Month: June 2014

Export Dev Fund Single borrowing limit raised to $15m Bangladesh Bank has increased the limit of borrowing by an exporter from the Export Development Fund to $15 million from the existing $12 million. The manufacturing-oriented exporters of the BTMA, BGMEA and BKMEA are eligible to avail the opportunity of the central bank’s special fund. The ... Read more

Bangladesh Bank on Tuesday sent a letter to Swiss Financial Intelligence Unit expressing interest to sign a memorandum of understanding on exchanging information about money laundering. The BB took the move in a bid to collect information about money deposited by Bangladeshi citizens with the Swiss banks, said officials of the central bank. The recent ... Read more

Dhaka stocks advanced for the second trading session on Tuesday riding on the expectation that the government might revise some budget proposals related with the capital market. The key index of Dhaka Stock Exchange, DSEX, closed at 4,392.94 points, adding 0.57 per cent or 25.04 points. Market operators said that despite the central bank move ... Read more

Bangladesh Securities and Exchange Commission on Tuesday approved the initial public offering of Khan Brothers PP Woven Bag Industries Limited to raise fund worth Tk 20 crore floating its 2-crore shares at face value. The capital market regulators made the decision at a commission meeting presided over by its chairman M Khairul Hossain, a BSEC ... Read more

To mop up Tk 3,000cr aiming to contain inflation Bangladesh Bank on Monday raised the cash reserve requirement by 50 basis points to 6.5 per cent for scheduled banks to curb inflationary pressure on the economy, said officials of the central bank on Monday. A BB official told New Age that the central bank would ... Read more

NGWF says no letter sent, but info on torture ‘correct’ The Bangladesh Garment Manufacturers and Exporters Association on Monday demanded action against some trade union leaders accusing them of acting against country’s readymade garment industry by sending letters to the US congressmen with false information about labour standard. BGMEA president Md Atiqul Islam alleged that ... Read more

May reinstate scope for dividend-based tax rebate Tax on realised gains from stock investment is likely to remain unchanged in the next budget as the government decided not to change the provision in the proposed Finance Bill-2014, officials of the finance ministry said. On the other hand, the government may increase the tax exemption on ... Read more

IndustriALL Bangladesh president Nazrul Islam Khan has rejected the commerce minister Tofail Ahmed’s allegation that they had sent a letter to US government agencies complaining about malpractices in Bangladesh’s garment industry. Nazrul, who is senior leader of opposition Bangladesh Nationalist Party, also accused Tofail of trying to cover up his incompetence

FCA-2014 to replace FIA-1993 Bangladesh Bank will be empowered with the authority to dissolve the boards of non-bank financial institutions in a proposed Finance Company Act that has put stringent restriction on lending by the financial entities, commonly known as leasing companies. BB has drafted the Finance Company Act-2014 to place the existing Financial Institution ... Read more

Stock Scheme Application deadline extended again for 3 months The supervision committee on the Tk 900-crore government refinance scheme for the small-scale investors affected by the 2010-11 capital market crash on Monday extended the deadline again for receiving applications from merchant banks and brokerage houses. This time the application deadline, which was to expire

Trade hours rescheduled to 10:30am-1:30pm for Ramadan Dhaka stocks rebounded on Monday as investors went for buying shares amid a rumour that the government might review some capital market-related budget proposals. The key index of the Dhaka Stock Exchange, DSEX, finished at 4,367.89 points, adding 1.05 per cent or 45.63 points. Market operators said that ... Read more

The Bangladesh Securities and Exchange Commission on Monday suggested that the National Board of Revenue should reconsider the newly-imposed gain tax on capital market investors, BSEC officials said. They said the capital market regulator also expressed its concerns over several budgetary moves which had been affecting the capital market in a meeting held at the ... Read more

The government has extended the ban on export of rice, except aromatic ones, by another year, commerce ministry officials said. They said that the ministry on June 17 issued an order in this connection to be effective from July 1, 2014 to June 30, 2015. The ban on rice export has been extended to boost supply

Economists and experts on Sunday called for establishing good governance both in public and private sector for attaining sustainable economic growth in the years to come. At different sessions of a seminar ‘Vision 2030: a framework for economic policy making and strategy formulation in a pluralistic democracy’, they underscored reaching a

BEF Conference Political influence, govt policies affect quality of education Politicisation of school management, government’s shift of focus to other sectors and formulation of policies without preparation are affecting the quality of education and country’s human development, said education experts and economists at a seminar on Sunday observed. The seminar titled Human Development Strategies and

Finance minister AMA Muhith has finally asked the banks and financial institutions division to come up with proposals aimed at plugging the loopholes in unprecedented swindling of funds from the state-owned banks, officials said. He gave the directive during a meeting on Sunday afternoon with the secretaries under his ministry. All four secretaries except