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 to put caps on cash transactions to curb illegal money flow
The government may tighten restrictions on cash transactions in banks in an effort to curb terror financing and money laundering in Bangladesh. According to sources, a report prepared by the central bank to this end is going to be tabled at the next meeting of the National Coordination Council on Combating Terrorist Financing.
July-Aug import payments up 31pc as rice import, oil price rise
Import payments in the first two months of the current fiscal year (2017-2018) increased by 31.55 per cent year-on-year due mainly to surge in rice import, increase in the prices of crude oil in the international market and substantial depreciation of the taka against all major currencies. According to the latest data of Bangladesh Bank, the overall import bill payments stood at $9.42 billion in July-August of FY18 against $7.16 billion in the same period of FY17.
Most services firms non-compliant
A spot survey finds some 90 per cent service-providing businesses non- compliant with the legal requirement for mandatory display of TIN certificates in front of their premises. And around 10 to 15 per cent of the businesses run without obtaining TIN (Taxpayer Identification Number) although it is compulsory for business operations.
Wheat imports soar as consumers cut costly rice intake
Wheat imports soared as a section of people has switched to flour in the face of high prices of staple rice, said importers. Wheat imports grew 28 percent year-on-year to 9.41 lakh tonnes from July to mid-September, according to data compiled by the food ministry.
Bangladesh Bank sells $14m more to two banks
The central bank of Bangladesh has sold $14 million to two commercial banks directly to meet the growing demand for the greenback in the market, officials said. “The central bank sold the US currency to the banks at market rate on Thursday to settle their import payment obligations particularly for food grains and fuel oils,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
Number of BO accounts rises in Sept amid stocks’ bull run
The number of beneficiary owners’ accounts increased by 21,500 in September mainly due to a continued surge in share prices at the country’s bourses. The key index of Dhaka Stock Exchange, DSEX, added 436 points in the July-August period of this year. The increase in the number of BO accounts came after around 2.64 lakh BO accounts were closed in July for non-renewal of the accounts by the June, 2017 timeframe.
Dealers' assoc forewarns banks' CEOs on forex volatility
Top executives of the country's scheduled banks have been forewarned of a possible volatility in the foreign exchange market and advised to strictly monitor the market on a daily basis. The Bangladesh Foreign Exchange Dealers' Association (BAFEDA) raised the concern at its executive committee meeting in Dhaka on September 12, advising the CEOs of taking pre-cautionary measures. It put forward four-point measures for them to maintain strictly.
BGMEA signs pact for green production
The International Finance Corporation yesterday signed an agreement with the Bangladesh Garment Manufacturers and Exporters Association to implement the second Partnership for Cleaner Textile (PaCT) in the garment and textile sector. Under the PaCT programme, which was launched in 2013, garment and textile makers are advised to adopt modern technologies in factories and changing attitudes to reduce water and energy consumption in the next four years.
BBN/SSR/AD