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’s baffling move
The central bank has given the go-ahead to set up a new non-bank financial institution (NBFI) in its last board meeting — a move that has stumped experts and industry insiders given the poorly state of sector. In its meeting on Sunday evening, the board of directors of the Bangladesh Bank gave the letter of intent to Strategic Finance and Investments. Its chairperson is Anjuman Ara Shahid, wife of Padma Bank Chairman Chowdhury Nafeez Sarafat.
Economic Zone units allowed to import spare parts duty-free
The National Board of Revenue has exempted investors from payment of all types of duties and taxes on import of spare parts for their factories located in the economic zones of the country. Customs wing of the revenue board on January 9 issued a statutory regulatory order, waiving the EZ factories from payment of customs duty, regulatory duty, supplementary duty and value-added tax on import of spare parts.
WB unlikely to lift lending for BD
The World Bank, or WB, is likely to provide US$4.50 billion in loans to Bangladesh over the next three-years, officials said on Monday, the same level as the current portfolio. Although the total aid package of the global lender for its member countries is going to be enhanced by $7.0 billion to $82 billion for the fiscal year 2020-21 to FY2023, Bangladesh’s share is unlikely to be raised, they said.
Bangladesh forex reserve crosses $32bn again
Bangladesh foreign currency reserve crossed US$32 billion again on Monday following higher inflow of remittances. The country’s forex reserve rose to $32.04 billion on the day from $31.97 billion of the previous level, according to the central bank officials.
DSEX hits 56-month low amid panic sale
The Dhaka Stock Exchange (DSE) core index witnessed another sharp loss on Monday, hitting 56-month low, as the losers took heavy control over the gainers following investors’ panic sale.
Of the 354 issues traded on the day, 313 declined, while only 21 advanced on the premier bourse.
BB increases remit limit of IT firms
The central bank of Bangladesh has increased the remit limit for Information Technology (IT) or Software firms to US$40,000 from the existing level of $30,000 in a calendar year, officials said. “It has been decided to enhance the limit to $40,000 in a calendar year from $30,000. Within the limit of $40,000, international cards may be issuable for $8,000 instead of $ 6,000 which may be refilled subject to availability of the limit and observance of specified formalities,” the Bangladesh Bank (BB), the country’s central bank in a notification on Monday.
Payra coal power plant takes off
Coal-fired Payra power plant in Patuakhali began test production yesterday, making it the first large-scale plant to come into operation since the Awami League swept to power a decade ago.
One hundred megawatt electricity generated by the plant in Kalapara upazila was added to the national grid at 11:05am, said AM Khurshedul Alam, the acting managing director of Bangladesh-China Power Company (BCPCL), which owns the plant.
Bankers place new demand
Finance minister AHM Mustafa Kamal on Sunday assured the bankers of conveying their demand for keeping loans to short and medium entrepreneurs out of the purview of the proposed 9 per cent interest rate to prime minister Sheikh Hasina. His assurance came at the reception to him by the bank owners and bank executives at Bangladesh Association of Banks at Gulshan after AHM Mustafa was declared the ‘Finance minister of the Year’ by a UK based magazine this month, officials attending the meeting said.