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DSEX 6,336.88 14.37 Gold (Ounce) $1,289.70 Dollar 81.99 (Buy) 82.99(Sell) REPO Rate (16/10/2017) 3.44% Euro 96.73 DSE30 2,280.00 2.65 Oil (Barrel) $58.67 REPO Rate (15/10/2017) 3.46% (Buy) 101.11(Sell) Source: DSE Source: Yahoo Finance Source: One Bank Limited Source: Bangladesh Bank (W AV) National News Muhith plans Tk 4,68,000cr budget for FY19 ‘Power tariff hike won’t affect public life’ US dollar appreciates against taka Railway passengers expected to double in two years Amendment mistimed: analysts Robi registers 4% revenue growth in third quarter ‘Good governance can resolve banking crisis’ Government looking into debt records of S Alam Group Rising NPLs matter of serious concern for banking sector, experts say at ABC Chinese co gets Tk 767cr deal to convert 150MW plant to CCP Local firm to launch on-demand ride service ‘Ezzyr’ from Dec 1 International News Black Friday, Thanksgiving online sales climb to record high A ray of hope for Zimbabwe's ruined economy? National News Muhith plans Tk 4,68,000cr budget for FY19 Finance Minister AMA Muhith yesterday said the outlay of the budget for the coming 2018-2019 financial year (FY19) could be Tk 4,68,000 crore, reports BSS. “We announced Tk 4,00,266 crore budget for current fiscal. Revised budget for the current fiscal will be Tk 3,71,000 crore. We have projected Tk 4,68,000 crore for the next fiscal,” he told journalists after coordination council meeting and Budget Monitoring and Resource Committee (BMRC) meeting at the Finance Ministry in the capital. Mentioning the figure as the initial indicator, he said, the actual figure of the next budget will be fixed on February, 2018. “FY19 budget will be the last budget for this tenure of the present government. So I thought that we should start well tune on that budget right now,” he added. “There will no new initiative in the next budget. It will not be either an ambitious budget,” he added. Muhith said education will be the most priority sector in the next budget as the government will give more emphasis on manpower development. This fiscal, the finance minister said, the implementation performance of Annual Development Programme (ADP) is very good, so that the budget implementation performance is slightly better than the previous fiscal. Responding to a question, he said, the revenue collection performance is also better than previous fiscal. “So far the revenue collection is allright. Last fiscal, the growth of revenue collection was 11 per cent. This fiscal, we expected the growth will be 13 per cent,” he added. He said the number of taxpayers has enormously increased due to the government’s time befitting initiatives to expedite the revenue collection. 1 | P a g e Source: http://www.theindependentbd.com/post/125593 ‘Power tariff hike won’t affect public life’ Terming the power tariff hike as negligible, Prime Minister’s Energy Advisor Dr Tawfiq-e-Elahi-Chowdhury said that the new tariff would not affect public life, reports UNB. The Prime Minister’s adviser made the remarks yesterday while talking to reporters after attending a programme at Bidyut Bhaban in the capital. The Bangladesh Energy Regulatory Commission (BERC) raised retail power tariff on its own consideration, he said. Source: http://www.theindependentbd.com/post/125303 US dollar appreciates against taka US dollar continues to gain strength against Bangladesh taka (BTD) as the demand for the greenback has shot up due to a rise in the import of capital machineries and essential commodities, including food grains, reports BSS. "Though the exchange rate was depreciating in the world market in the last few years, the Bangladeshi currency remained stable. In the last few days, taka has slightly depreciated against US dollar but it will have no major impact on the financial sector," Bangladesh Bank (BB) Executive Director Subhankar Saha told news agency in the capital yesterday. Depreciation of taka against US dollar means the exporters and remittance senders will be benefited, Subhankar Shah added. According to the BB data, the inter-bank exchange rate of the US dollar stood at Tk 81.60 on Wednesday, up from Tk 80.90 on November 1 this year and Tk 78.46 on November 1, 2016. Talking to the news agency, Managing Director of Mutual Trust Bank Limited (MTBL) Anis A Khan said settlement of Letter of Credit (LC) of different import items by banks has increased recently. Due to the settlement of LCs, the demand of US dollar is increasing, he added. "Export is not increasing like import. So, the demand of US dollar is on the rise. Another reason is that the inflow of remittances through illegal channel has declined," said Khan. He expressed the hope that the depreciating trend of Bangladesh currency is temporary. Managing Director of the Modhumoti Bank Limited M Shafiul Azam said import has increased to meet the demand of capital machineries and food grains. So, demand of US currency is increasing, he added. "There will have no major impact on the economy for the slight depreciation of Bangladesh currency as our forex reserves and inflow of remittances are in upward trend," he added. According to the BB data, inflow of remittances is maintain an increasing trend as expatriate Bangladeshis sent home US $1,159.09 million in October which was $856.87 million in September this year. Bangladeshis abroad have also sent $681.58 million during the first 17 days of the current November. The foreign exchange reserves of the country were also over $32 billion up to November 15, which is well enough to meet nine-month import demand. Source: http://www.theindependentbd.com/post/125161 Railway passengers expected to double in two years If the ongoing development projects are completed within the stipulated time, then the number of daily train passengers will rise to 5 lakh from 2.5 lakh after two years, said sources at the Railways Ministry, reports UNB. They said all the districts will eventually come under the railway network on implementation of Bangladesh Railway’s expansion projects. Currently, there are 53 such expansion projects under the Railway’s annual development programme and 46 of those are investment ones. After Prime Minister Sheikh Hasina’s visit to the Railways Ministry in October 2014, they said, 31 projects have been taken as per her directive, out of which 11 have been completed, while nine partially completed and 11 more are under implementation. Director general of Bangladesh Railway Md Amjad Hossain said they have the capacity to handle 2.5 lakh commuters every day. He said if most of the ongoing projects are finished in the next two years they will be able to provide services to 5 lakh commuters. The DG said the country will be able to experience substantial changes in the railway sector once the projects are completed. He also said a masterplan from 2010-2030 was undertaken, but it was recently revised till 2046. “There have 2 | P a g e been significant developments in the railway sector in the last few years with trains running in time, inclusion of new trains, upgradation of older trains with new locomotives and coaches,” he said. Railways Minister Mazibul Haque told the news agency the railway sector is being given a lot more emphasis than before as per the directive of Prime Minister Sheikh Hasina. “We want to make the railroads more comfortable and quicker for commuters.” The demand for railroad communication has been growing day by day, said the minister adding that they are introducing newer train services and additional coaches. A total 112 new trains have been added to the rail fleet with 34 new train services during the last eight years. Besides, 20 demu trains from China have recently been added to the fleet. Efforts are also underway to revive old routes which were previously closed down, Mazibul said. Source: http://www.theindependentbd.com/post/125284 Amendment mistimed: analysts The proposed amendment to the banking company act will shrink the size of the board at a time when banks need bigger boards with experienced members for sound risk management, speakers said yesterday. Earlier in May, the cabinet approved a proposal to amend the Banking Companies Act such that four directors from a single family are allowed in a bank's board instead of existing two. The amendment will strengthen the grip of a family in a bank's board -- a highly undesirable trait. “A large board is needed to establish good governance but the proposed new amendment will squeeze the scope,” said Faruq M Ahmed, additional managing director of Trust Bank, while addressing a conference. Ahmed's comments came at the Annual Banking Conference, organised yesterday by the Bangladesh Institute of Bank Management at its auditorium in the capital. The two-day conference was inaugurated by Bangladesh Bank Governor Fazle Kabir. BIBM has been organising the event every year since 2012 with the view to bringing together experts, academicians and researchers from all over the world to exchange and share knowledge, experience and research outputs on banking and related issues. “Such gathering will generate innovative ideas and policies to address the current issues of the banking industry,” Kabir said while delivering his speech as the chief guest. Private banks should look to effectively employ audit committees and pack in bigger boards with experienced members to guarantee sound risk management, said GM Wali Ullah, lecturer of the Independent University, Bangladesh's business school, referring to an empirical study. Speakers at the conference also said that banks are not reporting the actual figure of non-performing loans in their financial statement.