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.
Investment in nat’l savings tools hits record Tk 52,327cr in FY17
The yearly net investment in the national savings certificates and bonds hit a fresh record of Tk 52,327 crore in the recently concluded fiscal year 2016-17 as there was a huge rush for the tools due to low interest rates for bank deposit products. The previous highest yearly net investment in the saving tools was Tk 33,688.60 crore posted in FY16. Directorate of National Savings and Bangladesh Bank officials said people had been maintaining a huge investment in the last few months as the government earlier hinted at lowering the rate on the tools with a view to reducing the interest rate gap between the NSCs and other rates of deposit products offered by the banks.
Bangladeshi banks face adverse impacts of de-risking
Most of Bangladeshi banks have faced adverse impacts of ‘de-risking’ as the global banks cut corresponding relationships with them. “Nine local banks have been seriously affected by de-risking,” Abu Hena Mohammad Razee Hassan, Deputy Governor of Bangladesh Bank (BB), disclosed on Wednesday while replying to a query about the impact on de-risking of Bangladesh.
Suspicious transactions detected
Bangladesh Bank has detected several suspicious transactions on the mobile banking platform, especially at late night, which means remittance is being sent home through hundi. “The transactions are made at a certain time in the night and several such transactions took place in one go,” said Abu Hena Mohd. Razee Hassan, deputy governor of Bangladesh Bank, yesterday during the unveiling of the Monetary Policy Statement for the first half of the fiscal year.
Bangladesh’s first single-point mooring project gets delayed
The China Petroleum Pipeline Bureau (CPPB) is yet to arrange funds to install a single-point mooring (SPM) at Sonadia island and two 220km-long pipelines to connect the SPM with Chittagong’s Eastern Refinery Limited (ERL). Funding for Bangladesh’s first SPM was scheduled to be arranged by June and the project was scheduled to completed by 2020.
Body formed to implement govt decision
A committee was formed on Wednesday to find out the ways how to implement the government decision of divesting a certain portion of 26 state-owned companies’ shares in the country’s capital market. Additional secretary Muslim Chowdhury would lead the five-member committee as most of the companies are reluctant to offload shares in the country’s capital market, undermining a previous government decision.
Apparel exports to EU sluggish
Bangladesh's exports of apparel items to the European Union remained sluggish in fiscal 2016-17 mainly due to Brexit, national elections in major European countries, depreciation of the euro against the dollar, prolonged labour unrest at home and poor port services. Exports to the EU grew only 3.49 percent year-on-year to $17.75 billion in fiscal 2016-17, while the growth was 11.66 percent in the year before, according to Bangladesh Export Promotion Bureau (EPB) data.
Commerce minister: Keep prices of essentials within purchasing power
Commerce Minister Tofail Ahmed on Wednesday instructed all deputy commissioners in Bangladesh to work towards keeping the price of daily essentials within the purchasing capability of consumers. The minister made the comment while addressing a three day conference of DCs at cabinet division in the Secretariat, Dhaka.
BBN/SSR/AD