Bangladesh Bank governor Fazle Kabir. File photo
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.
SoBs asked not to be too wary of releasing fresh loans
Bangladesh Bank (BB) governor Fazle Kabir on Wednesday asked state-owned banks not to be over cautious in sanctioning fresh loans in fear that such loans might become defaulted. The central bank governor gave the instruction as he found many Sonali Bank officials were too wary of granting new credit after the Hallmark Group loan scam.
Banks’ deposit growth contracts in anticipation of interest rate cap
Deposit growth in banks saw a steep decline in January, in a development that can be viewed as the direct impact of the capping of interest rate on savings to 6 per cent. Earlier on December 30 last year, the government announced capping of interest rates on deposits at 6 per cent and on loans at 9 per cent.
Bangladesh’s forex reserve falls to $31.99b
Bangladesh has made a routine payment of US$1.15million to the Asian Clearing Union (ACU) against imports during the January-February period of 2020. After the payment, foreign exchange (forex) reserves fell to $31.99 billion on Wednesday from $33.09 billion on the previous working day, according to the central bank officials.
MCCI portrays a mixed picture, lists challenges
Outlining multiple challenges facing the country on business and fiscal fronts, the Metropolitan Chamber of Commerce and Industry (MCCI), Dhaka, a leading trade body, has suggested that the government take steps to overcome those and help achieve the desired economic growth. “Most of the local economic indicators are facing uncomfortable ride amid a gloomy global economy,” said the MCCI in its ‘Quarterly Review of Economic Situation in Bangladesh (Q2 of FY ’20).
Stocks fall amid fears over coronavirus outbreak
Bangladesh’s stock prices declined on Wednesday, snapping a two-day winning streak, amid fear over coronavirus outbreak in the country. “Bangladesh is now at high risk and urged all to stay alert as the virus has already spread in different parts of the globe,” said Chinese Ambassador in Dhaka Li Jiming on Wednesday.
ICT Div seeks policy for cross-border e-com traders
The Information and Communication Technology Division has requested the National Board of Revenue to frame a policy for cross-border electronic-commerce traders to facilitate the entrepreneurs sending their products to foreign e-commerce platforms. It also urged the revenue board to issue no objection certificates to traders to send their products without work orders or line of credit to help traders in export of goods.
ISPs await fresh guidelines
The government will soon revise guidelines for internet service providers and bring down licensing categories in a bid to streamline broadband internet business in the country. Licence fees and annual charges will be hiked, while users will be able to set parental controls to reduce the risk of children encountering inappropriate contents online.
Govt. earnings from DSE down 38% in July-February
The government’s revenue earnings from the Dhaka Stock Exchange (DSE) fell 38 percent year-on-year in eight months in the current fiscal year as trading volume was on the decline. Brokers said sluggish trading activities coupled with low share sales by sponsor-directors affected the government’s revenue earnings from the DSE during the period under review.
BBN/SSR/AD
