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.
Private credit growth hits five-year high
Private sector credit growth in July stood at 16.94 percent -- the highest in five years and well above the target of 16.2 percent set in the monetary policy for the first half of the fiscal year. The development is all the more salient as the private sector credit growth was 15.66 percent only a month earlier -- far below from the monetary target of 16.5 percent.
SoCBs to provide BDT 6.55b loans to tanners before Eid
Four state-owned commercial banks (SoCBs) are going to provide BDT 6.55 billion as loans among tanners to help them purchase raw hides of sacrificial animals during the Eid-ul-Azha. The SoCBs will provide such seasonal loans only for regular parties in line with their guidelines, according to officials of the public banks.
Banks need own strategies to cut ballooning NPLs
Experts said Wednesday banks ought to develop their own strategies for time-bound reduction in non-performing loans as the ballooning of the same affects the country's entire financial sector. Such strategies should include time-bound quantitative targets supported by a corresponding and comprehensive operational plan, they said, adding that these strategies should be replicated annually to stall a recurrence of the problem.
Tanners face liquidity shortage ahead of Eid
An estimated four out of five tanneries are expected to face a liquidity crisis in purchasing rawhide during Eid ul-Azha this year following the forced relocation of their factories. In keeping with a Supreme Court order to improve the environment of Hazaribagh, the Department of Environment (DoE) cut off the power, water and gas connections to the Hazaribagh tanneries in Old Dhaka on April 8.
Bangladesh’s stocks extend winning streak for fifth day
Bangladesh’s stocks extended winning streak for fifth day in a row on Wednesday with key index of the major bourse hitting record high. Analysts said the market maintained the upward trend as investors continued their buying appetite, especially banking issues, taking the key index record high.
Rawhide preservation, smuggling a headache this Eid
This Eid-ul-Azha, more than 30 percent of the rawhide is likely to go to waste as a large number of tanneries are not interested in purchasing the skin of the sacrificial animals due to them being non-operational still following relocation to Savar. The industries ministry recently claimed that 67 of the 155 tanneries started full-fledged operation at the newly constructed leather estate in Savar, but the tanners said only 20 of them are up and running now.
Banks purchasing dollars heavily from BB
Bangladesh Bank has increased the sales of US dollars in two months (July-August) of this fiscal year amid an appreciation of the greenback against the local currency, taka, on the money market. The local banks have been facing shortage of the greenbacks in the last few months due to a falling inward remittance and export earnings, a BB official told New Age on Wednesday.
Cabinet purchase body endorses 300,000-tonne rice import
The Cabinet Purchase Committee approved on Wednesday 15 procurement proposals, including the import of 300,000 tonnes of rice, reports UNB. Of the approved import, 250,000 tonnes of Atap (sunned) rice will be procured from Cambodia under a government-to-government deal at a total cost of Tk 9.39 billion (939.97 crore) as the price has been set at $453 per tone.
BBN/SSR/AD