Morning Newsflash
Total Page：16
File Type：pdf, Size：1020Kb
Tuesday, February 12, 2019 Morning Newsflash Economy BDT deflates notably against US$ . The exchange rate of the Bangladesh Taka (BDT) depreciated significantly against the US dollar on Monday, mainly due to higher demand for the greenback in the market for settling the import bills. The local currency deflated by 10 poisha in the country's inter-bank foreign exchange (forex) market on the day after more than a month, market operators said. The US dollar was quoted at Tk 84.05 each in the inter-bank forex market on Monday against Tk 83.95 of the previous working day, they said. BDT faced the depreciation, although the Bangladesh Bank (BB) sold US$ 85 million to the commercial banks on the day for keeping the forex market stable. "We've sold the US dollar to three state-owned commercial banks (SoCBs) for making import payments, particularly for fuel-oils, LNG (liquefied natural gas) and Rooppur Nuclear Power Plant (NPP)," a senior official of BB told the FE. The exchange rate has been re-fixed in line with the market requirement, the central banker explained. "We're continuously providing such foreign currency support to the banks for making import payment obligations against the essential items," he added. A total of $1.55 billion has been sold since July 01 of the current fiscal year (FY), 2018-19, to the commercial banks as part of BB's ongoing support, according to latest data. The central banker also said BB might continue providing such foreign currency support to the banks in line with the market requirement. On January 03, the local currency depreciated by five poisha against the greenback in the inter-bank forex market on the same ground. The greenback was quoted at Tk 83.95 each in the market on the day against Tk 83.90 of the previous working day. "The country's overall export earnings and inward remittance flow will boost up following depreciation of the local currency against the US dollar," Syed Mahbubur Rahman, Chairman of Association of Bankers, Bangladesh (ABB), told the FE. Such depreciation will increase cost of import, the senior banker added. On the same day, the exchange rate of BDT depreciated by 17 poisha against the US currency at customer level for settling import bills. The exchange rate of the US dollar rose to maximum Tk 84.12 each for sale of Bill for Collection (BC) on the day from maximum Tk 83.95 of the previous working day, according to the operators. Talking to the FE, M A Halim Chowdhury, Managing Director and Chief Executive Officer of Pubali Bank Limited, said the local currency may depreciate further in future following the overall market situation. The demand for the US dollar is gradually increasing, mainly due to higher import payment pressure, particularly of capital machinery for power plants, intermediate goods, petroleum products and LNG. From http://today.thefinancialexpress.com.bd/first-page/bdt-deflates-notably-against-us-1549905954 Proposed KEZ set to get licence . The proposed Kishoreganj Economic Zone (KEZ), a venture of Nitol Niloy Group, is set to obtain licence from the authorities concerned, officials related with the development have said. The zone would be established on 91.63 acres of land in Pakundia Upazilla, next to Bhairab-Kishoreganj highway, they added. It received the pre-qualification licence from the BEZA in July 2017. "The KEZ is now getting prepared to receive the final nod," Executive Chairman of Bangladesh Economic Zones Authority (BEZA) Paban Chowdhury told the FE. He said the zone will host heavy industries like car and steel manufacturing plants by Indian multinational conglomerate TATA. "This is another testimony of congenial investment atmosphere in the country which continues to attract more and more foreign businesses," said Mr Chowdhury, a secretary of the government. When the KEZ would start operations in full swing, it would supply different types of products manufactured at the KEZ at more reasonable prices in the local market, he said. "India-based TATA through a joint venture with us will manufacture vehicles, including double cabin pick up," said an executive at the Nitol Niloy Group. He said the machinery for the proposed plant already reached the project site while TATA Steel, India selected land in the KEZ to start the construction work soon. The zone will have all the required facilities such as water treatment plant, effluent treatment plant and fire extinguishing system. It will accommodate industrial facilities for manufacturing businesses like automobiles, steel, apparel, leather goods, agro processing, and Information Communication Technology (ICT), aimed at exporting products after meeting the local demand. With the beginning of commercial operations, the KEZ will create direct and indirect employment for around 25,000 people in five years. Some factories in the KEZ, comprised of 26 industrial plots, are expected to go for production by the end of this year. The zone - 170-km from Dhaka, 307-km from the Chittagong sea port and 40-km from Ashuganj river port - is connected with Gachihata Station of Bhairab-Kishoreganj railway link through its own line. The utilities like gas, electricity and water are already available with the project. The feasibility report along with the master plan of the zone prepared by PricewaterhouseCoopers (PwC) has been duly accepted by the BEZA, which is attached with the Prime Minister's Office (PMO). From http://today.thefinancialexpress.com.bd/trade-market/proposed-kez-set-to-get-licence-1549908320 Tuesday, February 12, 2019 Morning Newsflash Boring work of Karnaphuli tunnel starts on Feb 24 . Boring work of the Karnaphuli tunnel, first of its kind in the country, will start on February 24. Prime Minister Sheikh Hasina will inaugurate the boring work of the 3.4-kilometre tunnel during her visit to Chattogram. Road Transport and Bridges Minister Obaidul Quader disclosed this while addressing a contract-signing ceremony on the security of the Karnaphuli tunnel on Monday. Bangladesh Bridge Authority (BBA) and Bangladesh Navy signed a Tk 650-million contract at the BBA conference room to ensure the security and safety of the tunnel during its construction period for four years. BBA Chief Engineer Kazi M Ferdous and Director of Naval Operation and Chief Coordinator of Safety and Security Supervision Consultant Commodore Mahmudul Malek signed the contract on behalf of their respective sides. Obaidul Quader, also secretary general of the ruling Awami League, said assemblage of the tunnel boring machine under the river is now underway. The tunnel has been proposed to be named after Bangabandhu Sheikh Mujibur Rahman, he said, adding that the proposal in this regard has been sent to the Prime Minister's Office for approval. After completion, the minister said, the tunnel will help ease traffic gridlock and save travel time in the Chattogram city. Nearly 32 per cent work of the project has been completed, he added. The minister along with Bridge Division Secretary Khandakar Anwarul Islam, Chief of Naval Staff AMMM Aurangzeb Chowdhury, high officials of Bridge Division, BBA and Bangladesh Navy witnessed the signing ceremony. Consultants and officials of the Chinese contractor were also present. The naval chief said the Bangladesh Navy will work for the security and safety of the Karnaphuli tunnel during the construction period. It will also provide first aid service at the construction site. The BBA is implementing the multilane road tunnel project under the River Karnaphuli which will consist of two tubes and 5.35-km approach roads on eastern and western sides. The tunnel will connect Anwara upazila with Chattogram city and will help bypass highway traffic on Dhaka-Chattogram to avoid the port city to go to Cox's Bazar. From http://today.thefinancialexpress.com.bd/trade-market/boring-work-of-karnaphuli-tunnel-starts-on-feb-24-1549908294 New Chinese firm set to bag Dhaka-Sylhet highway project . China Communications Construction (CCCC) looks set to bag the Tk 14,000 crore-contract to construct the Dhaka-Sylhet four-lane highway after the project's original contractor, China Harbour, was dumped for offering bribes. The Chinese state-owned construction firm has been lobbying with the government since the job vacancy opened up in January last year and has even promised to finish the project quickly and smoothly in a letter to the government on December 21. The project -- which is expected to expand the regional transport network, including the Asian Highway Network, BIMSTEC and SAARC corridors -- is supposed to be completed by December 2022, as per the original plan. The 214 kilometre-long highway, which will be made with entire Chinese funds, will have 321 culverts, 70 bridges, five railway overpasses, four flyovers, 10 underpasses, 42 footbridges, three truck stands and two rest houses. Under a direct procurement method China Harbour was chose on October 9, 2016 to helm the project. But it was ousted from the project earlier last year for offering bribe a secretary of the road transport and bridges ministry, the implementing entity. CCCC's proposal is now sitting on the prime minister's table for her approval, said Md. Zahidul Haque, additional secretary of the economic relations division. “Since only the contractor will change and everything else will remain the same, the government does not need to float the tender again to appoint the new company,” he added. The project was bookmarked as a priority one among the 27 agreed upon during Chinese President Xi Jinping's visit to Dhaka in October 2016. Contacted, Md. Nazrul Islam, secretary of the road transport and highway division, declined to comment on the matter. From https://www.thedailystar.net/business/news/new-chinese-firm-set-bag-dhaka-sylhet-highway-project-1700854 IT Sector Computer parts makers to enjoy tax benefit .