Macro
Govt preparing smooth transition plan for Bangladesh’s LDC graduation: finance adviser
The government is preparing a smooth transition plan for Bangladesh’s graduation from the least developed country (LDC) category, Finance Adviser Salehuddin Ahmed said yesterday. “Numerous underdeveloped countries are observing Bangladesh. Graduation would not only set an example but also enhance our national pride. Bangladesh’s overall performance is commendable, despite minor flaws or mistakes,” he added.
https://www.thedailystar.net/business/news/govt-preparing-smooth-transition-plan-bangladeshs-ldc-graduation-finance-adviser-3851351
Yield on 10-year BGTBs crosses 12pc
The yield on 10-year Bangladesh Government Treasury Bonds (BGTBs) crossed 12 per cent on Tuesday. The cut-off yield on the BGTBs rose to 12.05 per cent on the day from 10.32 per cent earlier, according to auction results. The government borrowed Tk 40 billion through issuing the BGTBs on the day to partially meet its budget deficit.
https://thefinancialexpress.com.bd/economy/bangladesh/yield-on-10-year-bgtbs-crosses-12pc
DCCI calls for uniform single-digit VAT rate across the board
The Dhaka Chamber of Commerce & Industry (DCCI) has proposed to fix a uniform single-digit VAT rate across the board and a nominal 1% VAT for the traders of informal sectors in the next budget for the fiscal year 2025-2026 (FY26). These proposals were submitted by Taskeen Ahmed, President of DCCI, while placing the Chamber’s budget (FY2025-26) proposals to the NBR Chairman Md Abdur Rahman Khan in a pre-budget meeting at the NBR Building yesterday, said a DCCI press release.
https://thefinancialexpress.com.bd/trade/dcci-calls-for-uniform-single-digit-vat-rate-across-the-board
Trade competitiveness of Bangladesh rises
Bangladesh’s trade competitiveness on the global market rises as the taka, which was significantly overvalued against the Euro in January, reasonably depreciated in February. The central bank calculates the real effective exchange rate (REER) index that stood at 101.86 in February, down from 103.01 in January.
https://thefinancialexpress.com.bd/trade/trade-competitiveness-rises-as-taka-value-falls
Bank
10 banks in Bangladesh hold Tk 2.57 lakh crore in default loans
Ten commercial banks collectively had Tk 2.57 lakh crore in defaulted loans as of December 2024, accounting for nearly 75 per cent of the total non-performing loans in the country’s banking sector. According to Bangladesh Bank data, four state-run banks held Tk 1,26,062 crore in NPLs, while six private commercial banks had Tk 1,31,797 crore in NPLs at the end of December 2024.
https://www.newagebd.net/post/Banking/260426/10-banks-in-bangladesh-hold-tk-257-lakh-crore-in-default-loans
Fuel & Power
Govt to import two LNG cargoes in April
The government has approved the purchase of two cargoes of liquefied natural gas (LNG) for April at a cost of Tk 1,376 crore. Chaired by Finance Adviser Salehuddin Ahmed, the Advisory Committee on Government Purchase approved the procurement yesterday. Both cargoes will be supplied by TotalEnergies Gas and Power Ltd, a UK-based company. One cargo is priced at $14.48 per MMBTU (million British thermal units), while the other will cost $14.22 per MMBTU.
https://www.thedailystar.net/business/news/govt-import-two-lng-cargoes-april-3851426
Textile
BGMEA seeks Tk 500cr from unpaid incentives
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) yesterday urged the government to release Tk 500 crore in due export incentives to help small and medium enterprises (SMEs) pay workers’ bonuses and other dues ahead of the upcoming Eid-ul-Fitr. The finance ministry agreed in principle to release Tk 325 crore soon, said BGMEA Administrator Anwar Hossain
https://www.thedailystar.net/business/news/bgmea-seeks-tk-500cr-unpaid-incentives-3851831
Capital Market
Brokers push for listing state firms, offloading govt stakes in MNCs
Hoping to supply quality stocks, stockbrokers — key intermediaries in the capital market — yesterday (18 March) urged Chief Adviser Professor Muhammad Yunus to list state-owned enterprises (SOEs) and offload the government’s stakes in multinational companies. 13 MNCs and 18 state-owned firms are listed on the capital market, according to the Dhaka Stock Exchange (DSE).
https://www.tbsnews.net/economy/stocks/brokers-push-listing-state-firms-offloading-govt-stakes-mncs-1096236
Stock
Uttara Bank declares 35% dividend for 2024, highest in over a decade
Uttara Bank has recommended a 35% dividend for the 2024 financial year, marking its highest payout in over a decade. The dividend comprises 17.50% cash and 17.50% stock, as announced during the bank’s board meeting yesterday (18 March). The annual general meeting (AGM) is scheduled for 12 May, where shareholders will approve the recommended dividends and financial report.
https://www.tbsnews.net/economy/stocks/uttara-bank-declares-35-dividend-2024-highest-over-decade-1095956