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.
Economy marches towards record 7.65pc growth
The Bangladesh economy is charging towards record growth figure for the second consecutive year, driven by double-digit growth in manufacturing and construction sectors. GDP growth in fiscal 2017-18 is likely to be 7.65 percent, up from 7.28 percent a year earlier, as per the estimate of the Bangladesh Bureau of Statistics.
Economy encountering money market, BoP imbalances
The ongoing chaos in the country’s financial market is the manifestation of inefficiency in managing the macro-economy, economists said. They warned that measures taken lately to shore up liquidity in banks could stoke inflationary pressure.
Another extension planned
The power and energy ministry has decided to seek further extension of the Speedy Supply of Power and Energy (Special Provisions) Act 2010 indemnifying officials concerned against prosecution for awarding contracts without tender for three more years until 2021.
Bangladesh Bank cuts CRR after four years
The central bank of Bangladesh has slashed on Tuesday the cash reserve requirement (CRR) by 1.0 percentage point to 5.50 per cent after nearly four years, officials said. Under the revised rules, the banks will have to maintain 5.50 per cent CRR with the Bangladesh Bank (BB) from their total demand and time liabilities on a bi-weekly basis.
10 banks flouting central bank directive to keep interest rate spread under 5%
Although the Bangladesh Bank has strictly directed commercial banks to maintain their interest rate spread under 5%, at least 10 private banks are not following the directive, according to central bank sources. Five foreign banks – Standard Chartered Bank, State Bank of India, Woori Bank, Citibank N.A., and HSBC Bank – and five local banks – Brac Bank Ltd, Dutch-Bangla Bank Ltd, Uttara Bank Ltd, Premier Bank Ltd, and NRB Commercial Bank Ltd – were found to have an interest spread – the difference between interest rates on credit and savings – greater than 5% in March this year.
Inflation drops slightly in March
The point-to-point inflation rate in March dropped to 5.68 per cent compared to that of the previous month (February), official data showed. Bangladesh Bureau of Statistics (BBS) data, unveiled on Tuesday, showed that the point-to-point inflation decreased slightly by 0.04 percentage points in last month compared to 5.72 per cent in February.
No plan to raise tax-free income limit: NBR
The revenue authority plans to cut the tax rate for individuals in the lower tax brackets instead of raising the tax-free income limit. “It may not be possible to raise the tax-free income ceiling,” Md Mosharraf Hossain Bhuiyan, chairman of the National Board of Revenue, said at a pre-budget discussion at his office in the capital yesterday.
BB specifies charges, fees for loans, lease of NBFIs
Bangladesh Bank on Tuesday issued a number of instructions for all the non-bank financial institutions on setting fee, charge and commission that the NBFIs take against any loan and lease, asking the entities to put up the charts showing fees and charges in every branch.