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.
Costlier import gets nod
The government yesterday sanctioned 2.5 lakh tonnes of rice import from Vietnam at prices much higher than that of another one lakh tonnes it approved for import two weeks ago. The cabinet purchase committee gave nod to the new import under a government-to-government (G2G) deal with Vietnam considering that rice price is on the rise in the international market.
Bangladesh’s imports grow by 12% in July-April
Bangladesh’s overall import expenditures increased by 11.98 per cent in the first 10 months of this fiscal year (FY) mainly due to higher import of capital machinery, officials said. “The overall imports increased during the period under review mainly due to higher imports of capital machinery and intermediate goods,” a senior official of the Bangladesh Bank (BB) explained.
Banks play hide-n-seek with default loan figures
Despite the central bank’s instruction to disclose information of default loans, the country’s banks are concealing the actual scenario to show a better financial condition. Along with the state-run banks, the other commercial banks are also hiding the information. This apart, some banks showed profits in spite of having less reserve than the necessary amount. The transparency and accountability of the banks’ top officials have become questionable due to the situation. Agrani Bank Limited’s Chairman Dr Zaid Bakht told Bangla Tribune that some banks are being tricky in a few cases of default loans, which cannot be denied.
BB may raise slightly pvt sector credit target in next MPS
Bangladesh Bank has started the process of drafting the monetary policy statement for the first half of the coming fiscal year 2017-18 targeting to increase the private credit growth slightly with a view to achieving the GDP growth of 7.4 per cent set by the government for the year. A BB official told New Age on Wednesday that the concerned departments of the central bank had already arranged a number of meetings to prepare the MPS for the first half of next fiscal year.
Bangladesh’s stocks end flat amid seesaw trade
Bangladesh stocks closed flat amid seesaw trade on Wednesday, as late profit booking cut early gains. The market opened higher in the morning and went through ups and downs throughout the entire session. The benchmark index of Dhaka Stock Exchange DSEX rose almost 5 points or 0.09% to end at 5,459.
Taka falls against dollar
The taka depreciated by 2.41 percent in the last six months due to slower remittance and export and higher imports. The inter-bank exchange rate of the greenback rose to Tk 80.60 in June from Tk 78.70 at the beginning of January, according to Bangladesh Bank figures.
Jute goods export to India drops due to anti-dumping duty
Textiles and jute minister Emaz Uddin Pramanik on Wednesday told parliament that export of jute goods to India have been affected after New Delhi imposed antidumping duties on jute products from Bangladesh. Export of jute goods to India came down to Tk 50 crore this year from usual Tk 275 crore to Tk 300 crore per year as the country imposed antidumping duties on jute products from Bangladesh, Emaz said while replying to a query from ruling Awami League lawmaker Ummey Razia Kajol.
Finance minister: Bank deposit excise duty likely to decrease
Finance minister AMA Muhith has categorically said that the excise duty on bank deposits is likely to decrease, as per the demands of stakeholders concerned. The finance minister made the comment on Wednesday, after a meeting of the Cabinet Committee for Public Purchase at the Cabinet Division Auditorium.