Macro
Budget slashed by Tk 53,000cr
The government on Wednesday revised down the 2024-25 financial year budget by 6.6 per cent, or Tk 53,000 crore, to Tk 7,44,000 crore because of a shortage of resources, said officials. The major cut in the FY25 budget is attributed to downsizing the annual development programme by Tk 49,000 crore. The overall revenue income has been revised at Tk 5,18,000 crore from projected Tk 5,41,000 crore.
https://www.newagebd.net/post/country/259992/budget-slashed-by-tk-53000cr
Separation of revenue policy and enforcement this month, takes effect next FY: NBR chair
NBR Chairman Abdur Rahman Khan has announced that the separation of revenue policy and enforcement will take place this month through a presidential ordinance, with the change taking effect in the next fiscal year, starting in July, to ensure independent operations. Speaking at a discussion, titled “Income Tax Act 2023: Reform Perspective”, at the NBR headquarters in the capital’s Agargaon yesterday (12 March), he said, “Revenue-related expert officials will work as head of the two departments, while other experts will serve as part of an auxiliary team.”
https://www.tbsnews.net/economy/lack-good-governance-not-tax-rates-main-barrier-investment-nbr-chairman-1091116
Bangladesh imports over five times its exports to Saarc nations
Bangladesh continues to grapple with a significant trade imbalance with Saarc countries as import payments far exceed exports, according to the latest Bangladesh Bank (BB) report. The report, covering fiscal year (FY) 2023-24, shows Bangladesh’s total import payments to Saarc nations stood at $9.76 billion while export earnings from the region reached only $1.74 billion.
https://www.thedailystar.net/business/news/bangladesh-imports-over-five-times-its-exports-saarc-nations-3846631
Govt raises Tk 3,000cr thru Sukuk for bridge construction
The government has raised Tk 3,000 crore by issuing a socio-economic Sukuk to fund construction of bridges on rural roads. The Bangladesh Bank conducted an auction for the 5th Bangladesh Government Investment Sukuk on Wednesday at its head office. The auction saw overwhelming participation, with Shariah-based banks, financial institutions, Islamic branches/windows of conventional banks, individual investors and provident funds submitting bids totalling Tk 10,925.46 crore — 3.64 times the offered amount.
https://www.newagebd.net/post/mis/259979/govt-raises-tk-3000cr-thru-sukuk-for-bridge-construction
Bank
Cenbank dissolves Meghna, NRBC, NRB bank boards for going against depositors’ interests
The Bangladesh Bank has dissolved the boards of three private commercial banks to safeguard depositors’ interests and restore discipline in their operations. The decision, announced yesterday (12 March), affects Meghna Bank, NRBC Bank, and NRB Bank – all fourth-generation lenders that began operations in 2013. The central bank also appointed new boards of directors to oversee the three institutions.
https://www.tbsnews.net/economy/banking/cenbank-dissolves-boards-meghna-nrb-nrbc-bank-1091011
Moody’s cuts banking outlook to negative
Moody’s Ratings has downgraded Bangladesh’s banking system outlook from “stable” to “negative”, citing rising asset risks and worsening economic conditions. The report, released yesterday, highlights key concerns, including deteriorating asset quality, high inflation, and weakening economic growth, which it says will negatively impact the banks’ profitability and financial stability.
https://www.thedailystar.net/business/news/moodys-cuts-banking-outlook-negative-3845906
Telecommunication
Rate of internet penetration keeps going downward
The country’s internet penetration rate has continued to decline gradually in the past three months. According to data from the Bangladesh Telecommunication Regulatory Commission, internet penetration rate dropped from 76.05 per cent in November 2024 to 75.04 per cent in December and further down to 74.40 per cent in January 2025.
https://www.newagebd.net/post/telecom/259978/rate-of-internet-penetration-keeps-going-downward
Insurance
Stakeholders raise alarm as 10 life insurers running without CEOs
Of the 35 life insurance companies in the country, 10 are operating without permanent chief executive officers (CEOs) and are being run by acting executives, stakeholders said, raising concerns about this leadership gap. At a seminar titled “Insurance Sector Reforms and What We Can Do” at the IDRA office yesterday (12 March), they attributed the issue to many companies being granted licenses for political reasons without developing a skilled workforce to support them.
https://www.tbsnews.net/economy/stocks/stakeholders-raise-alarm-10-life-insurers-running-without-ceos-1091186
Stocks
LafargeHolcim Bangladesh to pay Tk441cr dividend despite 36% profit drop
LafargeHolcim Bangladesh, a leading multinational cement manufacturer, has announced a 38% cash dividend for 2024, amounting to around Tk441 crore, despite a 36% decline in net profit. The dividend declaration was made during the company’s board meeting held on Wednesday, according to an official statement.
https://www.tbsnews.net/economy/stocks/lafargeholcim-bangladesh-pay-tk441cr-dividend-despite-36-profit-drop-1091001
Square Pharma vice chairman to purchase shares worth Tk33cr
Ratna Patra, vice chairman of Square Pharmaceuticals, has announced plans to acquire 15 lakh shares of the company at the prevailing market price within the next 30 days. The announcement was made through a disclosure on the Dhaka Stock Exchange (DSE) on Wednesday (12 March).
https://www.tbsnews.net/economy/stocks/square-pharma-vice-chairman-purchase-shares-worth-tk33cr-1091181