
Muhith wants gold policy by April, implementation from next budget
Finance minister AMA Muhith has asked the commerce ministry to complete formulation of gold policy by the first week of April with the aim of introducing it from next budget. The commerce ministry has been working on drafting the policy to facilitate import of the precious metal by local jewellers, export of gold ornaments and prevent gold smuggling into the country.
Controversy-hit banks also top list on defaulted loans
Five banks that have been at the centre of criticism and discussion over the years for loan scams, now hold the top spot among banks with most default loans. Their combined default loans amount to Tk30,439 crores. The banks are – Sonali Bank, BASIC Bank, state-owned Janata Bank, private Islami Bank, and Farmers Bank, according to a central bank report.