Bangladesh Bank will introduce a monitoring tool named ‘Inter-bank Transaction Matrix’ from January 2014 to supervise liquidity management of banks and non-bank financial institutions. To this end, the BB issued a circular to managing directors and chief executive officers of all scheduled banks and NBFIs saying that the central bank
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Stocks drop for 4th day
Dhaka stocks dropped for the fourth trading session on Wednesday with a fall in turnover as the ongoing political violence across the county continued to impact on investors. DSEX, the benchmark general index of Dhaka Stock Exchange, declined by 0.71 per cent, or 30.45 points, to close at 4,240.12 points.
Idle fund forces banks to rush for govt securities
Political Unrest Idle fund forces banks to rush for govt securities Scheduled banks with huge idle fund continue to submit a large number of bids in the auction of treasury bills and T-bonds with a view to invest their fund although the government do not accept any bid excluding the auction calendar, said officials of ... Read more
Export-import through land ports in tatters amid blockade
Indian exporters reluctant to send trucks into Bangladesh Export-import business with neighboring countries, mostly with India, through land ports and land customs stations remained almost suspended due to ongoing political unrest, particularly frequent spells of nonstop blockades and hartals, trading insiders said. Exporters, importers and clearing and forwarding
Banks to give farmers agri loan for producing 31 types of seeds
Bangladesh Bank has taken a decision to disburse short-term agriculture loans to produce 31 types of seeds at the farmers’ level, avoiding the seeds production companies, said officials of the central bank. They said that BB governor Atiur Rahman had signed the new policy on Tuesday and the central bank would issue a fresh circular to scheduled
Manpower export fine despite blockade: minister
Labour and expatriates’ welfare minister Khandaker Mosharraf Hossain on Tuesday said that ongoing political turmoil like hartals and blockades sponsored by BNP-led opposition alliance has not affected the manpower export and caused no problem in this sector. He said the overseas job-seekers were visiting
CVO Petro, 2 other cos downgraded to junk category
Dhaka Stock Exchange on Tuesday downgraded three companies — CVO Petrochemical Refinery, Rahima Food and Modern Dyeing and Screen Printing — to ‘Z’ category as they were not in continuous operation of their productions for more than six months. Of the companies, CVO and Rahima Food were
Outsourcing service providers to pay 10pc tax on commission, profit
The National Board of Revenue has decided to deduct advance income tax on commission or profit of outsourcing service providing companies that they get for supplying manpower to different organisations, officials of the NBR said. The decision came from the latest board meeting
Political unrest sends stocks to negative for third day
Dhaka stocks inched down on Tuesday, third trading session in a raw, with increased turnover due to decline in most of the traded large capitalized company shares amid rising political violence across the country. The turnover of the Dhaka Stock Exchange increased to Tk 593.72 crore from Tk 497.60 crore in the previous trading session. Of the
GP internet users get free Wikipedia
Grameenphone customers can now enjoy access to Wikipedia, the largest free online encyclopaedia in the world, free of mobile data charges, said a news release. Beginning on Tuesday, any Grameenphone user will be able browse zero.wikipedia.org without incurring data charges using Opera Mini browsers.
ICB declares 40pc cash dividend
Investment Corporation of Bangladesh has declared 40 per cent cash dividend for its shareholders for the year ending June 30, 2013. The declaration came in an extraordinary meeting and 37th annual general meeting of the company held in Dhaka recently, said a news release. ICB chairman SM Mahfuzur Rahman presided over the meetings while
Six Saudi-funded projects stymied
Hamstrung by slow disbursement of funds and land acquisition problems, agencies implementing six Saudi-funded projects for upgrading a 50-bed cancer hospital to a 500-bed one are facing serious hurdles. According to the Economic Relations Division (ERD) and the implementing agencies, though the agreement between the Saudi Fund for
BB cuts interest on export dev fund loan
UNREST IMPACT ON RMG SECTOR BB cuts interest on export dev fund loan Bangladesh Bank on Sunday cut interest on loans taken from export development fund by one percentage point to 1.50 per cent in a bid to give incentive to the exporters as ongoing political unrest is hindering their business severely. The BB took the ... Read more
BB seeks police security for banks amid unrest
Bangladesh Bank on Sunday urged the Inspector General of Police to increase security at banks operating across the country as the bank branches faced attacks, vandalism and arson in recent times due to prevailing unrest and subversive activities. The BB wrote a letter to the IGP requesting that
M-banks, brokerages get more time
Stocks Scheme Loan Application M-banks, brokerages get more time The supervision committee for the Tk 900-crore government refinance scheme for the small-scale investors affected by the 2010-11 stock market crash on Sunday extended the deadline for receiving loan applications from merchant banks and brokerage houses to December 31. The five-member committee made the second time extension ... Read more
BTRC asks telcos to address fraud management system
Offensive Sms BTRC asks telcos to address fraud management system Bangladesh Telecommunication Regulatory Commission on Sunday asked the mobile phone companies to implement the fraud management system in order to prevent and detect criminal activities through mobile phones. The BTRC directive also said that lack of fraud management system by the mobile phone companies is allowing ... Read more
Duty evasion thru fake treasury challan identified at DCH
Incidence in dodging customs duty through submitting counterfeit treasury challan against import duties is increasing in the country, officials of the National Board of Revenue said. They said that a number of clearing and forwarding agents and importers took release of imported goods without paying applicable duty by submitting fake
Dhaka stocks decline with reduced turnover
Dhaka stocks declined for the second trading session on Sunday, the first trading session of the week, with reduced turnover as increasing number of violence continued to deject investors. The turnover of Dhaka Stock Exchange declined to Tk 497.60 crore which was Tk 563.65 crore in the previous trading session. DSEX, the benchmark general
Wider use of cloud computing stressed
President of Dhaka Chamber of Commerce and Industry M Sabur Khan on Sunday laid emphasis on the wider use of cloud computing saying it offers the potential for enhanced efficiency. The DCCI leader made the remark at the launching ceremony of the Unctad’s Information Economy Report 2013, subtitled ‘The Cloud Economy and
BASIC Bank opens Joarganj branch
BASIC Bank Ltd opened its 67th branch at Joarganj in Chittagong on Saturday. Chairman of the board of directors of the bank Sheikh Abdul Hye Bacchu inaugurated the branch as chief guest, said a news release. Acting managing director of the bank Fazlus Sobhan presided over the inaugural ceremony. Senior officials of the bank and local elites