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.
Bangladesh raises NOP for banks to keep FX market stable
The central bank of Bangladesh has raised substantially the net open position (NOP) limit for commercial banks to keep the foreign exchange (FX) market stable. “We’ve already informed the banks about the revised NOP limit and asked them to maintain the new limit to holding foreign exchange,” a senior official of the Bangladesh Bank (BB), the country’s central bank, told BBN in Dhaka.
FY16 investment in NSCs hits record Tk 33,688cr
The net investment in the national savings certificates and bonds hit a fresh record at Tk 33,688.60 crore in the recently concluded fiscal year 2015-16 as clients invested heavily in the savings tools due to lower rates of interest on deposit products of the scheduled banks. The previous highest net investment in the saving tools was Tk 28,732.64 crore posted in FY15. The net investment in national savings certificates and bonds surpassed its revised annual target of Tk 28,000 crore in the July-May of FY16.
Paddy prices rebound
The prices of paddy have risen on the back of the government’s purchase and duty spike to support farmers, who incurred losses for low prices in the face of higher production and imports last year, said some millers and farmers. Prices of coarse paddy, mainly hybrid, have increased by more than Tk 200 to Tk 650-Tk 675 each maund in the last two months.
Citi: GDP growth gathers pace
The US-based Citibank NA remained hopeful about Bangladesh’s economic growth prospect. In its latest half yearly economic update released yesterday, the bank said: “Bangladesh has managed to set growth on a higher trajectory, posting GDP growth of 7.05% in FY16 on the back of surge in both private and public investment as well as increase in consumption expenditures.”
Bangladesh’s stocks slip into red with low turnover
Bangladesh’s stocks ended marginally lower on Wednesday, after remaining flat in the past six trading sessions, as investors were mostly cautious after monetary policy announcement. The Bangladesh Bank (BB) on Tuesday unveiled ‘cautiously accommodative’ monetary policy for the first half of the current fiscal year, concentrating on moderation and stabilization of inflation.
Land tariff panel for EZs sees recast
The committee on land-tariff fixation for the economic zones (EZs) will be reconstituted for determining tariffs for the investors at revised rates, where deemed fit. As per instruction of Prime Minister Sheikh Hasina at the fourth governing body meeting of Bangladesh Economic Zones Authority (BEZA) Wednesday, a fresh committee would be formed with the senior secretary at the finance division as its head to fix tariffs of land of the EZs, said
BEZA executive chairman Paban Chowdhury.
Banks asked to suspend ‘ACU Euro’ operation in Bangladesh
The central bank of Bangladesh has asked to commercial banks to suspend operations in ‘ACU Euro’ temporarily as the payment channel for processing such transactions has been suspended by some correspondents. “Accordingly, all eligible current account transactions in ‘ACU Euro’ are permitted to be settled outside the ACU mechanism until further notice,” the Bangladesh Bank (BB), the country’s central, said in a directive on Wednesday.
SIBL chair, director sell 19 lakh shares without announcement
Dhaka and Chittagong stock exchanges have found that the Social Islami Bank chairman and another director of the bank sold 18.77 lakh shares of the entity worth around Tk 2.36 crore without making announcement in violation of securities and tax rules. The bourses last week sent separate letters to SIBL chairman Md Rezaul Haque, who is also a sponsor-director and sponsor-director Abdul Awal Patwary asking them to clarify why they sold the shares without giving prior announcement by July 31.