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.
BB begins special probe
The central bank has started carrying out a special inspection to detect irregularities relating to foreign exchange reporting by the commercial banks, officials said. Three inspection teams of Bangladesh Bank (BB) started on-site inspection Sunday to find out alleged ‘misreporting’ on foreign exchange rate to the central bank by some banks.
State banks on a loan rescheduling spree
State-run banks are fervently rescheduling loans with a view to flattering their true financial health. In 2017, Sonali, Janata, Agrani, Rupali and BASIC rescheduled loans amounting to about Tk 5,000 crore, in contrast to Tk 3,300 crore a year earlier, according to data from the central bank.
Compensation may increase in Bangladesh labour law
The government and representatives of factory owners and workers have reached a consensus on raising compensation for workplace death and injury in the labour law. ‘The members of the tripartite committee on preparing draft amendments to the labour law discussed the issue in most of the meetings held by the committee and agreed that the existing compensation amount is poor and it should be increased,’ one of the members of the tripartite committee told New Age on Sunday.
Bangladesh’s stocks extend loss for 13 straight sessions
Bangladesh’s stocks extended the losing streak for the 13 straight sessions on Sunday as investors mostly refrained from injecting fresh funds into the market. Brokers said the ongoing pessimism coupled with disappointing earnings results kept investors mostly inactive, taking the market in the red zone further.
Angry investors protest against continued market fall
Angry investors have protested against the continued collapse in stock markets on Sunday. Share prices at the Dhaka stock Exchange (DSE) plunged by 52.60 points on the first working day of the week to 5,390 points, the lowest in a year. On the other hand the Chittagong Stock Exchange’s (CSE) All Share Price Index fell by 162 points at closing.
Govt to make first-ever gold policy
The government is going to introduce a gold policy to make import and export of the precious metal easy, and ensure transparency and accountability in its trade inside the country. The commerce ministry has already sent the draft policy to the Cabinet Division for approval.
‘Micro-merchants’ have limited access to finance
Bangladesh has over 1.1 million ‘micro-merchants’ engaged in fast-moving consumer goods (FMCG) trade with estimated annual sales of over US$ 18.35 billion a year, according to a study conducted by the United Nations Capital Development Fund (UNCDF). According to the National Industrial Policy 2016, micro-enterprises will be those which employ maximum 15 persons and/or have assets worth less than Tk 1.00 million, excluding land and buildings.
Bangladesh banks asked to find counterfeit notes before feeding ATMs
Bangladesh Bank on Sunday asked all the scheduled banks to check currency notes by counterfeit note detecting machine before feeding money to their automated teller machines. The central bank issued the instruction as a group of people becomes active in counterfeiting currency notes before Eid-ul-Fitr and Eid-ul-Azha, two biggest religious festivals for the Muslims, and during Ramadan, the fasting month for the Muslims.