Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.

AUDIT OF BPC: Govt makes U-turn for IMF loan
The government has made a U-turn on its refusal, made five days ago, to meet a condition for the release of $280 million loan from the International Monetary Fund. The finance minister, AMA Muhith, told New Age on Monday that they had decided to appoint an international firm to audit Bangladesh Petroleum Corporation. He said that they had also agreed to extend for three months the extended credit facility deal which was scheduled for this month to expire. On July 15, the finance minister stated that they could not agree with the IMF condition that the BPC should be audited by an internal firm.

BB raises NOP limit for banks to maintain stable forex market
The central bank has raised the net open position (NOP) limit for commercial banks to hold foreign exchange as part of a twin-protection to the inter-bank forex market against volatility, officials said. A depreciation of the US dollar on the inter-bank foreign exchange (forex) market will harm important stakeholders in the economy who earn the foreign exchange, they said.

Bangladesh Bank buys $35m more from four banks Monday
The central bank of Bangladesh purchased US$35 million more from four commercial banks on Monday, the first working day after the Eid-ul-Fitr vacation, to help keep the inter-bank foreign exchange (forex) market stable, officials said. “We’ve bought the US currency from the banks directly at market rate to protect the interests of exporters and migrant workers by keeping the exchange rate of the local currency against the US dollar stable,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.

Only 979 want to leave for India
No dweller of the 51 enclaves in Indian territory wants to come to Bangladesh while just 979 residents of the 111 enclaves inside Bangladesh are willing to go to India, say officials.  Lalmonirhat Deputy Commissioner Habibur Rahman, who led a five-member Bangladesh delegation at a meeting with the Indian side yesterday, confirmed it to The Daily Star. According to the 2011 census, 14,215 people live in the 51 Bangladeshi enclaves in India while 37,369 people live in the 111 Indian enclaves inside Bangladesh.

Biman offers 20% discount
Biman has announced 20% discount on flights to Middle Eastern countries and Malaysia. Those travelling from Middle East and Kuala Lumpur can avail the offer as the number of passengers has fallen after Eid-ul Fitr. Mohammad Shah Newaz, a director of Biman, said that the special offer is valid until August 3. The offer will remain in place for Biman international flights from Dubai, Kuwait, Doha, Riyadh, Jedda, Muscat and Kuala Lumpur.

BB yet to draft guidelines on commercial papers
Bangladesh Bank is yet to prepare guidelines on the issuance of commercial papers — an unsecured debt instrument — by companies to banks for taking loans although the use of the instrument has increased since its inception in the country in 2013. BB officials said as banks gave loan against the commercial papers without taking any collateral, a rampant use of the instrument for risky ventures would bring instability to the country’s financial market. In financial terms, a commercial paper is an unsecured promissory note with a fixed maturity of around 365 days.

31 sick textile mills get 5-10 yrs to repay debts
The owners of 31 private-sector textile mills have been given five to ten years to repay their debts to two state-owned banks and one financial institution as they reported sick, officials said. The Ministry of Finance (MoF) recently gave necessary directives to Agrani Bank, Bangladesh Development Bank Ltd and the Investment Corporation of Bangladesh (ICB) for the time extension following recommendations made by the Ministry of Textiles and Jute.

BRICS New Development Bank starts operations
BRICS New Development Bank (NDB) began its operations in Shanghai, China’s largest city, on Tuesday, reports Xinhua news agency. The agreement to establish the NDB, with an initial capitalization of $100 billion, was signed by the BRICS member states — Brazil, Russia, India, China and South Africa — during the group’s 6th summit in Fortaleza, Brazil in July 2014. The bank was officially launched at the last BRICS summit in the Russian city of Ufa earlier this month. The NDB’s main purpose is to finance infrastructure projects and promote sustainable development in BRICS member states and other emerging economies.

BBN/SSR/AD