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DSE allowed direct access to firms’ credit info for verification
A senior DSE official said getting access to the CIB will reduce time and complexity of the process
Turnover below Tk200cr as 99% investors sit on sidelines
Two textile firms allowed to issue stock dividends
Bangladesh Stock Market News
Mahmud Hossain Opu/Dhaka Tribune
170,000 BO accounts closed in 6 months
There are now 1.86 million BO accounts, a drop of 8.7% from what was in mid-July
18 hours ago
Economy
Govt, ADB ink USD 628m deals for dev, climate projects
December 26, 2022
· The government and the Asian Development Bank (ADB) on Monday signed loan and grant agreements worth USD 628 million for the implementation of three infrastructural development and climate resilience projects.
· The ADB will provide USD 278 million in loans for the "Third Public-Private Infrastructure Development Facility (Tranche 2)", USD 100 million for the "Greater Dhaka Sustainable Urban Transport Project (BRT-Gazipur)", USD 246 million for the "Coastal Towns Climate Resilience Project" and a grant of USD 4 million for the "Coastal Towns Climate Resilience Project".
From: https://www.tbsnews.net/economy/govt-adb-ink-628m-deals-dev-climate-projects-558134
https://today.thefinancialexpress.com.bd/last-page/govt-adb-sign-loan-deals-worth-62829m-1672077756
https://www.newagebd.net/article/190035/bangladesh-adb-sign-loan-agreements-worth-62829-million
Govt borrowing from BB crosses BDT 1 lakh crore
December 26, 2022
· The government’s borrowing from the Bangladesh Bank crossed record BDT 1 lakh crore as of December 15, which may raise inflationary pressure in the country.
· According to the latest Bangladesh Bank data, the government’s borrowing from the central bank reached BDT 1,04,884.09 crore as of December 15 from that of BDT 17,810 crore as of December 15, 2021.
· The amount was BDT 86,403 crore on November 15, BDT 72,700 crore at the end of September and BDT 55,866 crore in June.
· Policy for Research Institute of Bangladesh executive director Ahsan H Mansur said that bank meant printed money was injected into the market that could flare up inflation as it would push up the consumer price level further.
· He said that the excessive borrowing from the BB was alarming as people had already been struggling with high inflation.
· The government’s borrowing from the central bank ballooned as its borrowing requirement rose significantly and banks were struggling with liquidity shortage. Mansur said.
· Besides, borrowing from banks is costly and the government does not want to increase its interest burden, he said.
From: https://www.newagebd.net/article/190052/govt-borrowing-from-bb-crosses-BDT-1-lakh-crore
Rate caps doubly block bank, bourse dev: WB
December 27, 2022
· The multilateral development financier feels that interest-rate caps pose roadblocks to advances of both the banking sector and the capital market.
· It points out three key factors, including the existing 9.0-percent lending cap, which are hindering development of the country's capital market and banking sector as well.
· The other major hindrances are the current framework for the issuance of state-run savings certificates and the absence of a reliable yield curve on the primary and secondary markets.
· The WBG thinks the lending cap constrains the price discovery and the formulation of a reliable yield curve on the government bond market.
· As such, the WBG has suggested a review of such provisions and reconstituting the committee on long-term finance-and capital-market development.
· It sees a gradual withdrawal of the lending-rate cap as 'critically' important.
Number of mobile internet connections decreases for three months
December 26, 2022
· The number of active mobile internet connections in the country dropped for the third month in October to reach 12.62 crore, according to Bangladesh Telecommunication Regulatory Commission data.
· The drop in the number was the highest in October.
· According to the data, the number of mobile internet connections in the country was 12.63 crore in September.
· The data showed that apart from mobile internet connections there were about 1.15 crore broadband connections in the country.
· The number of broadband internet connections remained unchanged in October.
· The number of total internet connections (mobile and broadband) in the country rose to its peak in July 2022 with 12.75 crore connections.
· GP held about 8.14 crore connections, Banglalink’s held 3.92 crore connections, Robi Axiata had 5.43 crore mobile connections and Teletalk had about 67 lakh mobile connections in October.
Capital Market
Evince Textiles to invest BDT 20cr to raise capacity
December 27, 2022
· Evince Textiles Ltd is going to spend BDT 20.42 crore to buy capital machinery in order to raise its manufacturing capacity.
· The board of directors has decided to purchase or import brand new capital machinery in order to increase the production capacity and finishing quality, according to a posting on the Dhaka Stock Exchange yesterday.
Berger supplies industrial, decorative paints to Dhaka Metro Rail project
December 26, 2022
· Berger Paints Bangladesh Limited is a partner of the Dhaka Metro Rail project for supplying both industrial and decorative paints, said a press release on Tuesday.
· In 2012, the mass rapid transit Line 6 project was approved by the Executive Committee of the National Economic Council to develop the 20.1km long metro rail from Uttara to Motijheel.
· Berger supplied all paint-related materials to the Uttara Depot. Additionally, in all stations from Uttara to Motijheel, Berger supplied and helped in the paint application process. Starting from the base construction with Berger Fosroc Limited construction chemicals to the building completion with decorative and protective coatings, Berger has been a part of the entire metro rail construction process, the release added.
· Moreover, all the coatings applied on the metro rail (MRT Line 6) project are premium. All the stations have been coated with Berger’s Luxury Silk Emulsion and High-build Anti Dust Epoxy Coating.
note: this post is for research and analysis only