Business

Sim Replacement Tax Inter-ministerial meeting ends inconclusive Muhith to sit with telcos before making decision An inter-ministerial meeting on the National Revenue Board’s claim of about Tk 3,011 crore SIM replacement tax from the mobile phone companies ended inconclusive on Sunday. Finance minister AMA Muhith presided over the meeting at his office where posts and ... Read more

Bangladesh Bank on Sunday asked the scheduled banks to inform their clients by sending SMS and email on mandatory basis if they stop their Automated Teller Machines and Pont-Of-Sale services due to unavoidable circumstances. The BB issued a circular to managing directors and chief executive officers of all banks in this regard asking them to ensure ... Read more

Announces monetary policy for July-Dec Bangladesh Bank on Saturday announced the monetary policy for July-December cutting down the private sector credit growth target to 14 per cent from 16.50 per cent in the previous six months after failing to achieve the targets for the last two years. The BB, however, in another calculation showed

Withdrawal and reduction of customs duties at import stage as budgetary measures will cause a revenue loss of Tk 625 crore in the current financial year 2014-15, officials of the National Board of Revenue said. The highest Tk 450 crore revenue loss will occur because of reduction of supplementary duty on import of more than 745 ... Read more

Economists and experts on Saturday said the Bangladesh Bank initiative to attach the foreign loans with the private sector credit growth in the monetary policy for July-December 2014 would put an adverse impact on the country’s financial sector. They said that such type of initiative would encourage the businesspeople to take more foreign loan, which would ... Read more

Local think-tank Unnayan Onneshan has said that country’s banking sector was caught in a trap with high interest rate, excess liquidity and decline in growth in credit to private sector. In the July edition of monthly economic update, the UO said despite adopting deregulation and privatisation policy in the banking sector for more than a decade, ... Read more

Bangladesh Bank will ask scheduled banks to inform clients by sending SMS and email on mandatory basis if they stop their Automated Teller Machines and Pont-Of-Sale services due to unavoidable circumstances, said officials of the central bank. The BB will issue a circular tomorrow in this regard asking the banks to ensure the operating process of ... Read more

The prices of spices increased the city’s retail markets over the week as the demand for the items increased ahead of Eid-ul-Fitr. The prices of other essential commodities including vegetables remained high over the week. Wholesalers and retailers blamed each other for the price hike of spices during the period. The prices of cumin, cloves, cardamom,

Net overseas investment at the Dhaka Stock Exchange fell by 78.58 per cent or Tk 284.98 crore in July compared with that in the previous month due to sluggish market trend and less trading sessions. There will be no trading at the bourse in July due to Eid-ul-Fitr and weekly holidays. The June was a 22 trading-session ... Read more

Monetary Policy For July-December Pvt sector credit growth target to remain static Bangladesh Bank is likely to keep unchanged the private sector credit growth target in its upcoming monetary policy statement for July-December 2014 due to a slow credit demand from the businesspeople amid political uncertainty, officials of the central bank said. The BB will announce ... Read more

State-owned BASIC Bank has sought emergency fund worth Tk 1,372 crore from the government to bail itself out of the capital shortfall following massive loan scams. The reconstituted board of the beleaguered bank on Wednesday sent a letter to the banks and financial institutions division seeking the fund. Signed by the acting managing director

DSE goes into nine-day holiday Dhaka stocks rebounded on Thursday, last trading session before a nine-day market closure, with an increased turnover as improved financial statements of listed companies, mostly banks, made investors optimistic. Trading at the bourse will remain closed from July 25 to August 2 for Eid-ul-Fitr and weekly holidays. The key index of

Bangladesh Bank on Thursday asked scheduled bank to keep sufficient money in their automated teller machines during the Eid-ul-Fitr vacation. The BB issued a circular to managing directors and chief executive officers of all banks asking them to keep sufficient money in their ATM booths so that their clients can withdraw money from the booths between

Commerce minister Tofail Ahmed on Thursday said the Saarc countries should make a tangible progress in tariff concessions and removal of other trade barriers faster to turn Saarc into an effective trade block. ‘Unless it’s done, the dream of Safta (South Asia Free Trade Area) to be a free trade area will remain a far cry,’ ... Read more

No separate bank account needed The National Board of Revenue on Tuesday said that house owners would be able to use any bank account, including the existing ones, for depositing their income from house rent. The revenue board issued a circular in this regard, relaxing the existing provision of the Income Tax Rules-1984 which says that ... Read more

Recovery of defaulted loans at the state-owned Sonali Bank declined by 58.14 per cent in the first half of 2014 compared with that of the same period a year ago as the bank failed to recover the non-performing loans from its top defaulters. According to the latest Sonali Bank data, the bank recovered

Bangladesh Bank has recently launched an investigation into Mobicash, a mobile financial service of Grameenphone, to find out if the service is violating the banking rules. BB officials said the central bank on Tuesday asked five banks, including Islami Bank Bangladesh and Dutch-Bangla Bank, which have agreement with GP for Mobicash service, to submit

The government has set the export earnings growth target at 10.02 per cent for the current financial year 2014-15 which is the lowest target rate since the FY09 when the target was 15.50 per cent. Commerce minister Tofail Ahmed on Monday announced the export target at $33.20 billion with a year-on-year growth of 10.02 per ... Read more

Says not more than 2 of a family to be bank directors, slams media Bangladesh Bank on Monday asked scheduled banks to decrease their rate of interest on industrial loans to ensure GDP growth by increasing inflow of credit to the productive sector. The BB gave the direction at a ‘bankers meeting’ led by its ... Read more

The Bangladesh Securities and Exchange Commission is likely to empower the stock exchanges to issue no-objection certificate for the proposed initial public offerings, a BSEC senior official told New Age. The BSEC will start its scrutiny process over a proposed IPO once the stock exchanges will issue NOC to the issuer company, he said. The ... Read more