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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.
Forex dealers call for cautious LC opening
Bangladesh Foreign Exchange Dealers' Association (BAFEDA) will urge its member banks to be cautious about opening letters of credit (LCs) for import, considering the overall forex market situation. The decision came at a meeting of the technical committee of BAFEDA held at its office in Dhaka on Sunday with its Chairman Ali Hossain Prodhania in the chair.
Nagad to make MFS sector lopsided
The disproportionately higher transaction limits of Bangladesh Post Office's digital financial service platform Nagad have raised the eyebrows of private sector players, who voiced concerns of uneven competition and possibilities of money laundering and terrorist financing. Through Nagad, a customer will be able to make 10 transactions a day amounting to Tk 250,000 and send Tk 50,000 in one transaction and the numbers will remain the same in case of money withdrawal also.
Accord goes slow in handing over responsibility
Accord on Fire and Building Safety in Bangladesh, the platform of European retailers, has failed to keep its promise to start handing over RMG factory safety monitoring responsibility to the government body in time. In a meeting of Transition Monitoring Committee held on October 10, Accord representative to the committee had promised that in the first phase the buyers’ platform would hand over post-remediation safety monitoring responsibility of 25 fully-remediated readymade garment factories to the Remediation Coordination Cell, a government-formed body.
Two-thirds commercial banks yet to bring down lending rate at 9%
Above two -thirds of the commercial banks are yet to bring down the lending rate to single digit, although they promised to give effect the 9% rate from July 1, according to sources at the banking sector. While most of the banks lowered their deposit rates to 6% or less, only 11 out of 40 banks have so far implemented their promise to lower lending rate. The remaining 29 banks have been charging high rates as they had charged before the July 1, according to Bangladesh Bank (BB) data.
Stocks feeling the election nerves
Stock market investors are feeling jittery ahead of the national election scheduled for December, a worrying development. Even last month's disclosure of record GDP growth in fiscal 2017-18, higher government spending, the entry of a Chinese consortium into the Dhaka Stock Exchange and the easing up of liquidity crisis have all failed to jumpstart the market, which has been sluggish since the turn of the year.
Priority to ensure enough rice stock ahead of polls
The government is now attaching utmost priority to ensure enough stock of rice to avert any unpleasant experience ahead of the 11th parliamentary elections, officials said. It has already reviewed the Boro procurement target two times and set an all-time record target of 1.7 million tonnes of rice which was only 1.0 million tonnes during the last season.
10 exporters face Turkish duty on synthetic yarn export
Ten local exporters may face anti-circumvention duty on export of synthetic yarn to Turkey as the companies did not respond to an investigation initiated by the country in this connection. Turkish ministry of trade has recently issued the final notification report on circumvention investigation into alleged export of China-made synthetic yarn from Bangladesh and Nepal.
Businesses for IT schemes under PPP initiatives: Bangladesh fares well in South Asia in ICT adoption
Bangladesh has outperformed most of the South Asian nations in adopting information communication technology (ICT). According to the Global Competitiveness Index 4.0 2018, released by the World Economic Forum(WEF) on October 16, Bangladesh scored 39.8 in ICT adoption, while its neighboring country India scored 28 followed by Pakistan 23.6 and Sri Lanka 32.9.
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