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.
Current account deficit records steep rise on higher imports
The country’s current account deficit widened, reaching a record high in the first nine months of the current fiscal year (FY) as imports grew faster than exports. Central bank statistics, released on Tuesday, showed that the current account deficit hit $7.08 billion in July-March period of the fiscal 2018.
A new ray of hope for SMEs
The Chinese consortium will work to create an SME-based board in the Dhaka Stock Exchange so that small entrepreneurs get the opportunity to raise fund from the capital market. “It will help to boost the SMEs as well as the capital market,” said Wang Jianjun, president and chief executive officer of Shenzhen Stock Exchange (SZSE).
BDT substantially depreciates against US$
The Bangladesh Taka (BDT) has depreciated significantly against the US dollar as the demand for the greenback grew to settle import payment obligations. The BDT deprecated by 50 paisa in a single day in the inter-bank foreign exchange (forex) market on Tuesday, according to the market operators.
Govt to allow inspection of DIFE in EPZs
The government has decided to bring factories in the country’s Export Processing Zones within the purview of the Department of Inspection for Factories and Establishments under the labour law. Against the backdrop of continuous pressure from the International Labour Organisation and the sustainability compact partners, the government has taken the move to allow labour inspection in conformity with the labour law in factories located in the EPZs.
Bangladesh Bank sells $2.04bn to banks
The central bank of Bangladesh has so far sold more than $2.0 billion in the current fiscal year (FY) to the commercial banks directly to meet the growing demand for the greenback in the market. The Bangladesh Bank (BB), the country’s central bank, has continued its foreign currency support to the banks help those meet import payment obligations particularly for food grains, fuel and capital machinery.
Experts blame strong sales of NSCs for high lending rates
Banking experts at a workshop in the capital on Tuesday called for reining in the overwhelming sales of national savings certificates (NSCs) in the country. They also warned that the prevailing situation is likely to push up the lending rate of banks in the long-term, and also prohibit the government’s wish to decrease it to single-digit.
BKash looks ahead to growth with app launch
BKash, a subsidiary company of BRAC Bank, is expecting business growth through its service bKash app that has recently been launched in the country to ease money transfer and payment. Bkash chief executive officer Kamal Quadir at an interactive discussion with reporters in Dhaka on Tuesday said, ‘The app was published on Apple Store and Google Play Store on April 25. Since then, around 14 lakh customers out of its three crore accountholders downloaded the app to get its services.
CPD: Bangladesh labour standards lagging behind in SDG era
Representatives from the Centre for Policy Dialogue (CPD) have said that Bangladesh is lagging behind in terms of the labour standards required for achievement of the Sustainable Development Goals (SDGs). The think tank made the disclosure at a public discussion titled “Emerging Labour Standard Demands in view of Bangladesh’s LDC Graduation and SDG Implementation,” organized by CPD at a hotel in Dhaka on Tuesday.