Daily News Flash. 14 th March 2018 DSEX 5, % Gold (Ounce) $1, CSCX 10, % Oil (Barrel) $60.82

Transcription

1 DSEX % CSCX % Gold (Ounce) $ Oil (Barrel) $60.82 Daily News Flash 14 th March 2018 Sell Dollar GBP Sell Sell Euro Rupee Sell

2 Table of Contents Macro Economy... 1 COMPLETION OF CURRENT PROJECTS TAKES PRIORITY IN COMING ADP... 1 SUMMIT POWER MITSUBISHI SIGN MOU ON 2400MW LNG PLANT... 1 $400M UP FOR GRABS FOR KEY INFRASTRUCTURE DEV... 2 GOVT WON T CONTINUE ENERGY SUPPLY AT CHEAP RATE FOR A LONG PERIOD: MUHITH... 3 STOCK PRICES TUMBLE FOR THIRD DAY AS 'LIQUIDITY CRISIS' TRIGGERS PANIC SELLING... 3 NBR EXPANDS DUTY BENEFIT ON IMPORT OF RMG FIRE SAFETY TOOLS... 5 BOOMING AVIATION SECTOR TO FACE SETBACK... 6 DOLLAR DIPS ON US INFLATION... 7 GOVT WORKS ON 3RD SUBMARINE CABLE... 7 BUSINESS UNITS FLOUTING HOLIDAY WORK-HOUR RULES... 8 PM URGES S PORE BUSINESSMEN TO BECOME PARTNER IN PROGRESS... 9 DUTY BENEFIT EXTENDED FOR FIRE SAFETY TOOLS IMPORT BANGLADESH S FOREX RESERVES DECLINING আইপ এফএফফ ৪২ ক ট ডল ফ নত ন তহপ ল Bank and NBFIs BB ASKS BANKS FIS TO APPLY BY APR 19 FOR IPFF PROJECT FACILITIES Capital Market Specific STOCKS GO INTO FREE FALL MUTUAL FUND PENETRATION ABYSMALLY LOW QUEEN SOUTH TEXTILE MAKES FLYING START STOCKS BLOODBATH AS MUHITH SIDES WITH BSEC OVER REGULATOR-DSE TUSSLE DSE BROKERS DEMAND BB RELAXES EXPOSURE LIMIT CALCULATION... 21

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4 Macro Economy Daily News Flash COMPLETION OF CURRENT PROJECTS TAKES PRIORITY IN COMING ADP Government's election-year development programme will be focused on timely implementation of the ongoing projects instead of undertaking new ones alongside proper use of resources and optimum output. Officials concerned gave such a preview of the next development budget as the finance and planning authorities are doing the arithmetic of the Annual Development Programme (ADP) for the fiscal year (FY) The new ADP will comprise only the approved projects says a Planning Commission directive asking the ministries concerned not to send any project proposals sans approval from the appropriate authorities. Another instruction in the note prohibits sending any proposal on a project for inclusion in ADP that is slated for completion under the revised ADP of FY Projects whose tenures expire on June 30 can be sent for inclusion in the new ADP only after tenure extension the directive on preparation of the ADP for FY mentioned. According to the official order on dos and don'ts projects targeted at alleviating poverty accelerating GDP growth employment generation human-resource development growth in agriculture industry and service sector city development power energy and infrastructure development ICT development water and sewerage development can be incorporated into the new ADP despite having no allocation. Projects linked to adaptation and mitigation of impacts of climate change will get priority in the new ADP for mainstreaming climate change in national-development agenda. Projects on dredging for preventing riverbank erosion and water logging expansion of software industry and public-private partnership (PPP) will be treated on a par with new projects. Projects enlisted in ADP and RADP of FY as unapproved and having no fund allocation will stand rescinded automatically in the new budgeting. The ministries have to re-send the proposals for their inclusion taking into consideration national priority and limitation of resources and mentioning the rationale. "Use of farmland for construction of buildings and other infrastructures has to be avoided in the projects for new ADP" says the directive that goes into shaping up the new development recipe. In this case khas lands or lands which have already been acquired by other ministries or divisions can be used for such projects. The ADP implementation in the current fiscal year until February saw a 35 percent increase compared to the corresponding period of last fiscal. In fiscal budget for the ADP allocation was Tk 1.64 trillion which last Tuesday the government trimmed down to Tk 1.57 trillion. Finance Minister AMA Muhith this week told newsmen that the next fiscal budget would be of Tk 4.75 trillion in size and placed in parliament on June 7. This happens to be the incumbent government's last budget in the current tenure as the next polls are due at the year-end. Source: SUMMIT POWER MITSUBISHI SIGN MOU ON 2400MW LNG PLANT Summit Power Interna-tional (SPI) has teamed up with Japan's Mitsubishi Corp and subsidiary Diamond Gas International to set up a 2400MW LNG-based power plant and an onshore LNG terminal at Matarbari of Moheskhali at a cost of around US$3.0 (300 crore) billion. 1

5 Summit Corporation Ltd a subsidiary of the SPI along with Summit Holdings Limited Japanese Mitsubishi Corporation and its subsidiary Diamond Gas International Pte Ltd signed a memorandum of understanding (MOU) on Tuesday to this end. The MOU was inked at the Bangladesh-Singapore Business Forum 2018 held in Singapore. The signing ceremony was witnessed by Prime Minister Sheikh Hasina. Singapore's Minister for Trade and Industry Lim Hng Kiang was also present at the function according to a company statement released on Tuesday. Under the MOU the parties agreed to develop an integrated onshore LNG (liquefied natural gas) receiving terminal with a re-gasification capacity up to 1500 million cubic feet per day (mmcfd) two units of 1200 megawatt (MW) gas turbine combined cycle power project necessary high voltage transmission lines and the import of LNG. "This MOU will help SPI meet Bangladesh's fast-growing energy power and technology needs. It will be a strategic feat for SPI to leverage Mitsubishi's LNG and LNG-to-Power expertise as well as understand Moheskhali and Bangladesh's power needs" Summit Group chairman Muhammed Aziz Khan said on the occasion. The two groups are well-positioned to uniquely benefit from opportunities arising from Bangladesh government's move to raise LNG imports to meet the country's domestic natural gas shortfall and expand the country's power generation capacity he said. Summit has a long-established track record of working with world's renowned technical partners including General Electric Wärtsilä and now Mitsubishi Corporation and Diamond Gas Mr Khan added. Currently Summit LNG Terminal Company Pvt Ltd a subsidiary of Summit Group is engaged to build an FSRU (floating storage re-gasification unit)-based LNG import terminal at Moheshkhali in the Bay of Bengal which is scheduled to come into operation in October this year. The government is working to start import of LNG from April through the country's first floating LNG terminal which is being developed by the US-based Excelerate in the same area of Moheshkhali. Source: mw-lng-plant $400M UP FOR GRABS FOR KEY INFRASTRUCTURE DEV The central bank has undertaken Investment Promotion and Financing Facility (IPFF-II) project with over US$400 million disbursement target for infrastructure development in nine key sectors. An official list of the sectors eligible for drawing the funds includes ports power environment industrial estates and water supply. In the meantime the Bangladesh Bank (BB) has sought applications from interested scheduled banks and non-banking financial institutions (NBFIs) for selection of participating financial institutions (PFIs) in the IPFF-II project. "Scheduled commercial banks in private sector and financial institutions that meet the eligibility criteria and intend to avail financial facility may apply to the project director of IPFF-II project preferably by April " the BB said in a notification Tuesday. Talking to the FE a senior official of the BB said the central bank will disburse the re-financing fund through the selected PFIs within five years. He also said total size of fund is $ million provided jointly by the World Bank and the government. Of the fund $13 million has been included as technical assistant the BB official added. A financing agreement was signed by the government with the International Development Association (IDA) concessionary lending arm of the World Bank on November to carry out the IPFF-II project with a view to increasing long-term financing for infrastructure building. The central bank of Bangladesh is implementing the IPFF-II project under the Finance Division of the Ministry of Finance handing out funds for financing PPP (Public-Private Participation) ventures in a 2

6 wide range of infrastructure sectors. Source: GOVT WON T CONTINUE ENERGY SUPPLY AT CHEAP RATE FOR A LONG PERIOD: MUHITH Finance Minister AMA Muhith Tuesday spelled out the government's inability to continue providing energy support at cheap rates for long as LNG (liquefied natural gas) is expected to arrive in the domestic market from April. "We shall not be able to continue supplying energy cheaply for a long period. The price of LNG in international market is several times higher compared to local gas price" he said. Mr Muhith however opined for continuation of providing subsidy to ensure that it remains within the capacity of consumers. The minister was speaking as the chief guest at a seminar titled "Emerging role of BERC in 2021 and 2041" in a city hotel Tuesday. Bangladesh Energy Regulatory Commission (BERC) organised the seminar in observance of its 16th founding anniversary where Prime Minister's adviser on energy issues Dr Tawfiq-e-Elahi Chowdhury attended as the special guest. BERC member Md Mizanur Rahman delivered the keynote paper in the seminar presided over by BERC chairman Monwar Islam. Some speakers at the seminar opined for empowering BERC with full independence to ensure sustainable energy security and protect the rights of consumers and businesspeople. Energy adviser said the BERC is not an independent body but a statutory body. He stressed for resolving the country's future challenges considering own contexts. Energy secretary Nazimuddin Chowdhury said the FSRU (floating storage re-gasification unit)-based LNG terminal would be commissioned on April 25. He said the imported LNG would be blended with local gas to keep the price rational. "But with the increase of LNG imports the tariff might go higher" said Mr Chowdhury. The government has speed up the exploration activities to discover new gas and reduce dependency on imported LNG he said. The symptom of declining natural gas supply from local reserves is imminent from 2021 said Petrobangla chairman Abul Mansur Md Faizullah. He said the BERC's challenge would be enormous to check gas pilferage ensure modern and efficient equipment by consumers. Professor M Tamim opined for introducing market-based pricing of energy. "It is the consumers who would decide which type of energy they would consume" he said. The BERC has been carrying out only 30 per cent of its designated works as the commission is not deciding on the change of oil price not ensuring energy auditing and energy efficiency Mr Tamim added. President of Consumers Association of Bangladesh (CAB) Golam Rahman stressed for transferring the BERC under law ministry's jurisdiction to ensuring its independence. Mr Rahman who is also an ex-berc chairman laid the emphasis for closing down the rental and quick rental oil-fired power plants to reduce electricity generation costs.power secretary Ahmed Kaikaus and Editor of Energy & Power a journal Mollah Amzad also spoke on the occasion. Source: STOCK PRICES TUMBLE FOR THIRD DAY AS 'LIQUIDITY CRISIS' TRIGGERS PANIC SELLING The Dhaka bourse displayed another session of free fall on Tuesday extending the losing streak for 3

7 third consecutive session as many investors offloaded shares amid lack of confidence and liquidity crisis. The broad index of Dhaka Stock Exchange lost 204 points in last three sessions in a row. At the end of Tuesday's session the broad index (DSEX) lost 1.43 per cent or points and settled at points. Of 336 issues traded only 18 issues closed in green while 291 issues went red and 27 remained unchanged on the premier bourse. The market operators told a press briefing that the general investors were panicked over the liquidity crisis in the banking sector. Amid free fall of the share prices a section of investors staged demonstration in front of the DSE building in the city's Motijheel commercial area. When contacted former chairman of the securities regulator Dr. AB Mirza Azizul Islam said there is no valid reason behind the ongoing market fall. "There remain some concerns among the investors over the selection process of strategic partner for the DSE. But I think they should not be worried about the issue" said Mr. Islam who was an advisor to the last caretaker government. The shariah based index (DSES) lost 1.3 per cent or points to close at points while DS30 index comprising blue chip securities declined 1.03 per cent or points to close at points. The turnover stood at above Tk 2.82 billion 5.33 per cent less than that of the previous session. "Institutional investors are not positive in providing due support because of different complexities including the calculation of exposure limit" president of DSE Brokers' Association Mostaque Ahmed Sadeque said on Tuesday. Of the major sectors bank declined 2.1 per cent followed by financial institutions 1.9 per cent engineering 1.4 per cent telecommunication 1.0 per cent and pharmaceuticals & chemicals 0.7 per cent. "Panicked investors liquidated their position from almost all the sectors especially bank financial institution engineering food and telecom leading the index to close below 5650 points after June " said a market review of International Leasing Securities. Investors' participation was concentrated mostly on textile sector which grabbed 17 per cent of the market turnover followed by bank 15.7 per cent and engineering 13 per cent. Meanwhile Queen South Textile Mills which made debut trading on the day gained 225 per cent from its offer price of Tk 10 each. The company also topped the scrip-wise turnover chart with a value of Tk 185 million followed by Monno Ceramic Industries Tk 117 million Grameenphone Tk 74 million and Square Pharmaceuticals Tk 63 million. CAPM IBBL Islamic Mutual Fund was the number one gainer with a rise of 3.92 per cent to close at Tk each. On the other hand Reliance Insurance was the worst loser after declining per cent to close at Tk each. On Tuesday majority number of securities listed with the Chittagong Stock Exchange (CSE) also closed in red and subsequently the benchmark index displayed a free fall throughout the whole session. At the end of the session the benchmark index CASPI closed at points with a loss of 261 points. Of 230 issues traded only 18 advanced 196 declined and 16 were unchanged and the turnover stood at above Tk 263 million on the port city bourse. 4

8 Source: NBR EXPANDS DUTY BENEFIT ON IMPORT OF RMG FIRE SAFETY TOOLS National Board of Revenue (NBR) has extended the duty benefit on import of fire safety equipment by the export-oriented ready-made garment (RMG) industries to help them comply with the safety rules. It has also relaxed the condition of importing the materials under the benefit by scraping the provision of availing the facility only for once. Now the RMG industries will be able to import the materials enjoying the benefit under certain conditions whenever they need according to a Statutory Regulatory Order (SRO) issued on March 11. NBR's Customs Wing issued the SRO signed by NBR chairman Md Mosharrof Hossain Bhuiyan. In the new SRO the wing has brought some amendments to its previous SRO issued in this regard in It has included a number of fire-safety items in the list of reduced import duty. Import taxes on those items are ranging from per cent to per cent as per the customs law. RMG industries often have to import the fire-safety materials paying high duty as most of them need to import those several times for renovation and upgradation of fire-safety measures of the factories officials said. A number of RMG units are conducting BMRE (balancing modernisation rehabilitation and expansion) activities to increase the productivity of their factories. Under the new SRO the RMG industries have to pay only 5.0 per cent customs duty (CD) on import of some new equipments. The new equipments in the waiver list include electric-resistance welded pipe and fittings of iron and steel auto sprinkler system and equipments like timer and sensor. In 2017 NBR waived all duty-taxes and value added tax (VAT) keeping only 5.0 per cent CD on import of a wide range of fire-safety equipments. Now the list has been extended further by issuing the new SRO following the proposals of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA). Officials said NBR offered the benefit to help the RMG industries comply with the safety requirements of international buyers after the Rana Plaza collapse and the Tazreen fire incident. However the RMG industries have to follow some conditions to avail the facility. The units will not be allowed to import fire-safety equipments that are not included in its fire-safety layout plan. The RMG industries will not be allowed to import the items under the benefit to use for other purposes except fire-safety measures of the respective factory. Besides the importers of the items must be registered with the VAT authority of NBR. For availing the duty benefit the importers will have to submit necessary documents to the customs officials including certificates of international inspection body which prepared the lay-out plan and approval of their trade associations concerned. They also have to obtain a certificate from the relevant customs or VAT office after installation of the equipments in the factory. Relevant customs bond commissionarate or VAT office will conduct physical inspection of the factories to verify installation of the imported equipments. The RMG industries will have to give an undertaking in the non-judicial stamp which will be refunded after the verification. In case of abuse of the facility all of the payable duty-taxes will be realized from the importing companies. Despite several attempts BGMEA President Siddiqur Rahman could not be contacted over phone for his comment in this regard. 5

9 Source: BOOMING AVIATION SECTOR TO FACE SETBACK Apart from a terrible human tragedy in Monday's Nepal plane crash sector-insiders are worried that Bangladesh's booming aviation industry might receive an immediate blow like confidence crisis. A US-Bangla airlines plane crash-landed in the capital of the Himalayan country and exploded into an infernal blaze leaving at least 51 people dead-some charged beyond recognition. Market players and experts said the deadly event of manmade disaster at a time when the country's Tk 20 billion aviation sector has been witnessing phenomenal growth over the years in terms of both air traffic and business. Terming the accident another blow to the business of the local private airliners they said the operators have been struggling to remain afloat on the international routes competing with top global players as they have to spend more in respect of fuel consumption landing parking and other charges. After bitter experience of many private airliners in the 90s and the 2000s the industry having registered a nearly 18 per cent growth in 2017 began booming from 2013 thanks to the changes in people's spending habit with the blessing of increased per-capita income. Some global and local airliners are operating business in Bangladesh with Qatar-based Emirates topping the list followed by Saudi Airlines and national flag-carrier Biman Bangladesh Airlines. Private players joined in the business in Since then many companies like GMG United and Best Air have invested in the industry but failed to sustain for reasons that include inadequate passengers. There are four operators on the domestic market and the US-Bangla airlines accounted for major market share followed by Novoair Regent and Biman. In terms of existing fleets Biman has a total of 13 carriers in service followed by Regent 8 US-Bangla 7 and Novoair five. Though private airliners initially concentrated on domestic market the airlines started spreading their wings beyond borders operating flights to South Asian and Middle-Eastern countries. Now some of them have decided to expand their service to China because of growing demand. Contacted Senior Manager of Novoair AKM Mahfuzul Alam said the tragic plane crash might have an impact on the industry but hopefully it would not prolong because air traffic still remains the safest mode of transport. "Comfortability and fastest modes are the options that will attract the passengers to choose air traffic" said the official of Novoair that accounts for nearly 25 per cent of domestic market share. After gaining three times in terms of number of passengers and flight operations since its journey in 2013 when around 0.5 million people traveled by air annually the private airline already expanded their operations to Kolkata in India. Talking to the FE President of the Association of Travel Agents of Bangladesh (ATAB) Manzur Morshed Mahbub said three sections of people - tourists businesspeople and labourers - helped the industry grow at a faster pace. He said some 2.0 million people from Bangladesh on average travel by airplane per year and the sector witnessed over 18 per cent growth last year which was "remarkable". "Of course the accident will have a negative impact on the industry. Lack of confidence might be created in the local operators in an immediate response. But I think it will not prolong for a longer period because of quality service" he said. The private carrier also flies to eight international destinations including Nepal and India in the region. Other destinations are Muscat Oman Kolkata India Kuala Lumpur Malaysia Singapore Bangkok Thailand Doha Qatar and Guangzhou in China. Kazi Wahidul Alam an aviation-industry consultant and editor of the fortnightly Bangladesh Monitor said the sector came to the track of growth after 2010 because of significant rise in people's 6

10 incomes. He said the market is largely dominated by the private sector and continues to grow by successfully overcoming challenges like lack of high-skilled manpower and limited access to finance. Suggesting handling the situation in a planned and coordinated way he said all sections of people including the government should come up and ensure compensation to the people affected by the tragedy. "They (operators) should operate flights as usual without any disruptions. Otherwise it will have a negative impact on the sector" Mr Alam said. Despite having huge potential in the industry Bangladesh lags behind the fellow Asian nations. Each year Singapore Airlines carries more passengers than its total population. Thai Airways and a good number of Indian and Chinese airlines are also dominating the air-travel business. It is highly a capital-intensive sector. In addition to the cost of airplanes (from US$80.6-US$400 million if bought and US$0.015-US$1.375 million if leased) each airline company would have to undertake major spending on employment training expensive equipment and facilities. Source: DOLLAR DIPS ON US INFLATION The US dollar dipped yesterday against European currencies after US inflation data pointed to a moderate pace of coming interest rate rises with fresh White House turmoil adding pressure on the greenback dealers said reports AFP from London. Wall Street came off to a stronger opening after the US consumer price index (CPI) rose 0.2 percent in February just as analysts had predicted cooling from January's sudden jump of 0.5 percent which had sent markets around the world into a tailspin. The inflation report "exactly matched expectations and partially reverses some of the inflation concerns caused by last month's employment and CPI report" said Marvin Loh a markets strategist at BNY Mellon Markets. The dollar was also impacted by US President Donald Trump's announcement that he was replacing his top diplomat Rex Tillerson ahead of announced talks with North Korea. "The US dollar weakens further in the aftermath of the Tillerson announcement" analyst Michael Hewson at CMC Markets tweeted.afp Source: GOVT WORKS ON 3RD SUBMARINE CABLE Bangladesh Submarine Cable Company Ltd (BSCCL) has kick-started the preparations for its third undersea cable link to meet the country's growing demand for data. It will hardly take few years to consume all the bandwidth the country has right now said Mustafa Jabbar telecom minister. The country's data consumption is growing at triple digits over the last few years and it will only accelerate with the rollout of 4G service said Jabbar who is also a leading entrepreneur in digital business. To meet that demand we need to take prior preparation as establishing the link with submarine cable is time-consuming. The telecom minister has discussed the matter with Prime Minister Sheikh Hasina and she has given her verbal consent he said. The country is on the hunt for a consortium in the Southeast Asia region to link the submarine cable. She asked me to grab the first chance that I get to become a member of any new consortium Jabbar said. Mashiur Rahman managing director of the state-owned company said they are in talks with a new 7

11 consortium that is being formed. We will definitely try to join the consortium he added. At present Bangladesh's total bandwidth usage is about 565 Gbps up from about 380 Gbps a year ago. Of the volume BSCCL is supplying 270 Gbps from its first cable in Cox's Bazar and another 120 Gbps from its second cable in Kuakata according to officials of the country's lone submarine cable company. Another 175 Gbps comes from India through the International Terrestrial Cable (ITC) links. Jabbar said the country's youth has become very data-centric and they are using a large number of digital services as well. The trend suggests their hunger for data will increase furthermore when 4G is properly rolled out across the country. In 2009 bandwidth consumption was only 8 Gbps and it will soon cross 600 Gbps. Within a few years we may even face a bandwidth crunch. So the country needs to take preparations for the upcoming days the telecom minister added. Another reason for the new submarine cable is that the first one that linked up with the SEA-ME-WE- 4 cable in 2006 is nearing the end of its 20-year lifespan in six years' time. It is not possible to increase its capacity much and its maintenance cost is increasing every year said a top official of BSCCL. BSCCL spent about Tk 500 crore and they earned more than the expenses of the country's first cable. The second submarine cable (SEA-ME-WE-5) project costs Bangladesh Tk crore; BSCCL took a loan of $44 million from the Islamic Development Bank. In the early 1990s the then government had rejected a proposal for free connection with SEA-ME- WE-3. Source: BUSINESS UNITS FLOUTING HOLIDAY WORK-HOUR RULES The government has taken a move to bring all the business establishments across the country under the labour act as it has found that most of the establishments are running their business without complying with the rules related to weekly holiday working hours overtime allowance and closure of shops. The Department of Inspection for Factories and Establishments has already served notices on hundreds of showrooms and shops asking them to comply with the provisions of labour law or face legal actions. Though DIFE officials claimed that they had issued notices to all types of business establishments in which the labour rules were being violated it was found that most of the letters in this regard had been sent to the retail outlets of Bata Bangladesh a multinational shoe company. We have sent letters to most of the outlets of Bata located in the Dhaka metropolitan area as our inspectors have found violation of labour rules in the outlets of the company DIFE deputy inspector general Md Jakir Hossain told New Age on Tuesday. The DIFE has also sent letters to retail outlets of other companies like Apex Footwear and Bay Emporium and the business establishments in which labour rules are being violated he said. The DIFE has been conducting regular inspection to the formal sectors including garments but with its limited workforce it is not possible to inspect all at a time Zakir said. In the letters that have been sent to Bata outlets the DIFE said that the outlets of Bata were not complying with the sections of labour act and sections and 110 of labour rules. The section 100 of labour act stipulates that no adult worker shall ordinarily work or be required to work in an establishment for more than eight hours in a day. Subject to extra-allowance for overtime any such worker may work in an establishment up to 10 hours in a day it states. 8

12 Every worker employed in an establishment (a) shall be entitled to one and a half days holiday in a week in the case of a shop or commercial establishment or an industrial establishment and one day in a week in the case of a factory and establishment;... the section 103 stipulates. We are yet to receive any such letter from the DIFE but the *DIFE+ inspectors asked us verbally to comply with the rules related to weekly holiday and closure of shops said Mizanur Rahman general manager of Apex Footwear. No Bata official could be reached over phone despite repeated attempts. Jobeda Khatun DIG and in-charge of the Narshingdi office of DIFE said that they also had sent letters to two outlets of Bata in Narshingdi. We have received an instruction from our headquarters for issuing letters to the Bata outlets. But gradually we will sent letters to all the shops and showrooms in which labour rules are being violated asking them to comply with the rules related to weekly and yearly holidays daily working hours overtime allowance and closure of the shops she said. Jobeda said that she served notice on the Bata outlets asking them to comply with the section 114 of labour act which is related to the closure of shops. The section stipulates that every shop or commercial or industrial establishment will remain entirely closed for at least one and a half days in each week and the chief inspector will set which one and a half days in which area such establishments will remain entirely closed. Source: PM URGES S PORE BUSINESSMEN TO BECOME PARTNER IN PROGRESS Prime minister Sheikh Hasina Tuesday urged Singapore business communities to take a partnership role in Bangladesh s journey towards economic development as she offered 500 acres of land or more for setting their own industrial park. Pointing out her government s initiative for setting up Special Economic Zones across the country the premier called upon them to explore their business scope by taking full advantage of advantageous and liberal opportunities offered by her government. Hasina was addressing Bangladesh-Singapore Business Forum-2018 at Shangri-La hotel in Singapore as the chief guest. International Enterprise Singapore Singapore Business Federation and Bangladesh Business Chamber of Singapore jointly organised the forum with the theme Towards a New Era of Bangladesh-Singapore Economic Partnership. Minister for trade and industry of Singapore Lim Hng Kiang attended the function as guest-ofhonour while acting CEO of International Enterprise Singapore Kathy Lai and chairman of Singapore Business Federation SS Teo also spoke on the occasion. Bangladesh foreign minister AH Mahmood Ali state minister for power and energy Nasrul Hamid and heads of different trade bodies of Singapore and Bangladesh and CEOs and managing directors of leading business organisations joined the forum. The premier said Bangladesh is now pursuing one of the most liberal foreign investment regimes in South Asia. It includes protection of foreign investment by law generous tax holiday concessionary duty on import of machinery remittances of royalty she said. Hasina said Bangladesh also offer 100 per cent foreign equity unrestricted exit policy full repatriation of dividend and capital on exit. We ve a huge young energetic and easily trainable workforce with competitive wages she said. Giving a blooming economic picture of Bangladesh the prime minister said last year Bangladesh s economy posted a GDP growth rate of 7.28%. The foreign currency reserve rose to over $33 billion in 2017 from a mere $ 3.5 billion in 2005 she said. We are expecting UN to announce graduation of Bangladesh from LDC very soon as recognition of our recent economic performances she said. 9

13 The prime minister said success of Bangladesh s readymade garments sector is known to the world. The volume of our textile export is second to only China reaching almost US$ 30 billion in 2017 and we want to increase this export to US$ 50 billion by 2021 she said. Pointing out her government s initiatives for establishing 100 Special Economic Zones (SEZs) in different parts of the country she said several Hi-tech Parks are being developed in Bangladesh for IT industries with foreign investment. Bangladesh has a target of exporting US$ 5 billion worth of IT goods and services by 2021 she said. Source: DUTY BENEFIT EXTENDED FOR FIRE SAFETY TOOLS IMPORT National Board of Revenue has extended duty benefit along with relaxing conditions for exportoriented readymade garment industries in import of fire safety equipment. Customs wing of the revenue board on March 11 issued a statutory regulatory order amending the previous SRO and relaxing restriction on the number of imports of the equipment. According to the amended SRO apparel makers will enjoy duty benefits as many times as required in import of each item. Previously investors could avail the benefit only for once in import of an item. They needed to pay duty and taxes ranging from per cent to per cent in import of an item for the second time. The NBR through the latest SRO signed by NBR chairman Md Mosharraf Hossain Bhuiyan also includes some new equipment including electric resistance welded pipe and fittings of iron and steel and auto sprinkler system on the waiver list. The revenue board in June 2017 waived all duties and value-added taxes except five per cent customs duty in import of fire safety materials and equipment for the sector following conditions of international buyers for upgrading factory safety. Customs officials said that the latest decision was made in line with the applications of Bangladesh Garment Manufacturers and Exporters Association and Bangladesh Knitwear Manufacturers and Exporters Association seeking withdrawal of the condition related to the number of imports and inclusion of new items on the list. Field level customs offices also recommended allowing the benefit to entrepreneurs they said. Investors might need the same fire safety equipment for a second or third time if they would renovate or expand existing factory or establish new units said a high official of the NBR. Most of the export-oriented factories have been going through remediation activities as per standard set by international buyers and retails platforms Accord and Alliance he said. Many others are also conducting BMRE (balancing modernisation rehabilitation and expansion) activities to increase the productivity of their factories he added. In this context the NBR relaxed the condition being convinced about the rationality of the demand of the BGMEA and BKMEA he said. Importers however will not be allowed to avail the benefit for items which are not included in the layout plan of fire fighting system according to the SRO. The other conditions set out in the original SRO will however remain in effect for obtaining the benefit. According to the original SRO the importer must be registered with the VAT wing of the NBR. He or she must also submit to the customs authority certificates of international inspection body or registered engineering firms which prepared the layout plan and trade association with which the importer has membership on the required items and the quantity of the items for getting the duty waiver. The importer will also not be allowed to use the imported items for any other purpose except fire fighting in his or her factory. 10

14 He or she will also have to submit a certificate from the relevant customs or VAT office after installation of the equipment in the factory. Source: BANGLADESH S FOREX RESERVES DECLINING The foreign currency reserves of the Bangladesh Bank is on the decline. The reserves dropped to $31.93 billion from $33.36 billion between February 28 and March 8 according to the central bank. Officials of the central bank say import costs have increased particularly after the rise in onion and rice prices in India. Moreover the reserves took a hit after clearing payment for imports of Asian Clearing Union (ACU). A Bangladesh Bank official says there is no reason to panic at the decline of the reserves mainly because of a rise in import cost. It will be possible to foot import bills for the next six to seven months with the current reserves the official added. According to the central bank the import cost increased by 25.78% in the first six months of the fiscal compared to the same period the previous year. During July to December food import (rice and wheat) increased by 212%. The import of necessary machinery for setting up industries rose by about 35% during this period while the import of fuel oil and raw material for industries increased by 28% and 15% respectively. In the first six months of this year Letters of Credit (LC) worth $40 billion were opened. The amount is expected to cross $60 billion at the yearend. Bangladesh s foreign currency reserves stood at $33.01 billion on June 21 last year. It came down to $32.31 billion on January 17 this year. The country was witnessing a rise in forex reserves over the last few years but the import cost jumped in the election year putting pressure on the reserves. However remittance inflow and export income are increasing. Bangladesh Institute of Development Studies researcher Dr Zaid Bakht said there was no reason to panic even though the forex reserves had declined a little due to increased import cost. The works of some big projects like Padma Bridge and metro rail are going on in full swing. The cost for importing necessary equipment for these projects is increasing he noted. On the other hand the import of foodgrains increased after floods destroyed crops. This is also putting pressure on the reserves he added. International standards require a country to have reserves to meet import costs of at least three months. With Bangladesh s current reserves it will be possible to meet foot import bills of more than eight months. Meanwhile a big balance of payment deficit has emerged with the increase in import costs. In the first six months of the current fiscal the amount stood at $4.767 billion. Source: আইপ এফএফফ ৪২ ক ট ডল ফ নত ন তহপ ল অফক ঠ মভ উন নয়মন দ ঘমভয় দদ ঋণ দফধ য জনয বফমদদক ভ দ র য় প র য় ৪২ কক ট ডর মযয ভদযভ ণ দ ন জ য ৩০০ কক ট ট ক য একট দফমরয আন ষ ঠ দনক ক মঘক রভ শ র কমযম ফ র মদ ফয ক যক য ও দফশ বফয মকয কম থ অথঘ য়মন 'দফদনময় গ উন নয়ন ও অথঘ য়ন দফধ ' ফ আইদএপএপ-২ ন মভয এ দফর কথমক কফ কদওয় মফ ঋণ দফ যমণ আগ র ফয ক ও আদথঘক প রদ ষ ঠ নগ মর মক আগ ভ ১৯ ভ মচঘ য ভমধয ফ র মদ ফয মকয ক ম আমফদন কযম ফর ময়ম গ ক র ভঙ গরফ য ফ র মদ ফয মকয আইদএপএপ-২ প রকল প কর কথমক এ ক র ন ত একট র কঘ র য ফয ক ও আদথঘক প রদ ষ ঠ মন ঠ মন য় র কঘ র মযয মঙ গ প রকল প দযচ রন য একট ন দ ভ র কদওয় ময়ম কখ মন কক ন ধযমনয ফয ক ও আদথঘক প রদ ষ ঠ ন এ প রকমল পয আও য় ঋণ দনম যমফ দ য কভয় দ দফঘক দফলময় উম খ কয ময়ম এয আমগ ২০০৭ কথমক ২০১৬ র মঘন ত আইদএপএপ-১ প রকল প ফ স ফ য়ন য় ন দ ভ র য় ফর ময়ম অফক ঠ মভ উন নয়মনয জনয দফদ যযৎ উৎ দন ফন দয উন নয়ন দযমফগ দল প এফ কঠ ন ফজঘ য ফযফসৎ ন প রকল প য স ঘ ট দ জ-ক রব টঘ ইওময়য উন নয়ন দন যফয দফ যণ দনক ও দনস ক ন থয প রম দ অথঘননদ ক অঞ চর ও ইমক মকঘ য উন নয়মন ঋণ কদওয় 11

15 ম মফ এখ ন কথমক একজন উমদয কভ ট প রকল প ফযময়য মফঘ চ চ ৫০ দনম যমফন আয অন ত ২৫ উমদয মক দদম মফ ফ দক অথঘ অ গ রণক য প রদ ষ ঠ ন কথমক কনওয় ম মফ দফমরয কভ ট আক য মফ ৪১ কক ট ৬৭ র খ ডর য ভদযভ ণ দ ন জ য ২৭৯ কক ট ট ক এয ভমধয ক দযগদয য় য জনয খযচ মফ এক কক ট ৩০ র খ ডর য ফ দক ৪০ কক ট ৩৭ র খ ট ক প রকল প অথঘ য়মন ফযয় মফ অফক ঠ মভ উন নয়মনয জনয দনদদঘ ষ ট দক খ ম ডর য ফ ট ক উবয় ভ দ র য় অথঘ য়ন কয ম মফ ফ র মদ ফয মকয মঙ গ চ দ ফদ ধ প রদ ষ ঠ নগ মর ট ক য় অথঘ য়ন দনমর দ য মফ ৩৬৪ দদন কভয় দদ ফ র মদ যক য ক জ দয দফমরয দ মযয ভ ন আয ডর ময দনমর ১২ ভ ময র ইফমযয (রন ডন ইন ট য ফয ক অপ য কযট) ভ ন দ দদম মফ গ র ক মঘ ময় ফ জ যদবদ ক মদ ঋণ দফ যণ কযম যমফ Source: কক ট -ডর মযয-ন ন- দফর ( ) ( ) ( ) ২ ১৬ Source: / ( ) - ২০১৬-১ ৯০০ 12

16 - Source: ১৫ ২০১৬ ৪৯ ৪ ১৮ ২ ৪৫ ৪৮ ২০১৭ ৫০৬ ( ) ৭০৫ ৯২ ১৮ ৮৬ ৬ ৪৯ ৬ ৩২ ৬ ৩১ ২৩৪ ২৫২ ৭ ২৪ ৩৩ ৪১ ৩৩ ৬৭ ১১০ ১ ০৯ ১৪ ৪০ ৪১ ৩৪ ৪.৬০ Source: 13

17 ২০১৪ ৬৮-০১ ( - ) ১৮-০১ -০১ ২০১৪ ৯ ৫৬-০৭. Source: ২০১৮ - ( ) ২০১৮ ২০১৯ ৩.৯ ২০১১ ৩.৬ ১০ ৫ ২.৯ ২০১৯ ২.৮ ০.৫-০.৭৫ ২.৩ ২.১ ১.৩ ( ) ১.১ Source: 14

18 ( ) ( ) ( ) ২ ১৬ Source: Bank and NBFIs BB ASKS BANKS FIS TO APPLY BY APR 19 FOR IPFF PROJECT FACILITIES Bangladesh Bank (BB) Tuesday asked the private commercial banks and Financial Institutions (FIs) to apply for taking facilities from the Investment Promotion and Financing Facility (IPFF) project by April 19. Scheduled commercial banks in private sector and FIs that meet the eligibility criteria and intend to avail of the financing facility may apply to the Project Director of IPFF 11 Project preferably by April said a BB circular. All required information and documents must be included in the application the circular added. A financing agreement was signed by the government with the International Development Association (IDA) on November to carry out IPFF 11 project with a view to increasing longterm financing for infrastructures and to build capacity of the local financial institutions for promoting private sector-led infrastructure financing in Bangladesh. Finance Division on behalf of the government signed an administration agreement with Bangladesh Bank on January assigning responsibility to the latter to carry out IPFF 11 project on behalf of them. Source: 15

19 -২০০০ ৫৭ ৩৫ ৯ ২৬ ১৭৯ ৪১ ৮৮৫. ( ) ( ) ৯০-১০ ১০ ৯ ৮ ১০ Source: ১০ Source: 16

20 . ( ) ১০ Source: ১২০ ২০০ ২৬ ( ) ২৬ ১০-৩ Source: Capital Market Specific STOCKS GO INTO FREE FALL Stocks continued to tumble amid jitters over banks' liquidity crisis. After starting the day at 5710 DSEX the benchmark index of the Dhaka Stock Exchange plunged to below 5700 points in less than half an hour. Eventually it lost points to close the day at With yesterday's plunge the DSE lost 204 points in the last three days. The Bangladesh Bank has relaxed the rules to help banks address its liquidity crisis but there is no reflection of it in the market said a senior official of the DSE. Reports of liquidity crisis have sent investors into a panic mode persuading them to sell off their stocks according to brokers. The capital market witnessed another bearish session the third in a row amid day-long selling 17

21 pressure said EBL Securities in its daily market analysis. Investors' selling pressure was most felt by banks non-bank financial institutions and telecom stocks it said. NBFI declined 2.14 percent followed by banks at 1.87 percent engineering 1.41 percent textiles 1.36 percent and telecom 1 percent. A senior official of the DSE pinned the slide on the downturn in fortunes of banks and NBFI stocks which account for a large part of the market capitalisation. Some institutional investors are suffering from liquidity crisis said Mostaque Ahmed Sadeque president of the Dhaka Stock Exchange Brokers Association (DBA). The state banks' loan-deposit ratio is very low so they can invest more in the capital market said Mohammed Nasir Uddin Chowdhury president of the Bangladesh Merchant Bankers Association (BMBA). He went on to recommend the BB decrease the cash reserve ratio for easing off the liquidity crisis. The DBA and the BMBA yesterday held a meeting to take stock of the situation with the capital market. In another development the Bangladesh Pujibazar Biniogkari Oikko Parishad a platform of investors organised a human chain in front of the DSE. The small investors were crying as the slide in stocks has wiped off huge amounts. They also demanded the resignation of the finance minister and the chairman of the Bangladesh Securities and Exchange Commission for their failure to keep the capital market calm. Turnover one of the important indicators of the market declined 5.3 percent to Tk crore with 8.68 crore shares and mutual fund units changing hands. Of the traded issues 18 advanced 291 declined and 27 remained unchanged on the premier bourse. Queen South Textile Mills which made its stock market debut yesterday dominated the turnover chart with its transaction of lakh shares worth Tk crore. It was followed by Monno Ceramics Grameenphone Square Pharmaceuticals and IFAD Autos. CAPM IBBL Islamic Mutual Fund was the day's best performer with its 3.92 percent gains followed by Padma Oil at 2.48 percent and Shasha Denims at 2.16 percent. Reliance Insurance was the worst loser shedding percent followed by Meghna Condensed Milk at 10 percent and Sonargaon Textiles at 9.81 percent. The port city bourse's benchmark index CSCX also fell points yesterday to finish the day at Losers beat gainers as 196 stocks declined and 18 advanced; 16 stocks remained unchanged on the CSE. A total of lakh shares and mutual fund units worth Tk crore changed hands at the port city bourse. Source: MUTUAL FUND PENETRATION ABYSMALLY LOW Bangladesh has among the lowest mutual fund investment in the world offering a vast untapped opportunity for local asset managers. A mutual fund is an investment fund that gathers capital from a number of investors to create a pool of money that is then re-invested into stocks bonds and other assets. Investors are effectively shareholders in the fund in proportion to their investment. Bangladesh's asset under management to gross domestic product ratio is a mere 0.48 percent according to Brac EPL. In contrast the ratio is percent in India and percent in Thailand. The global average is 32 percent. Mohammed Rahmat Pasha managing director and chief executive of UCB Capital Management blamed the Bangladeshi fund managers' poor performance for the abysmally low ratio. 18

22 For instance in of the 37 listed mutual funds declared dividends of 2.5 percent to 10 percent according to statistics from the Dhaka Stock Exchange. This is lower than the returns on banks' fixed deposit products Pasha said. Why will people invest in mutual funds if the dividend rate is less than the FDR rate? In the last two years fund managers declared comparatively better dividends. But before that almost every fund manager had declared 5 to 8 percent dividend which was less than the FDR rate then. There is a lack of confidence in fund managers said Abu Ahmed an honorary professor of Dhaka University. Besides Bangladeshi general investors tend to gravitate towards stocks -- a departure from their global counterparts who typically opt for mutual funds. This leaves only the institutional investors which are the banks and non-bank financial institutions in Bangladesh. But the local banks and NBFIs are not in a position to invest in mutual funds because of their large capital market exposure that is grazing dangerously close to the ceiling set by the Bangladesh Bank according to Pasha. Bangladesh's investment culture is not mutual fund-friendly said Yawer Sayeed MD and CEO of AIMS the country's first private-owned investment and fund management company. Another high official of an asset management company said while requesting anonymity that many fund managers got licences thanks to the influence of politics which is why they are struggling to register attractive returns. Fund managers' fee limitations are also not suitable for hiring competent personnel he said. Simply if the fund managers manage better dividends people will automatically hover to mutual funds Pasha added. Source: QUEEN SOUTH TEXTILE MAKES FLYING START Queen South Textile Mills Tuesday topped the scrip-wise turnover chart as the company made a flying debut on the Dhaka Stock Exchange (DSE). Following investors' increased participation the company featured a turnover of Tk million and captured 6.6 per cent of the market turnover. The company's share price rose 236 per cent or Tk to close at Tk on Tuesday. A total of above 6.43 million shares of Queen South Textile Mills changed hands in the premier bourse. On Tuesday the company has also reported increased profit for three months period ended on December For the period the company reported its profit after tax of Tk million and basic EPS of Tk as against profit after tax of Tk million and basic EPS of Tk for the same period of the previous year. The other companies in the chart of top 10 turnover leaders were Grameenphone Monno Ceramic Industries Square Pharmaceuticals IFAD Autos Fortune Shoes CVO Petrochemical Refinery Apex Foods and Mercantile Bank. Top 10 turnover leaders including Queen South Textile Mills captured 27.7 per cent of the total turnover featured by the DSE. Of the companies Grameenphone featured a turnover of Tk million and grabbed 5.6 per cent of the market turnover. Monno Ceramic Industries captured 4.2 per cent of market turnover after featuring a turnover of Tk million. Square Pharmaceuticals featured a turnover of Tk 63.9 million and grabbed 2.3 per cent of the market turnover. 19

23 The turnover of IFAD Autos was Tk 52.2 million 1.9 per cent of the turnover featured by the premier bourse. Among other companies Fortune Shoes featured a turnover of Tk 46.3 million followed by CVO Petrochemical Refinery Tk 41.4 million Apex Foods Tk 39.9 million and Mercantile Bank Tk 36.9 million. Source: STOCKS BLOODBATH AS MUHITH SIDES WITH BSEC OVER REGULATOR-DSE TUSSLE Dhaka stocks plummeted for the third day on Tuesday as investors continued panic selling as finance minister AMA Muhith apparently sided with the market regulator by criticising the Dhaka Stock Exchange for its role in the ongoing tussle between the bourse and the regulator over the strategic partner selection. The DSE s key index DSEX lost 1.43 per cent or points to finish at points a ninemonth low. The index lost points in last three sessions because of fresh uncertainties surrounding the sales of shares of the DSE to a Chinese consortium to make it a strategic partner and worries over a liquidity crisis at the financial market. The market capitalization lost Tk crore in the last three day s plunge. Market operators said that the sell-offs intensified on Tuesday after the previous two days rout as Muhith on Monday afternoon criticised the role of the DSE in the present market condition. Regarding the capital market some are trying to catch fish in troubled waters. The DSE s role at this moment is not right he said at a pre-budget discussion with economists at the National Economic Council in the capital. He said though Bangladesh Bank relaxed the timeframe for banks to bring down the advancedeposit ratio from June to December this year there was no reflection of the message in the market because of the DSE s role. Muhith also told reporters that the DSE did not pay any heed to anyone apparently taking a swipe at the DSE board for selecting the Chinese consortium of Shanghai Stock Exchange and Shenzen Stock Exchange as the bourse s strategic partner. Former adviser to an interim government Mirza Azizul Islam told New Age that no one should comment on the DSE s share sales issue before the regulator reaches any decision. Government high ups particularly Muhith and Bangladesh Securities and Exchange Commission s top brass are not happy about the DSE s selection of the top bidder the Chinese consortium as they wanted the DSE pick the second top bidder a group led by India s National Stock Exchange. Ignoring the BSEC s initial pressure the DSE board on February 10 selected the Chinese consortium as it found the consortium s offer of Tk 22 a share and other technical supports against the NSE-led group s Tk 15 a share offer and technical support was much better. Market initially cheered the DSE s selection with the key index skyrocketing by 124 points on February 11 but then the uncertainty set in with the media reports that the BSEC had blasted the DSE decision and asked the bourse to select the NSE-led group. Eventually the DSE sent its decision to select Chinese consortium to the BSEC for approval which has remained pending with the regulator. The finance minister s comments on Monday have given an impression that he sided with the BSEC and that the uncertainty about the selection of the strategic partner by the DSE would linger said a stockbroker. He said that the capital market had been going through a liquidity shortage for last few weeks because of a rise in the interest rates in the money market. So many investors are now preferring 20

24 investment in bank deposits to investment in an uncertain stock market he said. Besides the political uncertainty surrounding the sentencing of BNP chairperson Khaleda Zia in an election year was also haunting some investors especially foreign investors he said. The DSEX lost 713 points or per cent in two and a half months since November when it hit record 6336 points because of political uncertainty worries over liquidity crisis and BSEC s interference in selection of DSE s strategic partner. On Tuesday out of the 333 companies and mutual funds traded 291 declined just 18 advanced and 27 remained unchanged. The share prices of non-bank financial institutions bank pharmaceuticals and telecommunication declined by 2.1 per cent 1.6 per cent 0.7 per cent and 0.6 per cent respectively that contributed most to the day s plunge. Out of the 30 traded bank scrips the share prices of all the banks declined while out of the 22 traded NBFIs 19 declined and just four advanced. The turnover at the bourse also declined to Tk crore compared with that of Tk crore in the previous session. DS30 the blue-chip index of the DSE plunged by 1.03 per cent or points to close at points. Shariah index DSES shed 1.30 per cent or points to finish at points. Queen South Textiles Mills led the turnover chart on the day with its shares worth Tk crore changing hands. Queen South Textile Mills made its debut on the day. Its share prices soared by 236 per cent to finish at Tk Monno Ceramics Grameenphone Square Pharmaceuticals IFAD Autos Fortune CVO Petrochemical Apex Foods Mercantile Bank and Alif Manufacturing Company were the other turnover leaders. CAMP IBBL Islamic Mutual Fund was the top gainer with a 3.92-per cent rise in its share prices while Reliance Insurance was the worst loser shedding per cent. Source: DSE BROKERS DEMAND BB RELAXES EXPOSURE LIMIT CALCULATION Despite holding enough liquidity financial institutions could not inject fund in the capital market due to the Bangladesh Bank s market price-based valuation of banks investment in the stock market said DBA president Mostaque Ahmed Sadeque at a press briefing on Tuesday. The DSE Brokers Association of Bangladesh on Tuesday held the press conference following an emergency meeting with DSE stakeholders over the recent market fall. Mostaque said that the liquidity crisis in the capital market could be mitigated if the central bank relaxed the exposure limit. Regarding the DSE s share sales to a strategic partner he said that the regulator would give its decision on the matter soon. DBA and Bangladesh Merchant Bankers Association on February 5 sent a number of proposals to the BB to recover the stock market from the recent panic-driven bearish trend he said. He said We requested the BB to calculate exposure limit for banks and NBFIs on solo basis. A bond shares of non-listed companies deventures and preferential shares should be excluded from the calculation of exposure limit he said. Calculation of single party exposure related to the capital market institutions under jurisdiction of the BB should be on cost basis instead of mark-to-mark basis he said. The Investment Corporation of Bangladesh as a government organisation should be exempted from the single party exposure regime and should be allocated more fund allowing it to invest more to support the capital market he said. 21

25 The effectiveness of advance-deposit ratio circular should be stopped for the time being. He however said that the BB was reluctant to mitigate the problem. BMBA president Nasir Uddin Chowdhury said that the financial wings of state-owned banks should come forward to reduce the liquidity shortage in the capital market by injecting fund as they enjoy lower ADR facility. Source: দ ঘ ২৭ ফ য য দজফ জ ময দরক ব য ষ ট র য় ফ র মদ দদ কযম মযমনয (দফএদ) ফময ম ম ম ম ন ন জ জ ভঙ গরফ য দফএদ ক মঘ রময় এক ভ দফদনভয় ব য় এয ফযফসৎ ন দযচ রক (এভদড) কভমড য ইয় ইয় বয়দ ফমরন চ ন যক মযয আদথঘক মম দগ য় দনভঘ ণ ধ ন য়ট জ মজয ভমধয প রথভট ফ র য জয়ম ত র জ র ই ভ ম আভ মদয ক ম স ন তয কয মফ ফ দক জ জগ মর মঘ য়ক রমভ আগ ভ কপব র য় দযয ভমধয ফময ম মফ ফ ঘ ভ মন জ জগ মর য কভদব ব লক কযইদজ ও ব লকগ মর কজ ড় র গ মন য ক জ চরম চ য়ন নয ন র ইভম টঘ অয ন ড এক সম টঘ কভদন দযজ কযম মযন কথমক এক জ য ৮৪৩ কক ট ট ক ফযময় এই য়ট জ জ ককন ম এয ভমধয দ নট অময়র টয ক য ও ফ দকগ মর ফ ল ক কয দযয় য এম চ ন যক য দদম এক জ য ৪৪৮ কক ট ট ক এফ দফএদয দনজস ব দফর কথমক কদওয় ম ৩৯৫ কক ট ট ক ফ র য জয়ম ত র জ জট ফ ল ক কয দযয় য ফমর ভ দফদনভময় জ ন মন য় আগ ভ ১৫ ভ চঘ অন দষ ঠ দফএদয ফ দলঘক ধ যণ ব উরমযয ফ দকভ মদয মঙ গ এ ভ দফদনভয় ব য আময় জন কয য় ব য় দফএদয এভদড ফমরন কদময ফ ঘ ভ ন চ দদ দফমফচন য় দফদবন ন ধযন ও আক মযয কভময ৪০-৫০ট জ জ থ ক ফ ঞ চন য় দফদবন ন প রদ ক র য ক যমণ প রময় জন য় অমথঘয সৎ ন কযম ন য য় দফগ ২৭ ফ ময দফএদয ফময ন ন কক মন জ জ মম দজ য়দন ১৯৭২ মরয ৫ কপব র য় দয প রদ দষ ঠ দফএদয ফময ১৯৯১ র মঘন ত দফদবন ন ভময় ম য় কভ ট ৩৮ট জ জ যমন ও ফ দণদজযকব মফ অর বজনক ওয় য় ধ ম ধ ম ৩৬ট জ জ দফদক র কময কদওয় য় ফ ঘ ভ মন এই প রদ ষ ঠ মনয ম থ ক দ যট র ইট য টয ক মযয গড় ফয় ৩০ ফ য ইয় ইয় বয়দ ফমরন আভ মদয কভদযট ইভ কক টয কমন আফ য কজমগ ওমঠ ক রমযয আভয ক জ কযদ জ জ ব ড় হ র এফ দযচ রন ফযয় অমনক ফ দদ ধয যও ২০১৬-১৭ অথঘফ ময আট কক ট ৬৫ র খ ট ক ভ ন প ময়ম ন ন য়ট জ জ ফময ম মর ভ ন প য দযভ ণ কক ট ট ক য় ক মফ ব য় জ ন মন য় ২০১৬-১৭ অথঘফ ময দযচ রন খ ম ৮২ কক ট ১৫ র খ ট ক এফ অদযচ রন ও অনয নয খ ম ৩৫ কক ট ৮৪ র খ ট ক আয় কময দফয ম দযচ রন ফযয় দ র ৫৪ কক ট ৫০ র খ এফ প র দনক ও যযণ মফযণ ফযয় য় ৫৪ কক ট ৮৫ র খ ট ক ব য় দফএদয য কথমক কয়র দযফমনয জনয য়ট ভ দ য ফ ল ক কয দযয় য ও ১০ট র ইট য ফ ল ক কয দযয় য এরএনদজ দযফমনয জনয দ যট এরএনদজ কবমর ক র ড অময়র দযফমনয জনয দ যট ভ দ য টয ক য জ ব র দন ক র দযফমনয জনয দ যট ভ দ য কপ র ড ক ট অময়র টয ক য এফ দপড য দবঘ চ র য জনয চ যট কর র য কমন টইন য জ জ ককন য দযকল পন য কথ জ ন মন য় Source: : ৬৪ দজফ জ ময দরক ব র প জঘ ক রদভ ফ র মদ দরদভমটমডয দযচ রন লঘদ ৩১ দডমম বয ২০১৭ ভ প ত অথঘফ ময দফদনময় গক য মদয জনয ৫ কয দডদবমডন ড কঘ লণ কমযম এয আমগ কক ম প দনট অন তফঘ ক র ন ভময়য জনয ৫ কয দডদবমডন ড দদময়দ র কই দ মফ আমর দচ ফ ময ১০ কয দডদবমডন ড দদর কক ম প দনট আজ অন দষ ঠ কক ম প দনয দযচ রন লঘদ ব য় দনয দয আদথঘক প রদ মফদন মঘ মর চন কময এ দডদবমডন ড কদয় কক ম প দন মত র এই থয জ ন কগম জ ন ম য় ভ প ত ফ ময কক ম প দনট য কয় য প রদ ভদ আয় (ইদএ) ময়ম ০.৬৯ ট ক এফ এককব মফ ০.৪৩ ট ক ম আমগয ফ য একই ভয় ভদ ইদএ দ র ১.৯২ ট ক এফ এককব মফ ১.২১ ট ক ভদ ইদএ কমভম ৬৪ এ ড় আমর দচ ভময় কক ম প দনয কয় য প রদ ভদ ম পদ ভ রয (এনএদবদএ) ময়ম ১৩.১৫ ট ক এফ কয় য প রদ ভদ নগদ ক মঘকয অথঘ প রফ (এনওদএপদএ) ময়ম ১.১২ ট ক দডদবমডন ড অন মভ দমনয জনয কক ম প দনট য ফ দলঘক ধ যণ ব য (এদজএভ) আগ ভ ৭ জ ন ক র ১১ট য় অন দষ ঠ মফ এদজএমভয সৎ ন ময 22

26 জ ন মন মফ এয জনয কযকডঘ কডট দনধঘ যণ কয ময়ম ৮ এদপ রর Source: ( ) ( ) ( ) ১২.. ( ) ( ) ৬ ৫. ১০ ৫০ ৫০-৪০. ২০০ ৩৫ ২০-১ ৪৩ ৫ ৬২৩ ১-23

27 ২৮২ Source: ( ) ( ) (.) - ( ) ১ ৫ ১৫ Source: ( ) ৩ ( ) ২৫ ২০১৩ ২০১০ ( ) ১ ০.৫০ ( ) ( ) ; ; 24

28 Source: ( ) ২ - - ২০৪ ৩৬৯ ২০০ ২৮২ ৩১ ৮২ ২৯৮ ২৪ ২১ ১৭৮ ২০১৭ ২২ ৫৯৯ ৬২৩-৩০ ২১ ৮৫ ১৭ ৩৩৩ ৩৩৬ ১৮ ২৯১ ২৭ Source: ( ). Source: ৩ ( ) ৩ ২০ ১ ; ১ ( ) 25

29 ( ) ২০ ১৯ ২৫ ১ ২৬ ১২ Source: ( ) ( ) ৩০ ; ; ৬ ৬ ; Source: ২০ ১ ৯৭ ৬০ Source: ( ) ১৩ ৬৩৪ ৭ ২ ৩৭ ৪৯৯ ৬ ৫৭ ( ) ৮ ১৩ Source: 26

30 : Daily News Flash ( ) ( ) ( ) ' -৩০ Source: - ( ) ৮ ১৮ ২ ২০ ১০ ৩০ ২০১৬ ( ) ২.৬২ ( ) ১১.৬৩ Source: 27

31 EBLSL Research 28