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 to set export target at $48 bn for FY21
The government is going to set a $48 billion export target for the current 2020-21 fiscal year, where product exports would contribute $41 billion and the services sector $7 billion. Growth of product exports is likely to be projected at 21.75 percent, said commerce ministry sources. The ministry will formally announce this target at a press briefing Thursday.
Tk 40,000cr low-priority projects to be pushed back
The government has decided to put a hold on the implementation of low-priority development projects involving Tk 40,000 crore to free up funds for the productive sectors amid widening revenue shortfall. The amount accounts for about 20 per cent of the Tk 205,145 crore annual development programme (ADP) for the current fiscal year.
Rewriting banks’ risk rules crucial
Traditional risk assessment, management and mitigation factors will be changed in the pandemic situation and dangers should be assessed in a new way, bankers and academics said on Wednesday. They said the country’s banks will pass the year in good performance, helped by stimulus packages and other assistance from the government, but 2021 will be a tough year for banking sector.
BB to unveil monetary policy last week of July
Economists have urged the central bank to announce guidelines on ways to re-generate the economy and generate employment in the upcoming monetary policy statement (MPS) for the fiscal year 2020-2021. Bangladesh Bank (BB) will unveil its monetary policy for the fiscal year 2020-2021 at the end of this month.
GP profit slips amid Covid-19 fallouts
Grameenphone’s net profit tumbled 23.87 per cent year-on-year in the second quarter of 2020 because of the ongoing Covid-19 crisis. The largest mobile phone operator of Bangladesh took home Tk 726.55 crore in profit after taxes in April-June, down from Tk 955.28 crore in the same period a year ago.
Fazle Kabir reappointed BB governor
Fazle Kabir was reappointed as the governor of Bangladesh Bank (BB) for nearly two more years on Wednesday, 12 days after his previous tenure ended on July 3. Mr. Kabir has been reappointed as per the Bangladesh Bank (Amendment) Act, 2020 and his present tenure will expire on July 3, 2022, according to a notification issued by the Ministry of Finance.
Nat’l savings tools sales sink 76pc in July-May
Net sales of national savings certificates dropped by 76.43 per cent or Tk 35,702 crore in the July-May period of the fiscal year 2019-2020 mainly due to tightened rules and taxation. As per the Bangladesh Bank data, net sales of NSCs dropped to Tk 11,011 crore in the first eleven months of FY20 from Tk 46,713 in the same period of FY19.
Dhaka stocks extend losses for third day
Dhaka stocks extended the losing streak for the third straight session on Wednesday as investors remained watchful amid ongoing virus scare. The market opened on positive note and the prime index reversed the trend later which continued till the end as the shaky investors liquidated their holdings from most of the major sectors.