OMS rice sale in Dhaka

Bangladesh government begins Open Market Sale (OMS) in Dhaka selling rice at BDT 30 a kg and flour at BDT 17 per kg due to rice price spiral. The photo is taken from Jurain New Road area on September 17, 2017. Photo: BBN

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.

Soaring Price of Rice: Govt intervenes to stabilise market
With rice prices soaring across the country, the government yesterday made a rather delayed intervention in the form of selling the staple at a subsidised price under a nationwide Open Market Sale programme. Engaging nearly a thousand dealers, the food ministry channelled OMS rice for Tk 30 a kg to people lining up at designated sale points.

Frequent power cuts add to people’s suffering amid sultry weather
Suffering of people in sultry weather has intensified with frequent power cuts across the country in recent days. Shortage of power supply coupled with technical glitches in power transmission as well as distribution system have been causing power cuts by four to five times a day in urban areas including Dhaka while the frequency and duration are sometimes more than double in the rural areas, said officials of Power Development Board and Power Grid Company of Bangladesh.

Money laundering unabated on political clout, says TIB
The menace of money laundering has continued unabated in the country mainly due to political influence, Transparency International Bangladesh (TIB) said Sunday. It listed factors responsible for money laundering included politicisation in regulatory agencies, politico-administrative nexus in indulgence of corruption, presence of politically exposed persons and their family members in different financial institutions and securities sector.

Bangladesh Bank elected AFI vice-chair for two years
Bangladesh Bank (BB) has been elected the vice-chair of Alliance for Financial Inclusion (AFI) Board for two years (2017-18) among 114 institutions of 95 countries. The central bank of Bangladesh was elected in the second annual general meeting (AGM) of AFI during its Ninth Global Policy Forum (GPF), held in Sharm El Sheikh of Egypt on September 12-15, according to officials.

Bangladesh’s stocks index hit fresh high
Dhaka Stock Exchange continued to break their previous records, as all three indices and market capitalisation of the prime bourse hit a record high on Sunday. Analysts said the market maintained the upbeat mood having optimistic support of large-cap stocks, especially banking issues, taking all indices and market cap to record high.

Govt’s bank borrowing rises in Jul-Sept
The government’s borrowing from the banking sources suddenly increased in July-September of the current fiscal year 2017-18. Bangladesh Bank officials say the government is now being forced to borrow from banks against the backdrop of a surge in its expenditure.

‘Myanmar’s best interests lie in stabilising Rakhine’
The coastal state of Rakhine in Myanmar is rich in natural resources and man-made conflict. The most recent spell of violence has led to the exodus of nearly 400,000 Rohignya people prompted by military operations in villages and townships. While the conflict between the Myanmar armed forces and Rohingya insurgents fan the unrest, KB Ahmed, founder-president of Bangladesh Myanmar Chamber of Commerce and Industry (BMCCI), told the Dhaka Tribune‘s Asif Showkat Kallol in an interview that it is in Myanmar’s best interests to stabilise and restore peace in Rakhine.

BB not giving new Islamic banking licences
More and more banks are showing interest in converting into full-fledged Islamic banks but the central bank is not giving new licences for the expansion of the shariah-compliant finance. The reason is the absence of a regulatory framework that would enable proper monitoring of the Islamic banking industry, said a senior Bangladesh Bank official.