Daily News Flash, 29 th January, 2018

Transcription

1 DSEX Gold (Ounce) $ Dollar (Buy) (Sell) CSCX Oil (Barrel) $66.24 Euro (Buy) (Sell) MUHITH WARNS BANKS OF BLACK MONEY IN ELECTION YEAR... 2 THREE AIRLINES LEAVE BANGLADESH FOR GOOD... 2 STOCKS HIT 3-MONTH LOW ON JITTERS OVER MONETARY POLICY... 3 DIVERSIFY EXPORTS, BRING IN MORE FDI... 4 BUILD LALDIA TERMINAL IN SHORTEST POSSIBLE TIME... 5 BB MAY RAISE PRIVATE SECTOR CREDIT GROWTH... 6 GOVT OPENS WAREHOUSE IN PAYRA PORT... 7 ASEAN PUSHES FOR LIBERALISED TRADE PACT WITH INDIA... 7 LAFARGEHOLCIM TOP OFFICIAL TO ARRIVE IN DHAKA... 8 BANGLADESH, WEST BENGAL COULD BE MAJOR INVESTMENT DESTINATIONS... 8 WORK BEGINS ON 1200 MW MATARBARI PLANT... 9 BD MISSES FAIR SHARE OF $100B ANNUAL GLOBAL FUND STOCKS TUMBLE AMID SLUGGISH TURNOVER SQUARE TOPS TURNOVER CHART AGAIN MI CEMENT SEES 6.49PC GROWTH LISTED COS DISCLOSE Q2 EPS INVESTORS URGE BIG BRANDS TO BACK BD GARMENT WORKERS' SAFETY CTG PORT TO HAVE NEW MULTI-PURPOSE TERMINAL JAPAN OFFERS ASSISTANCE IN ENERGY SECTOR MORE BANKS LIKELY AS 57 IN OPERATION BB ANNOUNCES H2 MONETARY POLICY TODAY ৩৭.৩১ ১৭ ২৬ ২০১৮

2 MUHITH WARNS BANKS OF BLACK MONEY IN ELECTION YEAR Finance Minister AMA Muhith yesterday said black money may come into the market in the election year and has subsequently advised banks to be cautious when granting loans. Money will be in circulation a bit more this year, especially black money, as it is the election year. So you have to be cautious, Muhith said at Rupali Bank's annual general meeting held at the capital's Osmani Memorial Auditorium. In a parallel development, the Bangladesh Bank is likely to announce a lower ceiling for loan-deposit ratio of banks with a view to reining in the runaway loan growth rate in today's monetary policy statement. At the end of last month, private sector credit growth stood at percent, which is way past the target of 16.2 percent set by the Bangladesh Bank for the first half of fiscal Banks' loan-deposit ratio too is grazing dangerously close to the ceiling of 85 percent for regular banks and 90 percent for Shariah banks. The loan-deposit ratio is higher than normal. It might have to be brought under control, Muhith said, adding that the central bank will look into the matter. At the conference, Md Ataur Rahman Prodhan, Rupali's managing director, requested the finance minister to give the state bank Tk 900 crore to strengthen its capital base. The bank's costs of opening letters of credit and providing guarantees are increasing due to its capital adequacy problem. In response, Muhith said below-par capital adequacy is a banking sector problem. Every year, the government provides funds to state banks to raise their capital adequacy ratio, much to the criticism from many quarters. Many raise questions that giving people's money to banks as capital is not right. No, it is right, because we cannot allow disaster to happen in a single bank in the sector. If any bank, even a small one, faces problem, it will destroy the entire banking sector. No government will let that happen and neither will this government. Next year too, funds will be kept aside for state banks' capital injection, he said, while assuring Rupali of funds. In 2016, Rupali incurred a loss of Tk 87 crore but in 2017 it made a profit of Tk 537 crore, Prodhan said. The bank's loss-making branches were brought down to 130 last year from 144 the previous year. Last year, our slogan was 'This was the year of turnaround'. And we have done that. Rupali's target this year was to become the number 1 bank, Prodhan added. Source: THREE AIRLINES LEAVE BANGLADESH FOR GOOD Three foreign airlines -- Oman Air, Bangkok Airways and Thai Smile -- shut down their Bangladesh operations last year as they found the route to be commercially unsustainable. The move has not only caused job losses of about 50 Bangladeshis but also revenue losses for the civil aviation authority and Bangladesh Biman that conducts the ground handling works at Hazrat Shahjalal International Airport, industry insiders said. Oman Air operated on Dhaka-Chittagong route for nearly a decade, but the Middle Eastern carrier suspended its operations from Chittagong in May last year and from Dhaka five months later. Bangkok Airways that spread its wings to Dhaka in 2011 suspended operations in November last year, and Thai Smile, the lower cost version of Thai Airways, in July, just after four months of operations. 2

3 Oman Air shut down its operations in Bangladesh and some other places due to commercial reasons, said Ashraful Kabir, the former country manager of the national carrier of the Sultanate of Oman. Rising oil price in recent months has made the business difficult, he said. Kabir, however, said Oman Air will introduce a low-cost flight from Bangladesh soon. There are about 30 foreign airlines operating from Bangladesh. All the carriers are from Asia; no European or American airlines have operations here. Kazi Wahidul Alam, an aviation expert, said the shutting down of any foreign airline's operations gives a wrong message to the rest of the aviation world. He gave the example of KLM, the royal Dutch airline that wound up its operations from Bangladesh several years ago. Lufthansa, which is the largest German airline, was thinking of entering the Bangladesh market, but KLM's decision made them change their mind. More airlines mean more competition, which gives price benefits to passengers, said Alam, a former director of state-run Biman Bangladesh Airlines. On the revenue side, he said an airline has to pay $7,000 to $10,000 for ground handling of each flight, while the civil aviation authority earns another $3,000 to $4,000 by rendering other services. Revenue is also generated from cargo handling, he said. The government should take the issue seriously. The authorities concerned should have sat with the three airlines to find out why they were closing their operations here. Source: STOCKS HIT 3-MONTH LOW ON JITTERS OVER MONETARY POLICY Shares on the Dhaka Stock Exchange fell sharply yesterday because of huge selling pressure amid worry that the central bank's new monetary policy could seek to curb money supply. The prime index DSEX declined 71 points or 1.14 percent to close at 6,144. This is the steepest single-day fall since October 9, according to the DSE data. The central bank will announce the monetary policy for January-June today. The BB could take measures to push up deposit rate that will interrupt the flow of fresh funds to stocks, said a senior executive of a merchant bank. So, investors were in a selling mode fearing a further fall after the announcement of the monetary policy, he said. The deposit rate already went upto 9 percent as banks are offering higher rates to pull depositors, which has put a negative impact on the price indices, said the merchant banker. The BB has recently instructed banks to strictly follow the advance deposit ratio ceiling, said a top executive of a private bank. This prompted banks to put in more efforts on deposit collection so their lending remains within the permissible limit, he said. As a result, institutional depositors are moving towards banks from the stockmarket, which has hit the daily turnover, he said. The turnover fell 13 percent to Tk 359 crore yesterday compared to the previous session. Blue-chip index DS30 lost 23.5 points, while Shariah index DSES was down by 17.9 points. Declining issues outnumbered advancers. Of the 333 issues traded, 268 closed lower, 35 higher and 30 remained unchanged. Square Pharma gained the top position in the turnover chart with its shares worth Tk 22 crore changing hands, followed by Ifad Autos, Shahjibazar Power, Grameenphone and Paramount Textile. 3

4 The Chittagong Stock Exchange (CSE) also closed lower with its all share price index CAPSI losing 191 points to finish at 18,969. The elective Categories Index (CSCX) fell 113 points to close at 11,458. Losers beat gainers as 176 issues closed lower, 26 higher and 18 remained unchanged on the CSE. The port city bourse generated a turnover of Tk 27 crore on the day. Source: DIVERSIFY EXPORTS, BRING IN MORE FDI Bangladesh must put serious effort in finding ways to diversify exports and attract more foreign direct investment to sustain its very admirable and amazing economic growth, says the European Union (EU). Bangladesh has maintained 7 percent growth over the last couple of years, it said. It's still a challenge and progress in these areas will depend on domestic reforms agenda, EU Ambassador in Dhaka Rensje Teerink said. In an interview with the news agency, she said Bangladesh really needs to look at how it can attract businesses and give confidence to investors that there would be ease of doing business. Bangladesh isn't performing well at all in terms of ease of doing business, she said. Bangladesh has gone one notch down in the World Bank's ranking of ease of doing business, mainly due to the hurdles businesses face at the start of operations. The country holds the 177th position among 190 economies, according to the WB's Doing Business report The ambassador said despite this huge impediment, Bangladesh was growing so fast that becoming a better host for those businesses held great prospects for the economy because this (growth) is happening despite challenges. About the government's plan to set up 100 economic zones, she referred to a female speaker from the private sector at Bangladesh Development Forum (BDF). The government should take steps to establish one or even five economic zones at first properly and learn lessons from that, because the plan for 100 economic zones sounds good and very ambitious at the same time, Teerink said. In terms of democratic space, she hopes all contenders will come on board for the national elections and the whole exercise will be free and fair. She said they closely followed democracy, governance and human rights worldwide and emphasised addressing concerns in these areas. For me, it will be an exciting time (being here in election year), she said, adding that they have already held discussions with the election commission on sending an EU Election Observation Mission if the situation was found to be favourable. On irregular Bangladeshi migrants living in Europe, the ambassador said, We have made very good progress. Migration has become a big concern in the Europe in the last couple of years. The EU and Bangladesh signed a standard operating procedure (SOP) on bringing back all irregular migrants from Europe. A technical team would be coming to Dhaka soon to witness the progress. Teerink stressed the need for rebranding Bangladesh, saying its whole image was completely different now than what was years ago. She said they would continue working with leaders of the private and garment sectors to make the whole readymade garment sector International Labour Organisation (ILO)-compliant. There is still some works to be done. Bangladesh labour law needs to be ILO standard, Teerink said, reiterating commitments made in the Sustainability Compact, including respecting labour rights, particularly with regard to freedom of association. The agreement of July 8, 2013 brings together the EU, Bangladesh, the US, Canada and the ILO accompanied by employers, trade unions and other key stakeholders to promote continuous improvements in labour rights and factory safety in the garment and knitwear industry. 4

5 Talking about Bangladesh's aspiration to become a middle-income country, the envoy said it was a good goal and there was of course always a danger of the middle income trap. The trap is a theorised economic development situation where a country attains a certain income (due to given advantages) and gets stuck at that level. Bangladesh needs to look at it and export diversification remains the key issue, she said. Bangladesh will have to go for attaining the GSP Plus status from the EU when it graduates to the developing country bracket in As a least-developed country, it has been enjoying zero-duty benefit from the EU under its Everything but Arms scheme since Once a developing country, Bangladesh will no longer be eligible for the privilege. Strengthening workplace safety, improving labour rights, saving the environment and reducing corruption are some of the major conditions for receiving the GSP Plus status from the EU, where 60 percent of Bangladesh's garment products are sent. Source: BUILD LALDIA TERMINAL IN SHORTEST POSSIBLE TIME Shortest possible construction time and use of modern equipment for an output of international standard should be the prime criteria for selecting a private entity to build a multipurpose terminal in Laldia, Patenga. This is to ease the pressure on the Chittagong port which is already facing vessel and container congestion, both of which are continually increasing. The suggestion came from users of the Chittagong port at a views-exchange meeting organised yesterday by the Chittagong Port Authority (CPA) to frame terms and conditions to get the terminal constructed and run for 25 years before taking it over. This is the port's first public-private partnership project, approved by the cabinet committee on economic affairs in March The terminal will have four jetties, two for container vessels and two for bulk cargo carriers, and is estimated to cost about $ million. Five qualifying international firms have been shortlisted from six that vied to take up the project. The five are Adani Ports and Special Economic Zone Ltd (India), Bolloré SA (France), China Harbour Engineering Company Ltd, DP World FZE (United Arab Emirates) and Global Ports Services Ltd (Singapore). Speaking at the meeting, MA Latif, a lawmaker and also a member of the parliamentary standing committee on shipping, underscored the need for making the operator accountable for terminal activities. Former CPA member Hadi Hossain Babul said the CPA would have to fix tariffs, conduct dredging, allot vessels, ensure security and control the movement of ships. Khairul Mostafa, a former chief engineer of the CPA, suggested keeping provision for compensation if the construction deadline was not met. He proposed including performance indicators such as vessel turnaround time and container handling rate. Ahsanul Hoque Chowdhury, chairman of the Bangladesh Shipping Agent Association, stressed the need for fixing a timeframe for quick construction. Kharul Alam Sujan, director of the Bangladesh Freight Forward Association, said unloaded containers could be sent to a bonded warehouse nearby on dedicated roads and trains to avoid traffic congestion in the city. CPA Chairman M Khaled Iqbal chaired the meeting. Source: 5

6 BB MAY RAISE PRIVATE SECTOR CREDIT GROWTH Bangladesh Bank is set to raise the private sector credit growth target to about 17 percent for the second half of the fiscal year as it looks to help the government achieve 7.4 percent GDP growth. The target for the first half of fiscal was 16.2 percent and it was expected that the target will be raised slightly to percent in the second half's monetary policy, due to be announced today. At the end of last month, private sector credit growth stood at percent -- way past the target set for the period. Subsequently, for the next six months, the central bank has decided to raise the target a little more to 17 percent in keeping with the higher demand for money supply in the market, a BB official told The Daily Star yesterday. In another development, the central bank is likely to bring down the loan-deposit ratio ceiling to rein in the runaway loan growth rate, much to the disappointment of banks. The loan-deposit ratio will be 83 percent for conventional banks and 89 percent for Shariah-based banks, according to the BB official. At present, commercial banks are not allowed to lend out more than 85 percent of their deposits and Islamic banks and the Islamic wings of commercial banks 90 percent of their deposits. The BB may issue a notice today instructing banks to implement the revised ratio from July this year, the official said. Earlier on January 14, the Association of Bankers, Bangladesh wrote to the BB urging it to pull out of the planned move, which will hurt the banking industry and the economy at a time when it is on a high growth trajectory. Additional deposits of Tk 20,000 crore to Tk 25,000 crore would be needed if the BB revises the ratio downwards, the letter said. Subsequently, the ABB has sought 12 months from the BB to prepare for the lower ceiling. More than 19 percent credit growth is unexpected for the private sector, so the central bank has decided to lower the ceiling to prevent banks from going for aggressive lending, BB Deputy Governor SK Sur Chowdhury told reporters earlier in January after a meeting at the central bank headquarters. Earlier in December, the BB blocked Tk 76 crore of two banks with its account for the offence -- a move that sent a strong warning to all banks to curb their aggressive lending instincts. The loan-deposit ratio is higher than normal. It might have to be brought under control, said Finance Minister AMA Muhith yesterday at the annual general meeting of Rupali Bank. The central bank will look into the matter as this is the election year, he added. The BB official said that central bank will announce fresh initiatives in today's monetary policy statement to beef up its monitoring on banks' credit disbursement with the view to ensuring the quality of credit. The central bank will also discourage credit flow to less productive sectors, including consumer financing, in the near future for bringing down the inflation within the target. The government as well as the central bank had set the inflation target at 5.5 percent for fiscal Inflation stood at 5.70 percent in December last year from 5.64 percent a month earlier. It was 5.52 percent in December BB governor Fazle Kabir will unveil the monetary policy today at the central bank headquarters in Dhaka in what will be his fourth policy statement since he took over the reins from Atiur Rahman in March Source: 6

7 GOVT OPENS WAREHOUSE IN PAYRA PORT Shipping Minister Shajahan Khan yesterday opened a warehouse built on a one lakh square metre of area at the Payra port. Khulna Shipyard Ltd started constructing the Tk crore warehouse one third of which is covered by a shed on April 20, 2016 that ended on January 19 this year, port officials said. The minister also laid the foundation stone of a Tk crore jetty, construction of which is scheduled to be complete by Mac Engineering Ltd by June 27. The jetty will help unload goods directly at the port from lighter vessels with draught of up to five metres. The minister also visited other sites of infrastructure being constructed, including an administrative building and connecting roads, and later joined a meeting with the officials of Payra Port Authority. PPA Chairman M Jahangir Alam also spoke at the meeting. Source: ASEAN PUSHES FOR LIBERALISED TRADE PACT WITH INDIA The members of the Association of Southeast Asian Nations have mounted pressure on India for clinching a liberalised pact in goods and services also involving six other countries, including China, by this year. New Delhi, however, remained wary and continued to press for a balanced and mutually beneficial agreement. The pact, known as the Regional Comprehensive Economic Partnership (RCEP) involving ten Asean and six East Asian countries, has been under negotiations for the last few years. The agreement is aimed at carving out an integrated market comprising nearly half the world's population and one-third of the global GDP. The differences between India and Asean were apparent in the summit-level meeting between the two sides here on Thursday. Many Asean leaders, including Singapore Prime Minister Lee Hsien Loong, termed the RCEP as a historic opportunity to create the world's largest trading bloc. This pact represents a historic opportunity to establish the world's largest trading bloc, enabling our businesses to harness the region's true potential, Loong said. Preeti Saran, external affairs secretary of India, told a media briefing after the summit that the RCEP was a common refrain of the Asean leaders who wanted to move forward with the negotiations on the pact. However, Indian Prime Minister Narendra Modi expressed the hope for a balanced outcome that will be mutually beneficial to all parties, Saran added. Indian officials acknowledge they expected major gains from India's engagement with Asean countries, which have 644 million in total population and a combined GDP of $2.7 trillion. Taken together, India and Asean have a $5 trillion economy, the third largest in the world after the US and China. From this point of view, India and Southeast Asia are very crucial for each other, said Arvind Panagariya, a professor of Columbia University. Two-way trade between India and Asean rose to $71.6 billion in from $65.1 billion in , a hike of 10 percent. By contrast, trade between China and Asean is miles ahead at $ billion in China's exports to the Asean nations totalled $256 billion, according to the Confederation of Indian Industry data. India and Asean have implemented free trade agreement but it has not had the desired effect of realising the full potential of trade between them, according to experts. India's fear about cutting many import tariffs as demanded by the Asean countries stems from dutyfree access to Chinese goods, leading to swamping of Indian market at the cost of domestic industries. 7

8 India wants Asean to further open up its services sector, especially mobility issues and provision of work visas for Indian professions as a trade-off with Asean, said an Indian official. Since the RCEP covers goods, investment, and services, we need a satisfactory outcome on services too, he said. Source: LAFARGEHOLCIM TOP OFFICIAL TO ARRIVE IN DHAKA Martin Kriegner, a member of the executive committee of LafargeHolcim Group and its regional head for Asia, is scheduled to arrive in Bangladesh today. During his visit, Kriegner will meet with the leadership team and managers of LafargeHolcim Bangladesh to discuss the plans for the company for He will also meet with business leaders, customers, government officials and prominent personalities of the country, the company said in a statement yesterday. Kriegner was appointed CEO of Lafarge India for the Cement, RMX and Aggregates in Kriegner joined Lafarge in 1990 and became the CEO of Lafarge Perlmooser AG, Austria in He moved to India as CEO of the Lafarge Cement operations in 2002 and later served as regional president cement for Asia, based in Kuala Lumpur. He is a graduate from Vienna University with a doctorate degree in law. Source: BANGLADESH, WEST BENGAL COULD BE MAJOR INVESTMENT DESTINATIONS Bangladesh and India's Paschimbanga state (West Bengal) could be a major investment destination in Asia in the future thanks to the existing conducive climate to doing businesses, industrialists and investors said. So, the business communities of both the countries should pick Bangladesh and Paschimbanga as investment destinations, they said. The observations came from the industrialists and investors at the CWBTA Eastern India: Trade Summit & Exhibition 2018 at the Biswa Bangla Convention Centre, New Town in Kolkata. The Confederation of West Bengal Trade Association (CWBTA) organised the three-day event, which started on Saturday. The summit comprises discussions and business-to-business agreement signings. Some 60 companies from Bangladesh as well as the northeastern region of India are showcasing their products. At the inauguration, Debashis Sen, additional chief secretary of the West Bengal government, said this type of programme cannot be confined to just a three-day event. Efforts to strengthen rapport between industrialists, entrepreneurs and local businesspeople of the two countries have to be continued throughout the year. He said business activities have to be carried out by way of availing spaces in the two economic zones that have been set up in Bangladesh. There is immense opportunity to invest in Bangladesh, the secretary said. Abdul Matlub Ahmad, president of the India-Bangladesh Chamber of Commerce and Industry, said many Indian companies are doing business in Bangladesh under joint arrangements in order to benefit from the duty-free export preference to India. He is leading a 12-member Bangladesh delegation to the summit. CWBTA President Sushil Poddar said Paschimbanga and Bangladesh are the two most important destinations for investment at the moment. Bangladesh government has created congenial climate for investment and Indian businesspeople would have to avail the opportunity, Poddar said. 8

9 The organisers said at least 20 deals would be signed between the business communities of the two countries at the summit, the first of its kind. Similar summit will also be organised in Bangladesh this year, said a number of delegates from Bangladesh. Source: WORK BEGINS ON 1200 MW MATARBARI PLANT Prime Minister Sheikh Hasina laid on Sunday the foundation of the 1200 MW Matarbari plant, regarded as a flagship project for being an "ultra super critical coal-fired power" plant to be installed at a cost of Taka 360 billion (36,000 crore), reports BSS. "Our goal is to light up every house of Bangladesh as we want to build Bangladesh as a hunger and poverty-free nation by 2021 and a developed one by 2041," Sheikh Hasina said marking the event. The premier laid the foundation in a video conference from her Gonobhaban residence. The plant will be constructed at Matarbari of Moheshkhali upazila in Cox's Bazar with Japan government's financial and technical cooperation. Officials familiar with the process said the plant would have a major contribution towards the government's aim to ensure electricity for all by Sheikh Hasina said her government attached importance to power production against the backdrop of its rapid demand growth as the key component of production while the people's financial ability was being enhanced simultaneously as well. "Availability of electricity would help development of many industries in the area, diversifying the economic activities of the people and bringing prosperity in their lives," she said. Officials said currently the country's power production capacity stood at 16,000 MW, a scenario that gave 90 per cent people the access to electricity with the expanded national power grid and solar system contributing to the development. Sheikh Hasina said the government itself constructed several power plants and imported electricity from neighbouring India to meet the growing electricity demands. Simultaneously, she said, the government gave due attention to enhance the transmission and distribution capacity to ensure uninterrupted power supply. The prime minister thanked Japanese government for their support to build the power plant saying since Bangladesh's independence Japan remained by its side as a great development partner. "We get touch of Japan in our every development work and we always give importance to our friendship with Japan," she said. Japanese prime minister's Special Adviser Kentaro Sonoura and senior vice president of JICA Jinichi Yamadas also spoke on the occasion while Japanese ambassador in Bangladesh Hiroyasu Izumi took part at the function from the Matarbari end. PM's advisors Dr Towfiq Ehali Chowdhury and Dr Gowher Rizvi, state minister for power Nasrul Hamid, Chief Coordinator in PMO on SDG affairs Abul Kalam Azad and senior officials were present at Gonobhaban. PM's principal secretary Dr Nojibur Rahman conducted the function while secretary of the power division Ahmad Kaikaus gave a presentation on the project. After the inauguration the premier also talked to parliament member Ashik Ullah Chowdhury of the area, a district administration official, an affected person and a female student of Matarbari High School at the Matarbari end. Other parliament members of the district, local public representatives and cross section of people joined the function at Matarbari. 9

10 Source: BD MISSES FAIR SHARE OF $100B ANNUAL GLOBAL FUND Finance Minister AMA Muhith admitted Sunday it is because of an imprudent move from him in 2009 that Bangladesh failed to get enough from huge global climate funds. "It is often pointed out that Bangladesh is a very small recipient of global assistance in respect of climate change. And I think this is partly because of my foolishness," he told an international conference in Dhaka. "In 2009, when global community came up with the scheme of raising US$ 100 billion each year for climate change financing, I thought that even if that amount is available from the global community, Bangladesh would not be able to access it quickly," the finance minister said. "So, I suggested to my Prime Minister that we should not wait for money from anybody and we should try on our own," he added in explaining his personal misunderstanding of the significance of the global initiative to help out climate-change victims. Mr Muhith was speaking at the closing ceremony of the International Conference on Climate Change, organised by Bangladesh Centre for Advanced Studies, BRAC University, and International Center for Climate Change and Development (ICCCAD). "We allocated Tk 7000 million on climate-change risk in our 2009 budget and the amount almost became fixed," he told the audience from home and abroad. "Because, whenever I tried to cut it, the whole ministry would object to it saying that this is a flagship project and we are honored throughout the world for it," the Finance Minister said while referring to the Climate Change Trust Fund that was born out of that budgetary move. "It is very true that Bangladesh has done very well when it comes to managing that Climate Change Trust Fund," Muhith said. He also pointed out operational maintenance as the biggest challenge against sustaining any development schemes in the country. "We do not have the mechanism to maintain a facility that we have developed," the Finance Minister told the meet. "We need to have a system for involving the local government and institutions in operation and maintenance of such development schemes." The Finance Minister also agreed to the idea of setting up a 'Loss and Debit Fund' that came out of the conference. "We have some money available and we can work on it." Earlier during the programme, speakers called for increased engagement of the private sector in climate financing. Eminent environmentalist and Executive Director of Bangladesh Centre for Advanced Studies (BCAS) Dr. Atiq Rahman in his speech called for focusing on climate-change mitigation schemes that are prodevelopment. "We are a minor emission-producing country. So, we need to focus on mitigation that is prodevelopment, like solar-home system or improved stoves." He also observed that Bangladesh should get a fair share of the Green Climate Fund and Clean Development Mechanism (CDM). Eminent climate-change specialist Ainun Nishat in his speech emphasized mobilizing the local capacity for better management of the available climate funds. President of Metropolitan Chamber of Commerce and Industry (MCCI) Barrister Nihad Kabir called for developing innovative products for involving private sector in the implementation of Sustainable Development Goals. "It is said that a big chunk of SDG financing for Bangladesh would come from the private sector. But to ensure early involvement of the private sector, the government needs to come up with innovative products," she said. 10

11 The chamber leader, in her speech, also called for promoting the use of electric vehicles in the country. Speakers at the event also pointed out that once Bangladesh graduates from the LDC status, it will no more be eligible for the climate funds available for least developed countries. Therefore, they stressed the urgency of establishing that Bangladesh is a climate-vulnerable country and eligible to access climate funds. Source: STOCKS TUMBLE AMID SLUGGISH TURNOVER Stocks plummeted Sunday with sluggish trading activities as investors were in the selling mood throughout the session, fearing a further fall. Market operators said the market plunged as investors mostly refrained from injecting fresh funds into the market prior to announcement of monetary policy statement (MPS) scheduled to be unveiled today (Monday). "Lower than expected earning declarations of some listed companies also contributed to the fall," said an analyst at a leading brokerage firm, seeking anonymity. Some 26 listed companies disclosed un-audited earnings of October-December, 2017 quarter on Sunday. Of them, earnings per share (EPS) of 13 companies increased while 13 declined compared to the same quarter of The market started on a negative note, which continued till end of the session with no sign of reversal and it finally ended 71 points lower. DSEX, core index of Dhaka Stock Exchange (DSE), settled at 6,144, slumping by 71 points or 1.14 per cent over the previous session. According to Sheltech Brokerage, index was dragged down amid sharp correction of Grameenphone (GP), Square Pharmaceuticals and IFAD Autos. GP, the largest market cap listed company faced 1.10 per cent correction to close at Tk after hitting record high. Square Pharma and IFAD Autos also fell 1.60 per cent each after recent upsurge. Two other indices of the premier bourse also ended lower. The DS30 index, comprising blue chips, fell points or 1.02 per cent to finish at 2,281 and DSES (Shariah) lost points or 1.25 per cent to close at 1,413. Bearish sentiment was also reflected on the trading activities as total turnover on the DSE fell to Tk 3.59 billion, which was 13 per cent lower than the previous day's Tk 4.12 billion. Investors' attention was mostly concentrated on engineering, pharmaceuticals and banking sector, capturing 17 per cent, 16 per cent and 15 per cent respectively. "The market fell on the opening session of the week as bearish sentiment persisted right from the beginning until the end of the session ahead of the monetary policy declaration," commented AT Capital Partners, an asset management company, in an analysis. EBL Securities, a stockbroker said, "The market started on negative tune and continued till the end as investors adopted cautious approach prior to the announcement of monetary policy statement". Stocks from banking, telecommunication and pharmaceuticals sectors faced selling pressure. CSE also closed lower with its CSE All Share Price Index - CAPSI- shedding 193 points to settle at 18,967 and selective Categories Index - CSCX - falling 114 points to finish at 11,457 points. The losers beat the gainers as 179 issues closed lower, 25 higher and 16 remained unchanged on the CSE. The port city bourse traded 6.29 million shares and mutual fund units worth more than Tk 272 million in turnover. 11

12 Source: SQUARE TOPS TURNOVER CHART AGAIN Top 10 traded companies accounted for more than 33 per cent transactions of the premier bourse Sunday while Square Pharmaceuticals topped the chart again after one-session break. Brokers said the investors were busy with selling shares of largest and second largest market cap listed companies -- Square Pharmaceuticals and Grameenphone to book profits from the recent upsurge, taking them in the top turnover chart. A meeting of the board of directors of GP will be held today (Monday) to consider, among others, audited financial statements of the company for the year ended on December 31, While, the board of directors of Square Pharma will hold a meeting on January 30 to consider, among others, un-audited financial statements of the company for the second quarter (Q2) period ended on December 31, According to statistics available with the DSE, about 675,582 shares of Square Pharma were traded, generating a turnover of Tk 219 million, which was 6.10 per cent of the premier bourse's total transactions. The total turnover on the DSE stood at Tk 3.59 billion which was 13 per cent lower than the previous day's turnover of Tk 4.12 billion. Square Pharma, the second largest market-cap company's share price hovered between Tk 320 and Tk , before closing at Tk , shedding 1.60 per cent over the previous session. The pharma sector company also posted per cent growth in consolidated earnings per share (EPS) in the third quarter (Q3) of July-September, 2017 period. The EPS was Tk 4.39 for the period against Tk 3.53 for July-September, Apart from Square Pharma, the most other active shares in terms of value included IFAD Autos, Shahjibazar Power, Grameenphone, Paramount Textile, Islami Bank, UCB, BBS Cables, BD Finance and Monno Ceramic. The IFAD Autos came next, with shares worth Tk 211 million changing hands. The company's share price closed at Tk , losing 1.60 per cent over the previous day. Shahjibazar Power clinched the third spot, with shares worth Tk 192 million changing hands. The power generation company's share price fell 0.53 per cent to close at Tk GP emerged fourth with shares worth Tk 135 million changing hands. The lone listed mobile phone company's share price closed at Tk , shedding 1.10 per cent. Paramount Textile saw its shares worth Tk 107 million change hands. The company's share price advanced 0.43 per cent to close at Tk The turnover of Islami Bank was Tk 73 million. Each share of the bank company closed at Tk 34.90, losing 1.41 per cent. UCB was also found its way to the top ten turnover chart, with shares worth Tk 69 million changing hands, followed by BBS Cables Tk 62 million, BD Finance Tk 61 million and Monno Ceramic Tk 57 million. Source: MI CEMENT SEES 6.49PC GROWTH MI Cement, one of the leading cement manufactures in Bangladesh, saw 6.49 per cent growth in utilisation of production capacity for the fiscal year (FY) compared to previous FY. The company's installed capacity is 1.74 million MT and in the actual output stood at above 1.56 million MT, which was 6.49 per cent higher than the output achieved in

13 The company displayed an upward trend in achieving output during to Following the enhanced production, the company witnessed sales worth above Tk 9.43 billion in against above Tk 9.01 billion of Subsequently, the company's revenue rose 4.69 per cent to close at above Tk 9.43 billion in But due to increased cost of sales and selling and distribution expenses, the profit of MI Cement declined marginally in amid enhanced production capacity and increased revenue earnings. During the fiscal year, the company's net profit declined per cent to close at above Tk million against Tk million in Masud Khan, chief executive officer of MI Cement, said it takes some time to reap the actual outcome after enhancing a company's production capacity. "Quality is our strength and the outcome of increased production capacity will be visible in near future," Masud Khan said. He said during October-December, 2017 their company's market share was around 8.5 per cent in domestic market. "Our target is to ensure above 10 per cent market share in line with our vision 2020," Masud Khan said adding that MI Cement is the biggest supplier of mega projects like Padma Multipurpose Bridge. The company has reported earnings per share (EPS) of Tk. 4.45, net asset value per share (NAV) per share of Tk and net operating cash flow per share (NOCFPS) of Tk for the year ended on June 30, 2017 as against Tk. 5.01, Tk and Tk respectively for the same period of the previous year. The board of directors of MI Cement recommended 20 per cent cash dividend for the year ended on June 30, The company's cost of sales increased 6.41 per cent to close at above Tk 7.82 billion for The company's selling and distribution expenses also rose per cent to close at above Tk million in In , the company's export sales rose per cent to close at above Tk million, while the domestic sales increased 4.22 per cent to close at above Tk 8.94 billion compare to previous year. "Despite an increase of 4.69 per cent on turnover, cost of sales increased in compared to that of the previous year mainly brought about by escalation in prices of clinker and other cementitious materials," the MI Cement mentioned in its financial statement for Faced with intense competition including significant brand spend by the competitors and the continued need to invest in building the brand, selling and distribution expenses increased in compared to last year, MI Cement said. "Despite the adverse factors, decline in operating profit was contained at 7.22 per cent with control over other areas of cost," MI Cement added. The company reported its retained earnings worth above Tk 1.99 billion for against above Tk 1.59 billion for MI Cement, an 'A' category company, started its journey on December 31, 1994 and was listed on the stock exchanges in The company's paid-up capital is above Tk 1.48 billion. According to information of Dhaka Stock Exchange (DSE), sponsor-directors own per cent shares of MI Cement, while institutions hold 17 per cent shares, foreign shareholders 0.32 per cent shares and general shareholders per cent shares as of December 28, Source: LISTED COS DISCLOSE Q2 EPS A total of twenty six listed companies disclosed their un-audited second quarter (Q2) earnings in October-December period of 2017, according to separate official disclosures on Sunday. 13

14 Of them, earnings per share (EPS) of 13 companies increased while 13 declined in October- December quarter of 2017 compared to the same quarter a year ago. The EPS of Matin Spinning Mills, United Power, Summit Power, Evince Textile, Argon Denims, Doreen Power, IFAD Autos, Khulna Power Company, Eastern Lubricants, IBN Sina, Aziz Pipes, IT Consultants and Renwick Jajneswar increased. Matin Spinning's earnings per share (EPS) jumped by per cent to Tk 0.90 for October- December, 2017 as against Tk 0.48 for October-December, In six months, EPS of the company was Tk 1.44 for July-December, 2017 as against Tk 0.92 for July- December, The EPS of United Power also rose 5.56 per cent to Tk 2.85 for October-December, 2017 as against Tk 2.70 for October-December, In six months, EPS of the power generation company was Tk 5.53 for July-December, 2017 as against Tk 5.28 for July-December, Summit Power's consolidated EPS stood at Tk 1.35 for October-December, 2017 as against Tk 0.97 for October-December, In six months, consolidated EPS of the company was Tk 2.33 for July-December, 2017 as against Tk 1.97 for July-December, Evince Textile's consolidated EPS stood at Tk 0.43 for October-December, 2017 as against Tk 0.38 for October-December, Consolidated EPS was Tk 0.79 for July-December, 2017 as against Tk 0.71 for July-December, The EPS of Argon Denims was Tk 1.04 for October-December, 2017 as against Tk 0.89 for October- December, In six months, EPS of the company was Tk 1.95 for July-December, 2017 as against Tk for July-December, Doreen Power's consolidated EPS stood at Tk 1.83 for October-December, 2017 as against Tk for October-December, In six months, consolidated EPS was Tk 4.19 for July-December, 2017 as against Tk 3.33 for July-December, The EPS of IFAD Autos was Tk 2.37 for October-December, 2017 as against Tk 1.95 for October- December, In six months, EPS was Tk 4.67 for July-December, 2017 as against Tk 2.89 for July- December, Khulna Power has reported EPS of Tk 1.32 for October-December, 2017 as against Tk 1.10 for October-December, In six months, EPS was Tk for July-December, 2017 as against Tk 2.52 for July-December, The EPS of Eastern Lubricants was Tk for October-December, 2017 as against Tk for October-December, EPS was Tk for July-December, 2017 as against Tk for July- December, The IBN Sina's EPS was Tk 3.77 for October-December, 2017 as against Tk 3.59 for October- December, EPS was Tk 5.95 for July-December, 2017 as against Tk 5.11 for July-December, The EPS of Aziz Pipes was Tk 0.26 for October-December, 2017 as against Tk 0.17 for October- December, EPS was Tk 0.37 for July-December, 2017 as against Tk 0.31 for July-December, IT Consultants has reported EPS of Tk 0.40 for October-December, 2017 as against Tk 0.32 for October-December, In six months, EPS was Tk 0.57 for July-December, 2017 as against Tk 0.43 for July-December, Renwick Jajneswar's EPS was Tk 1.21 for October-December, 2017 as against Tk 0.83 for October- December, In six months, EPS was Tk 1.87 for July-December, 2017 as against Tk 1.17 for July- December, On the other hand, whose EPS declined are: Al-Haj Textile, Shasha Denims, Hakkani Pulp & Paper, DESCO, JMI Syringes & Medical Devices, National Polymer, Bengal Windsor, Mozaffar Hossain 14

15 Spinning Mills, Sonali Anash, Olympic Accessories, Shympur Sugar Mills, Kohinoor Chemicals and Prime Textile. Source: INVESTORS URGE BIG BRANDS TO BACK BD GARMENT WORKERS' SAFETY A group of socially responsible investors has urged 160 major retailers who source clothes from Bangladesh to back the extension of an agreement which promotes the safety of millions of workers in garment factories in the South Asian nation. The Bangladesh Investor Initiative, whose members are shareholders in several retailers, has asked the companies to support a three-year extension of a legally-binding accord to improve building and fire safety across the textile industry. The Bangladesh Accord was signed by global brands and trade unions in 2013 after the Rana Plaza disaster, when about 1,100 people were killed after a ready-made garment (RMG) factory complex collapsed - sparking outrage over poor working conditions in the sector. Only 60 of the 220 companies in the Accord have signed an agreement to extend the programme until 2021, says the network of institutional investors, which represents nearly 150 investors with collective assets valued at about $3.7 trillion. The Accord has signatory clothing brands and retailers from about 20 countries, such as Britain's supermarket group Tesco, Swedish fashion group H&M and German sportswear giant Adidas. "It is critical to ensure that future safety problems are detected before they become life-threatening events," Lauren Compere of Boston Common Asset Management said in a statement. The appeal follows a $2.3 million settlement this week by a global clothing brand to meet fire and building safety regulations in 150 factories in its supply chain in Bangladesh. Unions took the retailer, which cannot be named, to the Permanent Court of Arbitration in The Hague, arguing the company had not made it financially feasible for its factories to fix safety issues, endangering the lives of thousands of workers. Bangladesh, which ranks behind only China as a supplier of clothes to Western countries, relies on the garment industry for more than 80 per cent of its exports, and about 4 million jobs. The Rana Plaza disaster, one of the world's worst industrial accidents, prompted fashion retailers to work more closely together to protect workers in Bangladesh, and laws were introduced to ensure greater supply-chain transparency. Yet campaigners say progress in fixing problems has been slow - with complaints from garment workers over low pay, poor safety standards and not being allowed to form trade unions. "Continued solidarity is needed to finish the job and prevent hard-earned gains from disappearing," said David Schilling of the Interfaith Center on Corporate Responsibility. Source: CTG PORT TO HAVE NEW MULTI-PURPOSE TERMINAL The Chittagong Port Authority (CPA) is going to build a mega container terminal named Laldia Multipurpose Terminal at a cost of Tk 30 billion (3000 crore) on 52 acres of land for enhancing capacity of the country's premier maritime port. The project is going to be implemented on the Public-Private Partnership (PPP) basis and will be funded by the five members of a consortium with the help of the Asian Development Bank (ADB). This was disclosed at a view-exchange meeting of the CPA with all the port users and its all stakeholders at its training institute auditorium on Sunday. With an aim to ease export-import activities and enhancing its capacity, CPA organised the meeting. 15

16 The meeting was also told that the project involves the construction of a bulk cargo and container handling terminal including berths, storage facilities, loading and unloading facilities, an administrative space and the installation of equipment with safety and security systems. "The new Laldia Multi-purpose Terminal will be equipped with two berths for the handling of containers from geared ships as well as two berths for the handling of dry bulk and break bulk general cargo, the meeting added. Presiding over the meeting, CPA Chairman Rear Admiral M Khaled Iqbal told the participants a total of 500 families residing on the 52 acres of land will be rehabilitated in Hamidchar area under Chandgoan Thana in the city. The government will build separate houses for 500 evicted families of Laldia, he added. The chairman also informed the stake holders that the authority had taken different short, mid and long-term projects-constructing new terminals and purchasing equipment-to enhance the port's capacity. MA Latif, a member of the parliamentary standing committee on shipping, said the capacity of the port should be enhanced and the limitations must be overcome for the sake of the country's development. The meeting was attended by, among others, representatives from the BGMEA, BKMEA, Chittagong Chamber of Commerce and Industries, Chittagong Metropolitan Chamber of Commerce and Industries, Shipping Agents Association, Chittagong Customs, Chittagong railway, different trade bodies, Bangladesh Bank, C & F Agents' Association and Bangladesh Inland Container Depots Association. Source: JAPAN OFFERS ASSISTANCE IN ENERGY SECTOR Japan is keen to continue cooperation with Bangladesh in various sectors, including power and energy, reports UNB. "Prime Minister Sinzo Abe desires to continue cooperation with Bangladesh in various sectors," said visiting Japanese PM's Special Adviser Kentaro Sonoura during a meeting with Prime Minister Sheikh Hasina at her official residence Ganobhaban in the city. PM's press secretary Ihsanul Karim briefed reporters after the meeting. "We value comprehensive partnership with Bangladesh," Karim quoted Abe's adviser Kentaro Sonoura as saying. Sonoura said Matarbari 1200 MW Ultra Super Critical Coal-Fired Power Plant is a flagship project on cooperation between the two countries in the power sector. Matarbari and adjoining Sonadia is also an ideal place for a deep seaport, he said. Sonoura, however, stressed the need for the preservation of Sonadia for ecological balance of the area. He thanked the Prime Minister for the security measures taken by the government for the protection of the Japanese and other foreign nationals, working in various development projects in Bangladesh. Sheikh Hasina welcomed Japanese investment in Bangladesh. She said Japanese assistance will immensely help achieve the development goals for the economic prosperity of Bangladesh. Hasina thanked Japan for giving support for implementing the coal-fired power project at Matarbari She assured that the government has taken all the measures to give security to all foreign nationals, including the Japanese nationals working in Bangladesh. 16

17 PM's advisers Dr Gowher Rizvi and Dr Tawfiq-e-Elahi Chowdhury, Principal Secretary M Nojibur Rahman and Chief Coordinator at the PMO on SDGs Affairs Abul Kalam Azad were present at the meeting. Source: MORE BANKS LIKELY AS 57 IN OPERATION The Financial Institutions Division has recommended the Bangladesh Bank to review a petition for licence for Citizen Bank Limited despite a central bank veto as intense lobbying for licences for new banks continues although the ailing banking sector is already overcrowded with 57 banks. Officials said that Mohammed Iqbal, owner of export oriented BHIS Apparels Limited, applied to the central bank for the licence on November 8, 2017 and persuaded finance minister AMA Muhith to get the proposal approved issued at the earliest. On November 14, 2017, Muhith asked the division to get central bank s opinion about the proposal. The Bangladesh Bank on December 18 replied that giving licence for yet another private bank would not be helpful for keeping discipline in the already undisciplined banking sector. The central bank pointed out that two of the nine new banks established after 2013 Farmers Bank and NRB Commercial Bank were at risk because of scams. Besides, other new banks Meghna Bank, Midland Bank, Modhumoti Bank, NRB Bank, NRB Global Bank, South Bangla Agriculture and Commerce Bank and Union Bank could not comply with the licensing conditions like placing initial public offering and maintaining certain ratio of agricultural loan disbursement. In the second week of this month, the division on Muhith s directive again asked the central bank to review the proposal. Financial Institutions Division secretary Eunusur Rahman said that the division had to comply with the directive. He said that the Bangladesh Bank was the authority for issuing a banking licence. Let it decide whether the licence to establish Citizen Bank Limited would be issued or not, he said. A senior central bank official said that they were preparing for giving two new licences to establish People Bank Limited and Bangla Bank Limited following recommendations by the finance ministry. The linceces have been sought Bengal Group of Industries for Bengal Bank and MA Quasem of Swandip, backed by leaders of ruling Awami League, for People s Bank. Talking to New Age over phone on January 25, Mohammed Iqbal said that he had been persuading the central to issue the licence since He said that his application was not entertained by the central bank in when nine new banking licences were issued. He expressed hope that his appeal could be approved this time. On November 27, 2017, Muhith said that the government was going to give licences for three more new banks, including Bangla Bank and People s Bank. He, however, disclose the name of the other proposed bank. Experts warned that awarding bank company licence to inexperienced operators would hurt the banking sector already marred by loan scams, growing bad loans and hostile takeovers. Economic Research Group research director Sajjad Zohir said that the current crisis in the banking sector might become acute because of awarding new banking licences to inexperienced groups. Bad loans in the nine new banks, that were awarded licences on political considerations, increased by per cent to Tk crore in the first quarter of Transparency International Bangladesh executive director Iftekharuzzaman said that the establishment of new banks to embezzle depositors fund had become a fashion nowadays. 17

18 The loan scams in the new banks in addition to growing defaulted loans of over Tk 80,000 crore in the banking sector would discourage depositors to save money in the banks, he said. Source: BB ANNOUNCES H2 MONETARY POLICY TODAY Bangladesh Bank announces today the monetary policy for the second half (January-June) of the current fiscal year trying to strike a balance between controlling money supply for reining in inflation and possible increase in election-centric expenses. BB officials said that the central bank might keep the private sector credit growth target for H2 between 16.3 per cent and 17 per cent, in line with the 16.3 per cent target set for H2 in the monetary policy for January-June. Officials said that although in the MPS for the first half BB had set the private sector credit growth target at 16.2 for July-December, the actual credit growth in private sector shot up to around 18.2 per cent in December. They said the fast increase in private sector credit growth was a matter of concern as the rate of inflation was on an upward trend hovering around per cent in last few months against the target of 5.8 per cent. If the private sector credit growth target is kept at per cent, it would mean that the banks will have to cut down the growth rate by June from around 18.2 per cent in December, said an official. Officials said the central bank might declare cut in the banks advance-deposit ratio through a circular after the announcement of monetary policy. Following a meeting with chief executives of all banks, BB deputy governor SK Sur Chowdhury on January 3 told reporters that the central bank would cut the advance-deposit ratio to 80.5 per cent for conventional banks from 85 per cent and to 88 per cent from 90 per cent for Islamic banks to contain credit growth to private sector. Association of banks chief executives, however, urged the central bank not to cut the ADR considering possible government spending for development works in the election year. Source: ৩৭.৩১ গণ ( ) ৩৭.৩১ এ গ, ণ গ ৬২.০১ ণ এ গ ৯৭ ১.৫০ ণ ১৫ এ ১৫ ৬৫২ এ গ ১ ১০,,, এ গ এ ( এ ) ৬১৫ এ গ ৭ ১৫ ১.৫০ ণ ১৫ এ ১০ এ ণ,,, ঋণ এ ৩০, ২০১৬ ( এ ) ১.৪২ এ (এ এ ) ১৬.২০, Source: 18

19 ঋণ গ ঋণ (এ ), এ এ গ ণ এ এ ণ গ, গ গ ১৬ ৮ ঋণ গ ণ ঋণ গ ১৫ ৮ ১০০ ৮৩ এ ৮৯ ঋণ এ ৮৫ ৯০ গ ৩, এ ৮০ ৫০ ৮৮ গ গ ১৬ ২ এ গ ১৬ ৩ ঋণ ঋণ ১৮ ১৩ ২৮ ২০৩ ঋণ গ এ গ ঋণ ১২ ৪৩৯ ৮১ ৮৫১ গ ঋণ ণ, ঋ ণ গ ঋণ, গ ঋণ এ ণ এ ঋণ, ঋণ এ ঋণ - ৭ ৪ এ ৫ ৫০ এ গ, এ গ এ গ এ এ গ এ, ঋণ- গ এ ণ এ এ, এ এ - এ ণ এ এ এ গ গ ৩ গ এ, ১৬ ২ ঋণ এ ১৮ এ ণ এ গ এ ৮৮ এ ৮০ ৫০ ণ এ ১৫ এ গ এ এ Source: ণ - গ ঋণ ণ গ ঋণ, এ, এ এ ণ ণ গ গ ণ গ ২০১৮ এ ৬৫ গ, গ 19

20 ২০১৭ ণ ৮ ২, ২০১৪ এ গ ণ ( এ ) গ ৭ ১৩, ২০১৬ ৫ ৮৩, গ ৫ গ ৫ ৭০, ণ ণ ঋণ, এ গ ণ. এ,, ঋণ গ এ, ণ এ গ, গ গ গ ১৬ ২ ঋণ ণ এ ঋণ ১৮ ঋণ গ গ., ণ ঋণ গ ঋণ- গ এ এ ণ এ গ ণ ণ, গ গ এ এ, ৫ ২৭ ৫৭ এ ৭ ৬৫ ১০ ণ ৪৪৩ ৪৮ এ ৫ ণ ণ এ গ এ ৯১ গ, ণ Source: ১৭ ১৭ গ এ- ণ ণ. গ এ, ণ এ ণ ণ এ গ গ, এ এ গ গ এ, ণ ' '-এ ৩-৪ 20

21 ণ এ, গ ঋণ এ ণ ঋণ ণ গ, এ ণ, গ ণ এ এ ণ এ গ Source: - -১৭- - - গ - ণ গ গ এ ( এ ) গ এ ৭১ ১ ১৪ গ এ ( এ ) ১৯৩ ১ গ গ, - ণ গ গ, ঋ ণ গ এ এ গ (এ ), ঋ ণ গ এ ঋ ণ গ, ণ এ ঋ ণ গ, এ গ, গ এ এ, এ গ - এ ণ এ এ গ গ গ, এ গ ঋ ণ এ ঋ ণ গ এ ( এ এ) এ, এ গ ণ গ ণ ণ এ এ গ, গ ( ) ১ গ গ ১৬ ৮২-এ 21