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.
Bangladesh unveils cautiously accommodative monetary policy
Bangladesh Bank (BB) on Tuesday unveiled its cautiously accommodative monetary policy aiming to achieve maximum economic growth through boosting investment particularly in productive sectors. “The monetary policy is cautiously accommodative,” BB Governor Fazle Kabir said while formally announcing the monetary policy statement (MPS) for the July-December of the current fiscal year (FY) 2016-17 at a press conference held at the central bank headquarters in Dhaka.
BB installs a more secure SWIFT system after cyber theft
The central bank has installed a new SWIFT system for international transactions from its foreign currency reserves as it is determined to ensure foolproof security, Bangladesh Bank Governor Fazle Kabir said yesterday. “The SWIFT system is being re-established in a new format through which we will be able to ensure water-tight security in future,” he said, adding that the system is not awaiting a third-party inspection.
BB eyes recovery of entire heist money
The central bank of Bangladesh is expecting to recover the entire amount of US$ 81 million stolen from its account, as the Philippines’ central bank is probing the involvement of Rizal Commercial Banking Corporation (RCBC) in the transactions process. Bangladesh will get back the entire amount of stolen fund from the Philippines, if investigation by Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, and the Anti-Money Laundering Council (AMLC) find the RCBC involved in such transactions, Bangladesh Bank (BB) Governor Fazle Kabir said.
Economists suggest close monitoring on credit
Economists and experts on Tuesday said Bangladesh Bank should monitor closely the current upward trend in the private sector credit growth so that the loans disbursed by banks do not enter into the defaulted zone. The central bank should ensure that the loans will go to the productive sector, they said. The suggestions came as their immediate reactions to the monetary policy statement for the July-December 2016 announced by the BB on Tuesday.
BD, Russia ink $11.38b NPP deal
Bangladesh signed an inter-governmental credit agreement (IGCA) of US$ 11.38 billion with Russia in Moscow on Tuesday for construction of the proposed 2,400-MW Rooppur Nuclear Power Plant (NPP), a senior official the Ministry of Science and Technology (MoST) said. Senior Secretary of Economic Relations Division (ERD) Muhammad Mejbahuddin and Deputy Minister for Finance of Russian Federation Sergei Anatolyevich Storchak signed the agreement on behalf of their respective sides.
Bangladesh’s stocks stay flat for sixth day
Bangladesh’s stocks closed almost flat for the sixth sessions on Tuesday, as investors were mostly cautious to take fresh exposure in the market. Both bourses – the premier bourse Dhaka Stock Exchange (DSE) and the port city bourse Chittagong Stock Exchange (CSE) opened with a positive, but failed to sustain the momentum as the session progressed, ended in flat.
Government to upgrade jute mills to boost production
The government has undertaken a move to modernise the decades-old 24 state-owned jute mills for producing diversified jute goods. Under the project titled Balancing, Modernisation, Rehabilitation and Expansion (BMRE) of Public Sector Mills, primarily three jute mills will be upgraded at an estimated cost of US$340m under the Chinese assistance.
Siam City Cement starts its journey in Bangladesh
Bangkok-based Siam City Cement Public Company has recently acquired cement maker Cemex and started its operation in Bangladesh. The company with operations in different countries in South East Asian region has 47 years of experience in the industry. Cemex, a Mexico-based cement manufacturer, sold its operations in Bangladesh and Thailand to Siam City for about $53 million.