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Forex market getting bullish by the day  

The dollar appreciated against the taka in the already bullish foreign exchange market following the large payment for the Padma bridge that squeezed the supply of greenbacks. Demand for dollars rose further in the interbank forex market yesterday after $110 million was paid in advance to the successful bidders for the construction of the bridge. [caption id="attachment_4203" align="alignleft" width="300"]The reserves now stand at $19.04bn, enough to pay off six months’ imports and second highest among SAARC countries The reserves now stand at $19.04bn, enough t...

Dollar stable against taka, hit record low against yen  

It was a busy week for central banks around the world, with monetary policy meetings in the US, NZ and Japan. This made for a very interesting end to the week for the FX markets as investors digested the deluge of information coming from policymakers. Market observers say the lingering impact of these game-changing meetings, and possibility of fireworks in this week’s policy meeting in Europe as well, may continue to influence investor sentiment for some time to come as the market reassesses prior assumptions about the trajectory of monetary policy in these countries. dollar

Bangladesh Bank to support dyed yarn exporters

The members of the Bangladesh Dyed Yarn Exporters’ Association (BDYEA) will get financial support from Export Development Fund (EDF), a special fund of the Bangladesh Bank, BSS news agency reported. yarnThe funds will be given only for importing unprocessed yarn and chemicals for processing yarn to local manufacturers and exporters, against their back to back LCs (Letter of Credits) in foreign exchange. The Bangladesh Bank said the funding limit will not exceed US$15 million or the value realized in foreign exchange, against inland back to back LCs over the ...

Inter-bank call money rate hits 9.50pc    

The inter-bank call money rate hit 9.50 per cent Thursday, the last working day before the Eid-ul-Azha, because of higher withdrawal of cash from the banks, treasury officials said. The call rate ranged between 6.00 per cent and 9.50 per cent on the day against the previous range between 6.00 per cent and 9.25 per cent. However, most of the deals were settled at rates varying between 8.50 per cent and 9.50 per cent, the market operators said, Financial Express reports. The weighted average rate of the call money rose to 8.78 per cent Thursday from 8.52 per cent of the previous working day, according to the Bangladesh Bank (BB) statistics.

Puzzle of rise and fall in capital machinery imports  

Normal reasoning suggests capital machinery imports would plummet when a country is in the thick of political turmoil and shoot up when normalcy returns. That logic is found flapping when it comes to Bangladesh. In the first month of the current fiscal year, letters of credit settlement, which give an indication of the amount of imports, for capital machinery and industrial raw materials fell in comparison to a year ago. LC openings, which signify the import orders being placed, too saw a decline. puzzleIn July, LC settlement for capital machinery sli...

Tenaga Nasional shares up on Bangladesh deal

Tenaga Nasional Bhd's shares rose 2.0 sen to RM12.30 as the market reacts positively to its venture in Bangladesh. As at 11.58am, a total of 2.14 million shares were traded. tenangaTenaga Nasional has signed a memorandum of understanding with Powertek Bhd and Bangladesh Power Development Bhd to develop a 1,320-megawatt coal-fired power plant at Maheshkali, Bangladesh, on a build-own-operate basis. AmResearch said it was neutral on the venture as it is part of Tenaga Nasional's strategy of overseas expansion. "On the domestic front, we remain conv...
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