File photo: debt.org
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.
Bad Loans Twice as large
The actual size of bad loans is more than double the officially recognised figure, according to a recent report of the International Monetary Fund — a damning evidence of the fragile state of Bangladesh’s banking sector. “While reported default loans do not seem exorbitant, the true situation of problem assets seems much more serious,” said the Washington-based multilateral lender in its Financial Sector Stability Review on Bangladesh.
Bangladesh to top list of high achievers
The Asian Development Bank (ADB) expects the Bangladesh economy to grow at 8.0 per cent during the current fiscal. The growth will be the highest in the Asia-Pacific region. “Bangladesh has emerged as one of the main forces in the Asia-Pacific region to improve the economic growth of this region,” said ADB country director in Bangladesh Manmohan Parkash.
Bangladesh’s economic growth projections for FY ’20
The Asian Development Bank (ADB) expects the Bangladesh economy to grow at 8.0 per cent during this fiscal year (FY) that is only 0.2 percentage points lower than the government’s projection for the same. The ADB disclosed this at the launch of its annual flagship publication Asian Development Outlook (ADO) 2019 at its Dhaka office on Wednesday.
Exports to contribute 0.23% to Bangladesh GDP if US-China trade war escalates
Exports, especially apparel and leather goods, will contribute 0.23% to gross domestic products (GDP) of Bangladesh if the ongoing trade conflicts between the US and Chain escalates. However, the developing Asia’s GDP will fall 0.67% due to the trade war, in which China will be the worst loser with a 1.25% slump.
Bangladesh’s stocks extend losses for second consecutive day
Bangladesh’s stocks extended losses for the second straight session on Wednesday as risk-averse investors continued their selling binge on sector-wise shares. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 6.98 points or 0.14 per cent to settle at 4951.
Women hold only 18pc bank jobs: BB
The number of female employees in the country’s banking sector has been increasing at a snail’s pace as the number is still below 18 per cent. The percentage of woman employees against male staff in banks was 17.88 per cent at the end of June this year as 25,771 women were working in the banking sector while the number of male employees was 1,44,104 at that time, according to a Bangladesh Bank report on gender equality in banks and non-bank financial institutions for January-June, 2019.
Written-off loans rise in Q2
Loans written off by banks surged 21 percent to Tk 54,463 crore in the second quarter of the year from a quarter ago as the lenders try to clean up balance sheets and paint a rosy picture of their health. As much as Tk 674.38 crore was written-off between April and June, in contrast to Tk 557.30 crore a quarter ago, according to latest data from the Bangladesh Bank.
Unlisted insurers to get listed by December: BIA president
Unlisted insurers have started the process to get listed with stock market within the December deadline as per the instruction of Finance Minister AHM Mustafa Kamal. Bangladesh Insurance Association (BIA) President Sheikh Kabir Hossain made the claim at a press conference in the capital yesterday.
BBN/SSR/AD
