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 asks banks to meet CRR, SLR requirements
The central bank has asked the scheduled banks to comply with cash reserve ratio (CRR) and statutory liquidity ratio (SLR) rules concerning their offshore banking operations from September 01 next. The banks are allowed to maintain the CRR and SLR only for the offshore banking operations (OBOs) using both local and foreign currencies, officials said.
Plan to bail out leasing cos, too
The government has planned to give the scam-hit leasing companies opportunities for restructuring their bad loans on easy terms in a bid to bail them out of the severe liquidity crisis and to avert possible liquidation of more such companies. Financial Institutions Division officials told New Age on Sunday that they asked the leasing companies to give their opinions on the proposal for rescheduling bad loans, which will be almost similar to the scope now enjoyed by the commercial banks.
Trade deficit shrinks on low imports
Trade deficit narrowed down to 15 percent last fiscal year thanks to a decline in imports and steady growth of exports, bringing some breathing room for the government for the time being. In fiscal 2018-19, trade deficit stood at $15.94 billion, down from $18.17 billion a year earlier, according to data from the central bank.
Rawhide procurement target may not be achieved, fear tanners
The country’s tanners may face rawhide shortage as some people who sacrificed animals on the occasion of Eid-ul-Azha buried rawhide due to lower prices offered by the merchants. Tanners and rawhide merchants expressed their apprehension of supply shortage as untoward incidents such as dumping rawhide and wasting them would weigh on their procurement targets.
Bangladesh stocks keep gaining riding on GP shares
Bangladesh’s stocks extended the gaining spell for the third straight session on Monday as investors showed their buying appetite on Grameenphone (GP) shares. DSEX, the prime index of the Dhaka Stock Exchange (DSE), settled at 5,227, gaining 10.72 points or 0.20 per cent over the previous session.
Ride-sharing service cos to pay VAT
Value-added tax at the rate of 5 per cent on ride sharing service will be applicable only on the service providing companies’ share in the fare, according to the National Board of Revenue. The fares of ride-sharing services will increase to some extent as the ride-sharing companies will estimate the total fare including the VAT on their income from the service, said NBR officials.
Factories employing robots to boost output
Local firms are increasingly embracing robots to increase productivity and competitiveness — a development that is poised to displace workers in the labour-abundant country. Industrial robots are mainly in use in plastic, apparel and automobiles plants and printing firms to make products, according to import data and industry insiders.
$500m infrastructure investment fund likely
A US$500 million fund is likely to be created with contributions from the government, bourses, banks and financial institutions to invest in various infrastructures, officials said. The private sector people will enjoy tax and duty waiver if they invest in the proposed National Infrastructure Fund, they said.
BBN/SSR/AD
