Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
All forex loans come under BB scanner
The central bank has intensified its monitoring the use of foreign-currency loans under a changed stance following allegations of abuse of the facility. Officials said the Bangladesh Bank (BB) has taken the latest initiative on detection of various irregularities in such borrowing, principally meant for buying capital machinery for productive purposes.
Processed food makers investing more in cold chain networks
Local processed food makers are increasingly investing in building their cold chain networks to maintain the quality of products, industry insiders said. Golden Harvest Agro Industries is setting up the country’s largest cold chain network at a cost of more than $50 million (about Tk 400 crore). USAID is helping the company implement the project.
Six directors of PCBs asked to quit extra posts within 15 days
The central bank of Bangladesh has asked six directors of two private commercial banks (PCBs) to retain any one of the directorships of financial institutions by relinquishing the rest within 15 days. “We’ve issued letters separately to the directors of the banks concerned Monday in line with the existing Banking Companies Act and Financial Institutions Act,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
Global currency war fears shake exporters
Fear of global currency war might deepen woes of local exporters who are already reeling particularly from weakening euro coupled with the latest gas and power tariff hikes. China’s recent series of Yuan devaluation has sparked fears of currency war, also known as competitive devaluation, across the world to shore up its teetering economy.
Bangladesh’s stocks close marginally higher
Bangladesh’s stocks ended marginally higher on Monday with turnover remaining sluggish, the first trading session after five-day Eid holiday. The presence of the investors, however, was thin on the trading floor as many investors are yet to come in the capital Dhaka after celebrating Eid-ul-Azha, the second largest religious festival of the Muslims.
Robi-Airtel merger another step closer to reality
Robi and Airtel have formally applied for permission to merge their operations from the telecom regulator, a move that will turn the combined entity into the second largest mobile operator after Grameenphone in Bangladesh. “We received a joint application. The approval process will start in a short while,” said Md Sarwar Alam, spokesman for Bangladesh Telecommunication Regulatory Commission.
Bangladesh Bank buys $22m more from five banks
The central bank of Bangladesh purchased US$22 million more from five commercial banks on Monday to help keep the inter-bank foreign exchange (forex) market stable, officials said. “We’re purchasing the US currency from the bank 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.
Bangladesh’s call money rate stable after Eid
Bangladesh’s inter-bank call money rate remained stable in the early trading on Monday, the second working day after the Eid-ul-Azha festival, despite withdrawal of fund from the market by the central bank, treasury officials said. The call money rate ranged between 5.30 per cent and 6.50 per cent on the day unchanged from the previous level. However, most of the deals were settled at rates varying between 5.50 per cent and 6.0 per cent, according to the market operators.