Macro
ADP slashed by 18% to Tk 2.16 lakh crore
The National Economic Council (NEC) yesterday approved a revised Annual Development Programme (ADP) of Tk 2.16 lakh crore for the current fiscal year, reducing it by 18 percent from the original allocation. The revised ADP has been slashed by Tk 49,000 crore. The allocation from government funds has been reduced by Tk 30,000 crore, an 18 percent decline, while foreign funding has been cut by Tk 19,000 crore, a 19 percent decrease.
https://www.thedailystar.net/business/news/adp-slashed-18-tk-216-lakh-crore-3838591

Pharmaceuticals and Chemicals
Cancer medicines: Govt slashes source tax to 2%, withdraws VAT for raw materials
The National Board of Revenue (NBR) has reduced the existing source tax on imports of raw materials and products used to manufacture cancer prevention drugs from 5% to 2% in a bid to make cancer treatment more accessible in the country. The revenue board also withdrew the value-added tax (VAT) on the imported ingredients for cancer medicines. The NBR issued an SRO in this regard on March 2.
https://www.tbsnews.net/nbr/cancer-medicines-govt-reduces-source-tax-withdraws-vat-raw-materials-1083646

Bank
Agent banking remittance rises 21% in Dec
Disbursement of inward remittance through agent banking outlets rose 21 percent year-on-year in the last month of 2024, for which the central bank credits the government’s 2.5 percent cash incentive. The rural population received the lion’s share of the inward remittance of Tk 173,390 crore, which was disbursed through agent banking outlets in December last year. In December 2023, the figure was Tk 143,113 crore, which increased in September 2024 to Tk 165,659 crore but was still 4.67 percent lower than that of December 2024, according to the quarterly report on agent banking published by the Bangladesh Bank.
https://www.thedailystar.net/business/news/agent-banking-remittance-rises-21-dec-3838611

How some banks mobilised record deposits despite low industry growth
When the country’s banking sector experienced its lowest deposit growth in recent history, some private commercial banks excelled, setting records in deposit mobilisation even through the economic crisis of 2024. The average deposit growth dipped to 7.44% year-on-year in December last year, while some banks achieved growth of over 20% to 30% during the year. Among 43 private commercial banks, only eight – City, BRAC, Eastern, Dutch-Bangla, Prime, Mutual Trust, Bank Asia, and Pubali – sustained high deposit collection, while most faced withdrawal pressure.
https://www.tbsnews.net/economy/banking/how-some-banks-mobilised-record-deposits-despite-low-industry-growth-1083786

Agri sector NPLs up 42.5pc to Tk 61.79b in July-January
Classified loans in the agriculture sector increased significantly during the first seven months of this fiscal year (FY), from July to January, mainly due to lower recovery caused by floods and political unrest, officials said. The amount of non-performing loans (NPLs) of farmers jumped nearly 42.50 per cent to Tk 61.79 billion during the July-January period of the current FY, 2024-25, from Tk 43.36 billion in the same period last year, according to the central bank’s latest statistics.
https://today.thefinancialexpress.com.bd/metro-news/agri-sector-npls-up-425pc-to-tk-6179b-in-july-january-1741028091

Call money rate static at 10pc for 4 months
The interbank call money rate has remained steady at 10 per cent since November 2024, as banks have been reluctant to borrow at high rates amid the current business climate. In addition, the demand for loans has declined due to political unrest, leading to an increase in excess liquidity. According to Bangladesh Bank data, the call money rate was 10.04 percent on Monday and has remained around this level since November 14, 2024, when it first hit 10.03 per cent — the highest in 11 years.
https://www.newagebd.net/post/banking/259269/call-money-rate-static-at-10pc-for-4-months

BRAC Bank raises Tk700cr through subordinated bond issuance
BRAC Bank has successfully raised Tk700 crore by issuing a subordinated bond to strengthen its capital base in compliance with Basel-III requirements. In a press release issued yesterday, the bank stated that the bond will support the bank’s capital adequacy requirements, as the bank has earned significant balance sheet growth in recent years.
https://www.tbsnews.net/economy/stocks/brac-bank-raises-tk700cr-through-subordinated-bond-issuance-1083706

Food & Allied
NBR withdraws VAT on essential goods for Ramadan
The National Board of Revenue (NBR) has announced the removal of VAT on several essential goods to maintain price stability in the market during the holy month of Ramadan. NBR issued the relevant order on Monday. The items listed include mustard oil, flour, semolina, lentils, LPG, biscuits, salt, and hot spices, among others. VAT exemptions have been granted at the production stage and, in some cases, at the business stage for these products.
https://www.dhakatribune.com/bangladesh/375255/vat-exemption-on-essential-goods-to-stabilize

Capital Market
Liquidation of Growth Fund to set example for asset managers
Asian Tiger Sandhani Life Growth Fund will be liquidated next week after the completion of 10 years, as the securities regulator has rejected the time extension appeal, a corrective move to change course from past mistakes. This is going to be the first time in a decade that investors of a close-ended pooled fund will redeem their units. During the time, the tenure of listed MFs was extended by 10 years after maturity to the frustration of unitholders.
https://today.thefinancialexpress.com.bd/stock-corporate/liquidation-of-growth-fund-to-set-example-for-asset-managers-1741025796

DSE asked to probe unusual share surge of inactive firms
The Bangladesh Securities and Exchange Commission (BSEC) has directed the Dhaka Stock Exchange (DSE) to investigate the recent sharp rise in share prices and trading volumes of certain companies that have been inactive for a long time. In the last week of February, the commission instructed the country’s premier bourse to find out the reasons behind this unusual price surge and increased trading activity.
https://www.tbsnews.net/economy/stocks/dse-asked-probe-unusual-share-surge-inactive-firms-1083746

Fuel & Power
RPGCL likely to buy two more spot cargoes
The state-run Rupantarita Prakritik Gas Company Ltd (RPGCL) intends to buy two more spot LNG cargoes for March 09-10 and March 15-16 delivery windows to meet the mounting demand during Ramadan. The RPGCL has already floated tenders and is currently awaiting evaluation. It earlier cancelled two tenders for March 10-11 delivery windows due to poor response and high price quotes from the bidders.
https://today.thefinancialexpress.com.bd/last-page/rpgcl-likely-to-buy-two-more-spot-cargoes-1741028821

Stock
Indo-Bangla Pharma upgraded to B category
After distributing the declared dividend, the Dhaka Stock Exchange (DSE) has reclassified Indo-Bangla Pharmaceuticals to the B category, effective 4 March, according to a disclosure published on Monday. Previously, the company was in the Z category. The pharmaceutical company disbursed a marginal 0.10% cash dividend to its shareholders for the 2023-24 fiscal year.
https://www.tbsnews.net/economy/stocks/indo-bangla-pharma-upgraded-b-category-1083701