Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
BB expects interest rates on lending to fall further
Bangladesh Bank (BB) expects that the interest rates on lending will fall further in the coming days as the central bank is working closely in this regard to ensure an investment friendly economic environment. At present, the banks have sufficient liquidity to expand loans to the potential borrowers, the central bank of Bangladesh said in a clarification on Tuesday. “The BB has therefore been promoting credit flows to the productive sectors at lower rates of interest through various financial inclusion activities which are contributing towards the socio-economic development along with ensuring financial and macro stability,” the central bank explained.
Banks asked not to force female staff to stay at office after 6pm
The central bank on Tuesday asked the scheduled banks to improve working conditions for their female staff, ensuring that they are not held back at the office after 6pm, and if, for any emergency, they are detained beyond the usual office hours they must be paid overtime allowance. The BB asked the banks not to force the female staff to stay after closing the daily work of the branches at 6pm under any circumstances, considering their security. The banks have to issue internal circular in this regard as soon as possible, according to the central bank directives.
Bangladesh’s state-run telecom firm BTCL to lose $25m Japanese soft loan
The Bangladesh Telecommunications Company Ltd (BTCL) is set to lose a $25 million Japanese soft loan for a countrywide telecom backbone as it repeatedly failed to adhere to the donor’s guidelines in awarding the project to the lowest bidder. The loan offered by the Japan International Cooperation Agency (Jica) will be taken back after June 2 as the BTCL continues to insist on time extension and retendering instead of awarding the job to the lowest bidder, a Turkish company, Netas, according to official correspondences obtained by The Daily Star.
BDs overseas investment on steady rise
Bangladeshi investment in the outer world has been on a steady rise-through both overt and covert channels. Experts say the actual volume of country’s investment overseas cannot be gauged as capital flowing out through unrecognised passages is thought to be greater in volume than what is officially counted. Central bank statistics reveal that investment from Bangladesh outside the country was $48.37 million last year. The amount was 43 per cent higher than the amount, $33.73 million, invested in 2013 in other countries.
Taka-linked bonds to attract foreign investors: IFC
The International Finance Corporation has now formally proposed to Bangladesh to launch $1 billion taka-linked bonds, saying they would attract new foreign investors. Positive investor and media responses to an inaugural IFC issuance could potentially catalyse further investments and dollar inflows into Bangladesh, IFC said in the proposal it recently sent to the finance ministry and the central bank. “A successful implementation of the bond issuance will signal the confidence offshore investors have in the stability of the Bangladesh economy and the taka.” Not only that, an IFC bond will allow foreign investors to gain easier access to investments in the taka.
MoU likely with China to roll out Teletalk’s 4G network
The government plans to sign two separate deals with China to roll out 4G networks in the fast expanding telecommunication market and modernise the network to boost digital connectivity. The ministry of telecommunication last week gave the go-ahead signals to Bangladesh Telecommunication Company Ltd and Teletalk, the state-owned mobile operator, to engage in negotiations with a Chinese company, a top official of the telecommunication ministry said.
China National Machinery Industry Corporation (Sinomach), a state-controlled Chinese firm, early this month sent two letters of intent and draft memos for negotiations, the official added.
Govt employees likely to come under full taxation
Government officials’ salary incomes are likely to come under full-scale taxation from the upcoming financial year, as the tax net is being cast wide to enhance revenue. An initiative has been taken to bring their salary incomes–both basic and allowances–under the purview of income tax, officials said. The step comes close on the heels of ensuing hike in their pay from July 1st, 2015 on the national pay commission’s recommendation. Currently, the government employees pay income tax on their basic pay and enjoy tax exemption on their allowances.
Bus route transit may get nod during Modi’s visit
Several deals, including one for transit, will be signed between Bangladesh and India during the upcoming Dhaka visit of Indian Prime Minister Narendra Modi. Responding to India’s demand, Bangladesh will allow direct bus service between Kolkata and Agartala via Dhaka, which is seen as almost similar to a road transit. Road Transport and Bridges Minister Obaidul Quader, now visiting India, has already met his counterpart Nitin Gadhari and both have agreed on the road transit. Apart from this, Bangladesh and India agreed to start the Dhaka-Shilong-Guahati bus service which will be given a test run on May 22. If the trial goes well, then the route will be opened permanently.