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.
Banking sector growth likely to decline in FY ’18
A number of scams along with troubles of varying nature have hit the growth of the country's banking sector, as its expansion rate is likely to drop by 1.32 percentage points in the current fiscal year (FY), according to official data. The provisional data of the Bangladesh Bureau of Statistics (BBS) showed that the growth rate of the country's financial intermediation is set to drop to 7.90 per cent in FY 2017-18 from that of 9.12 per cent in last fiscal.
Banks may face bigger crisis
The government decision to slash the cash reserve ratio and allow state-run enterprises to keep half their funds with private banks may lead to a bigger crisis in the already under-pressure banking sector, said a think-tank yesterday. The banking sector is now characterised by weak regulation and monitoring and no visible punishment for irregularities under political patronage, said the South Asian Network on Economic Modeling (SANEM), a Dhaka-based research organisation.
Govt takes steps to revive banking sector
The banks in Bangladesh have been facing a liquidity crisis and as a result, the rate of interest is increasing fast. The authorities have made two decisions regarding the matter in an attempt to control the situation. Economists are hoping these decisions will help revive the banking sector. The first decision is, 50% of government organizations funds will be kept in private banks. The second, the Cash Reserve Ratio (CRR) in private banks will be lessened by 1%.
Export source tax may remain unchanged: NBR
National Board of Revenue chairman Md Mosharraf Hossain Bhuiyan on Wednesday hinted that the rate of source tax on export earnings was unlikely to increase in the next budget. The source tax for export-oriented sectors, which is now 0.70 per cent, may also be kept unchanged for the next few years, he said.
Banks advised to reduce loan interest rate on ship building
Country’s commercial banks have been advised to reduce interest rates on lending along with providing long term repayment facility to ship building industry, officials said. The Bangladesh Bank (BB), the country’s central bank, issued a circular letter in this connection on Wednesday and advised the managing directors and chief executive officers of all scheduled banks to follow the instructions properly.
Foreign funds soar in Dhaka stocks
Net foreign investment in the premier bourse more than trebled in March as overseas investors were tempted by the slump in the stockmarket. Last month, foreign investors purchased shares worth Tk 455.96 crore and sold off shares worth Tk 299.26 crore, according to data from the Dhaka Stock Exchange.
Tri-nation bus service starts soon
Bangladesh, India and Nepal are set to start regular bus service with signing of a passenger protocol by June this year under BBIN Motor Vehicle Agreement. Sources said the date for signing the passenger protocol will be finalised during a meeting to be held in Kathmandu on April 27 after trial run of Dhaka-Shiliguri-Kathmandu bus service.
Millers to cut MS rod price by only Tk 1,000 a tone
Steel and re-rolling industries’ owners on Wednesday announced that they would cut by Tk 1,000 the existing price of a tonne of MS rod. The industries’ owners came up with the announcement at a meeting with industries secretary Muhammad Abdullah at his office, said a press release of the ministry.
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