Dhaka, Bangladesh (BBN) - The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Exports show a silver lining in gloom
January's export figures delivered a ray of sunshine amid the doom and gloom brought about by the dragging political turmoil, registering positive growth in keeping with the uptick generated last quarter. Last month, exports grew about 5 percent to $2.89 billion year-on-year, according to Export Promotion Bureau. The figure is also higher, albeit slightly, than in the previous month: in December last year, some $2.84 billion was received.
Finance ministry to apprise PM of latest state of economy today
The Ministry of Finance (MoF) is set to apprise Prime Minister Sheikh Hasina today (Thursday) of the latest state of the country's economy, particularly in relation to revenue-mobilisation performance, budget spending and investment scenario. Officials concerned hinted that the impact of the ongoing political impasse, especially on the revenue mobilisation and investment, might be highlighted in the presentation at a meeting.
Bangladesh introduces e-LC to check capital flight, tax evasion
Bangladesh has established an integrated automated system to check capital flight and tax evasion through strengthening monitoring and supervision on foreign trade, officials said. The Bangladesh Bank (BB), the country’s central bank, and National Board of Revenue (NBR) have started implementation of electronic letters of credit (e-LCs) for imports initially to facilitate the country's overall foreign trade. Under the system, the central bank is providing information on LCs to the NBR, using its foreign-exchange transactions and monitoring system, generally known as 'dashboard'.
Primary dealer banks demand upfront tax withdrawal on govt securities
Primary Dealers Bangladesh Limited has demanded that the National Board of Revenue should abolish the upfront tax deducted at source on profit it earned from the government securities. The PDBL, the apex body of the country’s primary dealer banks, said the imposition of upfront tax in the sector was hampering the secondary market of government securities to flourish. It also said that the government should offer tax exemption for specific period of time for attracting and encouraging potential buyers of government treasury bills and bonds.
Turmoil upsets forex market
The drawn-out political turmoil has started to bear down on the foreign exchange market, compelling the central bank to buck its dollar-selling spree and start purchasing instead to keep the exchange rate stable. So far this year, Bangladesh Bank has purchased $330 million from the open market, in contrast to the $357 million sold in the last two months of 2014 in the face of high demand for foreign currency. Subsequently, the average dollar-taka exchange rate has remained stable at Tk 77.8 since January 27.
Performance contract to be signed with Bangladesh’s state-owned banks
The government is going to sign performance contract with the state-owned banks (SoBs) to improve their financial health through strengthening efficiency of the management, officials said on Wednesday. The Ministry of Finance (MoF) has already set 13 key indicators including profit after tax, classified loan situation, cash recovery position, capital adequacy ratio, return on assets, automation status, and human resources development for the contract to improve operational performance of the eight SoBs.
BB governor off to London for receiving Best Central Banker award
Bangladesh Bank Governor Atiur Rahman left Dhaka for London on Wednesday evening for receiving the ‘Best Central Banker of the Year 2015’ award. Financial Times-owned magazine The Banker has selected Dr. Rahman as the recipient of the 'Best Central Bank Governor' Award 2015 from the Asia Pacific region for his contribution to the successful maintenance of macroeconomic stability in the country.
BBN/SSR/AD-05Feb15-9:47 am (BST)