Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
IMF sees growth at 6.0pc
The International Monetary Fund (IMF) said on Tuesday the fresh flare-up of unrest in Bangladesh in early January had been taking its toll on the country’s economy. In view of the political turmoil continuing since January 06 last, the Washington-based IMF expects the real GDP (gross domestic product) to grow by about 6.0 per cent in the current fiscal year (FY) 2014-2015.
Inflation up in Feb after 7 months amid unrest
Overall point-to-point inflation increased marginally by 0.10 percentage points in February and stood at 6.14 per cent from 6.04 per cent in January, mainly due to spiraling prices of food and non-food items, according to data of the Bangladesh Bureau of Statistics. Officials of the BBS said that inflation rose in February because of the ongoing indefinite blockade and frequent hartals imposed by the BNP-led opposition parties that hampered transportation of goods.
Gold prices slip
Gold prices have dropped 3.24 percent since January 22 due to a decline in domestic demand for jewellery and the value of the precious metal in the global market. The metal is now retailing at Tk 44,506 a bhori, a price level it has reached twice since April 2013. Jewellers cut the prices of 22-karat gold by Tk 1,492.48 a bhori (11.66 grams), effective from today.
Bangladesh Bank purchases $112m from five banks
The central bank purchased US$112 million more from five commercial banks Tuesday to help keep the inter-bank foreign exchange (forex) market stable, officials said, “We’ve bought the US currency from the banks directly at market rate to protect the protect the interests of exporters and migrant workers by keeping the exchange rate of the local currency against the US dollar stable,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
Alliance eyes full factory inspections by July 2017
Alliance for Bangladesh Worker Safety, a platform of North American brand and retailers, has set a target to complete all remediation requirements and final inspections of its 600 supplier factories in the country by July 2017. ‘By July 2015, we fully expect 10 per cent of all factories to have undergone a final inspection. By 2017 — year four of the Alliance — our goal is to have 100 per cent of factories complete their final assessments,’ the platform said in its update report released on Monday. The Alliance is now working with factories to develop detailed corrective action plans and complete the remediation process.
Bangladesh’s stocks edge marginally higher
Bangladesh’s stocks closed marginally higher on Tuesday after previous session’s flat movement as investors went for buying spree on large-cap stocks despite no improvement in the political front. The market opened with a positive note which sustained throughout the session amid modest see-saw mood. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 23.07 points or 0.49 percent to close at 4,649.30 points. The two other indices also closed in green.
Central bank mulls fixing range of ceiling on debit card charges
The central bank is planning to fix a range of ceiling regarding charges on debit card aiming to protect depositors’ interest, officials said Tuesday. “The issue will be discussed at the next bankers’ meeting, scheduled to be held on March 19,” a senior official of the Bangladesh Bank (BB) told the FE. Currently, the banks are allowed to fix different charges including annual ones on debit card using their own policies.
BBN/SSR/AD-11Mar15-10:40 am (BST)