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.
Fuel price cuts in Jan
The government plans to slash fuel prices next month by taking into account the base price of $60 per barrel, Finance Minister AMA Muhith said yesterday. Bangladesh had earlier lowered the fuel price in April by setting the base price at $80 per barrel. So the upcoming cut will not make a very big difference, Muhith told reporters at his secretariat office.
Number of overseas jobs up, but not remittance inflow
Despite an estimated 35 per cent increase in outbound jobs for Bangladeshi workers, inward remittance declined 11 per cent during January-November period of 2016 over that of corresponding period of the last year. About 0.74 million Bangladeshi workers secured jobs abroad until December 27 this year, according to the report of the Refugee and Migratory Movements Research Unit (RMMRU).
Net NSCs sales exceed FY target in 5 months, soar to Tk 20,000cr
The net investment in national savings certificates and bonds skyrocketed to Tk 20,319 crore in just five months of the financial year 2016-17, surpassing its annual target of Tk 19,610 crore, as clients invested heavily in the savings tools due to lack of investment opportunities. Economists say the huge net investment in the savings certificates and bonds has already created a risky situation for the country’s macroeconomic situation as the government will have to face a budget mismatch due to providing a large amount of rate of interest against its savings tools.
NBR revenue collection rises 19.21% in Q1
The revenue collection of the National Board of Revenue (NBR) grew 19.21% in the first three months or first quarter of the current fiscal year from the same period a year earlier. Despite the growth rate, the authorities still fell Tk2190 crore short of target during the period. NBR mobilised Tk38,625 crore during the July-September period of the FY2016-17 against its revenue target of Tk36,435 crore, according to NBR official data.
BB resumes dollar buying from banks
The central bank again began buying the US dollar from banks as demand for the greenback dropped slightly on the Bangladesh money market. Officials said the Bangladesh Bank resumed the dollar buy after an interval of a month, as value of the main international trading currency maintained a downturn amid lower demand.
Bangladesh’s stocks edge higher for fourth day
Bangladesh’s stocks edged higher for fourth session on Wednesday amid choppy trading as investors were active on both sides of trading fence just ahead of year-end. Brokers said the market maintained the positive movement having optimistic support of sector specific stocks while some rebalanced their portfolio ahead of year-end as only one trading session is left in 2016.
Foreign loan release drops in July-Nov
Disbursement of foreign loans and grants declined in the first five months of the current fiscal year to $903.18 million from that of $1,003.86 million in the same period of the last year, according to data of the Economic Relations Division of the finance ministry. Commitment made by the international lenders and development partners for giving loans and grants to Bangladesh, however, increased by around 14 times in July-November period of the current FY 2016-2017 mainly due to Russia’s loan commitment for Rooppur Nuclear Power Plant.
BB to be tough on borrowers
Borrowers who became defaulters despite taking a special rescheduling facility in 2013 will not be allowed to regularise their loans anymore, a central bank official said. As part of the move, Bangladesh Bank is now carrying out a special inspection to assess the status of those loans. “We will cancel the applications of the defaulters if they approach us for rescheduling their bad loans,” said SK Sur Chowdhury, deputy governor of the BB.