The Bangladesh House Building Finance Corporation has sought Tk 6 billion from the finance ministry and Bangladesh Bank to continue its housing loan program, as it is facing a capital shortage. It provides loans at 12% interest in Dhaka and Chittagong, and 10% in other cities. Meanwhile, most banks in Bangladesh have cut deposit interest rates to as low as 7% in response to low loan demand. The ECNEC also approved four development projects worth Tk 7.2 billion. The EU has warned it may restrict vegetable and fruit exports from Bangladesh if pest issues and fake certificates are not addressed.
The Bangladesh House Building Finance Corporation has sought Tk 6 billion from the finance ministry and Bangladesh Bank to continue its housing loan program, as it is facing a capital shortage. It provides loans at 12% interest in Dhaka and Chittagong, and 10% in other cities. Meanwhile, most banks in Bangladesh have cut deposit interest rates to as low as 7% in response to low loan demand. The ECNEC also approved four development projects worth Tk 7.2 billion. The EU has warned it may restrict vegetable and fruit exports from Bangladesh if pest issues and fake certificates are not addressed.
The Bangladesh House Building Finance Corporation has sought Tk 6 billion from the finance ministry and Bangladesh Bank to continue its housing loan program, as it is facing a capital shortage. It provides loans at 12% interest in Dhaka and Chittagong, and 10% in other cities. Meanwhile, most banks in Bangladesh have cut deposit interest rates to as low as 7% in response to low loan demand. The ECNEC also approved four development projects worth Tk 7.2 billion. The EU has warned it may restrict vegetable and fruit exports from Bangladesh if pest issues and fake certificates are not addressed.
The capital-starved Bangladesh House Building Finance Corporation (BHBFC) has sought a Tk 6.0-billion fund from the finance ministry and Bangladesh Bank for continuation of its housing loan programme. BHBFC in separate proposals on Tuesday sought Tk 5.0 billion from financial institutions division of the finance ministry and Tk 1.0 billion from Bangladesh Bank (BB). The BHBFC provides house-building loans in the capital Dhaka and Chittagong city at 12 per cent interest rate, while it is only 10 per cent for other cities. According to BHBFC, the primary source of its fund is the paid-up capital contributed by the government. The authorized capital is Tk 1.10 billion and during 2010-11 the total paid-up capital stood at Tk 1.10 billion.
Banks cut deposit rates as loan demand wanes http://www.thedailystar.net/business/banks-cut-deposit-rates-as-loan-demand-wanes-35935
Most banks have cut interest rates on deposits responding to low demand for loans. Industry analysts found that interest rates on deposits have gone down to as low as 7 percent this month from 11-12 percent a year ago. But most banks are still offering between 8 percent and 9.5 percent rates for deposits of different terms. Dutch-Bangla slashed interest rates on deposits by over 2 percentage points in one year, and currently offers only 7 percent interest for deposits of 3- to 12-month tenures. Mercantile Bank reduced the rates by 50 basis points this month and now offers only 8.75 percent for deposits of three months to one year. Rates go up slightly for bulk deposits.
The government's top economic policy making panel approved on Tuesday four development projects with a combined outlay of Tk 7.20 billion, reports BSS. The approval came at the Executive Committee of the National Economic Council (ECNEC) meeting held in the city with Prime Minister Sheikh Hasina in the chair. But the project was not implemented in 2013 due to fund constraint as the IDB didn't reach any agreement with the government.
EU ban looms on vegetables, fruits exports http://www.thedailystar.net/business/eu-ban-looms-on-vegetables-fruits-exports-35931
The European Union has warned that it will restrict shipments of vegetables and fruits from Bangladesh if the country fails to ensure pest-free exports. The warning comes in the face of rising incidents of pest detection in export consignment from Bangladesh, and fraudulence in phytosanitary certificates that confirm shipments have met certain requirements of importers. The EU countries have found such certificates were fake or missing in a number of consignments, according to a letter sent to the government by the European Commission's Health and Consumers Directorate-General.
Capital Market Revenue earning from DSE dips 46 per cent http://www.thefinancialexpress-bd.com/2014/08/06/48872
The government revenue earnings from the Dhaka Stock Exchange (DSE) fell 46 per cent month-on-month in J uly amid reduced trading hours and weak volumes owing to the occasion of Ramadan. The government bagged tax worth Tk 65.20 million in J uly which was Tk 120.85 million in J une, 2014, taking a decline of 46 per cent, according to statistics from the Dhaka Stock Exchange (DSE). Of the total tax in J uly, Tk 41.15 million came from the brokerage commission while rest of Tk 24.05 million came from the share sales by sponsor-directors and placement holders. The DSE, on behalf of the government, collects the tax as brokerage commission and sponsor and placement shares sales at the rate of 0.05 per cent and 5.0 per cent respectively and deposits the amount to the government exchequer.
The stock market witnessed a flat session Tuesday with turnover declined slightly as most of the investors went for late hour profit booking following recent bullish trend. The market started with a positive note, gaining 36 points within the first 35 minutes of trade, but most of early gains wiped out as session progressed amid choppy trading. At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE) ended at 4,472.17 points, gaining only 5.17 points or 0.11 per cent.
Appointment of BSEC consultant approved http://www.thefinancialexpress-bd.com/2014/08/06/48874
The ministry of finance (MoF) has approved the appointment of a consultant in the post of chief accountant who will assist the securities regulator in revising existing rules and regulations along with supervising corporate governance, officials said. As per the ministry's approval, Md. Monoar Hossain FCA will join the Bangladesh Securities and Exchange Commission (BSEC) soon. The BSEC officials said the MoF Sunday approved the temporary appointment of Mr. Hossain for three months and the tenure of his job may be extended if it becomes necessary.
International India keeps policy rate unchanged http://www.thefinancialexpress-bd.com/2014/08/06/48863 46.84 71.73 77.43 110.34 147.55 17.37 37.68 57.16 71.89 61.84 2009-10 2010-11 2011-12 2012-13 2013-14 EXPORT In millions of dollars Vegetables Fruits
India's central bank kept its key policy repo rate unchanged on Tuesday as widely expected, and voiced a commitment to bringing down inflation that convinced many analysts that markets will have to wait until next year for the next cut in rates. The Reserve Bank of India (RBI) left the repo rate at 8.00 per cent, as expected by nearly all 43 economists surveyed by Reuters for a poll published last week. The repo rate has been unchanged since J anuary, when the RBI increased it by a quarter percentage point.