business
BSEC brings back floor price to prevent continuous fall in share prices
Bangladesh Securities and Exchange Commission (BSEC), the capital market regulator, issued an order on Wednesday to prevent the continued slide in the stock market, imposing a limit beyond which prices cannot fall, or floor price for stocks.
According to the BSEC order, the price of shares and mutual funds of any listed company cannot fall by more than 3 percent in a day. Currently, company shares and mutual funds may fall by up to 10 percent depending on the price bracket they are in.
This decision has been taken to protect the interests of the country's capital market and investors. The two stock exchanges of the country (DSE and CSE) have been instructed to implement this new decision from tomorrow (Thursday), said the BSEC.
Earlier in 2021, the capital market regulator BSEC had imposed the minimum price level or floor price of the share price to prevent the continuous decline in price of shares.
There was no scope for the share price of listed companies to fall below a certain limit. The imposition of floor price leads to a kind of stagnation in the market, according to experts, as selling of shares gets stuck at a price.
IMF team wants to know central bank’s measures on reserves, banking sector reform
The visiting team of the International Monetary Fund (IMF) wanted to know Bangladesh Bank’s measures for implementing monetary policy, interest rate, inflation, exchange rate, and reserves information.
The IMF team discussed various issues wanted to know the latest information from the central bank during a meeting held on Wednesday in Bangladesh Bank headquarters.
Apart from this, the global lender also wanted progress reports on banking sector reform, bank merger step, and revenue.
However, in the first day's meeting, the members of the IMF team said that the actions taken by the central bank and other organizations are appropriate so far.
Several officials present at the meeting confirmed that the updated reports and summary discussions highlighted the above issues.
Bajus again cuts gold price by Tk 2099
The Bangladesh Jeweller’s Association (Bajus) on Wednesday decrease gold price by Tk2099 per bhori and fixed good quality 22-carat gold price at Tk 114191 per bhori.
With this, The apex body of gold traders changed the gold price for 7th time this month.
The organisation raised the gold price by 5190 in 4 phases on April 6, 8, 18 and 21, while decreased the price by Tk 6077 per bhori in 3 phases on April 20, 23, and 24.
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The Bajus increased gold price by Tk1750 on April 6, Tk 1750 on April 8, Tk2065 on April 18, and Tk 630 on April 21. On the other hand, it decreased gold price by Tk 840 on April 20, Tk 3138 on April 23, and Tk 2099 on April 24.
Masudur Rahman, Chairman of the Price Determination and Price Monitoring Standing Committee of Bajus issued a notification of the price cut on Wednesday.
As per the new price, per bhori (11.664 grams) of 22-carat gold will cost Tk 114191 per bhori as Tk 9790 per gram. Apart from this, the price of 21- carat gold has been set at Tk109000 per bhori, 18-carat gold at Tk 93429 per bhori, and the traditional method price set at Tk75209.
Bajus decreases gold price by Tk 3138 per bhori
Though the price of gold has decreased, the price of silver has been kept unchanged.
According to the category, currently, the price of 22-carat silver is Tk2100, 21-carat is Tk2006, 18-carat is Tk1715 and the price of traditional silver in traditional is Tk1283.
Sabbir Ahmed appointed country manager of Visa Bangladesh, Nepal and Bhutan
Visa (NYSE: V), the global leader in payments, announced the appointment of Sabbir Ahmed as the Country Manager for Bangladesh, Nepal and Bhutan.
With over 27 years of rich experience in banking and payments across Bangladesh and Vietnam, Sabbir will now lead the market operations for Visa in the three countries, with a team based out of the Dhaka office, according to a press release on Wednesday.
With Sabbir Ahmed’s appointment, Visa reiterates its leadership and commitment to the Bangladesh market, along with Nepal and Bhutan. Visa has continually focused on introducing enhanced payment solutions for an increasingly digital Bangladesh. Visa has been instrumental in the expansion of contactless payments; it has also enabled consumers to pay directly through Visa cards on their wallets.
On his appointment, Sabbir Ahmed, Country Manager— Bangladesh, Nepal, and Bhutan, Visa, said, “I am excited to join Visa, a brand at the forefront of digital payments globally and in Bangladesh. In my new role, I look forward to playing a significant role in realising the vision of Cashless Bangladesh set out by the government.
We also aim to play a pivotal role in digital payments for Nepal and Bhutan. I believe we can work for and with the ecosystem to bring innovative digital-first payment solutions to consumers and businesses, that will increase the growth of digital payments in Bangladesh and adjoining markets.”
Sandeep Ghosh, Group Country Manager, Visa India & South Asia said, “We are delighted to welcome Sabbir Ahmed as our Country Manager for Bangladesh, Nepal, and Bhutan. Sabbir, with his strong professional achievements, diverse banking experience and deep market connections, will strengthen our leadership, drive business objectives and foster sustainable growth for Visa.”
Sabbir will be responsible for charting Visa’s business priorities in Bangladesh and other South Asian markets of Nepal and Bhutan. He and the local team will manage Visa’s relationships with clients, partners, regulators and ecosystem participants. He will also be a part of Visa’s leadership team for India and South Asia.
Sabbir Ahmed joins Visa from Standard Chartered Bank, Bangladesh, where he served as the Managing Director and Head of Wealth and Retail Banking. Previously, he held senior leadership positions at HSBC in Bangladesh and Vietnam and has worked for British American Tobacco (BAT). A well-known name in the banking circles of Bangladesh, Sabbir brings a wide range of expertise from both local and international markets in the banking and financial services.
FBCCI signs deal to establish joint business council with Qatar
The Federation of Bangladesh Chambers of Commerce & Industry (FBCCI) and the Qatar Chamber of Commerce and Industry (QCCI) have signed an agreement to establish a joint business council (JBC) to strengthen the economic ties and to enhance closer cooperation between Bangladesh and Qatar.
An agreement was signed in this regard in presence of the Prime Minister Sheikh Hasina and Qatar's Emir Sheikh Tamim bin Hamad Al Thani at the Karabi Hall of the Prime Minister’s Office in the capital on Tuesday (April 23).
FBCCI President Mahbubul Alam and QCCI Chairman Sheikh Khalifa Bin Jassim Al Thani have signed the agreement on behalf of their respective organizations. This initiative aims to facilitate continuous interaction between the business communities of the two countries to boost trade and economic cooperation.
FBCCI President Mahbubul Alam said that the establishment of JBC between Bangladesh and Qatar will open a new window of cooperation between the two nations.
“The business community of both the countries will be benefited under this agreement as they will be able to sit periodically to discuss issues of mutual interest in trade, business, scientific and research cooperation. At the same time, it will help Bangladeshi business community to explore the potential export market at Qatar and vice-versa,” he said.
According to the agreement, the JBC will provide a platform for businessmen and industrialists from Bangladesh and Qatar to engage in discussions and activities related to trade, investment, technology transfer, services, and other industrial sectors.
The JBC meetings will be organized alternately in Bangladesh and Qatar, and each side will have the opportunity to exchange information on trade, economic cooperation and services to augment business between the two countries.
The JBC will engage in activities such as exchanging information, submitting recommendations to respective governments, encouraging participation in exhibitions, and sponsoring missions and expert visits. Both sides will hold joint meetings to discuss issues related to trade promotion and economic cooperation. Sub-committees and task forces may be formed if necessary, according to the agreement, said a press release.
Bajus decreases gold price by Tk 3138 per bhori
The Bangladesh Jeweller’s Association (Bajus) on Tuesday decreased gold price by Tk3138 per bhori, fixing good quality 22-carat gold price at Tk 1,16,290 per bhori.
The apex body of gold traders changed the gold price for 6th time in April so far.
According to Bajus the latest price of gold was effective from 4pm on Tuesday (April 23).
Masudur Rahman, Chairman of the Price Determination and Price Monitoring Standing Committee of BAJUS issued a notification of the price cut on Tuesday.
As per the new price, per bhori (11.664 grams) of 22-carat gold will cost Tk 116290 per bhori as Tk 9970 per gram. Apart from this, the price of 21-gold has been set at Tk110995 per bhori, 18-carat gold at Tk 95143 per bhori, and the traditional method price set at Tk76586.
Though the price of gold has decreased, the price of silver has been kept unchanged. According to the category, currently, the price of 22-carat silver is Tk2100, 21-carat is Tk2006, 18-carat is Tk1715 and the price of traditional silver in traditional is Tk1283.
Lack of necessary banking channel main impediment to business with CIS countries, says CIS-BCCI president
A delegation of Commonwealth of Independent States-Bangladesh Chamber of Commerce & Industry (CIS-BCCI) led by its president Mohammad Ali Deen along with newly elected board of directors of the organisation met State Minister for Planning Md. Shahiduzzaman Sarker at his office in Sher-E-Bangla Nagar on Tuesday.
The CIS-BCCI president briefed the State Minister about various activities of the CIS-BCCI Chamber for promoting the trade and economic cooperation between Bangladesh and CIS Countries including Russia in a bid to diversify the export market to a third destination.
He, however, pointed out that at present the main impediment to business transaction between the Bangladesh and CIS countries is the lack of necessary banking channel.
He also emphasised that the Ministry of Finance, Ministry of Commerce and Bangladesh Bank can take appropriate steps for streamlining financial and banking cooperation between Russia and other CIS countries and Bangladesh.
He further emphasized on carrying forward objectives of the two protocols that had been signed at IGC (Inter-Governmental Commission) meetings between Bangladesh and Russia.
He especially mentioned Mutual Regulatory Cooperation, Harmonization of Trade Rules and setting up necessary infrastructures including warehouses and distribution networks.
The State Minister appreciated the role of CIS-BCCI and emphasised on exploring huge market of CIS countries including Russia to enhance Bangladesh’s export basket and competitiveness.
He assured of all out support from his ministry in this respect.
He also suggested a detailed action plan, both short term and long term, for augmenting trade links with CIS countries.
President of CIS-BCCI informed that CIS-BCCI delegations, since 2015, are regularly attending St. Petersburg International Economic Forum (SPIEF) being held every year under the leadership of President Vladimir Putin.
CIS-BCCI works as a South Asian Partner of ROSSCONGRESS that organizes this mega economic event every year. This year also CIS-BCCI is hopeful to join SPIEF scheduled to be held during 5-8 June, 2024 and requested him to participate if invitation is received from SPIEF.
CIS-BCCI Vice President Jadab Debnath, Directors Abdul Latif Sarker, Md. Enamul Haque, Khan Md. Iqbal, Adviser Mr. Mahbub Islam Runu and Secretary of the Chamber Mustafa Mohiuddin were present on the occasion.
Chinese SBS Zipper sign deal to invest US$ 19.97 million in BEPZA Economic zone
Chinese company SBS Zipper Bangladesh Ltd is going to invest US$ 19.97 million to set up a garment accessories manufacturing industry in BEPZA Economic Zone.
Bangladesh Export Processing Zones Authority (BEPZA) signed an agreement with the company to this effect at BEPZA Complex, Dhaka on Tuesday..
In presence of BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, Member (Investment Promotion) of BEPZA Ali Reza Mazid and CEO of SBS Zipper Bangladesh Ltd Weifang Shen signed the agreement on behalf of their respective sides.
This Chinese company will produce annually 271 million pcs of Metal Zipper, Nylon/Plastic Zipper, Slider/Chain/Zipper Parts/Tapes, Plastic Button, Button Parts and Mould where 2063 Bangladeshi nationals will get employment opportunities, said a press release.
SBS Zipper Bangladesh is a concern of SBS Zipper, one of the biggest global Zipper manufacturers, ranks first in China and second in the world for Zipper production.
IFC, Bangladesh Bank sign cooperation agreement to boost digital payment adoption
In a landmark development aimed at advancing digital finance in Bangladesh, the International Finance Corporation (IFC) and Bangladesh Bank have formalised a new agreement.
According to IFC, with the sponsorship of the Australian government, this agreement aims to support Bangladesh Bank in creating a conducive environment for the widespread adoption of digital payments within the country.
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Through targeted efforts, the IFC-Bangladesh Bank partnership intends to overcome prevailing challenges and pave the way for a more seamless digital payment landscape in Bangladesh.
The Bangladesh economy has reached an inflection point in digital finance with the adoption of mobile financial services and digitalization of banking facilities in the country.
The adoption and acceptance of digital payments particularly in small businesses is the next critical step for a drive toward a cashless economy.
The project aims to support Bangladesh Bank in issuing new policies to drive digital payment adoption, conduct country-wide outreach programs, and to increase digital payment adoption by 25% by 2027.
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Martin Holtmann, Country Manager for Bangladesh, Nepal and Bhutan at IFC said, “Access to innovative, efficient, affordable, and sustainable financial products is crucial for inclusive growth”.
He said this project will successfully harness the power of digitalization to overcome barriers and unlock the full potential of the payment industry creating a foundation for deepening digital financial products beyond payments such as saving, lending, investment and beyond.
“We are committed to fostering financial inclusion and catalyzing the transition towards a digitally enabled economy in Bangladesh,” he added.
Md Mezbaul Haque, Executive Director and Spokesperson of Bangladesh Bank said, “In order to align our national vision Cashless Bangladesh we want to create an ecosystem where every need for a payment can be done digitally without touching cash”.
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“To achieve this goal, we must facilitate digital payments, especially Bangla QR and Taka pay at the doorsteps of every citizen. Bangladesh Bank has a long history of working with IFC, and this project is a continuation of our cooperation,” he added.
Clinton Pobke, Deputy High Commissioner of the Australian High Commission in Dhaka, said, “The IFC-Bangladesh Cashless Digital Bangladesh project is an important step in Bangladesh Bank’s ambitious agenda to roll out faster, more convenient and secure digital payment technologies”.
FBCCI, Australian High Commission in Dhaka to work together to strengthen trade relations
President of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI), Mahbubul Alam, said there is huge trade potential between Bangladesh and Australia.
He emphasised enhancing communication between the two countries to exploit this trade potential.
The FBCCI president said this while a delegation of the Australian High Commission led by Senior Commissioner for Trade and Investment (South Asia) Catherine Gallagher made a courtesy call on him on Monday.
FBCCI and the Australian High Commission in Bangladesh would work together to strengthen the trade relationship between the businessmen of the two countries, said the FBCCI president.