Tuesday’s morning business round up of Bangladesh

Last updated: November 6, 2018

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.

BB's intervention fails to stabilise exchange rate
The foreign exchange market has been going through volatility because of the widening demand-supply gap of US dollars amid high import expenditure and low export earnings. The average bills for collection (BC) selling rate, used for import payments, were Tk 83.90 per dollar yesterday, which was Tk 83.80 at the beginning of October.

Underwater valve damage halts LNG supply
Re-gasification in the country's first floating liquefied natural gas (LNG) import terminal has remained suspended since Saturday evening owing to the damage of an underwater hydraulic valve. The 'actuator valve' in between the FSRU (floating, storage, re-gasification unit) and subsea pipeline started leaking at 7.0 pm on Saturday, resulting in total halt of the re-gasification at the Excelerate Energy's terminal, a senior official of state-run Gas Transmission Company Ltd (GTCL) said.

NBR to revive e-payment of income tax
National Board of Revenue has decided to revive and bolster the currently dysfunctional online payment system of income tax during the upcoming countrywide income tax fair. Taxpayers will be able to pay their income taxes during the week-long tax fair and afterwards using any types of credit and debit cards of any bank under the improved system, NBR officials said.

Bangladesh’s imports grow 8.5% in Q1 of FY 19
Bangladesh’s overall imports grew by 8.50 per cent in the first quarter (Q1) of this fiscal year (FY), 2018-19, following a 78.62 per cent increase in fuel oil import, officials said. The actual import in terms of settlement of letters of credit (LCs) rose to US$ 12.83 billion during the July-September period of FY 19 from $11.83 billion in the same period of the previous fiscal, according to the central bank’s statistics.

BD products likely to get duty-free access to EAEU countries
Bangladeshi products are likely to get duty-free access to the five member countries of the Eurasian Economic Union (EAEU). Dhaka received such indication at the recently held maiden meeting of the Bangladesh-Russia Intergovernmental Commission on trade and other issues in Moscow.

Inflation falls further in October
Inflation came down to 5.40 percent in October, the lowest in 18 months, on the back of a continuous fall in food prices. Last month's inflation figure was 3 basis points lower from September, according to the Bangladesh Bureau of Statistics (BBS).

Pakistan, China agree to trade in rupee, yuan instead of dollar
ISLAMABAD: Pakistan and China have agreed to do trade in their own currencies instead of dollar, Jang has reported, according to a report by www.thenews.com.pk. According to report, the two countries agreed to do business in Pakistani rupee and Chinese currency Yuan during the visit of Prime Minister Imran Khan to Beijing. Earlier, Pakistan and China were doing trade in dollar.

Govt moves to inspect plastic, chemical, small RMG factories
The government has initiated a move to inspect the readymade garment factories which fall outside the purview of the ongoing national and international safety inspections and plastic and chemical factories in the country. The Department of Inspection for Factories and Establishments under the labour ministry has sent a project proposal with an estimated cost Tk 62.31 crore to the planning ministry for conducting preliminary safety assessment in some 1,100 factories including RMG, plastic and chemical factories.

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