30-Day Bangladesh Bank Bills auction result:
Auction of 30-Day Bangladesh Bank Bill was held on Monday, in which 2 bids amounting total of BDT 4.50 billion were offered. Of those, 1 bid amounting to BDT 1.50 billion was accepted.
Friday, May 7, 2010
Buiness news Bangladesh
LCs for imports go up over 13 per cent:
Opening of letters of credit (LCs) for imports increased by 13.29 percent during the first 24 days of July compared to that of the corresponding period of the previous year.
“The overall trend of opening LCs for imports, particularly food grains, will continue till September, 2008 due to the month of Ramadan,” a senior official of Bangladesh Bank (BB), the country’s central bank, told AHN in Dhaka on Sunday.
He also said a large quantity of essential commodities, particularly wheat, pulses, onion, milk food and edible oils, will be imported normally to meet the growing demand from the consumers during the month of Ramadan, a holy month for the Muslims around the world, he added.
Import LCs worth US$ 1.581 billion were opened during the period against LCs worth $1.396 billion of the corresponding period of last year, according to the central bank statistics.
LCs, opened for import of some essential items including sugar and onion, rose during the period while those on rice, wheat, milk food, edible oils and pulses marked a fall, the BB’s data showed.
Business News bangladesh,ADB approves $266 million loan to facilitate Bangladesh gas supply
Manila, Philippines (BBN)- The Asian Development Bank (ADB) is extending loans totaling $266 million to facilitate Bangladesh natural gas supply in a bid to spur economic growth and cut poverty.
The ADB board of directors on Friday approved a $261 million loan from its ordinary capital resources and a further $5 million from its concessional fund for the Bangladesh Natural Gas Access Improvement Project.
“The funds will be used to build new gas transmission and distribution pipelines to meet growing demand, and to expand coverage to less developed areas in the southwest,” the ADB said, adding that the project will install compressors and metering systems to boost reliability, improve safety, and strengthen the management of gas supply and demand.
Around 200,000 new households in the southwest, along with 1,400 industrial and commercial establishments, will receive gas as a result of the expanded distribution network.
“This will boost business, generate jobs, and improve the health of vulnerable groups, such as women and the poor, who are currently exposed to harmful air pollution from burning wood and other biomass fuels indoors,” the ADB noted.
ADB’s loan, from its ordinary capital resources, has a 25-year term, including a grace period of five years, and interest determined in accordance with its LIBOR-based lending facility.
The Asian Development Fund loan has a 32-year tenor, including a grace period of 8 years, with interest set at 1 percent during the grace period and 1.5 percent for the rest of the term, according to the announcement.
The state-owned Petrobangla, Gas Transmission Company Ltd, Bangladesh Gas Fields Company Ltd, Sundarban Distribution Company Ltd, and Titas Gas Transmission and Distribution Company Ltd. are the executing agencies for the project, which is due for completion in March 2015
The ADB board of directors on Friday approved a $261 million loan from its ordinary capital resources and a further $5 million from its concessional fund for the Bangladesh Natural Gas Access Improvement Project.
“The funds will be used to build new gas transmission and distribution pipelines to meet growing demand, and to expand coverage to less developed areas in the southwest,” the ADB said, adding that the project will install compressors and metering systems to boost reliability, improve safety, and strengthen the management of gas supply and demand.
Around 200,000 new households in the southwest, along with 1,400 industrial and commercial establishments, will receive gas as a result of the expanded distribution network.
“This will boost business, generate jobs, and improve the health of vulnerable groups, such as women and the poor, who are currently exposed to harmful air pollution from burning wood and other biomass fuels indoors,” the ADB noted.
ADB’s loan, from its ordinary capital resources, has a 25-year term, including a grace period of five years, and interest determined in accordance with its LIBOR-based lending facility.
The Asian Development Fund loan has a 32-year tenor, including a grace period of 8 years, with interest set at 1 percent during the grace period and 1.5 percent for the rest of the term, according to the announcement.
The state-owned Petrobangla, Gas Transmission Company Ltd, Bangladesh Gas Fields Company Ltd, Sundarban Distribution Company Ltd, and Titas Gas Transmission and Distribution Company Ltd. are the executing agencies for the project, which is due for completion in March 2015
Tuesday, May 4, 2010
Business news Central bank unveils first SME policy for achieving inclusive growth
Cox’s Bazar, Bangladesh (BBN)- Bangladesh Bank (BB) has unveiled, for the first time, a small and medium enterprise (SME) credit policy and programs targeted at achieving inclusive economic growth.
BB Governor Atiur Rahman announced the policy at a discussion with chief executive officers and managing directors of the commercial banks held at Seagul Hotel in Cox’s Bazar on Thursday night with BB Deputy Governor Murshid Kuli Khan in the chair.
The new policy has focused on encouraging more women entrepreneurs in business and investment across the country.
"All banks will have to come forward to provide loans to district level borrowers and women must get priority," the central bank chief said while releasing the policy.
Under the programmers, banks and non-banking financial institutions (NBFIs) will disburse around BDT 240 billion to more than 60 SME sectors such as light engineering, handicraft, flower, fish processing, handloom, rice-mill, bio-gas and compost fertilizer during the ongoing calendar year.
The central bank will set up a three-tier monitoring system to ensure growth of the SME sector in the South Asian country.
Under the monitoring system, the BB headquarters, its nine branch offices across the country and head offices of all commercial banks will review the implementation of SME credit programs regularly.
BB Governor Atiur Rahman announced the policy at a discussion with chief executive officers and managing directors of the commercial banks held at Seagul Hotel in Cox’s Bazar on Thursday night with BB Deputy Governor Murshid Kuli Khan in the chair.
The new policy has focused on encouraging more women entrepreneurs in business and investment across the country.
"All banks will have to come forward to provide loans to district level borrowers and women must get priority," the central bank chief said while releasing the policy.
Under the programmers, banks and non-banking financial institutions (NBFIs) will disburse around BDT 240 billion to more than 60 SME sectors such as light engineering, handicraft, flower, fish processing, handloom, rice-mill, bio-gas and compost fertilizer during the ongoing calendar year.
The central bank will set up a three-tier monitoring system to ensure growth of the SME sector in the South Asian country.
Under the monitoring system, the BB headquarters, its nine branch offices across the country and head offices of all commercial banks will review the implementation of SME credit programs regularly.
Business news China raised banks’ reserve requirements
Dhaka, Bangladesh (BBN)- China's central bank surprised markets on Friday by saying it was raising banks' reserve requirements by 50 basis points, effective February 25, the second such increase this year.
The Bank of Japan kept its policy target interest rate on hold at 0.1 percent on Thursday
The Bank of Japan kept its policy target interest rate on hold at 0.1 percent on Thursday
Business news EBL launches Visa Platinum Credit Card
Dhaka, Bangladesh (BBN)- Eastern Bank Limited (EBL) on Tuesday launched 'Visa Platinum Credit Card'- one of the premium credit cards well suited for international travelers and offered by multinational card processing giant 'Visa', in the Bangladeshi market.
This Visa Platinum card would offer an array of privileges for Bangladeshi travelers while going abroad by providing them a highly convenient mode for overseas transaction- the EBL said on the eve of launching the card in Dhaka.
"We have introduced a series of exclusive credit and debit card facilities in Bangladesh over the last few years", Managing Director of EBL Ali Reza Iftekhar said while formally unveiling the card.
"This Visa Platinum Credit Card is the latest in this range which would greatly facilitate the business transaction and payment for Bangladeshi travelers", he added.
There are approximately 1.5 million cardholders in the Bangladeshi market- significant portions of which are frequent travelers, market operators said.
This Visa Platinum card would offer an array of privileges for Bangladeshi travelers while going abroad by providing them a highly convenient mode for overseas transaction- the EBL said on the eve of launching the card in Dhaka.
"We have introduced a series of exclusive credit and debit card facilities in Bangladesh over the last few years", Managing Director of EBL Ali Reza Iftekhar said while formally unveiling the card.
"This Visa Platinum Credit Card is the latest in this range which would greatly facilitate the business transaction and payment for Bangladeshi travelers", he added.
There are approximately 1.5 million cardholders in the Bangladeshi market- significant portions of which are frequent travelers, market operators said.
Economy of Bangladesh
Bangladesh's economy has certainly seen vast improvements in the years following independence in 1971. Agriculture is one of the main sectors in the country's economy and production has been increasing. The government has also made efforts to create an 'investor-friendly' environment so as to attract foreign trade.
Sadly natural disasters have had a negative impact on Bangladesh's economy. Despite this the country is showing greater self-reliance as foreign aid has declined. There has also been great growth in Bangladesh's All-in-all, Bangladesh's economic situation is set to continue improving.
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