Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Bangladesh’s outlook stable again: Moody’s
Moody’s Investors Service has projected Bangladesh’s outlook as stable again for the current year saying that the country’s growth volatility is lower than for almost all other countries rated by the global credit rating agency.
Bangladesh is rated Ba3 with a stable outlook, the Moody’s said in its latest analysis, released on Wednesday.
The Moody’s said that Bangladesh’s Ba3 foreign currency government bond rating reflects its track record of macroeconomic stability, a modest debt burden, and limited external vulnerabilities with an ample foreign reserve buffer.
But a fractious political environment, narrow tax revenue base, and a very low level of per capita income constrain the rating.
Bangladesh’s forex reserve crosses $24bn-mark
Bangladesh’s foreign exchange (forex) reserve crossed the US$24 billion-mark for the first time on Wednesday following steady growth of both export earnings and the flow of inward remittances.
The reserve rose to $24.09 billion on the day, setting a new record, from $23.78 billion of the previous working day.
It was $23.05 billion on March 31 last. “Our forex reserve has crossed the $24 billion-mark due mainly to steady growth of both export earnings and inward remittance,” Kazi Sayedur Rahman, general manager of the Forex Reserve and Treasury Management Department of the Bangladesh Bank (BB) told BBN in Dhaka.
Bangladesh Bank purchases $30 m from bank
The central bank of Bangladesh purchased US$30 million more from a commercial bank on Wednesday to help keep the inter-bank foreign exchange (forex) market stable, officials said.
We’re purchasing the greenback from the banks directly at market rate to protect the interests of exporters and migrant workers by keeping the exchange rate of the Bangladesh Taka (BDT) against the US dollar stable,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
EU Parliament for improving working conditions in Bangladesh
The European Parliament emphasised the need to do more to improve the working conditions and tackling anti-union discrimination in Bangladesh’s ready-made garments sector.
The Members of European Parliament (MEPs) came with the observation during a resolution that voted on Wednesday. Though, the MEPs stressed the need for doing more for improvement of the Bangladesh’s apparel sector, it welcomed the progress made by the EU-led initiative to improve working conditions in the sector, said a press statement of the European Parliament.
Bangladesh’s FX, money markets close stable, stocks fall
Bangladesh’s both foreign exchange and money markets remained almost stable in closing while the stocks plunged on Tuesday.
The call rate ranged between 6.75 percent and 8.0 percent remained unchanged from the previous level, market operators said.
On the other hand, the banks quoted the dollar single rate at BDT 77.80 which was also unchanged from the previous level. DSEX, the prime index of the Dhaka Stock Exchange, went down by 19.28 points or 0.46 percent to close at 4,099.20 points.
ADB’s new policy to make borrowing costlier for BD
The Asian Development Bank (ADB) loans for its developing member countries, including Bangladesh, are likely to be costlier with a change of its lending policy.
Officials said Wednesday the Manila-based lender in its annual meeting in Baku next week (May 2-5) is going to put in place the new lending policy for its developing member-countries with approval from the board of governors.
Cost of shipping to India set to drop
Bangladesh and India have signed a draft agreement on coastal shipping, a move that will reduce the cost of export and import between the two countries by two thirds.
The draft deal was signed at a meeting in New Delhi on April 20. The final agreement will be signed during the upcoming visit of Indian Prime Minister Narendra Modi to Bangladesh, Shipping Minister Shajahan Khan said at a media briefing in Dhaka yesterday.
When the agreement comes into effect, both time and money will be saved in transportation of goods between the two countries, he said.
RMG exporters seek reduced income, export tax rates for 5 more years
Leaders of the export-oriented readymade garment industry on Wednesday demanded an extension of income tax benefit at reduced rate at 10 per cent for another 5 years for apparel item exporters.
Bangladesh Garment Manufacturers and Exporters Association and Bangladesh Knitwear Manufacturers and Exporters Association made the demand at a pre-budget discussion with the National Board of Revenue in the city on the day.
At the meeting, the BGMEA also sought continuation of the income tax at source on export at the rate of 0.30 per cent for the next five years as the benefit is scheduled to be expired in June, 2015.