Chittagong port

Chittagong port of Bangladesh

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.

Budget FY 20: Fiscal stimulus on the cards to reinvigorate exports, housing, stock market
Finance Minister AHM Mustafa Kamal is scheduled to announce the budget in parliament on June 13 Aiming to invigorate the promising export sector, an ailing stock market, and cooling property markets, the upcoming budget is likely to announce a number of incentives to rekindle the business and investment environment, said sources involved in preparing this year’s national budget for parliamentary approval.

Foreign firms want to get DSE brokerage licence
A number of foreign firms have expressed their interest to obtain brokerage licence from Bangladesh’s premier bourse Dhaka Stock Exchange to expand their business in the country’s capital market. DSE officials said that the foreign entities showed their interest to obtain trading right entitlement certificate (TREC) licence needed for the brokerage business in the capital market.

Five VAT rates on cards
The government is likely to whittle down value-added tax rates to five from existing seven as it is getting ready to implement the new VAT law from the next fiscal year, seven years after its enactment. This means, the government will move away from a uniform 15 percent VAT rate envisaged in the VAT and Supplementary Duty Act 2012. The five rates are 2 percent, 5 percent, 7.5 percent, 10 percent and 15 percent.

Initial delay dogs ADP
Planning ministry has identified major impediments that slow down the execution of projects under the Annual Development Programme (ADP). The Implementation, Monitoring and Evaluation Division (IMED) under the ministry, in an intensive review, has detected the delay in starting project work, non-availability of project director, no feasibility studies prior to the launching of projects as major roadblocks.

Bangladesh’s remittances hit $1.75b in before Eid
The inflow of remittances reached US$1.75 billion in May before the Eid-ul-Fitr festival, highest ever the country received in a month, officials said. The remittance inflow was estimated at $1.75 billion in May, up by 321.72 million the month before. The amount was $1.50 billion in May 2018.

Nine years on, ACC yet to finish BASIC Bank loan scam probe
The Anti-Corruption Commission is yet to charge anyone in court in dozens of cases filed over Tk 35 billion loan scams at BASIC Bank nine years after initial and formal investigation, reports The money went out of the state-owned bank’s Dilkusha, Gulshan and Shantinagar branches in Dhaka through loans given beyond rules between 2009 and 2012 when former Jatiya Party MP Abdul Hye Bachchu was the chairman.

Sluggish deposit growth poses stability risks: BB
The continued slowdown in deposit growth can go on to raise concerns of stability of the banking sector, said a Bangladesh Bank report — in a pressing call to the government to cut down the interest rate on national savings certificates. Deposit growth in the banking sector has been tumbling in the last four years: in 2018 it stood at 9.80 percent, down from 10.60 percent a year earlier and 13.30 percent from four years earlier.

Bangladesh’s call money rate remains stable ahead of Eid
The inter-bank call money rate remained almost stable on Monday, the last working day before the Eid vacation, despite big rush for withdrawal of cash from the banks. The call money rate ranged from 4.50 per cent to 5.0 per cent on the day against the previous rate between 4.25 per cent and 5.0 per cent, according to the market operators.