Ambee Pharma restrained from paying stock dividends
Sonali Investment gets back IPO quota facility
2022's overvalued stocks that defy investment formulae
Many listed companies have been traded at abnormally high P/E (price to earnings) ratio in the outgoing year when the market has remained persistently gloomy and their peers with good fundamentals have languished at floor prices in absence of buyers....
Changes brought by bearish market may bear long-term fruits
Economy
Remittance up by 4.23% in Dec
January 01, 2023
· Remittance inflow to the country has increased by 4.23% year-on-year to $1.7bn in December last year, according to the Bangladesh Bank data.
· The country received $10.49bn from July to December against $10.24bn for the same period of the previous fiscal.
· Besides, a 2.48% year-on-year growth in remittance earnings has been reported in the first six months of the current fiscal.
· Total remittance received $22.07bn in 2022, almost unchanged from a year earlier.
From: https://www.tbsnews.net/economy/remittance-429-dec-561334
After fuel oil, govt now to open power distribution to private sector
January 01, 2023
· The government is set to open the electricity distribution system for the private sector after a similar move to end the import and supply monopoly of fuel oil a month ago.
· Amid the volatile energy price in the global market, the government has decided to open the fuel oil import, storage and distribution to the private sector to curb the state subsidy for fuel.
· State Minister for Power, Energy and Mineral Resources Nasrul Hamid said the matter will be announced within this month.
BDT100 bn fund formed amid talks of contracting EDF
January 01, 2023
· The central bank has set up a new fund of BDT100bn for exporters.
· A central bank official said lending from the EDF has already been scaled back.
· Export-oriented companies will get BDT500mn to BDT20,000mn loans at 4% interest to procure raw materials.
· State Minister for Power, Energy and Mineral Resources Nasrul Hamid said the matter will be announced within this month.
From: https://www.tbsnews.net/economy/tk10000cr-fund-formed-amid-talks-contracting-edf-561522
BDT102 per dollar for exporters
January 01, 2023
· From 2nd January, 2023, businessmen will receive BDT102 per dollar for export proceeds.
· However, the dollar rate for remittances has been left unchanged at BDT107.
· On 30 November 2022, the dollar rate for export proceeds was raised from BDT100 to BDT101.
From: https://www.tbsnews.net/economy/banking/tk102-dollar-exporters-561486
Targets for export, import, reserve also slashed, inflation hiked
January 01, 2023
· Export growth target has been cut down to 6% from the actual 20% while import growth now has a new target of negative 4%.
· The GDP growth target by 1 % point to 6.5% in the revised budget at the end of the current financial year.
· The Finance Division revised down the target of the gross foreign exchange reserves to $37.67bn, which hinges on reducing imports.
· The target falls short of the original budget goal by $8 bn.
From: https://www.tbsnews.net/economy/targets-export-import-reserve-also-slashed-inflation-hiked-561518
Pvt Sector foreign debt sees first fall since 2020
January 01, 2023
· For the first time since December 2020, private sector borrowing from external sources declined as the appetite among firms eroded for increased borrowing costs.
· Firms' total external debt dropped 2% to $25.4bn at the end of September 2022 from 25.95bn in June.
· Meanwhile, the private sector's foreign debt grew 29% year-on-year from $19.68bn in September 2021.
· Bangladesh's gross external debt dropped 3% to $92.69bn at the end of September 2022 from $95.23bn three months ago.
Banking
Islami Bank takes emergency BDT 80bn from BB
January 01, 2023
· Islami Bank has started to avail a central bank facility Called the "lender of the last resort”; the facility allows banks to borrow from Bangladesh Bank at 8.75 % interest.
· But so dire was the need for fund injection for the bank, which suffered a cash reserve ratio (CRR) shortfall of BDT 51.01bn on December 28, that it went against its principles.
· In exchange for the funds, Islami Bank presented a demand promissory note.
From: https://www.thedailystar.net/business/economy/news/islami-bank-issue-tk-800cr-bonds-3210486