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.
Govt plans to use forex reserves in mega projects
The government plans to use the central bank’s foreign currency reserves for implementing mega development projects, Finance Minister AMA Muhith said yesterday. The minister hinted this after a meeting with Bangladesh Bank Governor Fazle Kabir on the use of foreign exchange reserves and improvement of financial system at the secretariat. Muhith said: “We do not need assistance from World Bank and International Monetary Fund as our foreign exchange reserves are huge.”
Muhith defers release of probe report again
The government has once again deferred the release of the probe report on the Bangladesh Bank reserve heist for the sake of bringing back the money from the Philippines. “We filed cases there [in the Philippines]. They will be upset if the report is made public now,” Finance Minister AMA Muhith told reporters yesterday after a meeting of the cabinet committees on economic affairs and purchase. Earlier, Muhith said the report would be released before his two-week tour of a number of countries, including the US, which starts on Saturday.
Bangladesh’s forex reserve crosses $31bn-mark again
Bangladesh’s foreign exchange (forex) reserve crossed the US$31 billion-mark again on Tuesday following higher export earnings and lower import payment pressures on the economy, officials said. The forex reserve rose to $31.09 billion on the day from $30.97 billion of the previous working day. It was $31.16 billion on September 01 last.
Non-life premium growth stagnates
Non-life insurance premium growth in the country virtually stagnated, falling below 1.0 per cent in 2015 from over 10 per cent the previous year, according to an official count. Industry-insiders, explaining the lacklustre performance, said a few economic factors were largely responsible for keeping the insurance market depressed in the year under review.
DSE turnover hits eight months high
Bangladesh’s stocks ended higher for the 11 consecutive sessions on Wednesday with turnover hitting eight months high on the major bourse as enthusiastic investors remained active on sector specific stocks. The market started with a positive in the morning which sustained till closure of the, ultimately ended higher. The benchmark index of the Dhaka Stock Exchange (DSE) finished at 4,660.15 points, advancing 21.12 points or 0.45 percent, which is more than eight months high level of DSEX.
BB making policy on banks’ debt recovery agents
Bangladesh Bank has taken initiative to prepare a policy for appointing debt recovery agents by the scheduled banks to speed up the recovery process of defaulted and written-off loans, said officials of the central bank. The central bank has taken the initiative as defaulted and written-off loans in the banking sector have significantly increased in recent months.
China-funded roads get green light
The cabinet committee on economic affairs yesterday approved the Roads and Highways Department’s proposals allowing China Harbour Engineering Company to build two mega-roads for about Tk 38,000 crore. The projects will be carried out with Chinese soft loans and without any competitive bidding.
Washing elevates apparel industry into fashion world
The washing sub-sector as backward linkage to the garment industry, especially the woven one, has grown fast and helped the country’s main export sector make more value-added fashion wear, insiders said. Garment washing is a technology which is used to modify the outlook, appearance and fashion of garments, especially denim items, and make them comfortable.