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.
ADP outlay to be Tk 178,000cr next fiscal year
The government is planning to raise the development budget for fiscal 2018-19 by about 20 percent, giving emphasis to accelerating the construction works of some flagship infrastructure projects like the Padma bridge, Rooppur power plant, Dhaka metro rail. The allocation for fiscal 2018-19’s annual development programme is likely to be Tk 178,000 crore, up from this year’s budget of Tk 148,381 crore.
Bad debts plague banking sector
Bangladesh’s banking sector is witnessing a pile up of bad loans at an alarming rate with the borrowers showing a rising tendency of defaulting on loan payments. Experts have blamed the situation on the lack of good governance in the banking sector. Figures provided by the central bank revealed that the defaulted loans stood at Tk22,644 crores at the end of 2011. Six years later, the amount swelled to Tk74,303 crores.
BGMEA scolded for seeking another year to leave its illegal building
The Appellate Division on Sunday reprimanded the Bangladesh Garment Manufacturers and Exporters Association for filing another petition with prayers to allow it more time to demolish its illegally constructed building. It was for the 3rd time that the BGMEA made such prayer to vacate and demolish the 15-story building it had constructed illegally and eclipsing the capital’s landmark beauty spot lake, the Hatirjheel.
BB issues policy on hiring banks’ CFO, CITO
The central bank of Bangladesh has introduced a policy on appointment of chief financial officer (CFO) and chief information technology officer (CITO) of the banks to ensure good governance in the country’s banking system. Minimum 12 years of working experience in banks or financial institutions (FIs), including three years in banking accounting and taxation, will be required for a person’s appointment of or posting to the post of CFO, according to the new policy, issued by the Bangladesh Bank (BB) on Sunday.
Current account deficit crosses $5b
Bangladesh’s current account deficit reached a 15-year high of $5.34 billion in the first seven months of the fiscal year as the country’s capacity to export is failing to keep up with the appetite for imports. At this point last fiscal year, the deficit was $890 million.
Govt launches e-challan to ease payments for services
Now here comes e-challan system for easy payment of fees for government services electronically, without citizens needing to move from pillar to post. People will be able to submit fees for passport, police clearance, and national-identity card through e-challan under the digital system, launched Sunday by the ministry of finance (MoF).
Muhith rejects plea for duty-free imports for Rampal power plant
The finance ministry has rejected a Bangladesh-India Friendship Power Company Limited’s plea for duty-free imports of thermo-mechanically treated bars and other consumable goods from India for the construction of Rampal coal-fired power plant near the Sunderbans. Finance minister Abul Maal Abdul Muhith last week in a note on a situation paper presented by the National Board of Revenue declined to offer the benefit to the BIFPCL, officials of the ministry told New Age on Sunday.
Car brands fond of Bangladeshi jute
Bangladesh has the potential to become the main supplier of jute to the global car industry, which uses the natural fibre to manufacture the interiors of vehicles. The global car industry needs about 100,000 tonnes of jute a year, of which 12,000 tonnes come from Bangladesh, according to Mushtaq Hussain, managing director of Golden Fibres Trade Centre, a leading jute exporter.