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.

BB balks at borrowing costly new credit
The central bank has expressed its reservation over borrowing from the World Bank’s newly introduced costly ‘scale-up facility’ fund, fearing mismatch with the local financial market. Ministry of Finance (MoF) officials said Monday the Bangladesh Bank (BB) had recently in writing communicated to the MoF its observations regarding the WB-assured US$350 million credit for the proposed ‘investment promotion and financing facility project-II (IPFF-II)’.

Sales of savings tools hit record

Net sales of savings instruments hit a record high in fiscal 2015-16, as investors were lured in by interest rates which are 5 percentage points higher than those offered by commercial banks on term deposits. The amount was more than double the target set by the government for the fiscal year: it stood at Tk 33,688.6 crore — the highest in the country’s history — against the target of Tk 15,000 crore.

SWIFT seeks BB reserve theft probe report
The Society for Worldwide Interbank Financial Telecommunication has sought the probe report on the theft of $101 million from of the country’s reserve, most of which was laundered in casinos in Philippines, officials said. SWIFT’s Asia Pacific chief executive Alian Raes sent a letter to finance minister AMA Muhith on July 29 seeking the much-talked-about probe report. He also requested Muhith not to make the report public before granting them an opportunity to clarify their position about the allegation against them, if any, in the report.

BD placed 19th in global financial inclusion progress
Bangladesh has been ranked 19th, scoring 66% in financial inclusion progress among many countries in the world while Kenya topped the list with 84% score, according to a global study report. The 2016 Brookings Financial and Digital Inclusion Project (FDIP) report revealed recently evaluates access to and usage of affordable financial services by underprivileged people across 26 geographically, politically and economically diverse countries.

Bangladesh’s stocks start week with marginal rise
Bangladesh’s stocks ended on Sunday with a marginal rise in broad index, although the turnover declined following less participation from the investors. The first working day of the ongoing week, the flat movement of previous week was almost reflected on the Dhaka Stock Exchange (DSE) because of mixed performances showed by the major sectors.

Floods cut vegetable exports by half
Exports of perishable goods dropped about 50 percent as floods damaged crops in most of the vegetable growing districts, exporters said yesterday. Vegetable shipments out of the airport in Dhaka plummeted to 70-80 tonnes a day from 150-180 tonnes prior to the floods, said Mohammed Mansur, general secretary of Bangladesh Fruits, Vegetables and Allied Products Exporters’ Association.

BD unlikely to sign FTA before 2025
Bangladesh is unlikely to strike Free Trade Agreement (FTA) with any country until 2025 before losing the facilities it has been enjoying as a least developed country (LDC), a meeting decided on Sunday. “We are still studying the pros and cons of signing FTA. Let’s see what we can find,” Ministry of Commerce (MoC) Senior Secretary Hedayetullah Al Mamoon told the FE.

BD-CHINA JEC MEETING: Signing loan deals on $13b projects high on agenda
The signing of formal loan agreements on nearly two dozens of infrastructure projects that saw their major negotiations completed between Dhaka and Beijing on $13 billion Chinese investment will top the Sino-Bangla economic talks in Dhaka next week. Officials concerned in the finance ministry said their highest priority would be to persuade the Chinese authorities to step up their efforts towards inking the almost negotiated draft deals at the forthcoming bilateral talks.

BBN/SSR/AD