Stocks fall for fourth straight day
Curious case of Master Feed Agro stake succession
Insurance stocks saved DSEX from bigger fall
Economy
Commercial Banks’ forex balances stood at USD 5.53bn in June 2023
July 24, 2023
• Gross foreign exchange balances held by commercial banks in Bangladesh rose to a 19month high of USD 5.53bn in June, central bank data showed.
• The previous high of USD 5.58bn was registered in November last year.
• June's holdings were up 6.23% from the USD 5.21bn held at the end of 2021-22 and an increase of 8% from May this year when it stood at USD
5.12bn.
From: https://www.thedailystar.net/business/economy/news/banks-forexbalances-the-rise-3377806
BB can now initiate forced merger of banks
July 24, 2023
• From now on, the Bangladesh Bank will be able to initiate forced mergers of any bank if the board of directors and management are found to be involved in activities that go against the depositors' interest.
• The banking regulator has been vested with the power in the newly amended Bank Company Act 2023, according to a gazette notification published by the central bank on Monday (24
July).
• The amended Bank Company Act states that the central bank will be able to take multiple measures to consolidate or reorganise any banking company if the regulator finds that the banking company failed to implement the recovery action plan.
From: https://www.tbsnews.net/economy/banking/bb-can-now-initiateforced-merger-banks-670946
Central bank issues clean-note policy
July 24, 2023
• Bangladesh Bank on Monday issued a clean-note policy, first of its kind in the country, to provide citizens with high-quality clean notes while removing worn-out ones from the circulation.
• It has installed three high-speed automatic notesorting machines - two in the headquarters in Dhaka and one in its Bogura office - as the traditional destruction system is a timeconsuming process, according to a circular issued on Monday.
From: https://today.thefinancialexpress.com.bd/last-page/central-bankissues-clean-note-policy-1690219663
BDT 52.69bn DNCC budget announced
July 24, 2023
• Dhaka North City Corporation (DNCC) has announced a BDT 52.69bn (USD 492.4mn) budget for fiscal year 2023-24, reports BSS. In FY 2022-23, the budget was BDT 50.49bn (USD 471.9mn).
• The revenue income from own sources is estimated to be BDT 18.30bn while BDT 147.5mn (USD 1.4mn) is expected to come from other sources and BDT 45.7mn (USD 0.4mn) from grant or assistance.
• The government would provide BDT 541.2mn (USD 5.1mn) as grant (development assistance). Besides, BDT 23.89bn (USD 0.2bn) will come from government and foreign aid-based projects.
From: https://today.thefinancialexpress.com.bd/last-page/tk-5269b-dnccbudget-announced-1690219805
Travel tax rises to record BDT 14.69bn in FY23
July 24, 2023
• Travel tax collection by the National Board of Revenue hit record high of BDT 14.69bn (USD 137.3mn) in July to June period of the recently concluded financial year 2022-23, according to NBR data.
• The NBR collected BDT 4.63bn (USD 43.3mn) more as travel tax from outgoing international passengers using air, land and waterways against the target of BDT 10.06bn (USD 94mn) that was set for FY23.
From: https://www.newagebd.net/article/207751/travel-tax-rises-torecord-tk-1469cr-in-fy23
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Japan vows to continue support for Bangladesh to be developed country by 2041
July 24, 2023
• Visiting Japan’s Minister for Economy, Trade and Industry (METI) Nishimura Yasutoshi has vowed that Tokyo would extend its full cooperation to Bangladesh in her endeavor to become a highincome country by 2041.
• He made the pledge at a bilateral meeting with State Minister for Foreign Affairs Md. Shahriar Alam at the State Guest House Jamuna in the capital, a foreign ministry press release said in Dhaka.
From: https://thefinancialexpress.com.bd/economy/bangladesh/japanvows-to-continue-support-for-bangladesh-to-be-developed-country-by-
Capital Market
CSE revises Shariah Index, effective from Aug 3
July 24, 2023
• The Chittagong Stock Exchange (CSE) has reviewed its Shariah - an index of Shariahcompliant companies on the basis of performance of the listed companies.
• The new index will come into effect from August 3. The port city bourse reviews the index twice in a year, according to a statement of the port city bourse on Monday.
• As per the latest revision, nine companies --- Apex Foods, Bangladesh Building Systems, Beximco, Chartered Life Insurance, GBB Power, Global Islami Bank, GQ Ball Pen, Libra Infusions and Square Pharmaceuticals have been included in the list.
• On the other hand 10 companies ---Aman Feed, Bangladesh Lamps, Eastern Housing, Far Chemical Industries, Genex Infosys, Golden Harvest Agro Industries, Khulna Printing & Packaging, Matin Spinning, Ring Shine Textiles, and United Power were excluded from the previous list.
From: https://thefinancialexpress.com.bd/stock/bangladesh/cse-revisesshariah-index-effective-from-aug-3
Food
Public food stock surges to 18-month high
July 24, 2023
• Public food stocks in Bangladesh rocketed to an 18-month high in July thanks to higher procurement, imports of grains and reduced distribution, official figures showed.
• On July 23, the stock of rice and wheat at public storage facilities stood at 1.95mn tonnes, the highest since January 2022, according to data from the food ministry.
• In January last year, Bangladesh's public food stock was 1.99mn tonnes, the highest on record.
From: https://www.thedailystar.net/business/economy/news/public-foodstock-surges-18-month-high-3377811
note: this post is for research and analysis only