DarkPrince
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bal electricity paitasi
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Awami govt set to destroy backbone of Bangladesh economy
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Import of capital machinery falls sharply in July
AKM Zamir Uddin
The import of capital machinery declined drastically in the first month of the current financial year compared with that of the same month in the last financial year due to a slow growth of investment in the industrial sector, said Bangladesh Bank officials.
According to the BB data released on Thursday, the settlement of letters of credit or actual import payments for the product registered a negative growth of 9.81 per cent in July of the FY 13 compared to that of a positive growth of 68.28 per cent in the same month of FY 12.
BB data showed that the settlement of LCs for the items had stood at $197.34 million in July against that of $218.80 million in the first month of FY 12. The import payment for capital machinery was $130.02 million in July of FY 11.
LC opening for the capital machinery in July also posted a negative growth of 29.39 per cent compared with 1.39 per cent growth in the same period of the previous financial year.
LCs for $156.96 million was opened for the import of capital machinery in July of FY 13 against $222.28 opened in the corresponding period of the last financial year.
A BB official told New Age on Thursday that the import of capital machinery had drastically decreased in July as the businessmen were reluctant to invest more in the industrial sector.
Higher interest rate of the banks loans is one of vital causes of the reluctance in investment in the sector, he said.
On the other hand, the commercial banks can not be providing sufficient credits to the industrial sector as per requirements from the businessmen due to a severe liquidity crisis in the financial sector, he said. In these circumstances, the countrys industrialisation process may be hampered in the coming months, he said.
The growth in overall import payment in July of the FY 13 also declined sharply compared with that of the same month of FY 12.
BB data showed that growth in the settlement of letters of credit for all products increased to only 1.65 per cent in July of the FY 13 compared with that of 33.02 per cent growth in the same period of FY 12.
Settlement of LCs for all items totalled $2.83 billion in July against that of $2.79 billion in the first month of FY 12. The import payment was $2.09 billion in July of the FY 11.
BB data showed that settlement of letters of credit for food grains specially rice and wheat had registered a negative growth of 63.62 per cent and for industrial raw materials increased to 18.36 per cent in July of the current financial year compared with that of 173.88 per cent and 8.09 per cent growth respectively in the same period of FY 12.
Settlement of LCs for the items totalled $1.24 billion in July against that of $1.17 billion in the first month of FY 12.
BB data showed that growth in LC settlement for petroleum products also registered a negative growth of 9.49 per cent in July compared with that of 162.26 per cent growth in the same period of FY 12.
The payment of import bills for petroleum products in July was worth $329.97 million against $364.58 million in the same month of the previous financial year, BB data showed.
New Age | Newspaper
AKM Zamir Uddin
The import of capital machinery declined drastically in the first month of the current financial year compared with that of the same month in the last financial year due to a slow growth of investment in the industrial sector, said Bangladesh Bank officials.
According to the BB data released on Thursday, the settlement of letters of credit or actual import payments for the product registered a negative growth of 9.81 per cent in July of the FY 13 compared to that of a positive growth of 68.28 per cent in the same month of FY 12.
BB data showed that the settlement of LCs for the items had stood at $197.34 million in July against that of $218.80 million in the first month of FY 12. The import payment for capital machinery was $130.02 million in July of FY 11.
LC opening for the capital machinery in July also posted a negative growth of 29.39 per cent compared with 1.39 per cent growth in the same period of the previous financial year.
LCs for $156.96 million was opened for the import of capital machinery in July of FY 13 against $222.28 opened in the corresponding period of the last financial year.
A BB official told New Age on Thursday that the import of capital machinery had drastically decreased in July as the businessmen were reluctant to invest more in the industrial sector.
Higher interest rate of the banks loans is one of vital causes of the reluctance in investment in the sector, he said.
On the other hand, the commercial banks can not be providing sufficient credits to the industrial sector as per requirements from the businessmen due to a severe liquidity crisis in the financial sector, he said. In these circumstances, the countrys industrialisation process may be hampered in the coming months, he said.
The growth in overall import payment in July of the FY 13 also declined sharply compared with that of the same month of FY 12.
BB data showed that growth in the settlement of letters of credit for all products increased to only 1.65 per cent in July of the FY 13 compared with that of 33.02 per cent growth in the same period of FY 12.
Settlement of LCs for all items totalled $2.83 billion in July against that of $2.79 billion in the first month of FY 12. The import payment was $2.09 billion in July of the FY 11.
BB data showed that settlement of letters of credit for food grains specially rice and wheat had registered a negative growth of 63.62 per cent and for industrial raw materials increased to 18.36 per cent in July of the current financial year compared with that of 173.88 per cent and 8.09 per cent growth respectively in the same period of FY 12.
Settlement of LCs for the items totalled $1.24 billion in July against that of $1.17 billion in the first month of FY 12.
BB data showed that growth in LC settlement for petroleum products also registered a negative growth of 9.49 per cent in July compared with that of 162.26 per cent growth in the same period of FY 12.
The payment of import bills for petroleum products in July was worth $329.97 million against $364.58 million in the same month of the previous financial year, BB data showed.
New Age | Newspaper
TopCat
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হাওয়া ভবন পদকের জন্য মনোনীত হলেন মালাই লামা, সুরঞ্জিতের ক্ষোভ
নিজস্ব মতিবেদক
টেকাটুকি চুরির ক্ষেত্রে বিশেষ অবদানের জন্য অর্থমন্ত্রী মালাই লামাকে হাওয়া ভবন রৌপ্য পদকের জন্য মনোনীত করেছে বৃহত্তর জামায়াতে ইসলামীর বিএনপি শাখার নিয়ন্ত্রনাধীন হাওয়া ভবন ফাউন্ডেশন।
আজ এক সংবাদ সম্মেলনে হাওয়া ভবন ফাউন্ডেশনের পুরস্কার কমিটির সদস্য ও বৃহত্তর জামায়াতে ইসলামীর বিএনপি শাখার ভাঁড়প্রাপ্ত নায়েবে আমীর মির্জা ফখরুল ইসলাম আলমগীর বলেন, মালাই সালা চুরার চুরা, সোনালী বেংক খালি করে ফেলল পুরা। তাই আমরা তাকে হাওয়া ভবন রৌপ্য পদকে ভুষিত করার সিদ্ধান্ত নিয়েছি।
হাওয়া ভবন ফাউন্ডেশনের পুরস্কার কমিটির অপর সদস্য ও বৃহত্তর জামায়াতে ইসলামীর বিএনপি শাখার উকিলে আমীর মওদুদ আহমদ বলেন, মালাই বাবু খোলা চিঠি দিলাম তোমার কাছে।
দুর্নীতি ও টেকাটুকা চুরির ক্ষেত্রে বিশেষ অবদানের জন্য এ বছর থেকে হাওয়া ভবন পুরস্কার প্রবর্তন করে বৃহত্তর জামায়াতে ইসলামীর বিএনপি শাখা। শহীদ প্রেসিডেন্ট জিয়াউর রহমানের সন্তান বড় গনতন্ত্র তারেক জিয়ার কার্যালয় হাওয়া ভবনের নামে এ পুরস্কারের নামকরন হয়। টেকাটুকা চুরির পর পদত্যাগ করলে ব্রোনজ পদক, টেকাটুকা চুরির পর গদি আকড়ে বসে থাকলে রৌপ্য পদক ও টেকাটুকা চুরির পর লন্ডন পলায়ন করলে স্বর্ন পদক দেয়া হয়।
এর আগে সুরঞ্জিত সেনগুপ্ত ৭০ লক্ষ টেকা চুরির ঘটনায় পদত্যাগ করে হাওয়া ভবন ব্রোনজ পদক লাভ করেন।
এ বেপারে মালাই লামার প্রতিক্রিয়া জানতে চাইলে তিনি বলেন, আমাকে কম কথা বলতে পরামর্শ দেয়া হয়েছে। আমি শুধু বলব, সাব্বে চুট্টা সুখিতা ভবনতু। পৃথিবীর সকল চুরা সুখী হউক, মংগল লাভ করুক।
মালাই লামাকে হাওয়া ভবন রৌপ্য পদক প্রদানের খবর জানার পর এক তাতক্ষনিক সংবাদ সম্মেলনে দফতর বিহীন মন্ত্রী সুরঞ্জিত সেনগুপ্ত ক্ষোভ প্রকাশ করে বলেন, আমি ৭০ লক্ষ টেকা মারায় কত গোলমাল হইল। আমার গদি আর গেদা নিয়ে সবাই টানাটানি করল। আর মালাই লামা হাজার কুটি টেকা গায়েব কইরা দিল কার কোন খবর নাই। এই কি ইনসাফ?
সুরঞ্জিত সেনগুপ্ত কাদতে কাদতে বলেন, আমি বৃস্টির কাছ থেকে কাদতে শিখেছি, আমায় আর কান্নার ভয় দেখিয়ে কোন লাভ নেই।
নিজস্ব মতিবেদক
টেকাটুকি চুরির ক্ষেত্রে বিশেষ অবদানের জন্য অর্থমন্ত্রী মালাই লামাকে হাওয়া ভবন রৌপ্য পদকের জন্য মনোনীত করেছে বৃহত্তর জামায়াতে ইসলামীর বিএনপি শাখার নিয়ন্ত্রনাধীন হাওয়া ভবন ফাউন্ডেশন।
আজ এক সংবাদ সম্মেলনে হাওয়া ভবন ফাউন্ডেশনের পুরস্কার কমিটির সদস্য ও বৃহত্তর জামায়াতে ইসলামীর বিএনপি শাখার ভাঁড়প্রাপ্ত নায়েবে আমীর মির্জা ফখরুল ইসলাম আলমগীর বলেন, মালাই সালা চুরার চুরা, সোনালী বেংক খালি করে ফেলল পুরা। তাই আমরা তাকে হাওয়া ভবন রৌপ্য পদকে ভুষিত করার সিদ্ধান্ত নিয়েছি।
হাওয়া ভবন ফাউন্ডেশনের পুরস্কার কমিটির অপর সদস্য ও বৃহত্তর জামায়াতে ইসলামীর বিএনপি শাখার উকিলে আমীর মওদুদ আহমদ বলেন, মালাই বাবু খোলা চিঠি দিলাম তোমার কাছে।
দুর্নীতি ও টেকাটুকা চুরির ক্ষেত্রে বিশেষ অবদানের জন্য এ বছর থেকে হাওয়া ভবন পুরস্কার প্রবর্তন করে বৃহত্তর জামায়াতে ইসলামীর বিএনপি শাখা। শহীদ প্রেসিডেন্ট জিয়াউর রহমানের সন্তান বড় গনতন্ত্র তারেক জিয়ার কার্যালয় হাওয়া ভবনের নামে এ পুরস্কারের নামকরন হয়। টেকাটুকা চুরির পর পদত্যাগ করলে ব্রোনজ পদক, টেকাটুকা চুরির পর গদি আকড়ে বসে থাকলে রৌপ্য পদক ও টেকাটুকা চুরির পর লন্ডন পলায়ন করলে স্বর্ন পদক দেয়া হয়।
এর আগে সুরঞ্জিত সেনগুপ্ত ৭০ লক্ষ টেকা চুরির ঘটনায় পদত্যাগ করে হাওয়া ভবন ব্রোনজ পদক লাভ করেন।
এ বেপারে মালাই লামার প্রতিক্রিয়া জানতে চাইলে তিনি বলেন, আমাকে কম কথা বলতে পরামর্শ দেয়া হয়েছে। আমি শুধু বলব, সাব্বে চুট্টা সুখিতা ভবনতু। পৃথিবীর সকল চুরা সুখী হউক, মংগল লাভ করুক।
মালাই লামাকে হাওয়া ভবন রৌপ্য পদক প্রদানের খবর জানার পর এক তাতক্ষনিক সংবাদ সম্মেলনে দফতর বিহীন মন্ত্রী সুরঞ্জিত সেনগুপ্ত ক্ষোভ প্রকাশ করে বলেন, আমি ৭০ লক্ষ টেকা মারায় কত গোলমাল হইল। আমার গদি আর গেদা নিয়ে সবাই টানাটানি করল। আর মালাই লামা হাজার কুটি টেকা গায়েব কইরা দিল কার কোন খবর নাই। এই কি ইনসাফ?
সুরঞ্জিত সেনগুপ্ত কাদতে কাদতে বলেন, আমি বৃস্টির কাছ থেকে কাদতে শিখেছি, আমায় আর কান্নার ভয় দেখিয়ে কোন লাভ নেই।
PlanetSoldier
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Did you see it by your eyes or just saying based on ministers'/advisers' media propaganda. If you want to satisfy yourself by these, it's all right...I got nothing to say. If you want something authentic, plz stop depending on such propaganda spread by them.
This year during high irrigation season I'd been to my village at Chandpur. According to my relatives there was no such uninterrupted power supply at night for irrigation. It was at most 2-4 hours at night for irrigation.
Evidence....I stayed one night there and experienced the fact as they told me. Electricity resumed probably at 2am and again load shedding started before 6am. Again saying, govt. plan is to fool urban people. That time many of us discussed that as power is being utilized for a valid reason at rural area, we should have patience.
This was the example of my village which is one of the most advanced rural areas in BD where electricity reached within 1985 let alone the rural areas like in Khulna where there are many just recently got electricity.
Loan scam puts financial sector at great risk
Economists and bankers warn
Saturday, 08 September 2012
Dhaka, Sept 7: With loan scams increasingly putting the country's financial health at risk, questions have been raised about the integrity and proper functioning of the banking sector. Economists and industry watchers have already warned that irregularities in the financial sector might spell an adverse impact on the banking system, the most dominant segment of the country's financial sector, which accounts for over 90 per cent of the funds flowing through the sector.
The experts recommend taking necessary measures to put the sector on track and initiate action against all those responsible for financial irregularities.
The warning came in the wake of huge fraudulent loan sanctions in the state-owned banks.
According to the central bank, some fictitious companies, in collusion with a number of unscrupulous bank officials, have embezzled huge amounts of money using forged documents. Recently, the Hallmark Group and five other companies have embezzled money in the biggest loan scam in the financial sector, according to the central bank's investigation team.
This is bad news for the country's economy. Indiscipline in the financial sector does not bode well for the economy, said Mirza Azizul Islam, former finance advisor to the caretaker government.
A Bangladesh Bank report notes that all these financial scams have made an adverse impact not only on the state-owned commercial banks, but also on the entire banking sector. It says that such scams had taken place because of lax monitoring, poor risk management, faulty and inadequate internal control system at the state-owned Sonali Bank.
Former BB governor Mohammad Farashuddin said the government and the central bank could not avoid responsibility for such malpractice in the financial sector. Besides, the government needs to provide a solution to the problem. It has to ensure strict action against the guilty. Otherwise, the people will lose confidence in the banking system, he added. Blaming politicisation of the banking sector, he also said: The banking sector should be kept above politics for the soundness of the financial sector. I heard that the officials engaged in the scam were suspended. But, its not enough. they should be punished according to constitutional provisions. The government should also investigate the involvement of the members on the board of directors as their roles remained questionable, he added.
Another former BB governor, Salehuddin Ahmed, said: This is alarming news for the banking system, as well as the financial sector. This scam may erode the common peoples trust in banks, he added..
He told The Independent that many customers might want to withdraw their deposits, fearing a collapse of the banking sector. He noted that that it might create an acute cash shortage in the banking system and affect other financial sectors like investment, trade and commerce. He said the government must stop interfering in the affairs of the state-owned banks and introduce an unalloyed corporate culture in them.
A stable financial system is better assured with a combination of robust regulation, prudent corporate governance and effective market discipline, he observed.
Loan scam puts financial sector at great risk
Economists and bankers warn
Saturday, 08 September 2012
Dhaka, Sept 7: With loan scams increasingly putting the country's financial health at risk, questions have been raised about the integrity and proper functioning of the banking sector. Economists and industry watchers have already warned that irregularities in the financial sector might spell an adverse impact on the banking system, the most dominant segment of the country's financial sector, which accounts for over 90 per cent of the funds flowing through the sector.
The experts recommend taking necessary measures to put the sector on track and initiate action against all those responsible for financial irregularities.
The warning came in the wake of huge fraudulent loan sanctions in the state-owned banks.
According to the central bank, some fictitious companies, in collusion with a number of unscrupulous bank officials, have embezzled huge amounts of money using forged documents. Recently, the Hallmark Group and five other companies have embezzled money in the biggest loan scam in the financial sector, according to the central bank's investigation team.
This is bad news for the country's economy. Indiscipline in the financial sector does not bode well for the economy, said Mirza Azizul Islam, former finance advisor to the caretaker government.
A Bangladesh Bank report notes that all these financial scams have made an adverse impact not only on the state-owned commercial banks, but also on the entire banking sector. It says that such scams had taken place because of lax monitoring, poor risk management, faulty and inadequate internal control system at the state-owned Sonali Bank.
Former BB governor Mohammad Farashuddin said the government and the central bank could not avoid responsibility for such malpractice in the financial sector. Besides, the government needs to provide a solution to the problem. It has to ensure strict action against the guilty. Otherwise, the people will lose confidence in the banking system, he added. Blaming politicisation of the banking sector, he also said: The banking sector should be kept above politics for the soundness of the financial sector. I heard that the officials engaged in the scam were suspended. But, its not enough. they should be punished according to constitutional provisions. The government should also investigate the involvement of the members on the board of directors as their roles remained questionable, he added.
Another former BB governor, Salehuddin Ahmed, said: This is alarming news for the banking system, as well as the financial sector. This scam may erode the common peoples trust in banks, he added..
He told The Independent that many customers might want to withdraw their deposits, fearing a collapse of the banking sector. He noted that that it might create an acute cash shortage in the banking system and affect other financial sectors like investment, trade and commerce. He said the government must stop interfering in the affairs of the state-owned banks and introduce an unalloyed corporate culture in them.
A stable financial system is better assured with a combination of robust regulation, prudent corporate governance and effective market discipline, he observed.
Loan scam puts financial sector at great risk
Power prices up by 16pc
Staff Correspondent
The Bangladesh Energy Regulatory Commission on Thursday increased retail power prices by 15 per cent and the bulk power price by 16.92 per cent on an average for the next one year with a retrospective effect from September 1. Retail consumers will have to pay Tk 0.68 a unit, on an average, to distribution agencies for use of power from September 1 and the distribution agencies will pay Tk 0.75 a unit on an average to the Power Development Board.
The commission has increased the retail prices on an interim basis which will be finalised after public hearing on the proposals of the distribution agencies, commission officials told New Age.
On July 16, 2012, the commission conducted a public hearing on the power board’s proposal to increase the bulk rate of power by 50 per cent with a subsidy requirement of Tk 3,700 crore for the 2012–13 financial year.The commission at a press briefing also suggested that the government should give the power board Tk 3,850 crore in subsidy for the 2012–13 financial year.
The commission chair, Syed Yusuf Hossain, at the briefing announced the price increase six months after he last announced an increase on the grounds that the generation cost of the Power Development Board has increased because of its increased dependence on fuel oil-fired power plants.
Yusuf presided over the briefing. Three other commission members — Mohammad Emdadul Haque, Salim Mahmud and Md Delwar Hossain — attended.The commission in its order restructured the existing slabs or categories of domestic consumers based on the amount of power consumed into six slabs. It has also reintroduced the lower slab benefits to domestic consumers. The commission withdrew the benefits when it increased power prices with effect from March 1. The commission instructed the power board to run diesel-fired plants at 20 per cent and furnace oil-fired plants at 39 per cent of their generation capacity.
The commission chair told reporters that they would not increase the prices in a year if the oil price would not increase on the international market.
With the latest round since February 2011, the commission has so far increased retail power prices by 43.75 per cent — from Tk 4 a unit to Tk 5.75 a unit — on an average in five phases and a combined increase in the bulk price by 98.31 per cent — from Tk 2.37 to Tk 4.70 a unit — on an average in six phases.
According to the new tariff, domestic subscribers of all power agencies but the Rural Electrification Board using less than 75 units a month will need to pay Tk 3.33 a unit.Consumers using between 76 units and 200 units will need to pay Tk 4.73 a unit, between 201 units and 300 units Tk 4.83 a unit, between 301 units and 400 units Tk 4.93 a unit and between 401 units and 600 units Tk 7.98 a unit.
Domestic consumers of all distribution agencies using more than 600 units a month will need to pay Tk 9.38 a unit.
Domestic consumers under the REB coverage using less than 75 units a month will need to pay Tk 3.66 a unit.
Consumers using between 76 units and 200 units will pay Tk 4.37 a unit, between 201 units and 300 units Tk 4.51 a unit, between 301 units and 400 units Tk 7.10 a unit and between 401 units and 600 units Tk 7.40 a unit. The use of power for irrigation pumps in areas outside the REB coverage will cost farmers Tk 2.51 a unit while the use of REB power for irrigation will cost farmers Tk 3.76 a unit.
The price of electricity for flat use in common industries, mostly small industries, under the REB coverage has been increased by Tk 0.79 a unit to Tk 6.81. Commercial and office users under all five power distribution agencies will need to pay Tk 9.0 a unit at flat rates. Power prices have been increased by Tk 0.91 a unit to Tk 6.81 for users of 11kV line, by Tk 0.87 a unit to Tk 6.48 for users of 33kV and by Tk 0.83 a unit to Tk 6.16 for users of 132kV line at flat rates.
In the order, the commission increased the average bulk price for Dhaka Power Distribution Company to Tk 6.35 a unit by maintaining its system loss within 10 per cent with effect from September 1.Dhaka Electric Supply Company will pay Tk 6.45 a unit by maintaining its system loss within 8.54 per cent, the power board’s distribution wing will pay Tk 5.86 a unit by maintaining its system loss within 11 per cent, West Zone Power Distribution Company will pay Tk 5.82 a unit by maintaining its system loss within 11 per cent and the REB will pay Tk 5.17 a unit to the power board at bulk rate.
Without exploring other cheaper ways, the government, immediately after assuming office in 2009, decided to buy power from fuel oil-fired rental plants in its efforts to increase power generation in the shortest possible time.
New Age | Newspaper
Staff Correspondent
The Bangladesh Energy Regulatory Commission on Thursday increased retail power prices by 15 per cent and the bulk power price by 16.92 per cent on an average for the next one year with a retrospective effect from September 1. Retail consumers will have to pay Tk 0.68 a unit, on an average, to distribution agencies for use of power from September 1 and the distribution agencies will pay Tk 0.75 a unit on an average to the Power Development Board.
The commission has increased the retail prices on an interim basis which will be finalised after public hearing on the proposals of the distribution agencies, commission officials told New Age.
On July 16, 2012, the commission conducted a public hearing on the power board’s proposal to increase the bulk rate of power by 50 per cent with a subsidy requirement of Tk 3,700 crore for the 2012–13 financial year.The commission at a press briefing also suggested that the government should give the power board Tk 3,850 crore in subsidy for the 2012–13 financial year.
The commission chair, Syed Yusuf Hossain, at the briefing announced the price increase six months after he last announced an increase on the grounds that the generation cost of the Power Development Board has increased because of its increased dependence on fuel oil-fired power plants.
Yusuf presided over the briefing. Three other commission members — Mohammad Emdadul Haque, Salim Mahmud and Md Delwar Hossain — attended.The commission in its order restructured the existing slabs or categories of domestic consumers based on the amount of power consumed into six slabs. It has also reintroduced the lower slab benefits to domestic consumers. The commission withdrew the benefits when it increased power prices with effect from March 1. The commission instructed the power board to run diesel-fired plants at 20 per cent and furnace oil-fired plants at 39 per cent of their generation capacity.
The commission chair told reporters that they would not increase the prices in a year if the oil price would not increase on the international market.
With the latest round since February 2011, the commission has so far increased retail power prices by 43.75 per cent — from Tk 4 a unit to Tk 5.75 a unit — on an average in five phases and a combined increase in the bulk price by 98.31 per cent — from Tk 2.37 to Tk 4.70 a unit — on an average in six phases.
According to the new tariff, domestic subscribers of all power agencies but the Rural Electrification Board using less than 75 units a month will need to pay Tk 3.33 a unit.Consumers using between 76 units and 200 units will need to pay Tk 4.73 a unit, between 201 units and 300 units Tk 4.83 a unit, between 301 units and 400 units Tk 4.93 a unit and between 401 units and 600 units Tk 7.98 a unit.
Domestic consumers of all distribution agencies using more than 600 units a month will need to pay Tk 9.38 a unit.
Domestic consumers under the REB coverage using less than 75 units a month will need to pay Tk 3.66 a unit.
Consumers using between 76 units and 200 units will pay Tk 4.37 a unit, between 201 units and 300 units Tk 4.51 a unit, between 301 units and 400 units Tk 7.10 a unit and between 401 units and 600 units Tk 7.40 a unit. The use of power for irrigation pumps in areas outside the REB coverage will cost farmers Tk 2.51 a unit while the use of REB power for irrigation will cost farmers Tk 3.76 a unit.
The price of electricity for flat use in common industries, mostly small industries, under the REB coverage has been increased by Tk 0.79 a unit to Tk 6.81. Commercial and office users under all five power distribution agencies will need to pay Tk 9.0 a unit at flat rates. Power prices have been increased by Tk 0.91 a unit to Tk 6.81 for users of 11kV line, by Tk 0.87 a unit to Tk 6.48 for users of 33kV and by Tk 0.83 a unit to Tk 6.16 for users of 132kV line at flat rates.
In the order, the commission increased the average bulk price for Dhaka Power Distribution Company to Tk 6.35 a unit by maintaining its system loss within 10 per cent with effect from September 1.Dhaka Electric Supply Company will pay Tk 6.45 a unit by maintaining its system loss within 8.54 per cent, the power board’s distribution wing will pay Tk 5.86 a unit by maintaining its system loss within 11 per cent, West Zone Power Distribution Company will pay Tk 5.82 a unit by maintaining its system loss within 11 per cent and the REB will pay Tk 5.17 a unit to the power board at bulk rate.
Without exploring other cheaper ways, the government, immediately after assuming office in 2009, decided to buy power from fuel oil-fired rental plants in its efforts to increase power generation in the shortest possible time.
New Age | Newspaper
Fall in import of capital machinery to hit GDP growth: economists
Staff Correspondent
A fall in the import of capital machinery and a slow growth in the industrial raw materials import will hamper the growth in the country’s gross domestic products, resulting in a stagnation of the overall industrialisation process, said economists.
Bangladesh Bank data released past week showed that the growth in import bill payment for the capital machinery registered a fall of 17.45 per cent in July-August period of the financial year 2012-2013 compared with that of 44.23 per cent growth in the same period of FY 2011-2012. LCs settlements in the first two months of the current financial year for capital machinery were worth $334.19 million against $404.72 million in the corresponding period of FY 12.
Former BB governor Salehuddin Ahmed told New Age on Friday that the drop in the capital machinery import was an alarming trend for the country’s economy as the capital machinery were the vital components to boost up the industrialisation process.
He said that businessmen were reluctant to import the capital machinery as the existing industries were facing a severe power crisis.
Besides, the high interest rate of banks’ loans was another cause of the declining trend of capital machinery import, he said.
He said, ‘The businessmen think that they will face loss if they fail to get desired production at their industrial units equipped with imported capital machinery due to the power crisis.’ He said the slower growth in industrial raw materials and capital machinery imports had persisted over the last financial year 2011-12 and that had already hit the employment generation, former BB governor said.
BB data showed that the growth in import of industrial raw material had increased slightly in July-August of this financial year, posting a 9 per cent growth from 5.51 per cent in the same period of FY 12. LC settlements in the first two months of the current financial year for industrial raw materials were worth $2.10 billion against $1.93 billion in the corresponding period of FY 12.
Salehuddin said, ‘The government has set a GDP growth target of 7.2 per cent for FY 13 but it will not possible to attain the target if the present condition remains in the coming months.’
Economist Hossain Zillur Rahman said that the BB had taken contractionary monetary policy for the last few terms to curb high inflation but the policy made a difficult situation for the investment growth. He said the businessmen were not interested to set up new industries due to the existing severe power shortage and corruption.
Besides, the policy makers are also facing a nervous situation in taking polices to create an investment-friendly investment, he said. Under the circumstances, the Asian Development Bank has already projected a lower GDP growth for FY 13 than that of the FY 12, he said.
The ADB on Wednesday projected that Bangladesh’s economic growth would decline further to 6 per cent in the current fiscal year, much below the government’s ambitious projection of 7.2 per cent.The economic growth fell to 6.32 per cent in the last 2011-12 financial year from 6.7 per cent in the previous year. The government had set a target of 7 per cent growth in FY 2011-12.
New Age | Newspaper
Staff Correspondent
A fall in the import of capital machinery and a slow growth in the industrial raw materials import will hamper the growth in the country’s gross domestic products, resulting in a stagnation of the overall industrialisation process, said economists.
Bangladesh Bank data released past week showed that the growth in import bill payment for the capital machinery registered a fall of 17.45 per cent in July-August period of the financial year 2012-2013 compared with that of 44.23 per cent growth in the same period of FY 2011-2012. LCs settlements in the first two months of the current financial year for capital machinery were worth $334.19 million against $404.72 million in the corresponding period of FY 12.
Former BB governor Salehuddin Ahmed told New Age on Friday that the drop in the capital machinery import was an alarming trend for the country’s economy as the capital machinery were the vital components to boost up the industrialisation process.
He said that businessmen were reluctant to import the capital machinery as the existing industries were facing a severe power crisis.
Besides, the high interest rate of banks’ loans was another cause of the declining trend of capital machinery import, he said.
He said, ‘The businessmen think that they will face loss if they fail to get desired production at their industrial units equipped with imported capital machinery due to the power crisis.’ He said the slower growth in industrial raw materials and capital machinery imports had persisted over the last financial year 2011-12 and that had already hit the employment generation, former BB governor said.
BB data showed that the growth in import of industrial raw material had increased slightly in July-August of this financial year, posting a 9 per cent growth from 5.51 per cent in the same period of FY 12. LC settlements in the first two months of the current financial year for industrial raw materials were worth $2.10 billion against $1.93 billion in the corresponding period of FY 12.
Salehuddin said, ‘The government has set a GDP growth target of 7.2 per cent for FY 13 but it will not possible to attain the target if the present condition remains in the coming months.’
Economist Hossain Zillur Rahman said that the BB had taken contractionary monetary policy for the last few terms to curb high inflation but the policy made a difficult situation for the investment growth. He said the businessmen were not interested to set up new industries due to the existing severe power shortage and corruption.
Besides, the policy makers are also facing a nervous situation in taking polices to create an investment-friendly investment, he said. Under the circumstances, the Asian Development Bank has already projected a lower GDP growth for FY 13 than that of the FY 12, he said.
The ADB on Wednesday projected that Bangladesh’s economic growth would decline further to 6 per cent in the current fiscal year, much below the government’s ambitious projection of 7.2 per cent.The economic growth fell to 6.32 per cent in the last 2011-12 financial year from 6.7 per cent in the previous year. The government had set a target of 7 per cent growth in FY 2011-12.
New Age | Newspaper
This is clear cut attempt by Awami League regime to let indian shrimp to get Bangladesh duty free access. In the process Awami League regime set to destroy 180,000 shrimp farms, 80 fish processing centres, one million people jobs and more than half a billion dollars export.
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MoC's 'unilateral decision' may affect BD GSP in shrimp export
Fisheries ministry braces for EU action
Syful Islam
A unilateral decision taken by the ministry of commerce (MoC) allowing shrimp import is feared to cause losing duty-free access facility for the item's export.
The MoC on October 3 issued a mass notification allowing shrimp import through Mongla port.
Sources said MoC had consulted neither the ministry of fisheries and livestock (MoFL) nor the fish exporters before taking the decision.
Bangladesh's shrimp export has been enjoying duty-free export facility to the European Union (EU) states under the generalised system of preference (GSP) scheme.
The conditions set by the EU for the GSP scheme includes goods have to be originated from the country concerned, have to be transported directly to the EU, and have to carry valid proof of origin meaning certificate of origin.
Joint secretary of MoFL Shamsul Kibria told the FE Thursday that traders may take the advantage given by the MoC and export shrimps through importing those from other countries.
"It will be violation of the GSP scheme conditions, and if proved the EU may exclude Bangladesh from the facility," he said. Referring a letter from deputy commissioner in Satkhira district, Mr Kibria said unscrupulous traders are importing contaminated shrimp from the neighbouring countries. "There is a possibility of exporting these substandard shrimps showing Bangladesh as their country of origin."
"It will be disastrous for the third largest foreign currency earning sector," he added.
Earlier, the EU slapped ban on Bangladesh's shrimp export in its states several times on various allegations. Bangladeshi exporters also slapped self-imposed ban on shrimp export in early May 2009 to remove the antibiotic nitrofuran, detected by European importers.
Amid the situation, the MoFL minister Abdul Latif Biswas and the ministry's secretary Ujjwal Bikash Dutta will write to the commerce ministry Sunday next requesting immediate ban on shrimp import.
According to a MoFL note, if EU can detect that Bangladesh has tagged the 'country of origin' certificate to shrimps originated in other countries, Bangladesh will lose the GSP and traders of those countries will lose interest to import shrimps from here.
"Export of shrimps will face massive setback causing reduction in earnings from the sector," the note said adding 180,000 shrimp farms, 80 fish processing centres and one million people involved in this sector will face hard times.
The MoFL on September 20 requested the MoC to take steps to stop shrimp import from the neighbouring countries and include it in the import policy order. But the MoC allegedly did not pay heed to the request.
When contacted, director of Bangladesh Frozen Foods Exporters Association (BFFEA) Kazi Belayet Hossain said the MoC had not consulted the exporters before taking the decision, which may invite disaster for the sector.
"Commerce ministry is aware of the conditions set for the GSP scheme. I can't imagine how they can take such a decision," he said.
Additional Secretary of the MoC Kamal Krishna Bhattacharya told the FE Friday that he was staying abroad when the notification was issued.
He said Additional Secretary Mortuza Reza Chowdhury was in-charge of the ministry that time, since Secretary Ghulam Hossain also was outside the country.
Mr Chowdhury himself took the decision of allowing shrimp import, he said.
The FE could not contact Mr Chowdhury for a comment, despite several attempts.
The country earned Tk 35.68 billion in FY 2010-11 by exporting 54,891 tonnes of frozen shrimps. The EU is the biggest market for Bangladesh's shrimp export.
Financial Express :: Financial Newspaper of Bangladesh
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MoC's 'unilateral decision' may affect BD GSP in shrimp export
Fisheries ministry braces for EU action
Syful Islam
A unilateral decision taken by the ministry of commerce (MoC) allowing shrimp import is feared to cause losing duty-free access facility for the item's export.
The MoC on October 3 issued a mass notification allowing shrimp import through Mongla port.
Sources said MoC had consulted neither the ministry of fisheries and livestock (MoFL) nor the fish exporters before taking the decision.
Bangladesh's shrimp export has been enjoying duty-free export facility to the European Union (EU) states under the generalised system of preference (GSP) scheme.
The conditions set by the EU for the GSP scheme includes goods have to be originated from the country concerned, have to be transported directly to the EU, and have to carry valid proof of origin meaning certificate of origin.
Joint secretary of MoFL Shamsul Kibria told the FE Thursday that traders may take the advantage given by the MoC and export shrimps through importing those from other countries.
"It will be violation of the GSP scheme conditions, and if proved the EU may exclude Bangladesh from the facility," he said. Referring a letter from deputy commissioner in Satkhira district, Mr Kibria said unscrupulous traders are importing contaminated shrimp from the neighbouring countries. "There is a possibility of exporting these substandard shrimps showing Bangladesh as their country of origin."
"It will be disastrous for the third largest foreign currency earning sector," he added.
Earlier, the EU slapped ban on Bangladesh's shrimp export in its states several times on various allegations. Bangladeshi exporters also slapped self-imposed ban on shrimp export in early May 2009 to remove the antibiotic nitrofuran, detected by European importers.
Amid the situation, the MoFL minister Abdul Latif Biswas and the ministry's secretary Ujjwal Bikash Dutta will write to the commerce ministry Sunday next requesting immediate ban on shrimp import.
According to a MoFL note, if EU can detect that Bangladesh has tagged the 'country of origin' certificate to shrimps originated in other countries, Bangladesh will lose the GSP and traders of those countries will lose interest to import shrimps from here.
"Export of shrimps will face massive setback causing reduction in earnings from the sector," the note said adding 180,000 shrimp farms, 80 fish processing centres and one million people involved in this sector will face hard times.
The MoFL on September 20 requested the MoC to take steps to stop shrimp import from the neighbouring countries and include it in the import policy order. But the MoC allegedly did not pay heed to the request.
When contacted, director of Bangladesh Frozen Foods Exporters Association (BFFEA) Kazi Belayet Hossain said the MoC had not consulted the exporters before taking the decision, which may invite disaster for the sector.
"Commerce ministry is aware of the conditions set for the GSP scheme. I can't imagine how they can take such a decision," he said.
Additional Secretary of the MoC Kamal Krishna Bhattacharya told the FE Friday that he was staying abroad when the notification was issued.
He said Additional Secretary Mortuza Reza Chowdhury was in-charge of the ministry that time, since Secretary Ghulam Hossain also was outside the country.
Mr Chowdhury himself took the decision of allowing shrimp import, he said.
The FE could not contact Mr Chowdhury for a comment, despite several attempts.
The country earned Tk 35.68 billion in FY 2010-11 by exporting 54,891 tonnes of frozen shrimps. The EU is the biggest market for Bangladesh's shrimp export.
Financial Express :: Financial Newspaper of Bangladesh
shahadat hussain
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^ lol wat ? Here in kolkata the price of a fish is determined by the fact that it belongs to bangladesh or not .. Funny that BD shrimp industry is claiming loss...
If I am not wrong, BD shrimps are in more demand than the ones found in hoogly down streams/ estuaries ?
If I am not wrong, BD shrimps are in more demand than the ones found in hoogly down streams/ estuaries ?
Govt’s power sector failures continue to hurt economy
The government’s enormous failure in the power sector appears to continue to inflict serious injuries on the national economy in general and industrial productions in particular, not to mention the everyday sufferings it has directly been causing to citizens.
The increasing demand for fuel-oil for rental power plants has resulted, as reported by New Age on Saturday, in doubling the state’s foreign loan in this sector to $ 2.75 billion this year from $ 1.4b in the past financial year.
Economists have rightly pointed out that foreign loans would inevitably pressure the balance of payment, which, again, would make the government more dependent on the International Monetary Fund. Subsequently, the IMF will force the government, as it did before, to increase the price of fuel oil. The result is obvious: credit inflow to the economy, along with an increased price of fuel oil, would push up inflation, which would further increase the living cost of citizens, who have no scope for increasing incomes.
The government’s corrupt policy of financing private-sector rental and quick rental power plants, instead of setting up of power plants in the public sector and increasing the capacity of the old ones even in four years, is solely responsible for the harms inflicted on the national economy, adversely affecting the livelihood of citizens.
In another development, the shortage of gas has for quite a long time reportedly been hampering power generation, which has further intensified the difficulties in industrial production and dispensation of gas in filling stations on the one hand and cooking in the households on the other. In the wake of a severe gas shortage, the government stopped giving new gas connections to consumers of all types but for power plants in 2000 and told the people that it would resume gas connections after gas production would increase to 2,200 million cubic feet a day. Petrobangla has recently been producing about 2,250 million cubic feet of gas a day. Still, the government, for reasons known only to it, has not resumed giving new gas connections, affecting various kinds of businesses as well as the livelihood of the ordinary public. Meanwhile, some well-meaning quarters argue that the government has the capacity to lift more gas than what it now does, which, if lifted, could have effectively contributed to an increased generation of power. An influential but corrupt section of the government stands in the way of producing more gas, it is alleged, to maintain an artificial crisis of power supply only to keep the business of the expensive quick rental power plants going unhindered and thus unethically rewarded in more than one ways by the extra-ordinary profit-making rental power plants. The honest section of the government, if there is any, needs to investigate the allegations and take effective steps to rid the bleeding national economy and the suffering people from the curse of the highly expensive rental power plants as soon as possible.
New Age | Newspaper
The government’s enormous failure in the power sector appears to continue to inflict serious injuries on the national economy in general and industrial productions in particular, not to mention the everyday sufferings it has directly been causing to citizens.
The increasing demand for fuel-oil for rental power plants has resulted, as reported by New Age on Saturday, in doubling the state’s foreign loan in this sector to $ 2.75 billion this year from $ 1.4b in the past financial year.
Economists have rightly pointed out that foreign loans would inevitably pressure the balance of payment, which, again, would make the government more dependent on the International Monetary Fund. Subsequently, the IMF will force the government, as it did before, to increase the price of fuel oil. The result is obvious: credit inflow to the economy, along with an increased price of fuel oil, would push up inflation, which would further increase the living cost of citizens, who have no scope for increasing incomes.
The government’s corrupt policy of financing private-sector rental and quick rental power plants, instead of setting up of power plants in the public sector and increasing the capacity of the old ones even in four years, is solely responsible for the harms inflicted on the national economy, adversely affecting the livelihood of citizens.
In another development, the shortage of gas has for quite a long time reportedly been hampering power generation, which has further intensified the difficulties in industrial production and dispensation of gas in filling stations on the one hand and cooking in the households on the other. In the wake of a severe gas shortage, the government stopped giving new gas connections to consumers of all types but for power plants in 2000 and told the people that it would resume gas connections after gas production would increase to 2,200 million cubic feet a day. Petrobangla has recently been producing about 2,250 million cubic feet of gas a day. Still, the government, for reasons known only to it, has not resumed giving new gas connections, affecting various kinds of businesses as well as the livelihood of the ordinary public. Meanwhile, some well-meaning quarters argue that the government has the capacity to lift more gas than what it now does, which, if lifted, could have effectively contributed to an increased generation of power. An influential but corrupt section of the government stands in the way of producing more gas, it is alleged, to maintain an artificial crisis of power supply only to keep the business of the expensive quick rental power plants going unhindered and thus unethically rewarded in more than one ways by the extra-ordinary profit-making rental power plants. The honest section of the government, if there is any, needs to investigate the allegations and take effective steps to rid the bleeding national economy and the suffering people from the curse of the highly expensive rental power plants as soon as possible.
New Age | Newspaper
BD slides five steps down in Ease of Doing Business
IFC index shows Lanka at 81, top in S Asia
FE Report
Bangladesh slid five steps down from its last year's position to stay at 129th place, ahead of India, Bhutan and Afghanistan in the South Asia region, under the latest 'Ease of Doing Business' index for 2013, released by the International Finance Corporation (IFC), on Tuesday.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in developing countries.
By stepping a notch down, Sri Lanka has been placed at 81st -- the top position in the region, followed by the Maldives, Pakistan and Nepal at 95, 107 and 108th positions respectively.
India, Bhutan and Afghanistan have been placed at 132, 148 and 168 positions respectively, according to the IFC index. The Maldives, Pakistan, Bhutan and Afghanistan slid by two, three, six and seven steps respectively, while India and Nepal slid four steps each compared to their perspective positions under the IFC index of 2012.
According to the index, "Economies are ranked on their ease of doing business, from top to bottom among 185 countries."
Opportunity to start business in a country was taken as an important benchmark of the index. In Bangladesh the benchmark was relatively poor as it slid by six positions to 96.
Similarly, attaining construction permits, getting electricity for business, registration of property and enforcing contracts remained unchanged at 83, 185, 75 and 182 positions respectively.
Getting credit facility, protection of investment, payment of tax and resolution of insolvency declined by three, one, two and three positions coming to 80, 24, 95 and 182.
However, trading opportunity across the border has improved one notch to 119, over the last one year, according to the index.
The number of days to get a permanent electricity connection for a business in Bangladesh is some 404 days against the South Asian average of 148 days.
According the Organisation for Economic Co-operation and Development (OECD), such connections should be available within 98 days.
Registering properties for starting a business takes 245 days in Bangladesh, against 100 days in the South Asian region on an average, while according to the OECD, it should not take more than 26 days.
It takes 19 days to complete formalities through seven different procedures to start a business in Bangladesh.
However, the OECD recommends that there should not be more than five different procedures and it should not take more than 12 days.
According to the IFC index, Singapore retained its top place. Hong Kong, New Zealand, the United States, Denmark, Norway, the United Kingdom, South Korea, Australia and Finland were placed from second to 10th positions in a row.
Financial Express :: Financial Newspaper of Bangladesh
IFC index shows Lanka at 81, top in S Asia
FE Report
Bangladesh slid five steps down from its last year's position to stay at 129th place, ahead of India, Bhutan and Afghanistan in the South Asia region, under the latest 'Ease of Doing Business' index for 2013, released by the International Finance Corporation (IFC), on Tuesday.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in developing countries.
By stepping a notch down, Sri Lanka has been placed at 81st -- the top position in the region, followed by the Maldives, Pakistan and Nepal at 95, 107 and 108th positions respectively.
India, Bhutan and Afghanistan have been placed at 132, 148 and 168 positions respectively, according to the IFC index. The Maldives, Pakistan, Bhutan and Afghanistan slid by two, three, six and seven steps respectively, while India and Nepal slid four steps each compared to their perspective positions under the IFC index of 2012.
According to the index, "Economies are ranked on their ease of doing business, from top to bottom among 185 countries."
Opportunity to start business in a country was taken as an important benchmark of the index. In Bangladesh the benchmark was relatively poor as it slid by six positions to 96.
Similarly, attaining construction permits, getting electricity for business, registration of property and enforcing contracts remained unchanged at 83, 185, 75 and 182 positions respectively.
Getting credit facility, protection of investment, payment of tax and resolution of insolvency declined by three, one, two and three positions coming to 80, 24, 95 and 182.
However, trading opportunity across the border has improved one notch to 119, over the last one year, according to the index.
The number of days to get a permanent electricity connection for a business in Bangladesh is some 404 days against the South Asian average of 148 days.
According the Organisation for Economic Co-operation and Development (OECD), such connections should be available within 98 days.
Registering properties for starting a business takes 245 days in Bangladesh, against 100 days in the South Asian region on an average, while according to the OECD, it should not take more than 26 days.
It takes 19 days to complete formalities through seven different procedures to start a business in Bangladesh.
However, the OECD recommends that there should not be more than five different procedures and it should not take more than 12 days.
According to the IFC index, Singapore retained its top place. Hong Kong, New Zealand, the United States, Denmark, Norway, the United Kingdom, South Korea, Australia and Finland were placed from second to 10th positions in a row.
Financial Express :: Financial Newspaper of Bangladesh
Awami League is implementing last set of scripts for destruction of business and entrepreneur confidence. Now entrepreneur and foreign investors will think twice before setting up business. In one hand Awami League regime says China will help Bangladesh to become middle income country and on another it threaten business with political imposition so industry does not get set. This is Awami League destruction galore of Bangladesh economy.
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APPOINTMENT OF ADMINISTRATORS TO COMPANIES
Govt move to create panic among entrepreneurs: BGMEA
Staff Correspondent
Bangladesh Garment Manufacturers and Exporters Association on Wednesday said that the government’s move to amend the Companies Act-1994 with provision to appoint administrators to errant companies would hamper overall economic progress of the country and discourage entrepreneurs to invest.
‘We strongly oppose the move and urge the government to drop the plan as it has created a severe panic among the entrepreneurs and businessmen,’ BGMEA president Shafiul Islam Mohiuddin said at a press conference on labour situation in the garment sector before the Eid-ul-Azha.
Shafiul Islam said that the business community was trying to come out from the crisis created due to Hallmark scam. The move to appoint administrators to companies has created additional crisis in the sector, he added.
The government should not create panic and stagnation in the private sector in the name of punishing some black sheeps for their misdeeds, he said, adding that the government can punish them under existing laws.He said that the government could appoint administrators to rogue companies under existing Companies Act-1994. He also suggested the government to discuss with the business community before finalising the amendment.
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Full article:
New Age | Newspaper
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APPOINTMENT OF ADMINISTRATORS TO COMPANIES
Govt move to create panic among entrepreneurs: BGMEA
Staff Correspondent
Bangladesh Garment Manufacturers and Exporters Association on Wednesday said that the government’s move to amend the Companies Act-1994 with provision to appoint administrators to errant companies would hamper overall economic progress of the country and discourage entrepreneurs to invest.
‘We strongly oppose the move and urge the government to drop the plan as it has created a severe panic among the entrepreneurs and businessmen,’ BGMEA president Shafiul Islam Mohiuddin said at a press conference on labour situation in the garment sector before the Eid-ul-Azha.
Shafiul Islam said that the business community was trying to come out from the crisis created due to Hallmark scam. The move to appoint administrators to companies has created additional crisis in the sector, he added.
The government should not create panic and stagnation in the private sector in the name of punishing some black sheeps for their misdeeds, he said, adding that the government can punish them under existing laws.He said that the government could appoint administrators to rogue companies under existing Companies Act-1994. He also suggested the government to discuss with the business community before finalising the amendment.
.......
Full article:
New Age | Newspaper
Only buffer forex reserve wont bring positive impact
Economists warn lower import of capital machinery no good sign
AKM Zamir Uddin
The countrys buffer foreign exchange reserve will not bring any positive impact on the macro-economic condition if the import of capital machinery and raw materials continues to remain in a declining trend, said economists. The lower import of capital machinery and industrial raw materials will also hamper the growth of gross domestic products, they warned.
The countrys foreign exchange reserve on October 18 crossed $12 billion-mark for the first time due mainly to lower import growth, increasing trend in remittance inflow ahead of Eid-ul-Azha and purchasing of US dollar by the Bangladesh Bank in the last few months, the central bank officials said.
The BB continued to discourage commercial banks asking them not to open letters of credit for non-essential products in a bid to strengthen the forex reserve, a BB official told New Age on Wednesday.
BB data showed that the growth in settlement of LCs or actual import payments for capital machinery registered a negative growth of 17.45 per cent in July-August of FY 2012-13 compared to that of 44.23 per cent growth in the same period of FY 12.
LCs settlements in the first two months of current financial year for capital machinery were worth $ 334.19 million against $ 404.72 million in the corresponding period of FY 12. The growth of import of industrial raw materials increased slightly in the period that posted a 9 per cent growth from 5.51 per cent in the same period of FY 12.
LC settlements in the first two months of the current financial year for industrial raw materials were worth $ 2.10 billion against $ 1.93 billion in the corresponding period of FY 12. The BB official said the import growth of industrial raw materials in the period had not reached at a desirable situation considering the countrys economy.
Former BB governor Salehuddin Ahmed said that the buffer forex reserve would usually help the economy if it plunges in an unexpected difficult situation. But the robust reserve will not make any positive trend if it hits on the import of capital machinery. He said the two products usually helped to attain the expected GDP growth.
The BB continued to purchase greenback from the commercial banks to curb the higher value of Taka against the US dollar to encourage the remittance and exporters.BB data showed the central bank had purchased more than $1.5 billion from the local commercial banks from July to October.
Salehuddin said the export flow would not face any difficult situation if the value of greenback decreased slightly against Taka as the countrys export markets were almost fixed in the outside world.
Rashed Al Mahmud Titumir, an economist, said that the import demand including for capital machinery had failed in the last few months as the BB took a restrained monetary policy for July-December term of 2012. He said the central bank had received the MPS programme to contain inflationary pressure as per conditions of the International Monetary Fund.
The credit growth is hampered due to contractionay monetary policy, he said. Under the latest monetary programme, the BB discouraged to open letters of credit for capital machinery and industrial raw materials, creating a stagnation in the investment sector, he said.
New Age | Newspaper
Economists warn lower import of capital machinery no good sign
AKM Zamir Uddin
The countrys buffer foreign exchange reserve will not bring any positive impact on the macro-economic condition if the import of capital machinery and raw materials continues to remain in a declining trend, said economists. The lower import of capital machinery and industrial raw materials will also hamper the growth of gross domestic products, they warned.
The countrys foreign exchange reserve on October 18 crossed $12 billion-mark for the first time due mainly to lower import growth, increasing trend in remittance inflow ahead of Eid-ul-Azha and purchasing of US dollar by the Bangladesh Bank in the last few months, the central bank officials said.
The BB continued to discourage commercial banks asking them not to open letters of credit for non-essential products in a bid to strengthen the forex reserve, a BB official told New Age on Wednesday.
BB data showed that the growth in settlement of LCs or actual import payments for capital machinery registered a negative growth of 17.45 per cent in July-August of FY 2012-13 compared to that of 44.23 per cent growth in the same period of FY 12.
LCs settlements in the first two months of current financial year for capital machinery were worth $ 334.19 million against $ 404.72 million in the corresponding period of FY 12. The growth of import of industrial raw materials increased slightly in the period that posted a 9 per cent growth from 5.51 per cent in the same period of FY 12.
LC settlements in the first two months of the current financial year for industrial raw materials were worth $ 2.10 billion against $ 1.93 billion in the corresponding period of FY 12. The BB official said the import growth of industrial raw materials in the period had not reached at a desirable situation considering the countrys economy.
Former BB governor Salehuddin Ahmed said that the buffer forex reserve would usually help the economy if it plunges in an unexpected difficult situation. But the robust reserve will not make any positive trend if it hits on the import of capital machinery. He said the two products usually helped to attain the expected GDP growth.
The BB continued to purchase greenback from the commercial banks to curb the higher value of Taka against the US dollar to encourage the remittance and exporters.BB data showed the central bank had purchased more than $1.5 billion from the local commercial banks from July to October.
Salehuddin said the export flow would not face any difficult situation if the value of greenback decreased slightly against Taka as the countrys export markets were almost fixed in the outside world.
Rashed Al Mahmud Titumir, an economist, said that the import demand including for capital machinery had failed in the last few months as the BB took a restrained monetary policy for July-December term of 2012. He said the central bank had received the MPS programme to contain inflationary pressure as per conditions of the International Monetary Fund.
The credit growth is hampered due to contractionay monetary policy, he said. Under the latest monetary programme, the BB discouraged to open letters of credit for capital machinery and industrial raw materials, creating a stagnation in the investment sector, he said.
New Age | Newspaper
Private sector credit growth falls in Aug
AKM Zamir Uddin
The credit growth in the private sector in August of the current financial year decreased to 19.93 per cent compared with that of 23.19 per cent in the corresponding month of FY 2011-12 due to a contractionary monetary policy maintained by the Bangladesh Bank, said central bank officials. BB data released last week showed that the private sector credit disbursement in August increased to Tk 4,14,420.50 crore, or 19.93 per cent higher than that the corresponding month of the FY 2011-12.
Banks and non-bank financial institutions disbursed Tk 3,45,561.9 crore in private sector credit in August of FY 2011-12, which was 23.19 per cent higher than that of the same month of the FY 2010-11.A BB official told New Age on Monday that the credit flow to the private sector had decreased in the period due to the restraint monetary policy taken by the central bank.
He said the central bank had maintained the restraint monetary policy programme to contain inflationary pressure as per conditions given by of the International Monetary Fund under its $987 loan facility to Bangladesh. The IMF on April 11 this year approved $987 million loan to Bangladesh under its Extended Credit Facility to help the country overcome its macroeconomic pressures. The BB in its latest MPS has set 18.3 per cent credit growth for the private sector by December 2012 and 18 per cent by June 2013 although the rates were slightly higher than a target of 18 per cent by December 2011 and 16 per cent by June 2012.
BB data, however, showed that credit growth in the private sector decreased to 19.68 per cent in FY 2011-12 from that of 25.84 per cent in FY 2010-11.
Economists earlier said that the declining trend of credit growth in the private sector would hamper the GDP growth as the sector was not getting desired loans from the banking system. They said that a stagnant situation had already emerged in the investment scenario in the private sector as the import of capital machinery continued to fall in the last few months. BB data showed that the credit growth in private sector had also decreased in August compared with that of July this year due to a lower growth in opening of letters of credit.
According to the BB data, the private sector credit disbursement in July increased to Tk 4,09,609.80 crore, which was 20.25 per cent higher than that of the corresponding month of the FY 2011-12. BB officials said that opening of LCs decreased significantly in August due to a lower import growth of industrial raw materials and capital machinery.
BB data showed that the opening of LCs in August this year had posted a negative growth of 14.80 per cent year-on-year compared to a 4.48 per cent negative growth in August 2011. In August this year, LCs worth $2.48 billion were opened by banks compared to LCs worth $2.92 billion in August 2011.
New Age | Newspaper
AKM Zamir Uddin
The credit growth in the private sector in August of the current financial year decreased to 19.93 per cent compared with that of 23.19 per cent in the corresponding month of FY 2011-12 due to a contractionary monetary policy maintained by the Bangladesh Bank, said central bank officials. BB data released last week showed that the private sector credit disbursement in August increased to Tk 4,14,420.50 crore, or 19.93 per cent higher than that the corresponding month of the FY 2011-12.
Banks and non-bank financial institutions disbursed Tk 3,45,561.9 crore in private sector credit in August of FY 2011-12, which was 23.19 per cent higher than that of the same month of the FY 2010-11.A BB official told New Age on Monday that the credit flow to the private sector had decreased in the period due to the restraint monetary policy taken by the central bank.
He said the central bank had maintained the restraint monetary policy programme to contain inflationary pressure as per conditions given by of the International Monetary Fund under its $987 loan facility to Bangladesh. The IMF on April 11 this year approved $987 million loan to Bangladesh under its Extended Credit Facility to help the country overcome its macroeconomic pressures. The BB in its latest MPS has set 18.3 per cent credit growth for the private sector by December 2012 and 18 per cent by June 2013 although the rates were slightly higher than a target of 18 per cent by December 2011 and 16 per cent by June 2012.
BB data, however, showed that credit growth in the private sector decreased to 19.68 per cent in FY 2011-12 from that of 25.84 per cent in FY 2010-11.
Economists earlier said that the declining trend of credit growth in the private sector would hamper the GDP growth as the sector was not getting desired loans from the banking system. They said that a stagnant situation had already emerged in the investment scenario in the private sector as the import of capital machinery continued to fall in the last few months. BB data showed that the credit growth in private sector had also decreased in August compared with that of July this year due to a lower growth in opening of letters of credit.
According to the BB data, the private sector credit disbursement in July increased to Tk 4,09,609.80 crore, which was 20.25 per cent higher than that of the corresponding month of the FY 2011-12. BB officials said that opening of LCs decreased significantly in August due to a lower import growth of industrial raw materials and capital machinery.
BB data showed that the opening of LCs in August this year had posted a negative growth of 14.80 per cent year-on-year compared to a 4.48 per cent negative growth in August 2011. In August this year, LCs worth $2.48 billion were opened by banks compared to LCs worth $2.92 billion in August 2011.
New Age | Newspaper
Govt’s power policy does not match patriotism
The power policy adopted and pursued by the government of Sheikh Hasina is poised to seriously threaten energy security while it would push up the cost of living of citizens already bearing the brunt of government failure to contain inflation.
It appears clearly, as New Age reported on Sunday, that the government is encouraging private-sector companies to produce more electricity than the public sector does and to ensure that it has been pursuing the policy of reducing power production in public-sector plants.
The report shows that private-sector plants generated 56.72 per cent of the total amount of power in the 2011–12 financial year vis-à-vis 43.28 per cent government plants produced. In the 2010–2011 financial year, the private sector produced 50.24 per cent and earlier in 2009–2010 financial year, the private sector’s share was 41.68 per cent.
Clearly, a few private companies are already in a position to rule the power sector, which is very crucial to national interest. What is worse is that the private sector did not earn this control on its own capability and commitment; rather the government has made itself dependent on private companies by way of a policy decision to weaken the public sector’s ability to produce more electricity.
The New Age report shows that power generation by public-sector plants dropped by 1,220.43 million units this year as the government decided to divert gas to private plants, depriving public-sector power plants.
Notably, the government signed contracts under which the state is obligated to pay certain amount of money to the private companies concerned even if it does not buy electricity from them! Reports have it that many directors of such companies are related to the people high up in the Awami League government.
The motive of financial corruption apart, the state’s sheer dependence on the private sector for power, however, may prove to be dangerous from the point of view of national energy security for a country such as Bangladesh. Besides, the purchase of electricity from private companies at a higher price would affect the public exchequer, which, in turn, would affect the economic life of people at large because the government would realise the extra cost from consumers. Why would the state stand the threat of energy security on the one hand and the public suffer economically only to provide financial benefits to a few private companies? Such a power policy does not match the government’s rhetorical slogan for patriotism.
Under the circumstances, it is the responsibility of all patriotic, social and political forces, within and without the AL-led ruling coalition, to put up united resistance against the anti-people power policy of the government.
New Age | Newspaper
The power policy adopted and pursued by the government of Sheikh Hasina is poised to seriously threaten energy security while it would push up the cost of living of citizens already bearing the brunt of government failure to contain inflation.
It appears clearly, as New Age reported on Sunday, that the government is encouraging private-sector companies to produce more electricity than the public sector does and to ensure that it has been pursuing the policy of reducing power production in public-sector plants.
The report shows that private-sector plants generated 56.72 per cent of the total amount of power in the 2011–12 financial year vis-à-vis 43.28 per cent government plants produced. In the 2010–2011 financial year, the private sector produced 50.24 per cent and earlier in 2009–2010 financial year, the private sector’s share was 41.68 per cent.
Clearly, a few private companies are already in a position to rule the power sector, which is very crucial to national interest. What is worse is that the private sector did not earn this control on its own capability and commitment; rather the government has made itself dependent on private companies by way of a policy decision to weaken the public sector’s ability to produce more electricity.
The New Age report shows that power generation by public-sector plants dropped by 1,220.43 million units this year as the government decided to divert gas to private plants, depriving public-sector power plants.
Notably, the government signed contracts under which the state is obligated to pay certain amount of money to the private companies concerned even if it does not buy electricity from them! Reports have it that many directors of such companies are related to the people high up in the Awami League government.
The motive of financial corruption apart, the state’s sheer dependence on the private sector for power, however, may prove to be dangerous from the point of view of national energy security for a country such as Bangladesh. Besides, the purchase of electricity from private companies at a higher price would affect the public exchequer, which, in turn, would affect the economic life of people at large because the government would realise the extra cost from consumers. Why would the state stand the threat of energy security on the one hand and the public suffer economically only to provide financial benefits to a few private companies? Such a power policy does not match the government’s rhetorical slogan for patriotism.
Under the circumstances, it is the responsibility of all patriotic, social and political forces, within and without the AL-led ruling coalition, to put up united resistance against the anti-people power policy of the government.
New Age | Newspaper
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