Dhaka, Bangladesh (BBN) – The BBN (Bangladesh Business News) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.

NBR gets down to work on tax rate rationalization
The National Board of Revenue (NBR) has initiated the process of rationalising the tax rates after being directed by new finance minister AHM Mustafa Kamal. Officials said the existing tax rates for corporate and individual taxpayers will be reviewed, looking at the possible impact on the revenue in case taxes are raised or lowered next year.

Financial sector woes to weigh on GDP growth
The troubled financial sector will pose a big challenge to the government’s goal of achieving higher economic growth in future, speakers said yesterday. “The performance of the financial sector is deteriorating and a reform is needed,” said Prof Shamsul Alam, a member of the General Economics Division of the planning commission.

Foreign exchange market going through volatility
The foreign exchange market has been going through volatility owing of the extending demand-supply gap of US dollars. To stabilize the foreign exchange market, Bangladesh Bank has continued to sell dollars to banks. As of January 16, 2019, the inter-bank exchange rate of the US dollar stood at Tk83.95, up from Tk78.88 two years earlier, increasing almost by Tk6.

Bangladesh’s private credit growth falls drastically in December
Private sector credit growth in Bangladesh dropped significantly in December because the lower demand for loans, due to the elections, bankers said. They, however, predicted that the existing growth in credit flow to the private sector may continue till March as preparation for complying with the central bank’s revised advance-deposit ratio (ADR) rules by some banks are now underway.

Bangladesh’s stocks gain for fourth straight week
Bangladesh’s stocks kept the gaining streak for the fourth straight weeks that ended on Thursday as some investors continued their buying spree on sector-wise issues. Brokers said stocks maintained its post-election rally amid spontaneous participation despite some investors booked profit later part of the week.

BPO showing great promise
The business process outsourcing (BPO) sector grew 20 percent year-on-year to about $300 million last year riding on a few government services, said industry insiders. In recent times, the National Board of Revenue has opened up its back office to the private sector, said Wahidur Rahman Sharif, president of the Bangladesh Association of Call Centre and Outsourcing (BACCO).

EC sets upazila polls spending at Tk 6.77b
The election authorities have estimated the cost at Tk 6.77 billion (677 crore) for holding the upcoming fifth upazila (UZ) council polls across the country. According to officials concerned, nearly 67 per cent of the projected requirement of funds would be used to maintain law and order.

Stockbrokers seek liquidation rules for delisted firms
Dhaka Stock Exchange Brokers Association has requested market regulator Bangladesh Securities and Exchange Commission to set liquidator with the task of liquidating a delisted company, paying back its loans and buying back its public shares. It said that liquidation of a company after being delisted from the stock exchange was an international practice and the association was making the proposal following international standards.

BBN/SSR/AD