building

Sunday’s morning business round up of Bangladesh

Last updated: September 10, 2017
building

Under-construction building in Dhaka city. BBN file photo

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.

Govt servants’ home loan ceiling set to go up 62 folds
The government is going to increase the home loan ceiling by maximum 62 folds for its officers amid growing demand for solving their housing problem, officials said. A committee, headed by an additional secretary of the finance division, recently submitted its recommendation to increase the present home loan ceiling of Tk 1.2 lakh to maximum Tk 75 lakh. Appointed almost one year ago, the committee also recommended minimum home loan ceiling to be Tk 20 lakh.

Helicopter commutes take off in Bangladesh
Mizanur Rahman, a Bangladeshi expatriate living in London, came back home for a short period recently. Before leaving for London, he contacted a Bangladeshi helicopter service provider to travel to Comilla from Dhaka. “Commuting this way is much easier,” he said. Using helicopters for commuting is not about luxury or showing off any more. An increasing number of people – businessmen and patients in particular – are opting for this mode of transportation to avoid the traffic jams and save time.

Jica offers low-cost funds to businesses
Local as well as foreign entrepreneurs can get low-cost credit from the Japan International Cooperation Agency (Jica) in a scheme of the Bangladesh Bank designed to boost foreign direct investment in the country. The central bank has already formed a fund worth about Tk 457 crore, which is equivalent to 7,033 million yen, for this purpose and invited all banks last week to participate in the programme.

Bangladesh’s forex reserve falls to $32.49bn after ACU payment
Bangladesh has made a routine payment of more than US$1.15 billion to the Asian Clearing Union (ACU) against imports during the July-August period of the current calendar year, officials said. After the payment, the country’s foreign exchange (forex) reserve came down to $32.49 billion on Thursday from $ 33.64 billion of the previous working day, according to the central bank latest statistics.

Bangladesh’s stocks extend winning streak for 3rd week
Bangladesh’s stocks extended their gaining streak for the third week in a row that ended on Thursday, as investors were on buying mood on sector-wise large-cap stocks. Dealers said the market maintained the upbeat trend as investors continued their buying appetite on telecommunication, bank, pharmaceuticals, taking the core index to new high.

Interest rate on deposits rises for the first time in 2.5yrs
The interest rates on deposit crept up in July, breaking a downtrend of two and a half years on the back of a rising private sector credit demand. The weighted average interest rate on deposits stood at 4.89 percent in July, up from 4.84 percent in June, according to data from the Bangladesh Bank. The interest rate had been on a descent since January 2015 -- when lenders provided 7.26 percent -- thanks to a slashing spree of state banks and the new ones.

Defaulted loans in eight SOBs Tk 40,099cr
The eight state-run banks held 54.07 per cent or Tk 40,099.19 crore of the total defaulted loans in the country’s banking sector as of June 30, 2017 as the banks disbursed large amounts of loans to their clients violating rules, Bangladesh Bank officials said. The amount of the total defaulted loans in the banking sector stood at Tk 74,148.54 crore as of June 30, 2017. Sonali Bank, Rupali Bank and BASIC Bank also failed to keep required provisions against their disbursed loans and advances at the end of June due to a drop in their operating profits.

High-level meet to review progress of mega projects
Nearly a dozen cost-intensive mega projects are up for a review for accelerating their execution, as the government nears end of its present term. A high-level meeting scheduled for Wednesday next will conduct a close scrutiny of the project-implementation status and, if necessary, take measures to expedite the process of their execution.

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