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March 18, 2024
Economy Tag : Inflation

The Centre for Policy Dialogue (CPD) urged the government to prioritize restoring macroeconomic stability by curbing inflation, stabilizing the exchange rate, and safeguarding vulnerable groups. Recommendations for the National Budget FY 2024-25 included maintaining the tax-free income threshold at Tk 3.5 lakh and increasing the top personal income tax rate to 30%. CPD proposed and pension funds to 10%. To tackle money laundering, CPD suggested collaboration between the Transfer Pricing Cell (TPC), Bangladesh Financial Intelligence Unit (BFIU), and Customs Intelligence and Investigation Directorate (CIID) to combat trade-based money laundering and compliance risk management units (CRMUs) was asked to improve. It also proposed raising corporate tax on tobacco manufacturers to 50% and surcharge to 5%. Additionally, CPD recommended a 1% surcharge on polluting industries, a plastic tax, reinstating a 5% duty on plastic bags, and increasing customs duty on plastic waste, advocating for a joint initiative with India to reduce plastic pollution.

March 18, 2024
Economy Tag : Vat & Tax

The government has implemented tax incentives across three sectors—leather, asset management, and research—to enhance competitiveness and bolster foreign currency earnings. The National Board of Revenue (NBR) issued three separate statutory regulatory orders (SROs) to this effect, reducing the source tax on leather goods exports to 0.5%. Additionally, the 15% tax rate on income from mutual fund management fees, set to expire this fiscal year, has been extended until FY2026-27. Previously at 37.5%, this extension follows an application from the Association of Asset Management Companies and Mutual Funds (AAMCMF). Furthermore, researchers now benefit from a three-year tax exemption on foreign grants until FY2026-27, replacing the previous tax rate of up to 30%. The NBR encourages researchers to apply for a certificate to avail the tax exemption.

March 18, 2024
Economy Tag : Forex

Liquidity in Bangladesh’s foreign exchange market is on the rise, attributed to an increase in US dollar inflows from remittances, export earnings, and currency swap deals. Banks’ net open position (NOP) in foreign exchange surged to $606 million in March, up from -$40 million in January 2024. This increase indicates growing stability in the foreign exchange market. Remittance inflow rose by 39% year-on-year in February to $2.16 billion, while exports reached $10.91 billion in January and February combined, the highest in two months. The central bank’s initiatives, including currency swap deals and increased interest rates on resident foreign currency deposits (RFCD) accounts, have further incentivized US dollar deposits in banks. Additionally, reduced import payments, totaling $36.02 billion compared to $44.02 billion in the previous fiscal year, have contributed to the exchange rate’s stability. These measures have incremented the FOREX reserve to increase and now currently stands at around $20 billion.

March 19, 2024
Industry : Bank

The merger between Shariah-based Exim Bank and struggling Padma Bank is anticipated to span between 18 months to two-and-a-half years for completion, as per central bank officials. Following the signing of the letter of intent, the banks are required to submit a formal merger application to Bangladesh Bank, including detailed documentation on debts, assets, and liabilities.

Bangladesh Bank will review the scheme and appoint auditors for asset valuation. Legal approvals and compliance with the Companies Act 1994 are prerequisites. Approval from the Bangladesh Securities and Exchange Commission is necessary due to Exim Bank’s stock market listing. The merger’s success hinges on mutual asset valuation agreement; otherwise, Bangladesh Bank may intervene. Directors of weak banks will transition to shareholders post-merger. Depositors and employees of Padma Bank are assured protection.

March 18, 2024
Industry : Bank

Meghna Bank has entered a memorandum of understanding (MoU) with Apollo Multispeciality Hospitals in Kolkata, aimed at offering special privileges to the bank’s cardholders, priority clients, and employees. The MoU, signed by Managing Director and CEO (current charge) of Meghna Bank, and  CEO of the eastern region at Apollo Hospitals, includes year-round discounts of up to 35% on outdoor investigations, standard health check-up packages, and customized health checkups, along with additional services such as airport pick and drop and ambulance services. The signing ceremony, held at Meghna Bank’s head office in Gulshan, was from both organizations, including the head of liability and wealth management of the bank,the head of cards, the head of human resources from Meghna Bank, and managing director (Bangladesh representative) of the hospital and senior marketing manager from Apollo Hospitals.

March 18, 2024
Industry : Stock Market

A survey by LankaBangla Securities found that 57% of respondents deem the SME market ineffective, while 72% are dissatisfied with the bond market. In 2023, 37% rated the capital market’s performance as “really bad,” citing fear of manipulation (78%) and decreased investor confidence (66%). Looking ahead, 51% fear a lack of investor confidence, while 46% worry about continued floor prices. Moreover, 65% believe the Alternative Trading Board hasn’t significantly boosted confidence, whereas 88% call for IPO regulation revisions.

Half desire more central bank support, with 56% expecting increased inflation in 2024. Respondents highlight improved transparency (28%) and market fraud (64%) as key areas for regulatory action. Despite this, 58% feel the Bangladesh Securities and Exchange Commission still faces capacity constraints, while 88% attribute market volatility to low financial education and herd instinct.

March 19, 2024

The merger between Shariah-based Exim Bank and struggling Padma Bank is anticipated to span between 18 months to two-and-a-half years for completion, as per central bank officials. Following the signing of the letter of intent, the banks are required to submit a formal merger application to Bangladesh Bank, including detailed documentation on debts, assets, and liabilities.

Bangladesh Bank will review the scheme and appoint auditors for asset valuation. Legal approvals and compliance with the Companies Act 1994 are prerequisites. Approval from the Bangladesh Securities and Exchange Commission is necessary due to Exim Bank’s stock market listing. The merger’s success hinges on mutual asset valuation agreement; otherwise, Bangladesh Bank may intervene. Directors of weak banks will transition to shareholders post-merger. Depositors and employees of Padma Bank are assured protection.

March 18, 2024

Meghna Bank has entered a memorandum of understanding (MoU) with Apollo Multispeciality Hospitals in Kolkata, aimed at offering special privileges to the bank’s cardholders, priority clients, and employees. The MoU, signed by Managing Director and CEO (current charge) of Meghna Bank, and  CEO of the eastern region at Apollo Hospitals, includes year-round discounts of up to 35% on outdoor investigations, standard health check-up packages, and customized health checkups, along with additional services such as airport pick and drop and ambulance services. The signing ceremony, held at Meghna Bank’s head office in Gulshan, was from both organizations, including the head of liability and wealth management of the bank,the head of cards, the head of human resources from Meghna Bank, and managing director (Bangladesh representative) of the hospital and senior marketing manager from Apollo Hospitals.

March 18, 2024

Brigadier General M Imran Hamid has been re-appointed as an independent director of the Dhaka Stock Exchange (DSE) by the Bangladesh Securities and Exchange Commission (BSEC). His new term, effective from March 15 2024, will last for three years. Brigadier Hamid has concluded a previous three-year tenure in the same position.

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Exim-Padma Bank Merger Expected to Span 18 Months or More
March 19, 2024
Industry : Bank

The merger between Shariah-based Exim Bank and struggling Padma Bank is anticipated to span between 18 months to two-and-a-half years for completion, as per central bank officials. Following the signing of the letter of intent, the banks are required to submit a formal merger application to Bangladesh Bank, including detailed documentation on debts, assets, and liabilities.

Meghna Bank Signs MoU with Apollo Hospitals
March 18, 2024
Industry : Bank

Meghna Bank has entered a memorandum of understanding (MoU) with Apollo Multispeciality Hospitals in Kolkata, aimed at offering special privileges to the bank's cardholders, priority clients, and employee.

Industrial Loan Recovery Increased by 63%
March 18, 2024
Industry : Financial

The industrial sector in Bangladesh is showing signs of recovery from the dollar crisis, with loan repayments increasing substantially. In December, loan collections surged to Tk 50,593 crore, up 63% from the previous year. Loan disbursements also rose to Tk 29,574 crore in the same period.

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Exim-Padma Bank Merger Expected to Span 18 Months or More
March 19, 2024

The merger between Shariah-based Exim Bank and struggling Padma Bank is anticipated to span between 18 months to two-and-a-half years for completion, as per central bank officials. Following the signing of the letter of intent, the banks are required to submit a formal merger application to Bangladesh Bank, including detailed documentation on debts, assets, and liabilities.

Meghna Bank Signs MoU with Apollo Hospitals
March 18, 2024

Meghna Bank has entered a memorandum of understanding (MoU) with Apollo Multispeciality Hospitals in Kolkata, aimed at offering special privileges to the bank's cardholders, priority clients, and employee.

DSE Re-Appoints Hamid as New Independent Director
March 18, 2024

Brigadier General M Imran Hamid has been re-appointed as an independent director of the Dhaka Stock Exchange (DSE) by the Bangladesh Securities and Exchange Commission (BSEC). His new term, effective from March 15, 2024 will last for three years. Brigadier Hamid has concluded a previous three-year tenure in the same position

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CPD Proposes Three-Point Plan to Revitalize Economy
March 18, 2024
Economic Tag : Inflation

The Centre for Policy Dialogue (CPD) urged the government to prioritize restoring macroeconomic stability by curbing inflation, stabilizing the exchange rate, and safeguarding vulnerable groups. Recommendations for the National Budget FY 2024-25 included maintaining the tax-free income threshold at Tk 3.5 lakh and increasing the top personal income tax rate to 30%.

NBR Provides Tax Benefits to Three Sectors
March 18, 2024
Economic Tag : Vat & Tax

The government has implemented tax incentives across three sectors—leather, asset management, and research—to enhance competitiveness and bolster foreign currency earnings. The National Board of Revenue (NBR) issued three separate statutory regulatory orders (SROs) to this effect, reducing the source tax on leather goods exports to 0.5%.

Banks' Net Open Position in Foreign Exchange Surges to $606M
March 18, 2024
Economic Tag : Forex

Liquidity in Bangladesh's foreign exchange market is on the rise, attributed to an increase in US dollar inflows from remittances, export earnings, and currency swap deals. Banks' net open position (NOP) in foreign exchange surged to $606 million in March, up from -$40 million in January 2024. This increase indicates growing stability in the foreign exchange market. Remittance inflow rose

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