Daily News Flash, 16th January, 2018 - EBL Securities€¦ · · 2018-01-16BKASH, MTB LAUNCH ......

Daily News Flash, 16th January, 2018

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DSEX 60.04 Gold (Ounce) $1342.70 Dollar 82.80 (Buy) 82.80 (Sell) CSCX 99.00 Oil (Barrel) $64.26 Euro 100.89 (Buy) 100.92 (Sell)

YARN MAKERS TO SUFFER AS INDIAN COTTON TRADERS HALT SHIPMENT...................................................... 2

FARMERS BANK SELECTS NEW CHAIRMAN ...................................................................................................... 3

NRBC LEFT WITHOUT GOVT FUNDS AFTER MEDIA REPORTS ............................................................................ 3

SHIP GETS STUCK AT CTG PORT, AFFECTS VESSEL MOVEMENT ........................................................................ 4

STOCKS CONTINUE TO SLIDE ............................................................................................................................ 4

OIL HOVERS BELOW $70 HIGHS ....................................................................................................................... 5

DELHI SEEKS QUICK APPROVAL TO POWER GRID PROJECT .............................................................................. 5

NBRS REVENUE COLLECTIONS FALL TK 12,622CR SHORT OF TARGET IN H1 ..................................................... 6

GOVT TO FOCUS ON FINANCING SDGS, 7TH FYP IN BDF .................................................................................. 7

RULES VIOLETED IN APPOINTING WORKERS REPRESENTATIVE, ALLEGE LEADERS ........................................... 8

LIQUIDITY CRISIS LOOMS LARGE, SAYS IBBL CHAIR .......................................................................................... 9

DHAKA STOCKS PLUNGE FOR 2ND DAY ON MPS JITTERS ............................................................................... 10

BKASH, MTB LAUNCH REMITTANCE SERVICE ................................................................................................. 11

FOUR YEARS ON, NINE NEW BANKS YET TO FULFILL CENTRAL BANKS CONDITIONS ..................................... 12

POWERING THE WAY TO PROSPERITY ........................................................................................................... 14

PUBALI BANK LTD SIGNS AGREEMENT WITH BANGLADESH BANK ................................................................. 16

LANKA BANGLA FINANCE INKS DEAL WITH BANGLADESH BANK FOR SME DEVELOPMENT PROJECTS ........... 16

GDP CAN WITNESS 10PC GROWTH EXPLORING BLUE ECONOMY ................................................................... 16

GOVT TO INK $60M DEAL WITH OFID ............................................................................................................ 17

DSE, CSE SEE MIXED IN EARLY TRADING ........................................................................................................ 17

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YARN MAKERS TO SUFFER AS INDIAN COTTON TRADERS HALT SHIPMENT The sudden cancellation of shipment of 400,000 bales of cotton by Indian traders will negatively affect yarn production of Bangladeshi firms which could deal a blow to apparel exports, industry insiders said. It is a sad incident, said Abdul Hai Sarker, chairman of Purbani Group, which imports 30,000 bales of cotton a year, 15 percent of which from the neighbouring country. Bangladesh imports 46 percent of its annual requirement for the natural fibre from India. Indian cotton traders have cancelled contracts involving 400,000 bales of the natural fibre after a rally in domestic prices and the rising rupee made overseas sales unattractive, Atul Ganatra, president of the Cotton Association of India, told Reuters last week. Prices surged more than 15 percent in the past six weeks after pest infestations squeezed supplies in India, the world's biggest producer of the fibre. The local spinners have already increased the prices of yarn after the latest move by the Indian traders, said Mohammad Hatem, former vice-president of the Bangladesh Knitwear Manufacturers and Exporters Association. At present, the widely consumed 30-count yarn is selling at $3.30 a kilogram in the local market, up from $2.90 to $2.95 in the first week of the year, he said. Hatem said garment exporters had negotiated their work orders based on the previous rates of yarn, so the sudden spike in the rate will throw off their calculations and even their profit margins. Mehdi Ali, president of the Bangladesh Cotton Association, however, said the Indian cotton traders' about-turn is unlikely to cause much damage as the quantity of the cancelled shipment is too little. There is nothing to be panicked about. We have lots of other sources of cotton, he said, citing the US, Australia, Brazil and some African countries as alternatives. Cotton is an agricultural product, so it is vulnerable to the vagaries of nature like droughts and floods, pest attack and so on. So, we need to find a very strong alternative to India in order to ensure that our supply does not disrupt in case of any problem in a particular market, Ali added. After hurricanes raised doubts about the supplies from the US, a top exporter, late last year, Indian traders signed a flurry of contracts. Now, they are reneging on them. Indian traders have so far shipped 1.5 million bales of the 2.5 million bales contracted since October 1, when the current year began, dealers said. Global cotton production is up nearly 7 percent to just over 120 million bales since May, according to the latest report of the United States Department of Agriculture. In fiscal 2016-17, Bangladesh imported 6.5 million bales of cotton, up from 5.5 million bales a year earlier. At the end of the current fiscal year, Bangladesh may import 7.1 million bales of cotton, according to Ali. Bangladesh spends about $3 billion a year for importing the fibre for local consumption. Source: http://www.thedailystar.net/business/yarn-makers-suffer-indian-cotton-traders-halt-shipment-1520626

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FARMERS BANK SELECTS NEW CHAIRMAN The Farmers Bank Ltd has selected Chowdhury Nafeez Sarafat as its new chairman after the resignation of Muhiuddin Khan Alamgir from the post over allegations of involvement in financial scams. The board of the bank had taken the decision on Sunday in line with the central bank's recommendation, Sarafat told The Daily Star yesterday. I will serve as chairman of the bank as an institutional representative of 12 organisations. The board's decision will take effect after it gets go-ahead from the central bank. Strengthening the capital base of the trouble-hit bank is one of the major challenges for him, according to Sarafat. Besides, the bank has to immediately repay deposits worth Tk 147 crore to the clients. I will try my best to repay the depositors' amount within the shortest possible time. Alamgir along with the bank's audit committee chairman Md Mahabubul Haque Chisty resigned from its board on November 27 last year after the central bank asked them to quit. If they had not stepped down, the BB would have removed them under the Banking Companies Act 1991, a BB official said. In line with the BB directive, the Farmers Bank, established four years ago, restructured its audit, risk management and executive committees in November. Source: http://www.thedailystar.net/business/farmers-bank-selects-new-chairman-1520623

NRBC LEFT WITHOUT GOVT FUNDS AFTER MEDIA REPORTS The government agencies have withdrawn their funds, amounting to Tk 500 crore, from NRB Commercial Bank recently due to media reports on its precarious financial position, the bank's Chairman Tamal SM Parvez said yesterday. He, however, claimed that the general public is yet to pull out funds from the bank, in an encouraging signal for the fourth generation bank. At present, the embattled bank's deposit stands at Tk 4,700 crore, he said at a press conference to disclose the bank's latest financial performance. The bank's classified loans are now less than 2 percent of its outstanding loans, according to Parvez. Some directors had recommended sanctioning loans to the tune of Tk 250 crore. Of the sum, the bank has already recovered Tk 100 crore and is now trying to recover its problematic loans -- about Tk 150 crore -- within the next six months, according to Parvez. The new NRBC chairman acknowledged that there were some irregularities in loan sanctions and disbursements. But it has not become a matter of concern yet. In some cases, the media reports exaggerated the irregularities and this had an adverse impact on the bank, he said. On allegations of anonymous shares in NRBC, he said: The bank has not been involved in holding anonymous shares -- there is no scope. Parvez said the bank will introduce new credit and deposit products for non-resident Bangladeshis with the view to opening a new window for foreign investment. NRBC restructured its board of directors on December 10 last year to restore corporate governance and depositors' confidence in the bank. The four-year-old bank had reformed its board in line with the central bank directives, according to Bangladesh Bank officials. The banking regulator also removed NRBC's Managing Director Dewan Mujibur Rahman last month over his alleged involvement in a number of loan scandals.

http://www.thedailystar.net/business/farmers-bank-selects-new-chairman-1520623


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In November 2016, the central bank found 10 counts of wrongdoings by the NRBC board, including violation of credit norms to sanction loans amounting to over Tk 701 crore and outsiders being often allowed to attend meetings. The BB found former Mercantile Bank chairman Shahidul Ahsan had drawn benefits from nearly Tk 44 crore-worth shares held by two sponsor-directors in NRBC, which is a breach of the banking companies act. Ahsan is the actual beneficiary of the shares held by two NRBC directors -- Kamrun Nahar Sakhi and ABM Abdul Mannan, said the BB probe report, adding that it meant the shares were forfeitable. Ahsan represented Sakhi, who lives in Canada, in an annual general meeting of NRBC. He also attended several meetings of the bank's board and the executive committee breaching the rules. Source: http://www.thedailystar.net/business/nrbc-left-without-govt-funds-after-media-reports-1520620

SHIP GETS STUCK AT CTG PORT, AFFECTS VESSEL MOVEMENT A container ship got stuck on one side of the Chittagong port's channel amid dense fog yesterday morning, disrupting vessel movement. The Malta-flagged MV Tzini was moving from the outer anchorage to a port jetty to berth, said Chittagong Port Authority (CPA) Chief Personal Officer Md Nasir Uddin. The ship got stuck trying to avoid a collision with a fishing trawler which had suddenly come out of dense fog, said Shyama Prashad Chowdhury, manager (feeder operation) of the ship's local agent GP Shipping Lines Limited, quoting the vessel's master. He said they would try to move the vessel in the evening high tide. Vessels usually cross the channel twice a day during the morning and evening high tide. Nasir said the channel was safe for vessel movement since the vessel was stuck on one side. Source: http://www.thedailystar.net/business/ship-gets-stuck-ctg-port-affects-vessel-movement-1520614

STOCKS CONTINUE TO SLIDE Dhaka stocks continued its losing streak for the second consecutive day on the back of investors' selling spree upon anticipation of a contractionary monetary policy. Investors fear that the new policy will interrupt the money flow into the stockmarket, said a senior executive of a merchant bank. Yesterday, the prime index came down to less than 6,100 -- the lowest in two months. DSEX, the benchmark general index of the Dhaka Stock Exchange, lost 60 points or nearly 1 percent to close at 6,057 yesterday. However, the market turnover increased 23.79 percent to Tk 406 crore. The day started on a positive note but went on a freefall amid the broad sell-off pressure, UCB Capital Management said in its daily market analysis. Banking equities led the turnover by contributing 22.90 percent of the total turnover. All major sectors witnessed moderate correction. Grameenphone was the highest traded stock with its turnover of Tk 39.50 crore, followed by Square Pharma, Ifad Autos, Mercantile Bank and National Tubes. Of the total stocks, 40 gained, 256 declined and 40 remained unchanged. DS30 and DSES were 17.64 points and 7.94 points in the red respectively. The port city bourse, the Chittagong Stock Exchange, also closed at a lower level, with its CSE All Share Price Index losing 168 points to close at 18,723. The Selective Categories Index shed 101 points to close at 11,308 points. Losers beat gainers as 165 issues closed lower, 34 closed higher and 33 remained unchanged at the CSE. The daily turnover at the port city bourse was Tk 17.7 crore. Source: http://www.thedailystar.net/business/stocks-continue-slide-1520608

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OIL HOVERS BELOW $70 HIGHS Oil hovered below a three-year high near $70 a barrel on Monday on signs that production cuts by Opec and Russia are tightening supplies, but analysts warned of red flags due to surging US production. International benchmark Brent crude futures were trading 18 cents lower at $69.69 by 1004 GMT, having risen above $70 earlier in the session. US West Texas Intermediate (WTI) crude futures were at $64.22, down 8 cents from their last settlement. Trading was relatively slow due to a national holiday in the United States. A production-cutting pact between the Organisation of the Petroleum Exporting Countries, Russia and other producers has given strong tailwind to oil prices, with both benchmarks last week hitting levels not seen since December 2014. Growing signs of a tightening market after a three-year rout have bolstered confidence among traders and analysts that prices can be sustained near current levels. Bank of America Merrill Lynch on Monday raised its 2018 Brent price forecast to $64 a barrel from $56, forecasting a deficit of 430,000 barrels per day (bpd) in oil production compared to demand this year. Source: http://www.thedailystar.net/business/oil-hovers-below-70-highs-1520602

DELHI SEEKS QUICK APPROVAL TO POWER GRID PROJECT India has sought quick approval to a cross-border power transmission project under the Indian third Line of Credit (LoC). The Bangladesh portion of the proposed power grid will stretch across 200 kilometres. The 765KV inter-connection transmission network will connect Indias Katihar in Bihar and Barnagar of Assam through Parbatipur in Bangladesh. Bangladesh will have to spend $395 million on the power transmission project out of the total project cost of $700 million, an official of Power Grid Company of Bangladesh (PGCB) told the daily sun. Dhaka is expected to get 2000MW of electricity through the mega power transmission facility. We are hopeful that the project will get approval at the joint steering committee meeting to be held on January 31 in Delhi, he said. Besides, three other Development and Production Plans (DPPs) in power sector have so far been approved under the third LoC. Indian high commissioner Harsh Vardhan Shringla met with State Minister for Power and Energy Nasrul Hamid last Sunday and requested for speedy approval of Indian-supported projects, reliable sources said. The projects are: Infrastructure development for power evacuation facilities of Rooppur Nuclear Power Plant, Mollahat 100MW solar PV power Plant and Installation of one Lakh LED street lights in Dhaka, Chittagong and Rajshahi by Energy Efficiency Service Limited (EESL) of India. We have so far received three major projects for construction of evacuation line under 2nd and 3rd LoC at a cost of $2.5 billion, an official said. He added that India has pledged to support $1.6 billion for the projects. In October 2017, the government signed the $4.5 billion third Line of Credit (LOC) agreement with India. The new LoC will be used to implement 17 major projects in Bangladesh, most of which are for infrastructural development. Bangladesh has two other LoC open with India: the first one was signed in 2010, and the second one in 2016.

http://www.thedailystar.net/business/oil-hovers-below-70-highs-1520602


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But most of the projects under the first and second LoC have already delayed due to problems in project selection, land acquisition and other issues. Of the total amount under the third LoC, $1 billion will be used to develop the power evacuation facilities a system to expel power from the power plant to the national grid immediately after production of Rooppur nuclear power plant. A significant amount of the loan will also be spent to upgrade 245km of road stretches in three major highways Benapole-Jessore-Narail-Bhanga, Ramgarh-Baruerhat, and Moynamoti-Brahmanbaria-Sarail to provide transit facilities to Indian trucks. In addition, the LOC will finance the upgrade of Chittagong and Mongla seaports under the transit and transhipment agreement between the two countries. The government will use $500 million to develop and upgrade three economic zones (EZs) in Bangladesh for Indian investors: $100 million to develop special EZ in Mirsarai, Chittagong, $100 million to develop special EZ in Moheshkhali, Coxs Bazar or Payra, Patuakhali, and $300 million for renovation of several other EZs. Under the third LoC, at least 75 percent of the procurement for service-oriented projects and 65 percent for public works projects must be made from India. Funds can be disbursed in 60 months at maximum after the expiration of the tenure set by commercial contracts under the new deal. In the existing agreements, it is 48 months for service sector and 72 months for projects. Waiving of 0.5 percent commitment charge from the third LoC will be considered by the Indian authority. Under the new LoC, the Exim Bank of India will open a representative office in Dhaka for smooth implementation of the projects. Officials, however, said some projects under the first and second LoCs faced difficulties in project implementation due to a limited tendering system within the Indian market. Source: http://www.daily-sun.com/post/282378/Delhi-seeks-quick-approval-to-power-grid-project

NBRS REVENUE COLLECTIONS FALL TK 12,622CR SHORT OF TARGET IN H1 Overall revenue earnings by the National Board of Revenue fell Tk 12,622 crore short of target in the first half of the current fiscal year 2017-2018 as revenue mobilisation in all fronts was below par. According to the provisional data of the NBR, tax officials managed to collect Tk 92,532 crore in July-December of FY18 against the collection target of Tk 1,05,154 crore for the period. All three wingsincome tax, value-added tax and customs dutyof the NBR failed to achieve their respective collection target by 14.78 per cent, 14.04 per cent and 6.53 per cent respectively in the period, the data showed. Officials of the NBR attributed to mainly ambitious revenue collection target set for the year and sluggish economic activities in the country for failure in achieving the target in the first six months of the year. The tax authority would have to collect Tk 1,55,658 crore or around 63 per cent of annual target of Tk 2,48,190 crore set for the NBR in the remaining six months, they said. Revenue collection needs to grow at the rate of 35 per cent to meet the annual target, which is almost impossible considering the existing economic activities and previous growth trend in revenue collection, they added. NBR officials said that like previous few years, the government would ultimately revise down the revenue target for the year in the last quarter. Growth rate in revenue collection has been on declining trend from the initial months of the fiscal year, they said, adding that deficit in collection has also been widening.

http://www.daily-sun.com/post/282378/Delhi-seeks-quick-approval-to-power-grid-project


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According to NBR data, revenue collection grew by only 15.38 per cent year-on-year in July-December of FY18, which is also lower than 17.78 per cent in the same period of last FY17. In July-September, revenue collection grew by more than 20 per cent year-on-year which dropped to 18.23 per cent in July-October and 16.68 per cent in July-November. The tax authority maintained an average growth in revenue collection at 14.28 per cent in the last five years with the highest growth at 18.96 per cent in FY17, they said. NBR collected Tk 1,85,004 crore in FY17. Deficit in tax receipts was Tk 9,550 crore in July-November of FY18 which was Tk 6,561 crore in July-October and Tk 3,355 crore in the first quarter of the year. According to NBR data, tax officials collected the highest Tk 34,808 crore in VAT followed by Tk 29,702 crore in customs duty and Tk 28,022 crore in income tax in July-December. VAT, income tax and customs duty collection grew by 14.10 per cent, 19.12 per cent and 13.19 per cent respectively in the period compared with the same months of FY17. The target for the VAT, customs and income tax wings for the period was Tk 40,492 crore, Tk 31,778 crore and Tk 32,883 crore respectively. The revenue board will have to collect Tk 91,000 crore in VAT, Tk 87,190 crore in income tax and Tk 70,000 crore in customs duty in the current fiscal year. Source: http://www.newagebd.net/article/32667/nbrs-revenue-collections-fall-tk-12622cr-short-of-target-in-h1

GOVT TO FOCUS ON FINANCING SDGS, 7TH FYP IN BDF The two-day Bangladesh Development Forum will begin tomorrow (Wednesday) where government will focus on financing gaps for implementation of sustainable development goals (SDGs) and implementation review of the seventh-five year plan. The government will emphasise on external resources, particularly attracting foreign direct investment, to meet the financing gaps at the discussions of the third BDF, a gathering of international lenders, donors and the government. Prime minister Sheikh Hasina is expected to inaugurate the forum titled partnership for development at Pan Pacific Sonargaon Hotel in Dhaka. Finance minister Abul Maal Abdul Muhith on Monday disclosed the details of the third BDF at a pre-BDF press conference held at NEC auditorium at Sher-e-Bangla Nagar in the capital. Economic Relations Division of the finance ministry will arrange the meeting where representatives of 28 bilateral and multilateral international lenders, donors and development partners will attend. We are stressing on investment, mainly FDI, to achieve the SDGs as financing will be a serious problem for the global agenda, Muhith said. Though the rate of FDI in the country is very slow, there are good signs to improve the situation as domestic investors are also bringing foreign investors in the country, he said. Enabling climate for investment is very important for attracting FDI, he added. We need trillions of dollars for SDGs and need to increase domestic resource mobilisation as we may not get so much money like the tenure of millennium development goals, Muhith said. Domestic resource mobilisation has been increasing over the last five years while disbursement of foreign loans has also been increasing, he said, adding that finally there will be no dearth of resources. Muhith hoped that Bangladesh in March would be enlisted for graduation from the status of the Least Developed Countries (LDC) and will finally graduate in 2024. Regarding Bangladeshs capacity to absorb the high interest rate of external loans after graduation from LDC status, he said that debt would not be a problem for Bangladesh at least for next 25 years. Replying to a question, finance minister said that the government would implement Dhaka-Sylhet four lane road project through own resources as China has declined to finance the project.

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ERD secretary Kazi Shofiqul Azam said that Bangladesh needed additional $928 billion for implementation of the SDGs. Of which, only 15 per cent is estimated to come from foreign sources, he said, adding that, of which, 10 per cent will come in form of FDI and 5 per cent as official development assistance. We will share these issues including implementation review of 7th FYP with the participants during the meeting, he said. There will be eight thematic working sessions on various issues including creating enabling environment for FDI and private sector engagement, addressing inequality, improving urban service delivery, LDC transition and quality education along with a key-note session on implementation of the 7th FYP and the SDGs. This year, director general of the OPEC Fund for International Development Suleiman Jasir Al-Herbish, for the first time, World Bank vice-president for South Asia region Annette Dixon, Asian Development Bank vice-president Wencai Zhang and Japan foreign ministry deputy director general Minoru Masujima will attend the forum. First BDF was held in 2009 and second was in 2015. Source: http://www.newagebd.net/article/32669/govt-to-focus-on-financing-sdgs-7th-fyp-in-bdf

RULES VIOLETED IN APPOINTING WORKERS REPRESENTATIVE, ALLEGE LEADERS Labour leaders have alleged that the real representation of the readymade garment sector workers has been ignored in the wage board formed on Sunday for the RMG sector as the government has violated rules in appointing workers representative to the board. Like the previous wage boards, this board would also be dominated by the RMG factory owners in the absence of the real representation of sector workers, they said. On behalf of 16 trade union federations, IndustriAll Bangladesh Council had submitted to the labour ministry the name of the workers representative for the RMG sector wage board but the government did not accept it, Mojibur Rahman Bhuiyan, chairman of IndustriAll Bangladesh Council, told New Age on Monday. He said that the IBC would convey its dissatisfaction over the appointment of workers representative to the wage board to the labour ministry. The government on Sunday formed the minimum wage board to review the wages for RMG workers, appointing Bangladesh Garment Manufacturers and Exporters Association president Md Siddiqur Rahman and Jatiya Shramik League women affairs secretary Shamsunnahar Bhuiyan as the owners and workers representatives respectively to the wage board. Babul Akter, president of the Bangladesh Garment and Industrial Workers Federation, said that the government had violated labour rules as it did not appoint workers representative to the RMG sector wage board from the highest-represented workers federation. According to the article 121 of the labour rules, if the highest-represented workers federation does not nominate representative for the appointment to the wage board, the labour department would seek representative for such appointment from the second highest-represented and third highest-represented workers federations. As per the rules, if there is no registered trade union in the sector, the department would seek representative from national federations involved with the sector. If there is no national federation with such connection, then the government would appoint workers representative to the wage board based on its own decision, the labour rules stipulate. Although the government has violated rules in appointing workers representative to the wage board, we appreciate the government for its initiative to review wages as the RMG workers have been suffering severe financial hardship, Babul, also former secretary general of the IBC, told New Age on Monday. He demanded Tk 16,000 as monthly minimum gross pay for the apparel workers.

http://www.newagebd.net/article/32669/govt-to-focus-on-financing-sdgs-7th-fyp-in-bdf


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Garment Workers Trade Union Centre president Mantu Ghosh and general secretary Joly Talukder expressed their dissatisfactions over the appointment of workers representative to the wage board saying that the real representation of the garment workers in the board has been ignored. The labour leaders feared that the RMG sector wage board might be dominated by the garment factory owners as two leaders of the party in power were appointed as the workers representatives (one as permanent and another as temporary) to the board who would not able to protect the interest of workers. The GWTUC, however, expressed its satisfaction over the formation of wage board for reviewing the wages for garment sector workers. The organisation will stage a demonstration in front of the National Museum in Dhaka on January 26 demanding Tk 16,000 as the minimum wage for RMG workers. Bangladesh Trade Union Centre general secretary Wajed-ul Islam Khan, however, said that it was very difficult to appoint workers representative from the RMG sector to the wage board as there were more than 70 trade union federations in the sector. Its not important for a person to be a RMG sector trade union leader to be appointed to the wage board as workers representative. The important thing is whether the workers representative is knowledgeable about the determination of minimum wages considering the present situation, he said. I think Shamsunnahar Bhuiyan is capable as the workers representative as she has a long history of struggle for establishing worker rights, said Wajed. Source: http://www.newagebd.net/article/32668/rules-violeted-in-appointing-workers-representative-allege-leaders

LIQUIDITY CRISIS LOOMS LARGE, SAYS IBBL CHAIR The countrys financial sector may face a liquidity crisis in the current year as it is an election year and the central bank would tighten money supply to rein in inflation, said Islami Bank Bangladesh Limited chairman Arastoo Khan on Monday. He said that the liquidity situation in the banking sector was already under stress because of rising imports of food, capital machinery for power plants and trade loans against subdued growth in export earnings and remittance inflow. He made the comments when addressing a press conference held at the IBBL office premises to disclose the banks business performance in 2017. Arastoo said as the main task of the central bank was to rein in inflation, Bangladesh Bank might go for a contractionary monetary policy in the upcoming monetary policy statement for January-June as it was also an election year. The next general elections of the country are likely to be held at the end of this year. Arastoo said that the central bank might raise interest rate and go for reverse repo in mopping up money from the market for controlling inflation. He said that as the private sector credit growth had already gone up to 19 per cent in November and was likely to be 20 per cent in December against the BB target of 16.3 per cent along with the rise in import payments, the pressure on the liquidity situation grew in last few months. I think there will be a liquidity crisis in the election year *this year+, he said. Arastoo said typically money flow grows in election year because of election-centric expenses. Although I think the central bank will go for contractionary monetary policy, it will also have to strike a balance for the additional election-centric expenses, he said. About the role of his bank, the IBBL chairman said that they would raise fund so that the money supply in the market remained stable. To maintain the fund flow in the bank, the bank has also decided to take any returns from remittance, said the IBBL chairman.

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The chairman said that the IBBL would focus more on financial technology and invest in small and medium enterprises. The bank increased its branches to 332 from 318 in 2017 and the bank targets to increase its agent banking outlets to 150-200 from 50 in the year 2018. Arastoo also said that as on December 31, 2017, IBBL reached deposit milestone of Tk 75,100 crore by adding more than Tk 7,200 crore to its deposit portfolio in last year. The bank achieved general investment base of Tk 70,100 crore this year, up Tk 8,400 crore on the previous year. IBBL consolidated its leadership in handling import, export and remittance business with Tk 38,500 crore, Tk 24,000 crore and Tk 23,300 crore respectively in 2017. Meanwhile, IBBL which is listed with the stock exchanges breached securities rules as the bank disclosed information that are price sensitive in nature during the trading hours without providing prior notice to the stock exchanges. Bangladesh Securities and Exchange Commission executive director Saiful Islam said, If the bank had declared such information, it obviously broke securities laws. According to the securities law, any listed company must send the price sensitive information to the stock exchange and the BSEC at the moment the company notices or comes to know the information. IBBL managing director and chief executive officer Abdul Hamid Miah, executive committee chairman Abdul Matin, audit committee chairman Zillur Rahman, director Syful Islam and additional managing director Mahbub-ul-Alam were present, , among others, at the briefing. Source: http://www.newagebd.net/article/32670/liquidity-crisis-looms-large-says-ibbl-chair

DHAKA STOCKS PLUNGE FOR 2ND DAY ON MPS JITTERS Dhaka stocks plummeted for the second consecutive trading session on Monday as investors continued selling shares, fearing that Bangladesh Bank might declare a tightened monetary policy later this month. DSEX, the key index of Dhaka Stock Exchange, lost 0.98 per cent, or 60.04 points, to close at 6,117.89 points on Monday after losing 61.42 points in the previous session. The DSEX lost 262 points in last eight trading sessions despite a slight gain on January 11. Market operators said the market opened positive, but after 20 minutes of trading it moved downward sharply as panic selling continued. The BB may announce monetary policy statement for the second half of the financial year 2017-18 at the end of January, tightening money flow in the financial sector. The central bank may consider the upward trend in food inflation and the election year when declaring the MPS that could hamper the fund flow to the capital market, market experts said. The BB has already taken a step to curtail the advanced deposit ratio of the banks that may cause liquidity crisis in the stock market, they said. The Centre for Policy Dialogues damning observations about the countrys banking sector also dampened the investors mood. The think tank at a briefing on Saturday said that the countrys banking sector was plagued by financial scams, non-performing loans, inefficiency and slack monitoring and supervision in 2017. On Monday, all the sectors except pharmaceuticals declined. Financial sectors led the nosedive as the average share prices of bank and non-bank financial institution sectors dropped by 1.8 per cent and 1.7 per cent respectively. Out of the 30 traded bank scrips, 26 declined, just two advanced and two remained unchanged while out of the 23 NBFI issues, 18 declined, just one advanced and four remained unchanged. Cement, energy and telecommunications also declined by 1.6 per cent, 1.00 per cent and 0.5 per cent respectively on Monday.

http://www.newagebd.net/article/32670/liquidity-crisis-looms-large-says-ibbl-chair


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Among the prominent scrips, BRAC Bank, City Bank, Beximco Pharmaceuticals and Grameenphone were the worse losers on the day. The turnover at the bourse, however, increased to Tk 406.14 crore on Monday from that of Tk 328.08 crore in the previous session. The capital bourse of the country witnessed another session of notable price correction today *Monday+ as liquidity shortage has made the market lose its vibrancy, said EBL Securities in its daily market commentary. Stocks from the bank sector have continued taking the brunt, it said adding that investors selling pressure was spurred on stocks from bank, NBFI and fuel and power sectors. Of the 335 companies and mutual funds traded, 256 declined, 40 advanced, and 40 remained unchanged. DS30, the blue-chip index of the DSE, also shed 0.78 per cent, or 17.63 points, to finish at 2,224.86 points after losing 17.74 points in the previous session. Shariah index DSES declined by 0.78 per cent, 7.93 points, to close at 1,376.39 points. Grameenphone led the turnover chart on the day with its shares worth Tk 39.50 crore changing hands. Square Pharmaceuticals, IFAD Autos, Merchant Bank, National Tubes, City Bank, United Power Generation Company, BD Thai, Dragon Sweater and BRAC Bank were the other turnover leaders. Popular Life Insurance Company increased most with a 3.79-per cent rise in its share prices, while Jute Spinners Limited was the worst loser, shedding 8.81 per cent. Source: http://www.newagebd.net/article/32671/dhaka-stocks-plunge-for-2nd-day-on-mps-jitters

BKASH, MTB LAUNCH REMITTANCE SERVICE Mobile financial service provider bKash Limited and Mutual Trust Bank on Monday launch an international remittances service enabling bKash customers to receive remittances directly into their accounts, said a news release. State minister for ICT Division, Zunaid Ahmed Palak inaugurated the service, at the Hotel Westin in the city along with Lila Rashid, general manager of payment systems department Bangladesh Bank. Kamal Quadir, chief executive officer of bKash and Anis A Khan, managing director and chief executive officer of MTB along with senior officials of both organisations were present during the launching ceremony. The newly launched service allows Bangladeshi around the world to use MTBLs partner exchange houses and its affiliated money transfer operators abroad for sending cross-border remittances that can be received by bKash customers instantly, 24/7, the release added. The funds can be accessed instantly. Kamal hoped the newly launched service with MTB would encourage more commercial banks to come forward and build partnership with MFS providers to leverage latters countrywide vast agent networks to deliver remittances in more efficient, secured and faster way. Anis said, The partnership with bKash will help us to deliver the remittances service at the doorsteps of our customers at low cost. The digital transactions will bring more efficiency in remittances delivery system by cutting cost and travelling time of our customers. Earlier, bKash launched several international remittance receiving service in partnership with BRAC Bank with several global money transfer network including Western Union and TRANSFAST. Source: http://www.newagebd.net/article/32672/bkash-mtb-launch-remittance-service

http://www.newagebd.net/article/32671/dhaka-stocks-plunge-for-2nd-day-on-mps-jittershttp://www.newagebd.net/article/32672/bkash-mtb-launch-remittance-service


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FOUR YEARS ON, NINE NEW BANKS YET TO FULFILL CENTRAL BANKS CONDITIONS Since obtaining licences under political consideration in 2012, none of the nine new banks have managed to fulfill the four conditions they were given by Bangladesh Bank before going into operation. Rather the authorities of the banks are now unitedly pushing the central bank to relax the conditions. Local entrepreneurs own six of the banks: Midland Bank Limited, Meghna Bank Ltd, The Farmers Bank, Union Bank Ltd, Modhumoti Bank Limited, South Bangla Agriculture and Commerce Bank Limited. The other three NRB (Non-resident Bangladeshi) Commercial Bank Limited, NRB Bank and NRB Global Bank Ltd belong to Bangladeshi expatriate entrepreneurs. In a letter written to Bangladesh Bank, the banks urged that it ease the conditions on enlistment in stock markets, providing agricultural loans, corporate social responsibility (CSR) spending and opening a branch in villages against each branch in cities. A Bangladesh Bank official, requesting anonymity, said despite providing licences, the central bank could not completely monitor these banks as they are owned by politically influential people. This is why the banks are operating whimsically, leaving the conditions set by the BB unfulfilled four years after securing licences. And now they want the conditions relaxed, he added. Some of the banks have been linked to loan scam, aggressive lending, high default loans and violation of banking regulations, among other issues, posing a serious threat to the banking sector. A recent report of the central bank termed the irregularities of The Farmers Bank and NRB Commercial Bank Limited systematic risks for the entire sector. Bangladesh Bank, the report further said, had failed to make the two banks follow its rules, despite repeated attempts and warnings in this regard. When contacted, M Mahfuzur Rahman, executive director and spokesman for the central bank, said if the licence-holders are more powerful than the authorities, they will never comply with any kind of condition no matter what. Hence it is mandatory that the central bank be made more competent, earnest and powerful. But we are not on the right track in any of the three components, thus failing to oversee the operation of the nine banks properly, he said. Had Bangladesh Bank had proper control over the banks, they would have followed the conditions as mentioned in their licences, causing less anomalies in the banking sector, the official observed. He also blamed Bangladesh Bank for the situation, as it failed to take action against the banks on time, despite sensing the issues taking place. So, (considering the overall situation) I am concerned and in panic and fear. If the situation continues, the countrys banking sector will face much more debacle in future, Mahfuzur further said. It is high time the authorities took the helm of the situation, otherwise it will worsen to a greater extent. Customers will lose confidence and trust on any bank operating in Bangladesh, he stated. According to Bangladesh Bank officials, despite political consideration, the central bank had issued the licences to the nine banks on 16 conditions including innovation in providing services. But not a single bank could bring out a new product in the last four years. Instead the banks have been engaged in ill competition among themselves, ultimately running aggressive banking. The central bank officials also said some of the conditions have already been relaxed following pressure and intervention from a special quarter. Speaking about the situation, former Banglaesh Bank Governor Dr Salehuddin Ahmed figured out the central banks loophole in ensuring the implementation of the conditions. The central bank should be strict in this case, he suggested, saying: Defying rules is like an ailment for new banks. Moreover, these banks are involved in ill competition through aggressive lending.


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This malpractice is also spreading in other banks, all of which need solution too, added the seasoned banker. The Farmers Bank is already facing an acute financial crisis. Duly, it is failing to both disburse loans and return the deposited money to its clients, causing them to express resentment over the poor services of the bank. The NRB Commercial Bank is also on its way to embracing a similar fate. However, the BB has finally taken some measures to help the two banks get rid of the problems as it restructured the board of directors of the banks and removed their managing directors (MDs). A report of the Finance Ministry reads that The Farmers Bank has been experiencing liquidity crisis for the last one year. The situation is so bad that the bank now is not even in a state to repay the deposited money to its customers. The bank authorities kept on failing to maintain its cash reserve ratio or CRR with the BB since April last, it continued. The NRB Commercial Bank, the report found, is gripped with irregularities in loan disbursement and poor internal controlling system. Pradeep Kumar Dutta, adviser of The Farmers Bank, said the governing body of the bank could not work properly. More loans were sanctioned due to pressure from our board of directors, leading to the financial crisis, he said, adding that the others banks facing similar problems can take lessons from The Farmers Bank. Ever since the start of their journey, many of the nine banks saw their MDs lock into dispute with their respective board of directors. In such a case, AKM Shahidul had to step down as the managing director of Midland Bank. Meghna Bank MD Kaiser A Chowdhury did the same over regular intervention of the banks governing body in the banks activities. Mohammad Nurul Amin was later appointed to the post, but was forced to resign over the same issue. Nurul Amin said: The instigation or unprofessional attitude or even unwanted pressure from the co-owners of a bank are to blame for a bank facing recent issues. Replying to a question whether Meghna Bank embodied such issues, he said: I stood down as the banks MD on a personal ground. Among the BB conditions, the new banks were asked to issue initial public offering equivalent to their sponsors capital within three years of inception, meaning they were supposed to float shares worth Tk400 crore against the entrepreneurs investment of the same amount after the stock market enlistment. But, none of the nine banks managed to do so even in four years. While issuing the licences in 2012, the BB had asked the banks to disburse at least 5% of their total loans as agriculture credit in a year and spend at least 10% of their net profit in the interest of underprivileged people under their corporate social responsibility programs, but both conditions are yet to see the light of the day. The governments move to approve the banks had drawn flak, with many demanding that the banks not be given go-ahead to operate. Then again, the six banks owned by local entrepreneurs managed to earn approval with the pledge to bring rural population under banking coverage. On the other hand, the three banks belonging to NRBs bagged green signal from the government as their owners had promised to boost remittance inflow and foreign investment in Bangladesh. Source: http://www.dhakatribune.com/business/banks/2018/01/16/four-years-nine-new-banks-yet-fulfill-central-banks-conditions/

http://www.dhakatribune.com/business/banks/2018/01/16/four-years-nine-new-banks-yet-fulfill-central-banks-conditions/http://www.dhakatribune.com/business/banks/2018/01/16/four-years-nine-new-banks-yet-fulfill-central-banks-conditions/


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POWERING THE WAY TO PROSPERITY Over the last decade, Bangladesh has experienced booming economic growth, rapid urbanisation, and increased industrialisation right on track with Prime Minister Sheikh Hasinas vision to turn Bangladesh into a middle-income country by 2021, a vision first articulated during the 2008 national elections. In 2009, when the AL-led government assumed office, the nation was suffering from a chronic power crisis. The average power demand at the time was about 6,000MW while the national power generation capacity was less than 5,000MW. Ordinary citizens suffered immensely due to the daily eight to 10 hours of load-shedding during the stiflingly hot summer months. Now the generation capacity has increased to more than 16,000 MW which is very much at par with the capacity as declared in the ruling partys election manifesto. Progress: 2009-2017 Since 2009, the administration has been working relentlessly to realise our PMs vision for the nation, part of which entails 100% electricity coverage by 2021; the Power Division expects to achieve this even sooner. In 2009, access to electricity was just 47% now it stands at 83%. In line with Vision 2021, the power sectors objectives also include ensuring reliable and affordable electricity supply to all. The rapid economic and industrial growth as well as rapid urbanisation that we have been witnessing over the years was only possible because of the governments comprehensive efforts to develop the power sector. During 2015-2016, 1,586MW of power was added to the national grid.

The progress made in our power generation is also reflected in the surge in per capita electricity consumption and in the number of subscribers. What was achieved from 1971-2009 has been achieved and tripled in the last nine years by the present government. However, as the nation continues to develop, demand for electricity will also grow rapidly and we must keep working to ensure sufficient supply. Initiatives: 2009-2017 During the nine years of the current administration, a good number of new initiatives have been taken in the power sector, resulting in the landmark achievements shown in the table below. Some of those initiatives are briefly described as follows: Cross-Border Electricity Trade (CBET) By facilitating power exchange through regional cooperation, CBET allows Bangladesh to import 660MW of electricity from India. The government plans to import a further 3,500MW by 2021. High-Voltage DC (HVDC) The first-ever 400kV HVDC line has been established to import 500MW of power through the Bangladesh-India Grid Interconnection.


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The 54.7ckt-km double circuit line was built in 2013 to transmit electricity by converting into high-voltage DC from AC and then converting back into 230kV AC at the Bheramara station in Bangladesh. Grid-tied solar power and solar mini-grids The first grid-tied solar power-plant in Bangladesh was installed at Sarishabari, Jamalpur with a capacity of 3MW, and last month, the PM inaugurated a 400KW solar mini-grid in the Sunamganj district. The mini-grid project is the largest in the country and one of the largest in the world, providing power to around 1,000 marginalised households in the remote haor areas. As part of off-grid electrification, the government is also distributing solar home systems (SHS), mini-grids, and micro-grids. So far, 4.5 million SHS and 10 mini-grids have been installed in off-grid rural areas, with an aim to install 6 million SHS and 50 mini-grids by 2018 to cover about 10% of the total population. Mega Projects The government has undertaken 13 mega projects in co-operation with India, Japan, China, Malaysia, South Korea, and Singapore, to set up coal-based power-plants generating up to 5,925MW. The primary work for the projects is underway in both the public and private sectors, with the Payra power-plant set to be the first to begin operation in April 2019. Prepaid metering system A nationwide pre-paid metering system is being introduced to enable easier bill payment and ensure 100% collection of electricity bill. Once the installation process is completed, consumers can no longer use electricity without paying for it. The 700,000 pre-paid meters installed so far have already led to significantly lower system loss and also less wastage by consumers and thus lower demand. ICT in Power Sector In order to facilitate good governance through higher quality customer service, greater efficiency, transparency, and accountability, the Power Division has digitsed the sector to a large extent. In addition to online power connections and bill payment systems, PMIS and complaints management systems have also been introduced. A comprehensive website for the Ministry of Power, Energy, and Mineral Resources has been developed, which is playing an important role in social communication and promotion. Underground system The government has decided to build an underground distribution system in major cities. The state-owned power distribution companies DPDC and DESCO have adopted several plans to establish underground distribution sub-stations and supply-lines to switch to a modern underground power-distribution system. Public-Private Partnership (PPP) in Transmission The government has decided to implement electricity transmission projects under PPP for the first time. The Sustainable and Renewable Energy Development Authority (SREDA) Established in 2012, SREDA aims to promote renewable energy, energy efficiency and to mitigate risks associated with natural calamities stemming from global warming in Bangladesh. Bangladesh Energy and Power Research Council (EPRC) EPRC has been established to attract international experts who can help to create in-country expertise through scientific collaboration. It will strengthen and mobilise our research capabilities at universities, public/private research organisations, and industry practitioners as well as assist individual entrepreneurs to develop new technologies and innovative solutions. Bangladesh Power Management Institute (BPMI)


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BPMI came into operation last year with the goal of providing technical skills training and capacity-building to create efficient manpower for both public and private sectors companies in the power sector. The campus is being built in the suburb of Keraniganj over 25 acres of land. Source: http://www.dhakatribune.com/business/2018/01/16/powering-way-prosperity/

PUBALI BANK LTD SIGNS AGREEMENT WITH BANGLADESH BANK Pubali Bank Limited signed a participatory agreement with Bangladesh Bank (BB) on Second Small & Medium Sized Enterprise Development Project (SMEDP2) at the conference room of the central bank headquarters recently. With the financial support of Asian Development Bank (ADB) and the government of Bangladesh, the agreement was signed under the refinance scheme of $240 million to expand financial services for the development of Cottage, Micro, Small & Medium Enterprises (CMSME). Pubali Bank Ltd Managing Director and CEO Md Abdul Halim Chowdhury and Bangladesh Bank General Manager of Financial Inclusion department Md Abul Bashar signed the agreement on behalf of their respective organizations. SK Sur Chowdhury, deputy governor of Bangladesh Bank was present in the ceremony as chief guest while Cai Li, deputy country director of ADB and Pradip Kumar Datta, general manager of Credit Division of Pubali Bank Limited, along with other senior officials of both the organizations were also present on the occasion. Source: http://www.dhakatribune.com/business/banks/2018/01/15/pubali-bank-ltd-signs-agreement-bangladesh-bank/

LANKA BANGLA FINANCE INKS DEAL WITH BANGLADESH BANK FOR SME DEVELOPMENT

PROJECTS Langka Bangla Finance and Bangladesh Bank signed an agreement for Small and Medium-sized Enterprise (SME) development project. Langka Bangla Finance Managing Director (current charge) AKM Kamruzzaman, FCMA and Bangladesh Bank Financial Inclusion department General Managing Md ABul Bashar signed the agreement on behalf of their respective organizations. SK Sur Chowdhury, deputy governor of Bangladesh Bank, was present as the chief guest at the program. Asian Development Bank Country Director Kylie, Langka Bangla Finance Ltd Head of SME division Kamruzzaman Khan were also present on the occasion. Source: http://www.dhakatribune.com/business/banks/2018/01/15/lanka-bangla-finance-signs-

agreement-bangladesh-bank-sme-development-projects/

GDP CAN WITNESS 10PC GROWTH EXPLORING BLUE ECONOMY Experts have called for accelerated moves for exploring blue economy saying it could reach the GDP (Gross Domestic Product) to a staggering 10 per cent growth in one decade with Bangladeshs now expanded maritime boundary, reports BSS. If we can properly tap the potentials of blue-economy, then well be able to raise the GDP growth to 10 per cent in the next one decade, said Prof Mustafizur Rahman, Honorary Fellow of Center for Policy Dialogue while talking to the news agency. He also cited bright prospect in the countrys marine-resources based Blue Economy following the settlement of maritime boundary disputes with neighboring Myanmar and India. We need to properly extract marine resources, protect these resources and thus utilise those in a sustainable manner, Dr Mustafizur said, adding that the marine resources feature different mineral resources including oil and gas alongside fisheries and aquatic resources.

http://www.dhakatribune.com/business/2018/01/16/powering-way-prosperity/http://www.dhakatribune.com/business/banks/2018/01/15/pubali-bank-ltd-signs-agreement-bangladesh-bank/http://www.dhakatribune.com/business/banks/2018/01/15/pubali-bank-ltd-signs-agreement-bangladesh-bank/http://www.dhakatribune.com/business/banks/2018/01/15/lanka-bangla-finance-signs-agreement-bangladesh-bank-sme-development-projects/http://www.dhakatribune.com/business/banks/2018/01/15/lanka-bangla-finance-signs-agreement-bangladesh-bank-sme-development-projects/


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Last year the government formed the blue-economy cell to ensure proper exploration of marine resources besides ensuring proper coordination in this sector. Additional Secretary Golam Shafiuddin, who is also in charge of this cell, told the news agency that this Blue Economy Cell has been coordinating the activities of 17 ministries and divisions concerned. The meeting of this cell is held in every two months. He said around 5 per cent of GDP needs to be added from the sea and marine resources to the national economy to become a developed economy. The future of marine-based economy has a bright potential and the government is very much sincere in this regard, Shafiuddin added. Talking to the national news agency, chairman of Department of Oceanography of the University of Dhaka Professor Dr Kawser Ahmed said The Territorial Water and Maritime Zones Act was first enacted in 1974 during the tenure of Father of the Nation Bangabandhu Sheikh Mujibur Rahman. He said not only in Bangladesh, but many countries in the world were also not aware of such thing. But, Father of the Nation had such farsightedness that he had then enacted the maritime boundary related act to ensure the rights of Bangladesh in the Bay of Bengal, Prof Kawser also echoed with the 'Blue Economy' cell chief saying that Bangladesh needs to add around 5 per cent of GDP from the 'Blue-Economy' to the national economy to attain the SDGs. He underscored the need for properly utilising the marine resources without harming the environment of the sea. Source: http://www.theindependentbd.com/post/132912

GOVT TO INK $60M DEAL WITH OFID The government is set to sign two loan agreements with the OPEC Fund for International Development (OFID) for US $60 million aiming to implement the Payra Bridge (Lebukhali Bridge) Project and the South Asia Sub-Regional Economic Cooperation (SASEC) Road Connectivity Project, reports BSS. Economic Relations Division (ERD) secretary Kazi Shofiqul Azam and OFID director general Suleiman J Al Herbish will sign the loan agreements on behalf of their respective sides after the inauguration of the Bangladesh Dev elopement Forum (BDF), 2018 in the capital , an ERD official told the news agency yesterday. Under the agreements, he said, the money coming from the OFID will be apportioned into $30 million of loan as additional funding for the construction of Lebukhali Bridge over the Payra River and $30 million to be used to meet an extra cost of SASEC Road Connectivity Project. Source: http://www.theindependentbd.com/post/132910

DSE, CSE SEE MIXED IN EARLY TRADING Both the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) witnessed mixed trend in early trading on Monday as investors remain active on both sides of the trading session. Following the previous day's correction, the Dhaka Stock Exchange (DSE) opened higher while the Chittagong Stock Exchange (CSE) saw negative trend amid low turnover. But after first hour of trading, the DSE lost 16.19 points while the Selective Category Index of the port city bourse advanced 43.02 points at 11:52am. DSEX, prime index of the DSE, went down by 16.19 points or 0.26 percent to stand at 6,101.70 points at 11:52am. DS30 index, comprising blue chips also fell 3.58 points or 0.15 percent to stand at 2,238.92 points. However, the DSE Shariah Index (DSES) saw gain of 1.67 points or 0.07 percent to 1,384. Trade deals stood at 24,506 with transaction at Tk 1,332 million on the DSE after first hour of trading.

http://www.theindependentbd.com/post/132912http://www.theindependentbd.com/post/132910


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Of the issues traded till then, 80 advanced, 162 declined and 61 remained unchanged. Grameephone was the most traded stocks till then with shares worth Tk 330.89 million changing hands, followed by Square Pharma, Natioanl Tubes and IFAD Autos at 12:34 pm However, the Chittagong Stock Exchange saw positive trend till then with its Selective Category Index - CSCX - advancing 43.02 points to stand at 11,412 points, also at 11:52am. Of the issues traded till then, 39 gained, 57 declined and 26 remained unchanged with TK 35.18 million in turnover. Source: http://www.theindependentbd.com/post/132798

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