Todays Capital Market News Clippings April 17, 2016 SL NO. Focus on Bulletin Sources Pag e No. 1 Merchant bankers for allowing untaxed money to prop up stock Dhaka tribune market 2 2 Lending rate to remain stable in next six months Dhaka tribune 2 3 Daily Prothom-alo 4 4 Daily Prothom-alo 4!"#"$ %&' 5 () ** +,%./ %01" 4 6 2 34.6,%./ %01" 5 7 7. 89:7 ;/ <== 5 8 %>? %@ 1A. +, ; 5 9 $ B C %@ ;=; 6 10 ;$ %/ ' 7 11 A % D ; EE 7 12 % + %@ 1A. 7 13 ;./ $ =F $G A H7 : A Daily Bonikbarta 8 14 ; 3, /$/ %/ %/ : 2 Daily Bonikbarta 9 15 =; I$ F <AJ" KG = Daily Bonikbarta 10 16 +6 +C ; $L% ;> Daily Janakanth 10 17. F MF A Daily Kalerkantho 11 Page 1 of 12
1 Merchant bankers for allowing untaxed money to prop up stock market Dhaka tribune Undeclared money should be allowed in stocks without any questions about source of income Merchant bankers have proposed the National Board of Revenue (NBR) to allow untaxed money investment in shares for the upcoming fiscal year to prop up the stock market. The market suffers fund crunch right now. Fund injection is important for bringing dynamism in the market, said Md Sayedur Rahman, president of Bangladesh Merchant Bankers Association (BMBA). He said: Undeclared money should be allowed in stocks without any questions about the source of income as this will bolster the government s revenue earnings and bring liveliness in the dried-up market. Look at the volume of trade in recent time in the market, which is very poor compared to the market s depth. Given the ailing situation in the market, incentives from the government are needed, he observed. The benchmark DGEN index has lost 4% of its value and the volume of trade in value is hovering around Tk400 crore as of yesterday since January this year. Tax evasion is widespread in Bangladesh, with assuming that undeclared income could account for lion share of Gross Domestic Product. There is a large amount of untaxed money in our economy. As it is undisclosed, owners are not being able to invest it in any productive sectors, rather this money is being used in unproductive or illegal activities. If the government allows this money to be invested in the capital market without question from any regulator, this money will come to the mainstream and will be utilised in the productive sectors, said the BMBA. For consideration in the new fiscal year, it also put some proposals, including keeping same tax rate for brokerages, merchant banks and asset management companies, providing discount on value added tax rate for listed companies and reducing capital gains tax to 5% from 10% if shares are held for more than a year. Currently, the listed companies get only 10% tax benefit for listing. The VAT rate is same for both listed and non-listed companies. But the listed companies should be allowed a discount of 40% on existing rates for being listed because the listed companies accounts are more transparent and they pay more tax and VAT, said the proposal. http://www.dhakatribune.com/business/2016/apr/17/merchant-bankers-allowing-untaxed-moneyprop-stock-market 2 Lending rate to remain stable in next six months Dhaka tribune Lending rates in the banking sector is set to remain stable in the next six months as credit demand is increasing amid expansion of business activities. Page 2 of 12
Ahmed Kamal Khan Chowdhury, managing director of Prime Bank, hinted that interest rate on advance, which remained downturn in last two years, might not fall further as credit growth already surpassed the credit ceiling set in the monetary policy. He was addressing a press conference on the occasion of 21st founding anniversary of the bank at a city hotel yesterday. Though the private sector credit growth exceeded the ceiling of 14.80% set in the monetary policy for the month of June, it will have no immediate effect in the market as banking sector is still over burdened with idle money of around Tk30,000 crore, said Chowdhury. According to the central bank statistics, private sector credit growth continued to rise in February, reaching 15.11% on a year-on-year basis, far above the central bank s credit ceiling that was set at 14.80% for June in the January-June monetary policy. The total credit to private sector stood at Tk6,27,960 crore in February from Tk5,45,534 crore in the same period last year, said Bangladesh Bank in its recently released data. Earlier, the highest credit growth was 16.6% in December 2012, and the growth rate remained below 15% since then amid sluggish investment climate. The credit growth took an upward trend from October last year, reaching over 13% and continued to rise, recording around a three-year-high growth of 14.19% in last December. The private sector credit growth reached 14.80% in January which was set for June at the monetary policy and the growth rate crossed the ceiling in February. Prime Bank MD explained that banks won t be crowded amid rising demand as credit inflow from foreign sources remained higher which will meet the local credit pressure. Moreover, fall in interest rate of government treasury bills will push the bank to invest money in the market, he said. He said, the government will increase the interest rate of government bills which also indicate that lending rates will not fall again. The lending rate came down to 10.91% in February compared to 12.23% in the same period last year, according to the central bank data. The default loan rate of Prime Bank was upward as most of good borrowers were in crisis during last year. High provision requirement against default loan led the profit to lower, explained Chowdhury. We are trying to manage the default loan rate at the expected level of 5% which is now above 7%, following Bangladesh Bank s instruction. He also claimed that the bank stressed the need for maintaining asset quality which reflected in CAR (Capital Adequacy Ratio) that was maintained above 12% against the Basel-2 requirement of 10% by Bangladesh Bank. http://www.dhakatribune.com/business/2016/apr/17/lending-rate-remain-stable-next-six-months Page 3 of 12
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/ A, F " % %A/ / A $. & /7$ F 7A O A $ F = A &$ ; = E,, F ;: A L F 1 F " ; F MF $ F A 34, F &' http://www.kalerkantho.com/print-edition/industry-business/2016/04/17/348154 Disclaimers: All news of the webpage is collected from different daily newspapers of Bangladesh & presented for information purposes only. We can't guarantee the accuracy of the information contained. SJIBSL will not be responsible for any consequences that might arise from the use of the information available on this website. If you encounter questionable material in sites to which we have linked, please email us and we will consider removing the link. Page 12 of 12