শেয়ারদর ওঠানামায় কোম্পানির ভূমিকাকে প্রাধান্য দিয়ে ভারতের আদলে তৈরি হচ্ছে বাইব্যাক আইন।
পুঁজিবাজার বিশ্লেষকরা বলছেন, বুকবিল্ডিং পদ্ধতির মতো বাইব্যাক আইনও পুঁজিবাজার বিপর্যয়ের কারণ হতে পারে। তাই আইনটি যেন কারসাজির হাতিয়ার না হয়ে ওঠে সেজন্য আইন প্রণয়নে সতর্কতা অবলম্বনের পরামর্শ দিয়েছেন বাজার সংশ্লিষ্টরা।
অন্যান্য দেশে বাইব্যাক আইন থাকলেও বাংলাদেশের কোম্পানি আইনে ওই আইনের অনুমোদন নেই। তাই বাইব্যাক আইন করতে হলে প্রথমে কোম্পানি আইন সংশোধন করতে হবে।
সিকিউরিটিজ অ্যান্ড এক্সচেঞ্জ কমিশনসহ (এসইসি) ঢাকা ও চট্রগ্রাম দুই স্টক এক্সচেঞ্জ বাইব্যাক আইনের প্রস্তাব নিয়ে কাজ করছে। আইনটিতে বাংলাদেশের প্রেক্ষাপটে শেয়ারদরের ওঠানামার ওপর কোম্পানির সাপোর্টের বিষয়টি প্রাধান্য পাবে।
বাইব্যাক আইনের উদ্দেশ্য:
আইন অনুযায়ী শেয়ারের বাইব্যাক যে উদ্দেশ্যে করা হয় সেগুলো হলো-
প্রথমত: উদ্যোক্তাদের শেয়ারের অংশ বাড়াতে আইনটি করা হচ্ছে। অর্থাৎ কোম্পানির মোট শেয়ারের মধ্যে যদি ৩০ শতাংশ উদ্যোক্তাদের হাতে এবং ৭০ শতাংশ শেয়ারহোল্ডারদের হাতে থাকে সেক্ষেত্রে বাইব্যাক করে উদ্যোক্তাদের শেয়ারের অংশ বাড়ানো হবে।
দ্বিতীয়ত: শেয়ারপ্রতি আয় (ইপিএস) বাড়াতে আইনটি কার্যকর করা হবে। অর্থাৎ কোম্পানি বাইব্যাক করলে বিনিয়োগকারীদের শেয়ার সংখ্যা কমে যাবে। এতে শেয়ারের ইপিএস বাড়বে।
তৃতীয়ত: কোম্পানির মূলধন অনেক বেড়ে গেলে তা কমাতে বাইব্যাক করা হবে।
চতুর্থত: শেয়ারের দর যৌক্তিক পর্যায়ে রাখার কাজে আইনটি ভূমিকা রাখবে। অর্থাৎ পরিস্থিতি অনুযায়ী কোম্পানি শেয়ার বাইব্যাক করে দর বাড়াতে অথবা কমাতে পারবে।
পঞ্চমত: কোম্পানির অলস অর্থ বেড়ে গেলে শেয়ার বাইব্যাক করতে পারবে।
কিভাবে বাইব্যাক করা হবে:
প্রথমত: কোম্পানির অতিরিক্ত রিজার্ভ থেকে বাইব্যাক করা হবে।
দ্বিতীয়ত: কোম্পানি শেয়ার থেকে যে অতিরিক্ত প্রিমিয়াম নিয়েছে সেই অর্থ থেকে বাইব্যাক করা হবে।
তৃতীয়ত: সাধারণ শেয়াহোল্ডারদের কাছে চিঠি দয়ে বাইব্যাক করা হতে পারে।
চতুর্থত: ওপেন মার্কেট থেকে বাইব্যাক করা হতে পারে।
পঞ্চমত: বুকবিল্ডিং পদ্ধতিতে এবং
ষষ্ঠত: স্টক এক্সচেঞ্জ থেকে বাইব্যাক করতে পারবে।
বাইব্যাকের শর্ত:
কোম্পানি আইনে বাইব্যাক অনুমোদিত থাকতে হবে। কোম্পানির পরিশোধিত মূলধনের কমপক্ষে ২৫ শতাংশ বাইব্যাক করতে হবে। কোম্পানির ঋণের পরিমাণ পরিশোধিত মূলধন ও রিজার্ভের দ্বিগুণ হলে বাইব্যাক করতে পারবে না। কোম্পানি বাইব্যাক করার আগে শেয়ারহোল্ডারদের ডিভিডেন্ডসহ সকল ঋণ পরিশোধ করতে হবে।
বাইব্যাক করা সকল শেয়ার পরিশোধিত মূলধনে যুক্ত হবে। বোর্ডে সিদ্ধান্ত হওয়ার ১২ মাসের মধ্যে বাইব্যাক সম্পন্ন করতে হবে। বাইব্যাক সম্পন্ন হওয়ার পর পুনরায় বাজারে আসতে হলে তাকে পরবর্তী ৬ মাসের মধ্যে পাবলিক ইস্যু বা রাইট ইস্যু করে আসতে হবে।
কোম্পানি বাইব্যাক করতে চাইলে তাকে অবশ্যই ঘোষণা দিতে হবে এবং অন্তত: একটি ইংরেজি জাতীয় দৈনিক ও একটি বাংলা জাতীয় দৈনিক পত্রিকায় বিজ্ঞাপন দিতে হবে। ঘোষণায় বাইব্যাকের একটি নির্দিষ্ট তারিখ ও শেয়ারের প্রাইস উল্লেখ থাকতে হবে।
বিনিয়োগকারীদের ওপর বাইব্যাক আইনের প্রভাব:
বিনিয়োগকারীদের ওপর বাইব্যাক আইনের ইতিবাচক ও নেতিবাচক দু’রকম প্রভাবই থাকবে বলে মনে করেন বাজার সংশ্লিষ্টরা। কোম্পানি বাইব্যাক করলে শেয়ারের ইপিএস বেড়ে যাবে। এতে বিনিয়োগকারীরা লাভবান হবে। এছাড়া বাজারের পরিস্থিতি প্রেক্ষাপটেও বাইব্যাক আইন অনেক সহায়ক হবে। কোনো কোম্পানির শেয়ার দর অস্বাভাবিক কমে গেলে তখন কোম্পানি ওই শেয়ার বাইব্যাক করবে। এতে বিনিয়োগকারীরা ক্ষতিগ্রস্ত হবে না।
এছাড়া কোনো কোম্পানি অতিরিক্ত প্রিমিয়াম নিয়ে বাজারে আসার পর শেয়ার দর পড়ে গেলে কোম্পানি বাইব্যাক করতে বাধ্য থাকবে। এতে বিনিয়োগকারীরা ঝুঁকির মুখে পড়বে না।
শেয়ারবাজারের ওপর বাইব্যাকের প্রভাব:
শেয়ারবাজারের ওপর বাইব্যাকের প্রভাব থাকবে বলে মনে করেন বাজার সংশ্লিষ্টরা। বাইব্যাক করার আগে কোম্পানিকে ঘোষণা দিতে হবে। এসময় কি দরে বাইব্যাক করা হবে তাও ঘোষণায় থাকবে। সেক্ষেত্রে এ ঘোষণা বাজারে ইতিবাচক ও নেতিবাচক হুজুগ সৃষ্টি করতে পারে। যেমন ফেসভ্যালু পরিবর্তনের ক্ষেত্রে বাজারে হুজুগ সৃষ্টি হয়েছিল।
এছাড়া বাইব্যাক আইনকে সরকার সাপোর্ট হিসেবে নিতে পারে। যেমন, বিপর্যয়কালে এ আইনের বলে শেয়ারদরকে সাপোর্ট দিতে কোম্পানিকে বাধ্য করতে পারবে সরকার।
বাইব্যাক আইন নিয়ে বাজার সংশ্লিষ্টদের অভিমত:
বাইব্যাক আইন এখন পুঁজিবাজারে প্রধান আলোচনার বিষয় হয়ে উঠেছে। তবে এ আইন যেন কারসাজির হাতিয়ার হয়ে না উঠতে পারে সেদিকে সতর্ক থাকতে পরামর্শ দিয়েছেন সংশ্লিষ্টরা। কারণ বুকবিল্ডিং একটি আধুনিক পদ্ধতি হওয়া সত্ত্বেও আইনের ফাঁক থাকায় তা বাজারে বিপর্যয় ডেকে এনেছে। বাইব্যাক আইনেও সতর্কতা অবলম্বন না করা হলে একই বিপর্যয় ঘটার আশংকা রয়েছে।
এ ব্যাপারে ডিএসই সভাপতি শাকিল রিজভী বলেন, বাইব্যাক আইন বাংলাদেশের প্রেক্ষাপট মাথায় রেখেই করতে হবে। এ আইনের মাধ্যমে কোম্পানিগুলো যেন কোনো অন্যায় সুযোগ নিতে না পারে সেদিকে খেয়ার রাখতে হবে। কারণ বাইব্যাক আইনের সুযোগ নিতে অনেক কোম্পানি ইচ্ছাকৃতভাবে কোম্পানির ইপিএস ও শেয়ারদর কমিয়ে দিতে পারে। পরে শেয়ার কিনে নেওয়ার পর আবারও ইপিএস ও শেয়ারদর বাড়িয়ে দিতে পারে। আবার অনেক কোম্পানি বাইব্যাক আইনের সুযোগে বেশি প্রিমিয়াম নিয়ে বাজারে আসার চেষ্টা করতে পারে। এসব দিক মাথায় রেখেই বাইব্যাক আইন প্রণয়ন করতে হবে। ডিএসই বাইব্যাক আইনের প্রস্তাব নিয়ে কাজ শুরু করেছে।
‘বাইব্যাক আইন অবশ্যই বাজারে সুফল বয়ে আনবে’ বলে মনে করেন চট্টগ্রাম স্টক এক্সচেঞ্জের (সিএসই) প্রেসিডেন্ট ফখরুদ্দীন আলী আহমেদ। তবে তিনি বলেন,‘তাড়াহুড়ো না করে সময় নিয়ে ইতিবাচক ও নেতিবাচক দিকগুলো পর্যালোচনা করেই এ আইন প্রণয়ন করতে হবে।’
বাংলানিউজটোয়েন্টিফোর.কম
March 9, 2011
March 09, 2011
September 01, 2010
SEC alters issue rules of convertible security
The issuance of any kind of convertible security by listed companies will be considered "repeat public offering", and the process will be complete under public issue rules, according to a directive by the regulator.
It means, the listed companies will no longer be allowed to issue convertible securities (into ordinary shares), such as preference shares, bonds and debentures, on their own choices.
The conversion features can also not be converted into ordinary shares within two years.
The Securities and Exchange Commission yesterday announced the move that will bring all convertible securities under specific guidelines.
The regulator said although listed companies were issuing convertible securities under public issue rules, there was no due diligence especially in price fixation including premium, distribution mechanism and information dissemination.
"Proper issuance was not possible," said ATM Tariquzzaman, executive director of the SEC.
"Now, the listed companies that will intend to issue convertible securities will have to follow Public Issue Rules 2006," he said, adding: "It will bring transparency in the process."
As per repeat public offering clause of the Public Issue Rules 2006, 40 percent of an issue is reserved for existing shareholders, while another 40 percent is for public offering, and a maximum 20 percent can be kept for private placement.
The stockmarket regulator recently sought and received public opinion on formulating specific guidelines for issuance of convertible securities.
Allegedly some irregularities especially in issuance of preference shares by some listed companies prompted the SEC to take the initiative.
Market experts said the SEC move will stop the ill practices by the issuer companies in issuing convertible securities.
* The Daily Star, September 1, 2010
It means, the listed companies will no longer be allowed to issue convertible securities (into ordinary shares), such as preference shares, bonds and debentures, on their own choices.
The conversion features can also not be converted into ordinary shares within two years.
The Securities and Exchange Commission yesterday announced the move that will bring all convertible securities under specific guidelines.
The regulator said although listed companies were issuing convertible securities under public issue rules, there was no due diligence especially in price fixation including premium, distribution mechanism and information dissemination.
"Proper issuance was not possible," said ATM Tariquzzaman, executive director of the SEC.
"Now, the listed companies that will intend to issue convertible securities will have to follow Public Issue Rules 2006," he said, adding: "It will bring transparency in the process."
As per repeat public offering clause of the Public Issue Rules 2006, 40 percent of an issue is reserved for existing shareholders, while another 40 percent is for public offering, and a maximum 20 percent can be kept for private placement.
The stockmarket regulator recently sought and received public opinion on formulating specific guidelines for issuance of convertible securities.
Allegedly some irregularities especially in issuance of preference shares by some listed companies prompted the SEC to take the initiative.
Market experts said the SEC move will stop the ill practices by the issuer companies in issuing convertible securities.
* The Daily Star, September 1, 2010
August 27, 2010
Margin loan adjustment time extended
The Securities and Exchange Commission (SEC) Wednesday extended margin loan adjustment period to October 15 under the new criteria set for the stockbrokers and merchant bankers, officials said.
On Tuesday, the SEC asked the stockbrokers and merchant banks to follow a net asset value (NAV) calculation for determining new margin loan at ratio of 1:1.
"The investors whose loan exposure exceeds the new ratio should have been reported by September 30, but this period has been extended upto October 15," sources said in the SEC.
The securities regulator will sit with the merchant bankers and stock exchanges on Sunday about implementing method of the new loan margin guideline.
Under the new guideline, for example, if an investor buys 100 shares at market price of Tk 1,000 each totalling Tk 1,00,000 and the company's NAV per share is Tk 500, the value for a margin-loan will be Tk 750 [(Tk 1,000 + Tk 500)/2]. The investor can then buy another 75 shares of a company following the margin rule.
The merchant bankers, however, said the NAV-based computing is complex and hard to implement.
"It is not easy to calculate the daily margin loan of an investor. Without proper software, NAV-based calculation cannot be applied effectively," said a merchant banker.
* The Financial Express, August 26 2010
On Tuesday, the SEC asked the stockbrokers and merchant banks to follow a net asset value (NAV) calculation for determining new margin loan at ratio of 1:1.
"The investors whose loan exposure exceeds the new ratio should have been reported by September 30, but this period has been extended upto October 15," sources said in the SEC.
The securities regulator will sit with the merchant bankers and stock exchanges on Sunday about implementing method of the new loan margin guideline.
Under the new guideline, for example, if an investor buys 100 shares at market price of Tk 1,000 each totalling Tk 1,00,000 and the company's NAV per share is Tk 500, the value for a margin-loan will be Tk 750 [(Tk 1,000 + Tk 500)/2]. The investor can then buy another 75 shares of a company following the margin rule.
The merchant bankers, however, said the NAV-based computing is complex and hard to implement.
"It is not easy to calculate the daily margin loan of an investor. Without proper software, NAV-based calculation cannot be applied effectively," said a merchant banker.
* The Financial Express, August 26 2010
বাংলাদেশে কালো টাকা জিডিপির ৩৭ শতাংশ
১৯৯৯ সালে বাংলাদেশের কালো টাকা ছিল মোট দেশজ উৎপাদনের (জিডিপি) ৩৫ দশমিক ২ শতাংশ। আর এই হার বেড়ে সর্বশেষ ২০০৭ সালে দাঁড়িয়েছে ৩৭ শতাংশ।
বিশ্বের ১৫১টি দেশের মধ্যে অনানুষ্ঠানিক বা ছায়া অর্থ, অর্থাৎ কালো টাকার পরিমাণের দিক থেকে বাংলাদেশের অবস্থান ৮৪তম। বিশ্বে সবচেয়ে বেশি কালো টাকা জর্জিয়ায়, সাড়ে ৭২ শতাংশ এবং সবচেয়ে কম সুইজারল্যান্ডে, ৯ দশমিক ১ শতাংশ। সার্বিকভাবে সারা বিশ্বে গড়ে কালো টাকার হার ৩৪ দশমিক ৫ শতাংশ।
কালো টাকার সন্ধানে: অস্ট্রিয়ায় জোহানস কেপলার ইউনিভার্সিটি অব লিনজের অর্থনীতি বিভাগের অধ্যাপক ফ্রেডারিক স্নেইডার ২০ বছর ধরে ধারাবাহিকভাবে কালো টাকা নিয়ে কাজ করছেন। ফ্রেডারিক স্নেইডারের সর্বশেষ প্রতিবেদনে কালো টাকার এই হিসাব পাওয়া যায়।
২০ বছর ধরে অস্ট্রীয় এই অধ্যাপক কালো টাকা নিয়ে কাজ করলেও বিশ্বের সব দেশকে নিয়ে এ সংক্রান্ত কাজটি শুরু হয়েছিল বিশ্বব্যাংক ও ইন্টারন্যাশনাল ফাইন্যান্স করপোরেশনের (আইএফসি) সহায়তায়। প্রথম প্রতিবেদনটি প্রকাশ পায় ২০০২ সালে। ‘সাইজ অ্যান্ড মেজারমেন্ট অব দি ইনফরমাল ইকোনমি ইন ১১০ কান্ট্রিজ অ্যারাউন্ড দ্য ওয়ার্ল্ড’ নামের এই সমীক্ষা প্রতিবেদনটিই ছিল অনানুষ্ঠানিক অর্থনীতির ওপর ভালো, নির্ভরযোগ্য ও সবচেয়ে ব্যবহূত সমীক্ষা। এ থেকে কার কাছে কত কালো টাকা আছে, তার একটি ধারণা পাওয়া যায়। সমীক্ষাটি করা হয়েছিল বিশ্বব্যাংকেরই ‘ব্যবসা-বাণিজ্য পরিচালনা করার ব্যয়’ নামের প্রকল্পের অংশ হিসেবে। তবে সমীক্ষায় ব্যবহূত তথ্য ছিল একটু পুরোনো। ১৯৯৯-২০০০ অর্থবছরের মোট জাতীয় উত্পাদনে (জিএনপি) একটি দেশের অনানুষ্ঠানিক অর্থনীতির হার এই প্রতিবেদনে তুলে ধরা হয়।
তবে অনানুষ্ঠানিক বা কালো টাকার হিসাবটি প্রতিনিয়ত বদল হচ্ছে। ফলে সমীক্ষাটি প্রতিনিয়ত হালনাগাদ করার প্রয়োজন ছিল। এ কারণেই অধ্যাপক ফ্রেডারিক স্নেইডার বিশ্বব্যাংকের সহায়তায় কালো টাকা-সংক্রান্ত সমীক্ষাটি হালনাগাদ করছেন। এ নিয়ে সর্বশেষ সমীক্ষা প্রতিবেদনটি প্রকাশ পেয়েছে গত জুলাই মাসে। এবারের সমীক্ষা প্রতিবেদনটির নাম দেওয়া হয়েছে ‘শ্যাডো ইকোনমিজ অল ওভার দ্য ওয়ার্ল্ড: নিউ এস্টিমেটস ফর ১৬২ কান্ট্রিজ ফ্রম ১৯৯৯—২০০৭।’ নতুন সমীক্ষায় অধ্যাপক ফ্রেডারিক স্নেইডারের সঙ্গে ছিলেন আন্দ্রিয়াস বুয়েন ও ক্লডিও ই মন্টেনগ্রো।
প্রতিবেদন অনুযায়ী, বিশ্বের বিভিন্ন দেশে ছায়া বা কালো অর্থনীতি তৈরি হচ্ছে মূলত সরকারি কঠোর নিয়ন্ত্রণ ও কর-কাঠামোর অব্যবস্থার কারণে। এতে অনেক মানুষ আনুষ্ঠানিক অর্থনীতির বাইরে থেকে যায়।
কালো টাকার পরিমাণ বের করার কাজটি শুরু হয়েছিল ১১২টি দেশ নিয়ে। এবার তথ্য দেওয়া হলো ১৬২টি দেশের। তবে ১৯৯৯ থেকে ২০০৭ পর্যন্ত সব ধরনের তথ্য সমন্বয় করে ১৫১টি দেশের ছায়া অর্থনীতির তলিকা তৈরি হয়েছে। বাকি ১১টি দেশের পূর্ণাঙ্গ তথ্য নেই।
অর্থশাস্ত্রে কালো টাকার কোনো সংজ্ঞা পাওয়া যায় না। অর্থনীতিবিদেরা একে অনানুষ্ঠানিক (ইনফরমাল), গোপন (আন্ডারগ্রাউন্ড), অপ্রদর্শিত (ইনডিসক্লোজড), লুকানো (হিডেন) বা ছায়া (শ্যাডো) অর্থনীতি বলে থাকেন।
আয়কর বিবরণীতে যে আয় প্রদর্শন করা হয়নি, সেটাই অপ্রদর্শিত। এই অপ্রদর্শিত অর্থ বৈধ বা অবৈধ দুভাবেই অর্জিত হতে পারে। বৈধ আয় হয়েও আয়কর বিবরণীতে না দেখালে সেটি যেমন অপ্রদর্শিত আয়, তেমনি অবৈধ উপায়ে অর্জিত আয়ও অপ্রদর্শিত আয়। অবৈধ বা অনানুষ্ঠানিক অথবা অপ্রদর্শিত যা-ই বলা হোক না কেন, এটি আসলে কালো টাকাই।
কার কত কালো টাকা: সমীক্ষা অনুযায়ী, গড়ে সবচেয়ে বেশি কালো টাকা আছে লাতিন ও ক্যারিবীয় অঞ্চলে, ৪২ দশমিক ১ শতাংশ। সাব-সাহারান আফ্রিকায় এই হার ৪১ দশমিক ৩ এবং ইউরোপ ও মধ্য এশিয়ায় সাড়ে ৪০ শতাংশ। এর বাইরে সবচেয়ে বেশি কালো টাকা আছে দক্ষিণ এশিয়ায়, ৩৪ শতাংশ এবং পূর্ব এশিয়া ও প্যাসিফিকে ৩৩ দশমিক ৩ শতাংশ। আবার মধ্যপ্রাচ্য ও উত্তর আফ্রিকায় এই হার সাড়ে ২৮ শতাংশ। তবে ধনী দেশগুলোতে কালো টাকার হার তুলনামূলকভাবে কম। ৩২টি ধনী দেশের সমন্বয়ে তৈরি ওইসিডির কালো টাকা ১৭ দশমিক ১ শতাংশ এবং এর বাইরের উচ্চ আয়ের দেশের কালো টাকা ২৩ দশমিক ৯ শতাংশ।
দেশ হিসেবে সবচেয়ে বেশি অনানুষ্ঠানিক অর্থের মালিক জর্জিয়া। এর পরের অবস্থান বলিভিয়ার, ৭০ দশমিক ৭ শতাংশ। শীর্ষ ১০-এর বাকি দেশগুলো যথাক্রমে আজারবাইজান (৬৯ দশমিক ৬ শতাংশ), পেরু (৬৬ দশমিক ৩), তানজানিয়া (৬৩), জিম্বাবুয়ে (৫৬ দশমিক ১), ইউক্রেইন (৫৭ দশমিক ৫) ও গুয়াতেমালা (৫৩ দশমিক ৯ শতাংশ)।
সবচেয়ে ভালো অবস্থানে থাকা সুইজারল্যান্ডের পরই আছে যুক্তরাষ্ট্র, দেশটির ছায়া অর্থনীতির হার ৯ শতাংশ। এর পরের আটটি দেশ হলো যথাক্রমে অস্ট্রিয়া (১০ দশমিক ১ শতাংশ), লুক্সেমবার্গ (১০ দশমিক ২), জাপান (১২ দশমিক ১), যুক্তরাজ্য (১৩. দশমিক ২), নেদারল্যান্ড (১৩ দশমিক ২), নিউজিল্যান্ড (১৩. দশমিক ৬), সিঙ্গাপুর (১৪) ও চীন (১৪ দশমিক ৩ শতাংশ)।
বাংলাদেশ পরিস্থিতি ও দক্ষিণ এশিয়া: ১৯৯৯ সালে বাংলাদেশের কালো টাকা ছিল ৩৫ দশমিক ২ শতাংশ। ২০০০ সালে কালো টাকার হার বৃদ্ধি পেয়ে হয় ৩৫ দশমিক ৬ শতাংশ, ২০০১ সালে ৩৫ দশমিক ৭, ২০০২ সালে ৩৫ দশমিক ৫, ২০০৩ সালে ৩৫ দশমিক ৬, ২০০৪ সালে ৩৫ দশমিক ৭, ২০০৫ সালে ৩৬, ২০০৬ সালে ৩৬ দশমিক ৭ এবং ২০০৭ সালে আরও বেড়ে হয় ৩৭ শতাংশ।
দক্ষিণ এশিয়ার অন্যান্য দেশের মধ্যে সবচেয়ে ভালো অবস্থানে ভারত। ৪২তম অবস্থানে থাকা ভারতের কালো টাকা ২৩ শতাংশ। ভুটানের অবস্থান ৫৮তম এবং দেশটির কালো টাকার হার জিডিপির ৩১ দশমিক ১ শতাংশ। ৬০তম অবস্থানে থাকা মালদ্বীপের কালো টাকা ৩২ দশমিক ১ শতাংশ। এর অনেক পরের অবস্থান নেপালের। ৯১তম অবস্থানে থাকা নেপালের কালো টাকা ৩৭ দশমিক ৫ শতাংশ এবং ৯২তম পাকিস্তানের ৪০ দশমিক ১ শতাংশ। দক্ষিণ এশিয়ার দেশগুলোর মধ্যে সবচেয়ে খারাপ অবস্থানে আছে শ্রীলঙ্কা। দেশটির মোট কালো টাকার হার ৪৭ শতাংশ।
প্রতিবেদনে উদ্বেগ প্রকাশ করে বলা হয়, বিশ্বের প্রায় সব দেশেই অনানুষ্ঠানিক অর্থনীতির পরিমাণ উল্লেখযোগ্য পরিমাণে বাড়ছে। মানুষ নানাভাবে অনানুষ্ঠানিক অর্থনীতির প্রতি ঝুঁকছে। মূলত কর ও সরকারি নিয়ন্ত্রণের কারণেই এমনটি ঘটছে। আরেকটি উদ্বেগজনক দিক হচ্ছে, ধনী দেশগুলোতে অনানুষ্ঠানিক অর্থের পরিমাণ কম, দরিদ্র্য দেশগুলোতে বেশি।
মন্দা কালো টাকা বাড়িয়ে দিচ্ছে: প্রভাবশালী পত্রিকা দি ইকনমিস্ট-এর ১১ আগস্ট সংখ্যায় আবারও শিরোনামে স্থান করে নিয়েছেন অধ্যাপক ফ্রেডারিক স্নেইডার। ইকোনমিস্ট জানায়, সাম্প্রতিক বিশ্ব অর্থনীতির মন্দার পর বিশ্বব্যাপী ছায়া বা অনানুষ্ঠানিক অর্থনীতির পরিমাণ আরও বেড়েছে। ২০১০ সাল পর্যন্ত সময়ের তথ্য বিশ্লেষণ করে অধ্যাপক ফ্রেডারিক স্নেইডার নতুন এই গবেষণ প্রতিবেদন তৈরি করেছেন।
প্রতিবেদেন বলা হয়েছে, বিশ্বমন্দার পর করের আওতার বাইরে থাকতে অর্থের লেনদেন অনেক বেড়েছে। এতে ছায়া অর্থনীতির
পরিমাণও বৃদ্ধি পেয়েছে। বিশেষ করে উন্নত ও ধনী দেশগুলোতে এ প্রবণতা বেশি। ওইসিডি ও ইউরোপের মানুষ করের অতিরিক্ত ভার এড়ানোর জন্য অনানুষ্ঠানিক লেনদেনে আগ্রহী হয়ে উঠেছে বলে জানান ফ্রেডারিক স্নেইডার। তিনি অবশ্য বলেছেন, অনানুষ্ঠানিক এই লেনদেনের সব অর্থই যে খারাপ, তা বলা যাবে না। বরং বলা যায়, সময় যখন অনেক খারাপ থাকে, তখন এ ধরনের লেনদেনকে উত্তরণের একটি পথ হিসেবে অনেকে বেছে নিচ্ছেন।
অধ্যাপক ফ্রেডারিক স্নেইডার এ দফায় সম্ভবত ধনী দেশগুলোর পরিস্থিতি বিশ্লেষণ করেছেন। তাতে দেখা যাচ্ছে, যুক্তরাষ্ট্র, জাপান, ব্রিটেন, জার্মানি, সুইডেন, স্পেন, ইতালি, গ্রিস, তুরস্ক, বুলগেরিয়া, এস্তোনিয়া ও লাটভিয়ার ছায়া অর্থনীতির পরিমাণ ২০০৮-এর তুলনায় ২০১০ সালে বেড়ে গেছে।
ফ্রেডরিক স্নেইডার ২০ বছর ধরে ছায়া বা অনানুষ্ঠানিক অর্থ নিয়ে কাজ করছেন। তা সত্ত্বেও তিনি মনে করেন, এখনো ছায়া অর্থনীতি, এর পরিমাণ, কারণ এবং এর প্রভাব সম্বন্ধে নির্ভুল তথ্য পাওয়া সহজ নয় এবং এখনো এসব নিয়ে বিতর্ক আছে। এ জন্য প্রয়োজন আরও বেশি গবেষণা। আর তাতেই বিশ্বব্যাপী কালো টাকা নিয়ে আরও নির্ভুল তথ্য পাওয়া যাবে বলেই তিনি মনে করেন।
বাংলাদেশেও কালো টাকা নিয়ে ব্যাপক আলোচনা থাকলেও এর পরিমাণ ও কারণ নিয়ে দেশের মধ্যে ভালো কোনো গবেষণা নেই। আশির দশকে ভারতে এ নিয়ে বড় ধরনের গবেষণা হয়েছিল। বাংলাদেশে একদমই হয়নি। ফলে বাংলাদেশে আসলে কালো টাকার পরিমাণ কত, তা জানার এখন পর্যন্ত একমাত্র উপায় অধ্যাপক ফ্রেডারিক স্নেইডারের গবেষণা। কিন্তু সংশ্লিষ্ট ব্যক্তিরা মনে করেন, দেশের মধ্যেই কালো টাকার পরিমাণ, উত্স এবং প্রভাব নিয়ে বড় আকারের সমীক্ষার প্রয়োজন রয়েছে।
* প্রথম আলো, ২৭ আগস্ট ২০১০
August 26, 2010
তালিকাভুক্তি ফি বাবদ ৯ কোম্পানির কাছে ডিএসই’র পাওনা ১৫ লাখ টাকা
পুঁজিবাজারে তালিকাভুক্ত ৯ কোম্পানির কাছে ঢাকা স্টক এক্সচেঞ্জ (ডিএসই) তালিকাভুক্তি ফি ও জরিমানা বাবদ ১৪ লাখ ৮৪ হাজার ২০০ টাকা পাওনা রয়েছে। এর মধ্যে কোনো কোনো কোম্পানি সর্বোচ্চ ৭ বছর ধরে ডিএসইতে তালিকাভুক্তির ফি জমা দিচ্ছে না। ফি জমা না দেওয়ার কারণে প্রতি বছরই কোম্পানিগুলোকে করা হচ্ছে জরিমানা। কিন্তু কোম্পানিগুলো সেই জরিমানার টাকাও পরিশোধ করছে না।
যথাসময়ে তালিকাভুক্তির ফি জমা না দেওয়ায় মঙ্গলবার ডিএসই-এর লিস্টিং বিভাগ থেকে ওইসব কোম্পানিকে চিঠি দেওয়ার জন্য বলা হয়েছে।
কোম্পানিগুলো হলো-
1. আলহাজ্ব টেক্সটাইল,
2. সমতা লেদার,
3. লিগেসি ফুডওয়ার,
4. ফেডারেল ইন্সুরেন্স লিমিটেড,
5. ফাইন ফুড লিমিটেড,
6. কাসেম সিল্ক,
7. থিরাপিউটিকস,
8. বিডি ওয়েলডিং ও
9. চিটাগং ভেজিটেবল।
ডিএসইর একজন উর্ধ্বতন কর্মকর্তা নাম প্রকাশ না করার শর্তে বাংলানিউজটোয়েন্টিফোর.কম.বিডিকে বিষয়টি নিশ্চিত করেছেন।
এদের মধ্যে প্রথম ৪টি কোম্পানি গত দুই বছর ধরে ডিএসইতে কোন তালিকাভুক্তি ফি জমা দিচ্ছে না। এই চার কোম্পানির কাছে ডিএসইর বর্তমানে জরিমানাসহ পাওনা ২ লাখ ৯০ হাজার ৩২৫ টাকা।
অন্যদিকে ফাইন ফুড লিমিটেড গত ৪ বছর ধরে, কাসেম সিল্ক ও থিরাপিউটিকস ৫ বছর ধরে, বিডি ওয়েলডিং ৬ বছর এবং চিটাগং ভেজিটেবল ৭ বছর ধরে তালিকাভুক্ত ফি জমা দিচ্ছে না। এই ৫ কোম্পানির কাছে ডিএসইর পাওনা ১১ লাখ ৯৩ হাজার ৮৭৫ টাকা। এর মধ্যে সর্বোচ্চ তালিকাভুক্তি ফিসহ জরিমানা পাওনা রযেছে চিটাগং ভেজিটেবল এর কাছে। এই প্রতিষ্ঠানের কাছে ডিএসইর মোট পাওনা ৪ লাখ ৫২ হাজার ২০০ টাকা।
* বাংলানিউজটোয়েন্টিফোর.কম.বিডি, আগস্ট ২৪, ২০১০
যথাসময়ে তালিকাভুক্তির ফি জমা না দেওয়ায় মঙ্গলবার ডিএসই-এর লিস্টিং বিভাগ থেকে ওইসব কোম্পানিকে চিঠি দেওয়ার জন্য বলা হয়েছে।
কোম্পানিগুলো হলো-
1. আলহাজ্ব টেক্সটাইল,
2. সমতা লেদার,
3. লিগেসি ফুডওয়ার,
4. ফেডারেল ইন্সুরেন্স লিমিটেড,
5. ফাইন ফুড লিমিটেড,
6. কাসেম সিল্ক,
7. থিরাপিউটিকস,
8. বিডি ওয়েলডিং ও
9. চিটাগং ভেজিটেবল।
ডিএসইর একজন উর্ধ্বতন কর্মকর্তা নাম প্রকাশ না করার শর্তে বাংলানিউজটোয়েন্টিফোর.কম.বিডিকে বিষয়টি নিশ্চিত করেছেন।
এদের মধ্যে প্রথম ৪টি কোম্পানি গত দুই বছর ধরে ডিএসইতে কোন তালিকাভুক্তি ফি জমা দিচ্ছে না। এই চার কোম্পানির কাছে ডিএসইর বর্তমানে জরিমানাসহ পাওনা ২ লাখ ৯০ হাজার ৩২৫ টাকা।
অন্যদিকে ফাইন ফুড লিমিটেড গত ৪ বছর ধরে, কাসেম সিল্ক ও থিরাপিউটিকস ৫ বছর ধরে, বিডি ওয়েলডিং ৬ বছর এবং চিটাগং ভেজিটেবল ৭ বছর ধরে তালিকাভুক্ত ফি জমা দিচ্ছে না। এই ৫ কোম্পানির কাছে ডিএসইর পাওনা ১১ লাখ ৯৩ হাজার ৮৭৫ টাকা। এর মধ্যে সর্বোচ্চ তালিকাভুক্তি ফিসহ জরিমানা পাওনা রযেছে চিটাগং ভেজিটেবল এর কাছে। এই প্রতিষ্ঠানের কাছে ডিএসইর মোট পাওনা ৪ লাখ ৫২ হাজার ২০০ টাকা।
* বাংলানিউজটোয়েন্টিফোর.কম.বিডি, আগস্ট ২৪, ২০১০
August 22, 2010
পুঁজিবাজারে আর্থিক প্রতিষ্ঠানের অতিরিক্ত বিনিয়োগ ডিসেম্বরের মধ্যে উঠিয়ে নেওয়ার নির্দেশ
পুঁজিবাজারে কোনো কোম্পানির শেয়ারে ব্যাংক বহির্ভূত কোনো আর্থিক প্রতিষ্ঠানের ২৫ শতাংশের বেশি বিনিয়োগ থাকলে তা ডিসেম্বরের মধ্যে উঠিয়ে নেওয়ার নির্দেশ দেওয়া হয়েছে।
‘আর্থিক প্রতিষ্ঠান আইন ১৯৯৩’-এর ১৮(ছ) ধারায় রোববার বাংলাদেশ ব্যাংক এই সার্কুলার জারি করে।
সার্কুলারটি আজই সকল আর্থিক প্রতিষ্ঠানে পাঠিয়ে দেওয়া হয়েছে বলে জানায় কেন্দ্রীয় ব্যাংক সূত্র।
উল্লেখ্য ‘আর্থিক প্রতিষ্ঠান আইন ১৯৯৩’-এর ১৬ ধারা অনুযায়ী কোনো আর্থিক প্রতিষ্ঠান তার মূলধন ও রিজার্ভের ২৫ শতাংশের বেশি অর্থ কোনো আর্থিক, বাণিজ্যিক, কৃষি, শিল্প বা অন্য কোনো বিষয়ক প্রতিষ্ঠানের যে কোনো ধরনের শেয়ার অর্জন বা ধারণের লক্ষ্যে ব্যয় বা ব্যবহার করতে পারে না।
তবে কোনো আর্থিক প্রতিষ্ঠান বাংলাদেশ ব্যাংকের অনুমতি সাপেক্ষে মূলধন ও রিজার্ভের অনধিক ৫০ শতাংশ পর্যন্ত বিনিয়োগ করতে পারবে এমন সুযোগের কথাও কেন্দ্রীয় ব্যাংকের রোববারের সার্কুলারে উল্লেখ করা হয়েছে।
সার্কুলার জারির যৌক্তিকতা ব্যাখ্যা করে বাংলাদেশ ব্যাংক বলেছে, সম্প্রতি কোনো কোনো আর্থিক প্রতিষ্ঠান নির্দিষ্ট সীমার অতিরিক্ত অর্থ পুঁজিবাজারে বিনিয়োগ করছে। এতে করে আর্থিক প্রতিষ্ঠানগুলোর বিনিয়োগ ঝুঁকি বাড়ছে এবং কলমানি মার্কেটের মতো স্বল্প মেয়াদী ঋণের উৎসের ওপর আর্থিক প্রতিষ্ঠানগুলোর নির্ভরতা বাড়ছে। এ অবস্থায় বিনিয়োগের ঝুঁকি কমিয়ে আনতে এ সার্কুলার জারি করা হলো।
প্রসঙ্গত, এর আগে পুঁজিবাজারে বিনিয়োগের ক্ষেত্রে যথাযথ বিধিমালা অনুসরণের জন্য দেশের বাণিজ্যিক ব্যাংকগুলোকে সতর্ক করে দেয় বাংলাদেশ ব্যাংক।
এ ব্যাপারে নিয়ম ভেঙ্গে অধিক বিনিয়োগ করায় বাংলাদেশ ব্যাংক অতি সম্প্রতি ৭টি ব্যাংক বরাবর কারণ দর্শানোর নোটিশ জারি করে। কিন্তু ব্যাংকগুলো কেন্দ্রীয় ব্যাংকের এই নোটিশের সন্তোষজনক জবাব দিতে না পারায় ব্যাংকগুলোর সঙ্গে পৃথক বৈঠক করে এ সার্কুলার জারির সিদ্ধান্ত নেয়।
উল্লেখ্য, ব্যাংক কোম্পানি আইন অনুযায়ী, কোনো ব্যাংক তার মোট আমানতের ১০ শতাংশের বেশি পুঁজিবাজারে বিনিয়োগ করতে পারে না।
* বাংলানিউজটোয়েন্টিফোর.কম.বিডি, ২২ আগস্ট ২০১০
‘আর্থিক প্রতিষ্ঠান আইন ১৯৯৩’-এর ১৮(ছ) ধারায় রোববার বাংলাদেশ ব্যাংক এই সার্কুলার জারি করে।
সার্কুলারটি আজই সকল আর্থিক প্রতিষ্ঠানে পাঠিয়ে দেওয়া হয়েছে বলে জানায় কেন্দ্রীয় ব্যাংক সূত্র।
উল্লেখ্য ‘আর্থিক প্রতিষ্ঠান আইন ১৯৯৩’-এর ১৬ ধারা অনুযায়ী কোনো আর্থিক প্রতিষ্ঠান তার মূলধন ও রিজার্ভের ২৫ শতাংশের বেশি অর্থ কোনো আর্থিক, বাণিজ্যিক, কৃষি, শিল্প বা অন্য কোনো বিষয়ক প্রতিষ্ঠানের যে কোনো ধরনের শেয়ার অর্জন বা ধারণের লক্ষ্যে ব্যয় বা ব্যবহার করতে পারে না।
তবে কোনো আর্থিক প্রতিষ্ঠান বাংলাদেশ ব্যাংকের অনুমতি সাপেক্ষে মূলধন ও রিজার্ভের অনধিক ৫০ শতাংশ পর্যন্ত বিনিয়োগ করতে পারবে এমন সুযোগের কথাও কেন্দ্রীয় ব্যাংকের রোববারের সার্কুলারে উল্লেখ করা হয়েছে।
সার্কুলার জারির যৌক্তিকতা ব্যাখ্যা করে বাংলাদেশ ব্যাংক বলেছে, সম্প্রতি কোনো কোনো আর্থিক প্রতিষ্ঠান নির্দিষ্ট সীমার অতিরিক্ত অর্থ পুঁজিবাজারে বিনিয়োগ করছে। এতে করে আর্থিক প্রতিষ্ঠানগুলোর বিনিয়োগ ঝুঁকি বাড়ছে এবং কলমানি মার্কেটের মতো স্বল্প মেয়াদী ঋণের উৎসের ওপর আর্থিক প্রতিষ্ঠানগুলোর নির্ভরতা বাড়ছে। এ অবস্থায় বিনিয়োগের ঝুঁকি কমিয়ে আনতে এ সার্কুলার জারি করা হলো।
প্রসঙ্গত, এর আগে পুঁজিবাজারে বিনিয়োগের ক্ষেত্রে যথাযথ বিধিমালা অনুসরণের জন্য দেশের বাণিজ্যিক ব্যাংকগুলোকে সতর্ক করে দেয় বাংলাদেশ ব্যাংক।
এ ব্যাপারে নিয়ম ভেঙ্গে অধিক বিনিয়োগ করায় বাংলাদেশ ব্যাংক অতি সম্প্রতি ৭টি ব্যাংক বরাবর কারণ দর্শানোর নোটিশ জারি করে। কিন্তু ব্যাংকগুলো কেন্দ্রীয় ব্যাংকের এই নোটিশের সন্তোষজনক জবাব দিতে না পারায় ব্যাংকগুলোর সঙ্গে পৃথক বৈঠক করে এ সার্কুলার জারির সিদ্ধান্ত নেয়।
উল্লেখ্য, ব্যাংক কোম্পানি আইন অনুযায়ী, কোনো ব্যাংক তার মোট আমানতের ১০ শতাংশের বেশি পুঁজিবাজারে বিনিয়োগ করতে পারে না।
* বাংলানিউজটোয়েন্টিফোর.কম.বিডি, ২২ আগস্ট ২০১০
১০ আর্থিক প্রতিষ্ঠান এখনো পিছিয়ে রয়েছে
ন্যূনতম পরিশোধিত মূলধনের শর্ত পূরণে সময় বাকি মাত্র চার মাস
বাংলাদেশ ব্যাংকের শর্তানুযায়ী ৩১ ডিসেম্বরের মধ্যে অ-ব্যাংক আর্থিক প্রতিষ্ঠানগুলোর (এনবিএফআই) ন্যূনতম পরিশোধিত মূলধন ৫০ কোটি টাকা করতে হবে। কিন্তু মাত্র চার মাস বাকি থাকলেও পুঁজিবাজারে তালিকাভুক্ত ১০টি প্রতিষ্ঠান এখনো এ শর্ত পরিপালন করতে পারেনি।
প্রতিষ্ঠানগুলো হচ্ছে:
1. প্রিমিয়ার লিজিং অ্যান্ড ফাইন্যান্স লিমিটেড,
2. মাইডাস ফাইন্যান্স,
3. ফার্স্ট লিজ ফাইন্যান্স অ্যান্ড ইনভেস্ট,
4. বাংলাদেশ ইন্ডাস্ট্রিয়াল ফাইন্যান্স কোম্পানি,
5. বাংলাদেশ ফাইন্যান্স অ্যান্ড ইনভেস্টমেন্ট,
6. ফিনিক্স ফাইন্যান্স অ্যান্ড ইনভেস্টমেন্ট,
7. ফিডেলিটি অ্যাসেটস অ্যান্ড সিকিউরিটিজ,
8. ডেল্টা ব্র্যাক হাউজিং ফাইন্যান্স করপোরেশন,
9. উত্তরা ফাইন্যান্স এবং
10. বে লিজিং অ্যান্ড ইনভেস্টমেন্ট লিমিটেড।
আর্থিক প্রতিষ্ঠানগুলোর নিয়ন্ত্রক সংস্থা হিসেবে বাংলাদেশ ব্যাংক ২০০৯ সালের ৫ নভেম্বর এক সার্কুলারে এ খাতের সব প্রতিষ্ঠানের ন্যূনতম পরিশোধিত মূলধন বাড়ানোর নির্দেশ দেয়। এতে পরিশোধিত মূলধনের ন্যূনতম পরিমাণ ২৫ কোটি থেকে বাড়িয়ে ৫০ কোটি টাকা করার কথা বলা হয়।
কিন্তু এত স্বল্প সময়ের মধ্যে অনেক প্রতিষ্ঠানের পক্ষে মূলধন বাড়ানো সম্ভব হবে না উল্লেখ করে আর্থিক প্রতিষ্ঠানগুলোর সমিতি বাংলাদেশ লিজিং অ্যান্ড ফাইন্যান্স কোম্পানিজ অ্যাসোসিয়েশন একাধিকবার বাংলাদেশ ব্যাংকের কাছে সময় বাড়ানোর আবেদন জানায়। তবে বাংলাদেশ ব্যাংক তাদের ঘোষিত নির্ধারিত সময় পেছানোর ব্যাপারে এখনো পর্যন্ত সম্মত হয়নি।
বরং সম্প্রতি বাংলাদেশ ব্যাংক ২০১২ সালে আর্থিক প্রতিষ্ঠানগুলোর ওপর ‘ব্যাসেল-২’-এর বিধিবিধান ও শর্তাবলি কার্যকর হবে মর্মে একটি সার্কুলার জারি করে। এতে ব্যাংক ও আর্থিক প্রতিষ্ঠানের মূলধনের ক্ষেত্রে আন্তর্জাতিক মান এবং ঝুঁকি ব্যবস্থাপনার জন্য পর্যাপ্ত মূলধন থাকার ওপর গুরুত্বারোপ করা হয়।
এ রকম পরিস্থিতিতে বেশ কিছু প্রতিষ্ঠান বোনাস বা রাইট শেয়ার দেওয়ার মাধ্যমে পরিশোধিত মূলধন বাড়িয়ে নিয়েছে। তবে উল্লিখিত প্রতিষ্ঠানগুলো এখনো তা করতে পারেনি।
উল্লিখিত কোম্পানিগুলোর মধ্যে
1. প্রিমিয়ার লিজিংয়ের পরিশোধিত মূলধন ৪৩ কোটি ৪২ লাখ টাকা;
2. মাইডাস ফাইন্যান্সের মূলধন ৪০ কোটি ৫০ লাখ;
3. ফার্স্ট লিজের মূলধন ৪০ কোটি ২০ লাখ;
4. বাংলাদেশ ইন্ডাস্ট্রিয়াল ফাইন্যান্সের মূলধন ৪৪ কোটি ৪৩ লাখ;
5. বাংলাদেশ ফাইন্যান্সের মূলধন ৪৪ কোটি;
6. ফিনিক্স ফাইন্যান্সের পরিশোধিত মূলধন ৪৩ কোটি ৭০ লাখ;
7. ফিডেলিটি অ্যাসেটসের ৪৪ কোটি ৯০ লাখ;
8. ডেল্টা ব্র্যাক হাউজিং ফাইন্যান্সের পরিশোধিত মূলধন ৪০ কোটি ৪০ লাখ;
9. উত্তরা ফাইন্যান্সের মূলধন ৩৯ কোটি ৬০ কোটি এবং
10.বে লিজিং অ্যান্ড ইনভেস্টমেন্টের মূলধন ৩০ কোটি ৬০ লাখ টাকা।
এর মধ্যে বে লিজিংয়ের রাইট শেয়ার ছাড়ার একটি প্রস্তাব সম্প্রতি নিয়ন্ত্রক সংস্থা সিকিউরিটিজ অ্যান্ড এক্সচেঞ্জ কমিশন (এসইসি) অনুমোদন করেছে। ২৬ সেপ্টেম্বর থেকে ১৯ অক্টোবর রাইট শেয়ারের জন্য চাঁদা গ্রহণের সময় নির্ধারণ করা হয়েছে। এ প্রক্রিয়া সম্পন্ন হলে কোম্পানিটির পরিশোধিত মূলধন নির্ধারিত পরিমাণ ছাড়িয়ে যাবে।
এ ছাড়া উত্তরা ফাইন্যান্সের রাইট শেয়ার প্রস্তাব এসইসির অনুমোদনের অপেক্ষায় রয়েছে। অনুমোদন পেলে এ কোম্পানিটিরও পরিশোধিত মূলধন বাংলাদেশ ব্যাংকের বেঁধে দেওয়া সীমা অতিক্রম করবে।
ফার্স্ট লিজ ২০০৯ সালে শেয়ারহোল্ডারদের জন্য ৭৫ শতাংশ বোনাস লভ্যাংশ ঘোষণা করেছে। বোনাস শেয়ার সংশ্লিষ্ট শেয়ারহোল্ডারদের বেনিফিশিয়ারি ওনার্স (বিও) হিসাবে জমা হওয়ার পর এ কোম্পানিটির মূলধনও ন্যূনতম সীমা ছাড়িয়ে যাবে।
ডেল্টা ব্র্যাক হাউজিং এখনো সমাপ্ত আর্থিক বছরের জন্য লভ্যাংশ ঘোষণা করেনি। কোম্পানিটি চাইলে বোনাস লভ্যাংশ ঘোষণার মাধ্যমে নির্ধারিত সময়ের মধ্যে পরিশোধিত মূলধনের লক্ষ্যমাত্রা পূরণ করতে পারবে। তবে বোনাসের পরিবর্তে নগদ লভ্যাংশ ঘোষণা করলে শর্ত পূরণের জন্য কোম্পানিটিকে রাইট শেয়ার ছাড়ার প্রস্তাব দিতে হবে।
বাকি কোম্পানিগুলো ইতিমধ্যে লভ্যাংশ ঘোষণা করেছে। তাই মূলধন বাড়ানোর জন্য এসব কোম্পানির সামনে রাইট শেয়ারের প্রস্তাব করা ছাড়া তেমন কোনো বিকল্প নেই বলে মনে করছেন বাজার বিশেষজ্ঞরা।
সহযোগী প্রতিষ্ঠান
* প্রথম আলো, ২২ আগস্ট ২০১০
বাংলাদেশ ব্যাংকের শর্তানুযায়ী ৩১ ডিসেম্বরের মধ্যে অ-ব্যাংক আর্থিক প্রতিষ্ঠানগুলোর (এনবিএফআই) ন্যূনতম পরিশোধিত মূলধন ৫০ কোটি টাকা করতে হবে। কিন্তু মাত্র চার মাস বাকি থাকলেও পুঁজিবাজারে তালিকাভুক্ত ১০টি প্রতিষ্ঠান এখনো এ শর্ত পরিপালন করতে পারেনি।
প্রতিষ্ঠানগুলো হচ্ছে:
1. প্রিমিয়ার লিজিং অ্যান্ড ফাইন্যান্স লিমিটেড,
2. মাইডাস ফাইন্যান্স,
3. ফার্স্ট লিজ ফাইন্যান্স অ্যান্ড ইনভেস্ট,
4. বাংলাদেশ ইন্ডাস্ট্রিয়াল ফাইন্যান্স কোম্পানি,
5. বাংলাদেশ ফাইন্যান্স অ্যান্ড ইনভেস্টমেন্ট,
6. ফিনিক্স ফাইন্যান্স অ্যান্ড ইনভেস্টমেন্ট,
7. ফিডেলিটি অ্যাসেটস অ্যান্ড সিকিউরিটিজ,
8. ডেল্টা ব্র্যাক হাউজিং ফাইন্যান্স করপোরেশন,
9. উত্তরা ফাইন্যান্স এবং
10. বে লিজিং অ্যান্ড ইনভেস্টমেন্ট লিমিটেড।
আর্থিক প্রতিষ্ঠানগুলোর নিয়ন্ত্রক সংস্থা হিসেবে বাংলাদেশ ব্যাংক ২০০৯ সালের ৫ নভেম্বর এক সার্কুলারে এ খাতের সব প্রতিষ্ঠানের ন্যূনতম পরিশোধিত মূলধন বাড়ানোর নির্দেশ দেয়। এতে পরিশোধিত মূলধনের ন্যূনতম পরিমাণ ২৫ কোটি থেকে বাড়িয়ে ৫০ কোটি টাকা করার কথা বলা হয়।
কিন্তু এত স্বল্প সময়ের মধ্যে অনেক প্রতিষ্ঠানের পক্ষে মূলধন বাড়ানো সম্ভব হবে না উল্লেখ করে আর্থিক প্রতিষ্ঠানগুলোর সমিতি বাংলাদেশ লিজিং অ্যান্ড ফাইন্যান্স কোম্পানিজ অ্যাসোসিয়েশন একাধিকবার বাংলাদেশ ব্যাংকের কাছে সময় বাড়ানোর আবেদন জানায়। তবে বাংলাদেশ ব্যাংক তাদের ঘোষিত নির্ধারিত সময় পেছানোর ব্যাপারে এখনো পর্যন্ত সম্মত হয়নি।
বরং সম্প্রতি বাংলাদেশ ব্যাংক ২০১২ সালে আর্থিক প্রতিষ্ঠানগুলোর ওপর ‘ব্যাসেল-২’-এর বিধিবিধান ও শর্তাবলি কার্যকর হবে মর্মে একটি সার্কুলার জারি করে। এতে ব্যাংক ও আর্থিক প্রতিষ্ঠানের মূলধনের ক্ষেত্রে আন্তর্জাতিক মান এবং ঝুঁকি ব্যবস্থাপনার জন্য পর্যাপ্ত মূলধন থাকার ওপর গুরুত্বারোপ করা হয়।
এ রকম পরিস্থিতিতে বেশ কিছু প্রতিষ্ঠান বোনাস বা রাইট শেয়ার দেওয়ার মাধ্যমে পরিশোধিত মূলধন বাড়িয়ে নিয়েছে। তবে উল্লিখিত প্রতিষ্ঠানগুলো এখনো তা করতে পারেনি।
উল্লিখিত কোম্পানিগুলোর মধ্যে
1. প্রিমিয়ার লিজিংয়ের পরিশোধিত মূলধন ৪৩ কোটি ৪২ লাখ টাকা;
2. মাইডাস ফাইন্যান্সের মূলধন ৪০ কোটি ৫০ লাখ;
3. ফার্স্ট লিজের মূলধন ৪০ কোটি ২০ লাখ;
4. বাংলাদেশ ইন্ডাস্ট্রিয়াল ফাইন্যান্সের মূলধন ৪৪ কোটি ৪৩ লাখ;
5. বাংলাদেশ ফাইন্যান্সের মূলধন ৪৪ কোটি;
6. ফিনিক্স ফাইন্যান্সের পরিশোধিত মূলধন ৪৩ কোটি ৭০ লাখ;
7. ফিডেলিটি অ্যাসেটসের ৪৪ কোটি ৯০ লাখ;
8. ডেল্টা ব্র্যাক হাউজিং ফাইন্যান্সের পরিশোধিত মূলধন ৪০ কোটি ৪০ লাখ;
9. উত্তরা ফাইন্যান্সের মূলধন ৩৯ কোটি ৬০ কোটি এবং
10.বে লিজিং অ্যান্ড ইনভেস্টমেন্টের মূলধন ৩০ কোটি ৬০ লাখ টাকা।
এর মধ্যে বে লিজিংয়ের রাইট শেয়ার ছাড়ার একটি প্রস্তাব সম্প্রতি নিয়ন্ত্রক সংস্থা সিকিউরিটিজ অ্যান্ড এক্সচেঞ্জ কমিশন (এসইসি) অনুমোদন করেছে। ২৬ সেপ্টেম্বর থেকে ১৯ অক্টোবর রাইট শেয়ারের জন্য চাঁদা গ্রহণের সময় নির্ধারণ করা হয়েছে। এ প্রক্রিয়া সম্পন্ন হলে কোম্পানিটির পরিশোধিত মূলধন নির্ধারিত পরিমাণ ছাড়িয়ে যাবে।
এ ছাড়া উত্তরা ফাইন্যান্সের রাইট শেয়ার প্রস্তাব এসইসির অনুমোদনের অপেক্ষায় রয়েছে। অনুমোদন পেলে এ কোম্পানিটিরও পরিশোধিত মূলধন বাংলাদেশ ব্যাংকের বেঁধে দেওয়া সীমা অতিক্রম করবে।
ফার্স্ট লিজ ২০০৯ সালে শেয়ারহোল্ডারদের জন্য ৭৫ শতাংশ বোনাস লভ্যাংশ ঘোষণা করেছে। বোনাস শেয়ার সংশ্লিষ্ট শেয়ারহোল্ডারদের বেনিফিশিয়ারি ওনার্স (বিও) হিসাবে জমা হওয়ার পর এ কোম্পানিটির মূলধনও ন্যূনতম সীমা ছাড়িয়ে যাবে।
ডেল্টা ব্র্যাক হাউজিং এখনো সমাপ্ত আর্থিক বছরের জন্য লভ্যাংশ ঘোষণা করেনি। কোম্পানিটি চাইলে বোনাস লভ্যাংশ ঘোষণার মাধ্যমে নির্ধারিত সময়ের মধ্যে পরিশোধিত মূলধনের লক্ষ্যমাত্রা পূরণ করতে পারবে। তবে বোনাসের পরিবর্তে নগদ লভ্যাংশ ঘোষণা করলে শর্ত পূরণের জন্য কোম্পানিটিকে রাইট শেয়ার ছাড়ার প্রস্তাব দিতে হবে।
বাকি কোম্পানিগুলো ইতিমধ্যে লভ্যাংশ ঘোষণা করেছে। তাই মূলধন বাড়ানোর জন্য এসব কোম্পানির সামনে রাইট শেয়ারের প্রস্তাব করা ছাড়া তেমন কোনো বিকল্প নেই বলে মনে করছেন বাজার বিশেষজ্ঞরা।
সহযোগী প্রতিষ্ঠান
* প্রথম আলো, ২২ আগস্ট ২০১০
August 20, 2010
LankaBangla Securities to get indicative price next week
The indicative price of LankaBangla Securities shares will be set within the next one week through bidding by institutional investors, as part of the stockbroker's plan to go for IPO using book building method, officials said yesterday.
At least 15 institutional investors from minimum three sectors, including five merchant banks, will take part in the bidding to determine the indicative price of each LankaBangla Securities share.
Determining the indicative price is a prerequisite for going to discover the share price of a company that intends to go public using the book building method, a modern pricing mechanism for initial public offering (IPO).
Setting the indicative price is also required to obtain regulatory approval at the first stage.
"After getting an indicative price, we will submit the IPO prospectus to the regulator for its consent to go for price discovery," said Mohammed Nasir Uddin Chowdhury, chief executive officer of LankaBangla Securities.
He was speaking at the roadshow on LankaBangla Securities, arranged for the institutional investors at the Dhaka Sheraton hotel yesterday.
A roadshow is required by the book building regulations before price discovery where a company's fundamentals are displayed to the institutional investors.
AAA Consultants and Financial Advisers, the issue manager of the LankaBangla Securities IPO, presented the fundamentals of the brokerage firm at the roadshow.
If approved by the Securities and Exchange Commission, LankaBangla Securities will be first listed stockbroker in the Bangladesh market.
The brokerage firm's existing paid-up capital is Tk 55 crore and will float three crore ordinary shares of Tk 10 each. After the IPO, its paid-capital will reach Tk 85 crore.
Of the three crore ordinary shares, 20 percent or 60 lakh shares will be reserved for the institutional investors, who individually can apply for maximum 10 percent of the 60 lakh shares.
With the IPO proceeds, the company will go for business expansion and diversification such as increasing margin loan facilities, branch expansion, software upgrade and acquiring fixed assets.
A subsidiary of LankaBangla Finance Ltd, the firm will also go for strategic investment in other companies, participate in bond market and effectively activate dealership activities.
The half-yearly earnings per share (EPS) of LankaBangla Securities, the top performer on the two bourses in terms of turnover in the last four years, is Tk 16.20 to June this year.
LankaBangla Securities started operations in the capital market in 1998. Now it has eight branches across the country, and two more branches are in the pipeline.
The stockbroker, which was rated AA2 by Credit Rating Agency of Bangladesh, is a 90.9 percent owned subsidiary of LankaBangla Finance Ltd, a leading listed non-bank financial institution. LankaBangla Finance is engaged in leasing, credit cards, merchant banking, corporate finance and financial consultancy.
Source: The Daily Star, July 27, 2010
At least 15 institutional investors from minimum three sectors, including five merchant banks, will take part in the bidding to determine the indicative price of each LankaBangla Securities share.
Determining the indicative price is a prerequisite for going to discover the share price of a company that intends to go public using the book building method, a modern pricing mechanism for initial public offering (IPO).
Setting the indicative price is also required to obtain regulatory approval at the first stage.
"After getting an indicative price, we will submit the IPO prospectus to the regulator for its consent to go for price discovery," said Mohammed Nasir Uddin Chowdhury, chief executive officer of LankaBangla Securities.
He was speaking at the roadshow on LankaBangla Securities, arranged for the institutional investors at the Dhaka Sheraton hotel yesterday.
A roadshow is required by the book building regulations before price discovery where a company's fundamentals are displayed to the institutional investors.
AAA Consultants and Financial Advisers, the issue manager of the LankaBangla Securities IPO, presented the fundamentals of the brokerage firm at the roadshow.
If approved by the Securities and Exchange Commission, LankaBangla Securities will be first listed stockbroker in the Bangladesh market.
The brokerage firm's existing paid-up capital is Tk 55 crore and will float three crore ordinary shares of Tk 10 each. After the IPO, its paid-capital will reach Tk 85 crore.
Of the three crore ordinary shares, 20 percent or 60 lakh shares will be reserved for the institutional investors, who individually can apply for maximum 10 percent of the 60 lakh shares.
With the IPO proceeds, the company will go for business expansion and diversification such as increasing margin loan facilities, branch expansion, software upgrade and acquiring fixed assets.
A subsidiary of LankaBangla Finance Ltd, the firm will also go for strategic investment in other companies, participate in bond market and effectively activate dealership activities.
The half-yearly earnings per share (EPS) of LankaBangla Securities, the top performer on the two bourses in terms of turnover in the last four years, is Tk 16.20 to June this year.
LankaBangla Securities started operations in the capital market in 1998. Now it has eight branches across the country, and two more branches are in the pipeline.
The stockbroker, which was rated AA2 by Credit Rating Agency of Bangladesh, is a 90.9 percent owned subsidiary of LankaBangla Finance Ltd, a leading listed non-bank financial institution. LankaBangla Finance is engaged in leasing, credit cards, merchant banking, corporate finance and financial consultancy.
Source: The Daily Star, July 27, 2010
LankaBangla Securities plans to go public
LankaBangla Securities Ltd, a subsidiary of LankaBangla Finance Ltd, plans to go public using book building method within the next three months.
If the regulator gives a go-ahead, the company will be the second one after RAK Ceramics to go for IPO (initial public offering) using the book building method, a modern pricing system for IPO.
The brokerage firm will float three crore ordinary shares of Tk 10 each, officials said.
“The raised fund will be used for business expansion and diversification,” Mohammed Nasir Uddin Chowdhury, chief executive officer of LankaBangla Securities, told The Daily Star yesterday.
He said the company may go for strategic investment in other companies, participate in bond market and effectively activate dealership activities.
“We want to help strengthen the supply side of the stockmarket, which is now in need of new shares,” Chowdhury said.
The board of LankaBangla Securities, 99.99 percent owned by LankaBangla Finance, took the decision of going public under book building system at a meeting on Monday.
“If we get the regulator's approval, we hope to complete the IPO process within the next three months,” Chowdhury added.
The existing paid-up capital of LankaBangla Securities, which recommended 104.25 percent stock dividend including previously declared 63.40 percent interim dividend for 2009, is Tk 50 crore.
The company performed best on the country's two bourses in terms of turnover in 2009, and now has seven branches across the country -- three in Dhaka and Chittagong each and one in Sylhet.
On Monday's meeting, its owning company LankaBangla Finance also recommended 15 percent cash dividend and 20 percent stock dividend (20 shares for every 100 shares) for 2009.
LankaBangla Finance has also announced consolidated profit after tax of Tk 74.40 crore with consolidated EPS (earnings per share) of Tk 16.81 for the year ended on December 31, 2009 against Tk 37.76 crore and Tk 8.53 respectively as of December 31, 2008.
The company made net profit of Tk 35.09 crore with EPS of Tk 7.93 for the year ended on December 31, 2009 against Tk 16.63 crore and Tk 3.76 respectively as of December 31, 2008.
Following the corporate disclosures, share prices of LankaBangla Finance rose by 5.7 percent to Tk 372.60 yesterday.
LankaBangla Finance is a joint venture financial institution established with multinational collaboration. Sampath Bank of Sri Lanka, First Gulf Asia Holdings, and local entities such as One Bank, SSC Holdings and Shanta Apparels have stakes in LankaBangla Finance.
Source: The Daily Star, February 17, 2010
Steelmaker up for expansion as demand rises
BSRM Steels Ltd is set to expand its production capacity to meet growing local demand.
The company's capacity to make steel will be raised to five lakh tonnes a year from its present capacity of 3.56 lakh tonnes.
"The main reason behind the plan to go for expansion is the increasing demand for 500-grade rods in the local market. It will increase further when the government starts construction works by early 2011," said Ashiqur Rahman, the financial analyst of the company.
The company is likely to start expansion work in August on hopes of completing it by year-end, he said.
"We have completed almost all the primary groundwork, including finalising the cost of the new venture," he said.
"We plan to set up new rolling machines at our present plant to increase the production capacity by an addition 1.5 lakh tonnes annually," he said, adding that the machinery will be imported from Italy.
Initially, BSRM, the country's only 500-grade steel rod maker, plans to invest Tk 53 crore to expand the capacity at its present factory in Nasirabad, Chittagong.
Of the total cost, Agrani Bank will finance Tk 32 crore, and the company itself will finance the rest, Rahman said.
Currently, the local demand for steel rod stands at 25 lakh tonnes a year in a market of around Tk 12,000 crore, estimates industry insiders.
Five such companies produce rods and meet more than 95 percent of local demand.
Meanwhile, BSRM, the market leader in iron and steel manufacturing in Bangladesh, was placed in the A category, rising from the Z category, in the stock exchange on June 15, as the company gave 15 percent stock dividend to shareholders for 2009.
The company recorded profits worth Tk 57 crore in 2009, while annual turnover stood at Tk 1584.35 crore, said Rahman.
"We were able to enjoy profits last year because of price stability in both the local and international markets, and higher production," said the BSRM official.
"We had to work really hard to overcome the Tk 189 crore loss we incurred in 2008. The main reason behind the loss was the price of raw materials, mainly billets, which was much higher in the international market, compared to the local prices set by the caretaker government," he said.
Rahman said BSRM Steels, a concern of Bangladesh Steel Re-Rolling Mills Group of Companies, also has plans to export 500-grade rods to regional countries.
"But the entire plan depends on government approval. If the government okays it tomorrow, we can start immediately," he said.
The BSRM Group of Companies started its operations in 1952 in Chittagong, and BSRM Steels Ltd started commercial operations in April 2008.
BSRM Steels was listed on the capital market in January 2009.
Source: The Daily Star, July 23, 2010
DSE: Market cap swells to all-time high
Market capitalisation crosses Tk 300,000cr on DSE
Total market capitalisation on the premier bourse yesterday crossed the Tk 300,000 crore mark to hit an all-time-high.
Thanks to the current bullish trend, the market capitalisation to GDP ratio also reached the highest level at 43.65 percent. GDP (gross domestic product) at current price has been estimated at Tk 6,90,000 crore at the end of fiscal 2009-10.
At the end of yesterday's trading session on the Dhaka Stock Exchange, market capitalisation stood at Tk 301,439 crore, up by more than 50 percent since January.
Market capitalisation represents the aggregate value of companies or stocks. It is obtained by multiplying the number of shares outstanding by their current price per share.
The market capitalisation to GDP ratio shows the depth a stockmarket relatively to the economy. But the ratio can also used to determine whether an overall market is undervalued or overvalued.
The market capitalisation to GDP ratio of the Bombay Stock Exchange, India, was 111.36 percent at the end of July. The ratio was 32.05 percent on the Colombo Stock Exchange in Sri Lanka.
Analysts said market capitalisation of the Dhaka bourse is increasing, as stocks prices are on the rise.
The Dhaka market rose yesterday for a third consecutive session. With the gaining momentum, the benchmark index -- DSE General Index -- also reached its highest level at 6,743 points.
The analysts said market capitalisation is rising only because share prices are soaring. Growth in capitalisation based on share prices is neither a good sign for the market, nor sustainable.
Growth should be based on the entry of new securities. When the market absorbs a new issue, capitalisation goes up.
While thousands of new investors entered the market with crores of taka in cash since January, the Dhaka market listed only four new securities, except for some mutual funds and a convertible zero coupon bond.
The investors, including the newcomers, are now chasing a limited number of shares, and pushing share prices up.
"The record market capitalisation and its ratio to the GDP theoretically show that our market is becoming bigger," said Arif Khan, deputy managing director of IDLC Finance.
"But it is a matter of worry that the growth is based on share prices, instead of new securities."
Without higher company earnings, the only possible way to maintain sustainable market growth is by bringing in more securities, he said.
Source: The Daily Star, August 20, 2010
DSE, Need for new listings…
The average price-earnings (PE) ratio on the Dhaka bourse is the highest among the major regional stockmarkets.
The PE ratio is a company's current share price compared to its earnings per share. In general, a high PE ratio means investors expect higher earnings in future, or there is a strong chance they will be able to make a capital gain by selling the stock. In other words, the value of the share will increase and the investor will be able to sell it for more than what he paid for.
At the end of July, the average PE ratio on the Dhaka Stock Exchange (DSE) stood at 24.55, according to the latest monthly review by the premier bourse.
It means if an investor buys a share of a company on the Dhaka market, it will take 24.55 years on an average before the company earns enough profit to equal the value of the investment.
The PE ratio in India is now just slightly over 20.5, while the ratio is only 8 in Pakistan, 21.62 in Sri Lanka, 12 in Thailand, 16 in Malaysia, 23 in Taiwan, 19 in Hong Kong and 14 in Singapore.
However, a high PE ratio can sometimes be a good indicator of future returns, as investors are overoptimistic in forecasting earnings.
The reason behind the higher PE ratio on the Dhaka bourse is mainly a mismatch between demand and supply. There is a huge demand for new shares now.
Since January, thousands of investors entered the market everyday with crores of taka in cash.
In contrast, the market listed only four new securities, except for some mutual funds and a convertible zero coupon bond, since January.
Investors chase a limited number of shares regardless of the risk factors, thus increasing the PE, as the companies' earnings and share prices do not see matched growth.
Analysts and market operators identify the dearth of new securities as the only reason behind the high market PE.
"It is apparent that the market is being heated due to a dearth of new shares, resulting in a high PE," said Salahuddin Ahmed Khan, professor of finance at Dhaka University.
The government and the market intermediaries should immediately launch a special drive to bring new issues, said Khan, also a former chief executive of the DSE.
"If necessary, the existing rules should also be amended or relaxed so new companies become interested to join the market," he said, referring to the IPO rules.
IPO (initial public offering) rules now allow a company with at least Tk 40 crore paid-up capital, including the IPO offer size; and no company is allowed to offer shares less than 40 percent of its paid-up capital.
Many companies would be willing to list if these rules were relaxed, said issue managers.
However, the Consultative Committee of the Securities and Exchange Commission last week recommended that companies with at least Tk 25 crore in paid-up capital, including the IPO offer size, should be allowed in the market.
The total number of listed securities on the DSE is 452, of which 245 are companies, 26 are mutual funds, eight are debentures, 171 are treasury bonds and two are corporate bonds.
Treasury bonds and the debentures were never traded on the floor, meaning it is an inactive bond market.
"Our stockmarket's PE ratio is the highest among the major regional stockmarkets', and it's because that the investors have no sufficient options," said a merchant banker.
"The investors have to choose investable securities from a little basket," he said, adding that the market is expanding gradually, but the supply side remains poor in comparison with the growing demand of the investors.
A high PE ratio also indicates how much a stockmarket is overpriced, and the July figure showed that the Dhaka market is marching towards an alarming position, said an asset manager.
The regulator stepped in several times during the last couple of months, but succeeded only in cooling the markets briefly.
Each time the market reacted negatively to the cooling measures with record-level falls, and recovered the losses within two days.
Such a failure or the rising trend also reminds that no measures can calm the market in absence of new issues.
Source: The Daily Star, August 17, 2010
Cement makers eye 20pc growth
Cement manufacturers eye around 20 percent growth this year, riding on the rising demand from the housing sector.
Even poor energy supply and infrastructure constraints such as inadequate roads and ports could not dampen the growth prospect, they said.
“We're expecting 15-20 percent growth this year. The figure would have been bigger, if there were no energy constraints,” said Mostofa Kamal, president of Bangladesh Cement Manufacturers Association.
If the government starts constructing roads and bridges, the growth can double, he said.
The association data shows 34 out of 54 cement factories are in operations, with a combined annual production capacity of 18.5 million tonnes.
The 2009 cement consumption was 11 million tonnes, up from 10 million tonnes a year ago. Dhaka and Chittagong account for nearly 65 percent of the total consumption.
Market players said they experienced slack sales in 2007-08 when an army-backed caretaker government ruled the country. Real estate business was at the lowest ebb at that time. But the market started reversing soon after an elected government took power in January 2009.
“Every company made good business in 2009 because of the booming construction sector. Many factories are on expansion,” said Kamal, also the owner of Fresh Cement.
Fresh Cement has recently received an export order of 18,000 tonnes to Tripura, an Indian northeast state bordering Bangladesh.
Other market players also expect good sales this year and the next few years.
Yusuf Abdul Noor, a manager of Eastern Cement, forecasts a consumption of over 13 million tonnes for 2010.
Shankar Roy, general manager of Holcim Bangladesh, said cement makers logged good sales even in the rainy season, a comparatively lean period for construction works.
Shah Cement has the highest production capacity of 2.22 million tonnes a year. The other big producers are Meghna Cement (1.44 million tonnes), Lafarge Surma (1.2 million tonnes), Akij (1.08 million tonnes) and Seven Circle (1.02 million tonnes).
Source: The Daily Star, August 17, 2010
Even poor energy supply and infrastructure constraints such as inadequate roads and ports could not dampen the growth prospect, they said.
“We're expecting 15-20 percent growth this year. The figure would have been bigger, if there were no energy constraints,” said Mostofa Kamal, president of Bangladesh Cement Manufacturers Association.
If the government starts constructing roads and bridges, the growth can double, he said.
The association data shows 34 out of 54 cement factories are in operations, with a combined annual production capacity of 18.5 million tonnes.
The 2009 cement consumption was 11 million tonnes, up from 10 million tonnes a year ago. Dhaka and Chittagong account for nearly 65 percent of the total consumption.
Market players said they experienced slack sales in 2007-08 when an army-backed caretaker government ruled the country. Real estate business was at the lowest ebb at that time. But the market started reversing soon after an elected government took power in January 2009.
“Every company made good business in 2009 because of the booming construction sector. Many factories are on expansion,” said Kamal, also the owner of Fresh Cement.
Fresh Cement has recently received an export order of 18,000 tonnes to Tripura, an Indian northeast state bordering Bangladesh.
Other market players also expect good sales this year and the next few years.
Yusuf Abdul Noor, a manager of Eastern Cement, forecasts a consumption of over 13 million tonnes for 2010.
Shankar Roy, general manager of Holcim Bangladesh, said cement makers logged good sales even in the rainy season, a comparatively lean period for construction works.
Shah Cement has the highest production capacity of 2.22 million tonnes a year. The other big producers are Meghna Cement (1.44 million tonnes), Lafarge Surma (1.2 million tonnes), Akij (1.08 million tonnes) and Seven Circle (1.02 million tonnes).
Source: The Daily Star, August 17, 2010
Summit plans big for power
Company posts 73pc rise in profit
Summit Power Ltd, a leading power generator, aims to win orders from the government to generate at least 1,400 megawatts of power.
Aziz Khan, chairman of Summit Power Ltd, unveiled the company's mission at a press meet where it disclosed its half-yearly un-audited financial report.
Summit's target for power falls in line with the government's mega-plan for generating 9,426 megawatts by 2015.
According to the financial report, Summit posted a 73.55 percent rise in profit to Tk 55.97 crore in the first half of 2010, compared to the same period a year ago.
The earnings per share of the company almost doubled to Tk 20.03 in the first half of 2010, compared to the same year-earlier period.
Summit added 110 megawatts of power to the national grid through its subsidiary companies Summit Uttaranchal Power Company Ltd and Summit Purbanchal Power Company Ltd.
Recently, Summit Group has signed a contract with the government and started work to deliver another 102 megawatts of power through its Summit Narayanganj Power Company Ltd.
According to the chairman of the company, Summit has recently signed a deal with General Electric (GE) of Austria to participate in the government's mega power plan.
GE will bring financial and technical support to implement Summit's future projects.
Summit Power also plans to raise more than Tk 300 crore from capital market by issuing fully convertible preference shares to build additional capacity to implement the new power projects.
Summit Power Managing Director Tauhidul Islam and Finance Director Ayesha Aziz Khan were also present.
Source: The Daily Star, July 19, 2010
Summit Power Ltd, a leading power generator, aims to win orders from the government to generate at least 1,400 megawatts of power.
Aziz Khan, chairman of Summit Power Ltd, unveiled the company's mission at a press meet where it disclosed its half-yearly un-audited financial report.
Summit's target for power falls in line with the government's mega-plan for generating 9,426 megawatts by 2015.
According to the financial report, Summit posted a 73.55 percent rise in profit to Tk 55.97 crore in the first half of 2010, compared to the same period a year ago.
The earnings per share of the company almost doubled to Tk 20.03 in the first half of 2010, compared to the same year-earlier period.
Summit added 110 megawatts of power to the national grid through its subsidiary companies Summit Uttaranchal Power Company Ltd and Summit Purbanchal Power Company Ltd.
Recently, Summit Group has signed a contract with the government and started work to deliver another 102 megawatts of power through its Summit Narayanganj Power Company Ltd.
According to the chairman of the company, Summit has recently signed a deal with General Electric (GE) of Austria to participate in the government's mega power plan.
GE will bring financial and technical support to implement Summit's future projects.
Summit Power also plans to raise more than Tk 300 crore from capital market by issuing fully convertible preference shares to build additional capacity to implement the new power projects.
Summit Power Managing Director Tauhidul Islam and Finance Director Ayesha Aziz Khan were also present.
Source: The Daily Star, July 19, 2010
Prime Finance embarks on diversified business operations
Prime Finance & Investment Limited, a leading non-banking financial institution (NBFI) has become a full-fledged investment bank through embarking on diversified business operations.
Launching separate companies on stock brokerage, asset management, prudential fund and real estate businesses have made the Prime Finance a complete investment bank.
"We are operating on a vision reflecting the shareholders' right and ensuring the compliance of the best-practiced ethics and standards and diversification as well to heighten the company," managing director of Prime Finance Akter Hossain Sannamat told the FE in an interview recently.
"We have always believed that diversification of products and services and revenue streams is the best way of ensuring sustained financial performance," Mr Sannamat added.
Replying to a question on the future target of the company, Mr Sannamat said : An equally important goal that we achieved in 2009 was to earn an attractive return on equity. We also aim to increase the intrinsic value of our operations over time.
The total operating revenue of the company for the half year ended June 30, 2010 whopped by 155.73 per cent at Tk 1,578.06 million.
The profit after tax was up by 321.75 per cent at Tk 1,013.10 million against Tk 240.22 million of the corresponding period of the previous year.
The investment portfolio has increased to Tk 11,673.41 million ended on June 30, 2010 from Tk 9,275.31 million.
Based on the face value of Tk 100 per share, EPS for six months ended on June 30, 2010 was Tk 112.25, a whopping 321.75 per cent up against the corresponding period of the previous year.
The paid-up capital of the company stood at Tk 902.50 million in the period ended June 30, 2010 (un-audited) against Tk 644.64 million of December 31, 2009.
Commenting on the future outlook, the Prime Finance MD said : We are committed to further strengthening our existing teams as well as expanding our network to markets where we see opportunities to deploy our expertise.
In testimony to the company's strong commitment to full disclosure to the shareholders, the company continued to win the first prize launched by Institute of Chartered Accountants of Bangladesh (ICAB) for the 'best annual reports' in the NBFI category consecutively since its listing with the bourses in 2005.
The company also bagged prizes for the 'best presented accounts' launched by the South Asian Federation of Accountants (SAFA) in recent years.
The company was incorporated in March 1996 as a public limited company under the Companies Act, 1994. It began commercial operation in 1996 and floated shares for general public in September of 2005.
The company puts thrust on implementing corporate governance, ethics and compliance and human resource to remain competitive in the country's growing corporate world.
PFI Securities Ltd, Prime Finance Asset Management Co Ltd, Prime Prudential Fund Ltd and PFI Properties Ltd are the associate companies of Prime Finance and Investment Ltd.
Source: The Financial Express, August 19 2010
Launching separate companies on stock brokerage, asset management, prudential fund and real estate businesses have made the Prime Finance a complete investment bank.
"We are operating on a vision reflecting the shareholders' right and ensuring the compliance of the best-practiced ethics and standards and diversification as well to heighten the company," managing director of Prime Finance Akter Hossain Sannamat told the FE in an interview recently.
"We have always believed that diversification of products and services and revenue streams is the best way of ensuring sustained financial performance," Mr Sannamat added.
Replying to a question on the future target of the company, Mr Sannamat said : An equally important goal that we achieved in 2009 was to earn an attractive return on equity. We also aim to increase the intrinsic value of our operations over time.
The total operating revenue of the company for the half year ended June 30, 2010 whopped by 155.73 per cent at Tk 1,578.06 million.
The profit after tax was up by 321.75 per cent at Tk 1,013.10 million against Tk 240.22 million of the corresponding period of the previous year.
The investment portfolio has increased to Tk 11,673.41 million ended on June 30, 2010 from Tk 9,275.31 million.
Based on the face value of Tk 100 per share, EPS for six months ended on June 30, 2010 was Tk 112.25, a whopping 321.75 per cent up against the corresponding period of the previous year.
The paid-up capital of the company stood at Tk 902.50 million in the period ended June 30, 2010 (un-audited) against Tk 644.64 million of December 31, 2009.
Commenting on the future outlook, the Prime Finance MD said : We are committed to further strengthening our existing teams as well as expanding our network to markets where we see opportunities to deploy our expertise.
In testimony to the company's strong commitment to full disclosure to the shareholders, the company continued to win the first prize launched by Institute of Chartered Accountants of Bangladesh (ICAB) for the 'best annual reports' in the NBFI category consecutively since its listing with the bourses in 2005.
The company also bagged prizes for the 'best presented accounts' launched by the South Asian Federation of Accountants (SAFA) in recent years.
The company was incorporated in March 1996 as a public limited company under the Companies Act, 1994. It began commercial operation in 1996 and floated shares for general public in September of 2005.
The company puts thrust on implementing corporate governance, ethics and compliance and human resource to remain competitive in the country's growing corporate world.
PFI Securities Ltd, Prime Finance Asset Management Co Ltd, Prime Prudential Fund Ltd and PFI Properties Ltd are the associate companies of Prime Finance and Investment Ltd.
Source: The Financial Express, August 19 2010
First-half profits of listed NBFIs record robust growth
Profits of listed non-bank institutions grew a 166 per cent in the first half of 2010 from a year earlier, helped by booming share trading and diversified operations.
During January through June 2010, the publicly listed non-banking financial institutions (NBFIs) posted Tk. 4.5 billion in net profits, up from Tk 1.7 billion in the same period a year ago, according to the half-yearly reports.
"Stock market operation has contributed substantially to such a phenomenal growth," said Arif Khan, deputy managing director of IDLC Finance Ltd.
The figures show only seven out of 21 institutions listed with stock exchanges recorded hefty profits, edging out the rest.
Prime Finance and Investment (PFI), IDLC Finance, LankaBangla Finance, Peoples Leasing and Financial Services Ltd (PLFSL), and United Leasing (ULC) emerged as top five performers, which saw their profits top 100 per cent in the year's first half.
However, profit of Industrial Promotion and Development Corporation (IPDC) swung to the negative terrain.
"Diversified operations are the key to such a remarkable growth," said Akter H Sannamat, managing director of the PFI. "Efficient management and skilled expertise also contributed," he added.
Prime Finance's profits were up by 321.73 per cent to Tk 1.0 billion, holding the top position among its peers.
LankaBangla Finance came second as it recorded a profit of Tk 829.9 million. The firm's profits were just Tk 302.01 million in January-June period of the last year.
IDLC Finance was the distant third with Tk 491.75 million in profits. The company's profits, however, shot up by 197.52 per cent from Tk 165.28 million in the same period a year ago.
Profits at Peoples Leasing stood at Tk 400.85 million, followed by United Leasing whose net income increased by 283.03 per cent to Tk 251.81 million.
Profits of ILFSL during the period reached Tk 226.97 million, Uttara Finance's Tk 372.58 million, Union Capital Tk 169.61 million, Bangladesh Finance Tk 111.55 million, Bay Leasing Tk 126.21 million, BIFC Tk 59.25 million, NHFIL Tk 80 million.
The bottom five earners include Fidelity Asset, First Lease International, Premier Leasing, Phoenix Finance and Islamic Finance.
Islamic Finance managed to earn just Tk 51.08 million in January-June period, from Tk 40.22 million the year before.
Half-yearly profits of the three NBFIs - ICB, DBH and Midas Finance - were not available.
The operations of non-bank financial firms range from credit disbursement and property investments to money trading and portfolio management.
But none are allowed to take deposits from the general public and can seek alternative avenues of finance such as issuing debt instruments.
Some 29 NBFIs are operating in Bangladesh, of which 21 are listed with Dhaka Stock Exchange and Chittagong Stock Exchange. The listed NBFIs make up 12.47 per cent of the market capitalisation.
Source: The Financial Express, August 16, 2010
During January through June 2010, the publicly listed non-banking financial institutions (NBFIs) posted Tk. 4.5 billion in net profits, up from Tk 1.7 billion in the same period a year ago, according to the half-yearly reports.
"Stock market operation has contributed substantially to such a phenomenal growth," said Arif Khan, deputy managing director of IDLC Finance Ltd.
The figures show only seven out of 21 institutions listed with stock exchanges recorded hefty profits, edging out the rest.
Prime Finance and Investment (PFI), IDLC Finance, LankaBangla Finance, Peoples Leasing and Financial Services Ltd (PLFSL), and United Leasing (ULC) emerged as top five performers, which saw their profits top 100 per cent in the year's first half.
However, profit of Industrial Promotion and Development Corporation (IPDC) swung to the negative terrain.
"Diversified operations are the key to such a remarkable growth," said Akter H Sannamat, managing director of the PFI. "Efficient management and skilled expertise also contributed," he added.
Prime Finance's profits were up by 321.73 per cent to Tk 1.0 billion, holding the top position among its peers.
LankaBangla Finance came second as it recorded a profit of Tk 829.9 million. The firm's profits were just Tk 302.01 million in January-June period of the last year.
IDLC Finance was the distant third with Tk 491.75 million in profits. The company's profits, however, shot up by 197.52 per cent from Tk 165.28 million in the same period a year ago.
Profits at Peoples Leasing stood at Tk 400.85 million, followed by United Leasing whose net income increased by 283.03 per cent to Tk 251.81 million.
Profits of ILFSL during the period reached Tk 226.97 million, Uttara Finance's Tk 372.58 million, Union Capital Tk 169.61 million, Bangladesh Finance Tk 111.55 million, Bay Leasing Tk 126.21 million, BIFC Tk 59.25 million, NHFIL Tk 80 million.
The bottom five earners include Fidelity Asset, First Lease International, Premier Leasing, Phoenix Finance and Islamic Finance.
Islamic Finance managed to earn just Tk 51.08 million in January-June period, from Tk 40.22 million the year before.
Half-yearly profits of the three NBFIs - ICB, DBH and Midas Finance - were not available.
The operations of non-bank financial firms range from credit disbursement and property investments to money trading and portfolio management.
But none are allowed to take deposits from the general public and can seek alternative avenues of finance such as issuing debt instruments.
Some 29 NBFIs are operating in Bangladesh, of which 21 are listed with Dhaka Stock Exchange and Chittagong Stock Exchange. The listed NBFIs make up 12.47 per cent of the market capitalisation.
Source: The Financial Express, August 16, 2010
BB to bring NBFIs under Basel-II from 2012
Non-banking financial institutions (NBFIs) will come under the Basel-II accord from January 2012 aiming at consolidating capital base of the country's financial institutions, officials have said.
"The Bangladesh Bank has taken the move to strengthen financial base of the NBFIs and ensure management efficiency in the long run through maintaining the global practice," a senior official at the Bangladesh Bank (BB) told the FE.
He also said the NBFIs would calculate minimum capital requirement under the Basel-II on test basis from January 1, 2011 using the draft guideline.
"Now it has become obvious for the financial institutions to implement the advices as prescribed in the Basel accord, which will act as a guide to develop a risk-adjusted asset and liability portfolio and capital structure," the central bank said in a circular released recently.
Earlier, the central bank asked the NBFIs to raise their paid-up capital to a minimum of Tk 500 million by the end of 2010. (TK.50 CR)
The BB circular also said risk is the vital issue that the financial institutions need to address properly to ensure sustainable growth in the financial market.
"We're now working to implement the Basel-II framework in line with the BB's advice," Mafizuddin Sarker, chairman of Bangladesh Leasing and Finance Companies Association (BLFCA), told the FE.
The central bank has also prepared an action plan for implementation of the Basel-II framework properly.
The Basel-II will be implemented with three specific approaches -standardised approach, standardised rule-based approach and basic indicator approach - as initial steps
The standardised approach will be used for calculating risk-weighted amount against credit risk supported by external credit assessment institutions.
The standardised rule-based approach will measure market risk and the basic indicator approach for the operational risk.
Under the action plan, one-to-one meeting with all NBFIs will be held from April to August next year for analysing their feedback to finalise the guideline.
Currently, 29 NBFIs are running their business across the country.
The Basel-II accord came into effect in Bangladesh for the commercial banks from January this year to consolidate their capital base.
The new Basel accord has been prepared on the basis of three pillars: minimum capital requirement, supervisory review process and market discipline.
Three types of risks - credit risk, market risk and operational risk - have to be considered under the minimum capital requirement.
Source: The Financial Express, August 06, 2010
"The Bangladesh Bank has taken the move to strengthen financial base of the NBFIs and ensure management efficiency in the long run through maintaining the global practice," a senior official at the Bangladesh Bank (BB) told the FE.
He also said the NBFIs would calculate minimum capital requirement under the Basel-II on test basis from January 1, 2011 using the draft guideline.
"Now it has become obvious for the financial institutions to implement the advices as prescribed in the Basel accord, which will act as a guide to develop a risk-adjusted asset and liability portfolio and capital structure," the central bank said in a circular released recently.
Earlier, the central bank asked the NBFIs to raise their paid-up capital to a minimum of Tk 500 million by the end of 2010. (TK.50 CR)
The BB circular also said risk is the vital issue that the financial institutions need to address properly to ensure sustainable growth in the financial market.
"We're now working to implement the Basel-II framework in line with the BB's advice," Mafizuddin Sarker, chairman of Bangladesh Leasing and Finance Companies Association (BLFCA), told the FE.
The central bank has also prepared an action plan for implementation of the Basel-II framework properly.
The Basel-II will be implemented with three specific approaches -standardised approach, standardised rule-based approach and basic indicator approach - as initial steps
The standardised approach will be used for calculating risk-weighted amount against credit risk supported by external credit assessment institutions.
The standardised rule-based approach will measure market risk and the basic indicator approach for the operational risk.
Under the action plan, one-to-one meeting with all NBFIs will be held from April to August next year for analysing their feedback to finalise the guideline.
Currently, 29 NBFIs are running their business across the country.
The Basel-II accord came into effect in Bangladesh for the commercial banks from January this year to consolidate their capital base.
The new Basel accord has been prepared on the basis of three pillars: minimum capital requirement, supervisory review process and market discipline.
Three types of risks - credit risk, market risk and operational risk - have to be considered under the minimum capital requirement.
Source: The Financial Express, August 06, 2010
JS passes two Insurance laws
Parliament on Wednesday passed two insurance laws in a bid to further strengthen the regulatory framework and make the industry operationally vibrant.
The passage of the laws came after the bills were placed by the finance minister in parliament on July 9 last year.
The new laws are Insurance Act 2010 and Insurance Development and Regulatory Authority Act 2010.
The insurance act bars a director of an insurance company to become director of any other financial institution including banks.
It also raised the paid-up capital of life and non-life insurance companies to make them financially sound.
The minimum paid-up capital of a life insurance company will now rise to Tk 300 million (TK.30 CR) from Tk 75 million and for non-life the capital size will be Tk 400 million (TK.40 CR) from Tk 150 million.
The bills were placed before parliament in July last and the standing committee on finance after scrutinisation submitted the bills to the House in September.
The insurance sector has praised the finance minister and the standing committee to pave the way for making the bills as acts.
Chairman of the Bangladesh Insurance Association chairman Rafiqul Islam said, "All of them worked very hard to enact the laws and we are thankful to the minister and JS body chairman AHM Mostafa Kamal and other members."
He said the association will sit today (Thursday) to examine the pros and cons of the new acts and will give its reaction later.
"As we are yet to know the details of the new laws, it is not wise to make any comment on them right now," he added.
Parliament member Abdul Matin Khasru of Comilla brought an amendment to the Insurance Act to bar a director of an insurance company to become a director of another financial institutions and the House endorsed it.
Standing committee on finance chairman Mostafa Kamal said barring an insurance director to become a director of another financial institution will contradict an amendment to the Financial Institution Act 1993 initiated by the Awami League government in 2001.
The amendment stipulated that director of a financial institution is eligible to become director of other financial institution.
"The standing committee in its recommendations did uphold the spirit of the amendment to the previous laws, but the House has made the amendment null and void," he said.
The house also endorsed another amendment proposed by Mostafa Faruk Mohammad of Jessore to the capital structure of insurance company.
He proposed that 60 per cent capital of any insurance company would be supplied by sponsors and 40 per cent by the general investors. It was 50:50 in the bill.
There are 62 insurance companies operating in the country and they need to be regulated under comprehensive laws and guidelines and supervised by a strong regulatory authority.
The Insurance Act 2010 said the sector needs to be managed properly and be strengthened by reducing business risks, and local and international insurance laws need to be harmonised considering the socio-economic aspect of the country.
The act proposed that insurance companies to be categorised as 'life' and 'non-life' instead of 'life' and 'general' and it has replaced the Insurance Act 1938.
The Insurance Development and Regulatory Authority Act said the authority will comprise a chairman and four members and they will look after the whole sector. The enactment of the law will abolish the department of insurance under the finance ministry.
It said there is an increasing need to regulate one of the largest sectors in the country, harmonise local and international insurance laws considering the socio-economic aspect of the country, and protect the interest of policy-holders and other beneficiaries.
Premium charged by the companies will be determined by a committee formed by the authorities and it will also investigate any irregularities of the companies, the act said.
Source: The Financial Express, March 04, 2010
The passage of the laws came after the bills were placed by the finance minister in parliament on July 9 last year.
The new laws are Insurance Act 2010 and Insurance Development and Regulatory Authority Act 2010.
The insurance act bars a director of an insurance company to become director of any other financial institution including banks.
It also raised the paid-up capital of life and non-life insurance companies to make them financially sound.
The minimum paid-up capital of a life insurance company will now rise to Tk 300 million (TK.30 CR) from Tk 75 million and for non-life the capital size will be Tk 400 million (TK.40 CR) from Tk 150 million.
The bills were placed before parliament in July last and the standing committee on finance after scrutinisation submitted the bills to the House in September.
The insurance sector has praised the finance minister and the standing committee to pave the way for making the bills as acts.
Chairman of the Bangladesh Insurance Association chairman Rafiqul Islam said, "All of them worked very hard to enact the laws and we are thankful to the minister and JS body chairman AHM Mostafa Kamal and other members."
He said the association will sit today (Thursday) to examine the pros and cons of the new acts and will give its reaction later.
"As we are yet to know the details of the new laws, it is not wise to make any comment on them right now," he added.
Parliament member Abdul Matin Khasru of Comilla brought an amendment to the Insurance Act to bar a director of an insurance company to become a director of another financial institutions and the House endorsed it.
Standing committee on finance chairman Mostafa Kamal said barring an insurance director to become a director of another financial institution will contradict an amendment to the Financial Institution Act 1993 initiated by the Awami League government in 2001.
The amendment stipulated that director of a financial institution is eligible to become director of other financial institution.
"The standing committee in its recommendations did uphold the spirit of the amendment to the previous laws, but the House has made the amendment null and void," he said.
The house also endorsed another amendment proposed by Mostafa Faruk Mohammad of Jessore to the capital structure of insurance company.
He proposed that 60 per cent capital of any insurance company would be supplied by sponsors and 40 per cent by the general investors. It was 50:50 in the bill.
There are 62 insurance companies operating in the country and they need to be regulated under comprehensive laws and guidelines and supervised by a strong regulatory authority.
The Insurance Act 2010 said the sector needs to be managed properly and be strengthened by reducing business risks, and local and international insurance laws need to be harmonised considering the socio-economic aspect of the country.
The act proposed that insurance companies to be categorised as 'life' and 'non-life' instead of 'life' and 'general' and it has replaced the Insurance Act 1938.
The Insurance Development and Regulatory Authority Act said the authority will comprise a chairman and four members and they will look after the whole sector. The enactment of the law will abolish the department of insurance under the finance ministry.
It said there is an increasing need to regulate one of the largest sectors in the country, harmonise local and international insurance laws considering the socio-economic aspect of the country, and protect the interest of policy-holders and other beneficiaries.
Premium charged by the companies will be determined by a committee formed by the authorities and it will also investigate any irregularities of the companies, the act said.
Source: The Financial Express, March 04, 2010
April 14, 2010
NBL inks deal with Flora Telecom
National Bank Limited has recently signed an agreement in Dhaka with Flora Telecom Limited under which, Flora Telecom will implement the award-winning TEMENOS T24 (T24) core banking software along with HP Servers, Storage solutions as well as construction of DC & DR sites at National Bank, said a news release.
National Bank Limited Managing Director Abdur Rahman Sarker and Flora Telecom Chairman and Managing Director Mustafa Rafiqul Islam signed the agreement on behalf of their respective sides. Other management and senior officials from both the companies were also present at the signing ceremony.
Source: The Daily New Age, April 14, 2010
National Bank Limited Managing Director Abdur Rahman Sarker and Flora Telecom Chairman and Managing Director Mustafa Rafiqul Islam signed the agreement on behalf of their respective sides. Other management and senior officials from both the companies were also present at the signing ceremony.
Source: The Daily New Age, April 14, 2010
Bangladesh gets Moody's rating, outlook stable
Credit rating agency Moody's Investors Service yesterday for the first time assigned Ba3 to Bangladesh and termed the country's outlook stable.
The rating was released about a week after Standard & Poor's assigned BB- to the country amid much acclaim by the government and economists.
Moody's rating put Bangladesh on a par with the Philippines, Vietnam and Turkey. In the South Asian context, Bangladesh's position is higher than Pakistan and Sri Lanka, but below India.
In a statement, the US-based Moody's said the rating reflected Bangladesh's reasonable level of robustness in finance and balance of payments, and the prospects for continued microeconomic stability.
Bangladesh's relatively robust external position, and its strong foreign currency reserve were reasons behind getting the rating, Moody's said.
It added that these reflect Bangladesh's recent dynamic apparel exports, large remittance inflows, minimal foreign commercial borrowing and advantageous external debt servicing profile.
Moody's also assigned Ba2 to the country's foreign currency bond ceiling, B1 to foreign currency bank deposit ceiling, and Baa3 to long term local currency bond and deposit ceilings.
Bangladesh Bank Governor Atiur Rahman said Moody's rating on Bangladesh reflects the country's dynamic efforts to maintain macroeconomic stability.
“The rating is slightly lower than India, but three steps ahead of Pakistan and equivalent to the Philippines,” Rahman told reporters at his office.
In a statement released yesterday, Aninda Mitra, Moody's vice president and lead sovereign analyst for Bangladesh, said: "The combination of a conservative institutional framework for managing the economy, supported by capital controls, has ensured better external balance and price stability than at many other emerging markets at a similar levels of development."
Bangladesh achieved a steady rate of economic growth of 6 percent in the past decade, said the analyst. He attributed the success to policy stability, underlying demographic shifts and an increasing rate of trade openness.
"The economy has also withstood several recent external shocks, periods of domestic political stress and supply-side bottlenecks," he added.
Expressing his reactions on the rating, Mamun Rashid, Citi country officer in Bangladesh, said this is an exceptional result considering Moody's traditional conservative outlook.
Citibank NA worked as an adviser for Moody's rating.
"These are exceptional results that convey global recognition of the resilience and potential of the Bangladesh economy," he said, adding that gains for Bangladesh from this rating are manifold.
"The rating will create confidence and provide access to capital for development. This is a vital international benchmark, which should have favourable impacts on FDI and portfolio flows," he added.
However, Moody's found Bangladesh's relatively high industrial and export dependence on the ready-made garments sector as a rating constraint, suggesting broader sustained industrial diversification, supply side and financial sector reforms, and regional economic integration.
The country faces more pressures from debt affordability and fiscal flexibility than most of its rating peers, it said. In this regard, Moody's pointed to low revenue collection of only 12 percent of GDP.
Mitra said: "The government's absolute parliamentary majority should support a broad emphasis on economic reforms, regional integration and political reconciliation."
He hoped with caution that "narrow identity or ideological politics and capacity constraints may slow down the pace of reforms but are unlikely to derail the economic policy framework."
>>Source: The Daily New Age, April 13, 2010
The rating was released about a week after Standard & Poor's assigned BB- to the country amid much acclaim by the government and economists.
Moody's rating put Bangladesh on a par with the Philippines, Vietnam and Turkey. In the South Asian context, Bangladesh's position is higher than Pakistan and Sri Lanka, but below India.
In a statement, the US-based Moody's said the rating reflected Bangladesh's reasonable level of robustness in finance and balance of payments, and the prospects for continued microeconomic stability.
Bangladesh's relatively robust external position, and its strong foreign currency reserve were reasons behind getting the rating, Moody's said.
It added that these reflect Bangladesh's recent dynamic apparel exports, large remittance inflows, minimal foreign commercial borrowing and advantageous external debt servicing profile.
Moody's also assigned Ba2 to the country's foreign currency bond ceiling, B1 to foreign currency bank deposit ceiling, and Baa3 to long term local currency bond and deposit ceilings.
Bangladesh Bank Governor Atiur Rahman said Moody's rating on Bangladesh reflects the country's dynamic efforts to maintain macroeconomic stability.
“The rating is slightly lower than India, but three steps ahead of Pakistan and equivalent to the Philippines,” Rahman told reporters at his office.
In a statement released yesterday, Aninda Mitra, Moody's vice president and lead sovereign analyst for Bangladesh, said: "The combination of a conservative institutional framework for managing the economy, supported by capital controls, has ensured better external balance and price stability than at many other emerging markets at a similar levels of development."
Bangladesh achieved a steady rate of economic growth of 6 percent in the past decade, said the analyst. He attributed the success to policy stability, underlying demographic shifts and an increasing rate of trade openness.
"The economy has also withstood several recent external shocks, periods of domestic political stress and supply-side bottlenecks," he added.
Expressing his reactions on the rating, Mamun Rashid, Citi country officer in Bangladesh, said this is an exceptional result considering Moody's traditional conservative outlook.
Citibank NA worked as an adviser for Moody's rating.
"These are exceptional results that convey global recognition of the resilience and potential of the Bangladesh economy," he said, adding that gains for Bangladesh from this rating are manifold.
"The rating will create confidence and provide access to capital for development. This is a vital international benchmark, which should have favourable impacts on FDI and portfolio flows," he added.
However, Moody's found Bangladesh's relatively high industrial and export dependence on the ready-made garments sector as a rating constraint, suggesting broader sustained industrial diversification, supply side and financial sector reforms, and regional economic integration.
The country faces more pressures from debt affordability and fiscal flexibility than most of its rating peers, it said. In this regard, Moody's pointed to low revenue collection of only 12 percent of GDP.
Mitra said: "The government's absolute parliamentary majority should support a broad emphasis on economic reforms, regional integration and political reconciliation."
He hoped with caution that "narrow identity or ideological politics and capacity constraints may slow down the pace of reforms but are unlikely to derail the economic policy framework."
>>Source: The Daily New Age, April 13, 2010
S&P gives good rating to Bangladesh
Bangladesh got a BB- sovereign credit rating by US rating agency Standard & Poor's (S&P), securing a higher position than Pakistan and Sri Lanka.
The first ever rating would help Bangladesh government to measure the existing risks in the economy and both public and private sectors would now be able to borrow at a lower interest rate from international lenders.
S&P rates 123 governments.
The organisation has a total of 17 rating categories ranging from AAA to CCC+ and Bangladesh was placed in number 13 category.
Announcing the achievement at the Finance Division of the ministry, Finance Minister AMA Muhith said out of 123 countries S&P rated this year, Bangladesh's position was more or less the same from that of some other emerging economies of the region like the Philippines, Indonesia and Vietnam.
Muhith also said his government is happy with the rating.
Admitting the past government’s contribution in achieving the rating, the minister said the rating agency has evaluated GDP growth of the last ten years. This is why the achievements of the previous BNP-led four-party alliance and the immediate past caretaker governments contributed to securing the good rating.
Earlier in 2006, Bangladesh Bank asked S&P and Moody's Investors Service to rate Bangladesh.
At the briefing, Bangladesh Bank Deputy Governor Ziaul Hasan Siddiqui said the rating would help reduce costs of international trades.
Expressing expectation of getting more Foreign Direct Investment in the country, BB Governor Atiur Rahman said GDP growth, high foreign exchange reserve and good current account balance were the reasons behind getting a good rating like this.
>> Source: The Daily Star, April 6, 2010
The first ever rating would help Bangladesh government to measure the existing risks in the economy and both public and private sectors would now be able to borrow at a lower interest rate from international lenders.
S&P rates 123 governments.
The organisation has a total of 17 rating categories ranging from AAA to CCC+ and Bangladesh was placed in number 13 category.
Announcing the achievement at the Finance Division of the ministry, Finance Minister AMA Muhith said out of 123 countries S&P rated this year, Bangladesh's position was more or less the same from that of some other emerging economies of the region like the Philippines, Indonesia and Vietnam.
Muhith also said his government is happy with the rating.
Admitting the past government’s contribution in achieving the rating, the minister said the rating agency has evaluated GDP growth of the last ten years. This is why the achievements of the previous BNP-led four-party alliance and the immediate past caretaker governments contributed to securing the good rating.
Earlier in 2006, Bangladesh Bank asked S&P and Moody's Investors Service to rate Bangladesh.
At the briefing, Bangladesh Bank Deputy Governor Ziaul Hasan Siddiqui said the rating would help reduce costs of international trades.
Expressing expectation of getting more Foreign Direct Investment in the country, BB Governor Atiur Rahman said GDP growth, high foreign exchange reserve and good current account balance were the reasons behind getting a good rating like this.
>> Source: The Daily Star, April 6, 2010
December 10, 2009
Forex ceiling goes up for travellers
The central bank has raised the ceiling of foreign currency for Bangladesh nationals allowing them to spend more while travelling abroad.
The Bangladesh Bank (BB) issued a circular in this regard yesterday.
In case of travelling to the Saarc countries and Myanmar, the limit on taking foreign currency has been fixed at $1,500. Earlier the ceiling was $1,000 for travelling by air and $500 by road.
For other countries, a Bangladeshi traveller now can take $5,000, which was $3,000 earlier.
BB officials said the move has been taken as the foreign exchange reserve has crossed a satisfactory $10 billion mark.
The central bank in another circular said it would pay 10 percent of the losses incurred by banks for disbursing farm loans at lower interest rates.
The BB will pay the amount within one month of disbursement, while the rest amount will be paid after necessary review.
>> The Daily Star, December 09,2009
The Bangladesh Bank (BB) issued a circular in this regard yesterday.
In case of travelling to the Saarc countries and Myanmar, the limit on taking foreign currency has been fixed at $1,500. Earlier the ceiling was $1,000 for travelling by air and $500 by road.
For other countries, a Bangladeshi traveller now can take $5,000, which was $3,000 earlier.
BB officials said the move has been taken as the foreign exchange reserve has crossed a satisfactory $10 billion mark.
The central bank in another circular said it would pay 10 percent of the losses incurred by banks for disbursing farm loans at lower interest rates.
The BB will pay the amount within one month of disbursement, while the rest amount will be paid after necessary review.
>> The Daily Star, December 09,2009
December 09, 2009
HSBC launches first taka-dollar derivative in Bangladesh
HSBC has launched the first taka-dollar option in Bangladesh to help customers manage the risks of future foreign exchange in a volatile market.
The foreign bank has already transacted two US dollar-taka options for Viyellatex, one of the largest garment exporters, and Coats Bangladesh, a leading supplier of yarn and raw materials.
This derivative helps exporters and importers hedge their forex exposures effectively, Tarique I Khan, head of global markets of HSBC, Bangladesh, told reporters at the launch of the product at Dhaka Sheraton Hotel yesterday.
Futures, swaps, forwards and options are examples of a derivative, a financial arrangement that has its value determined on the price of an asset or rate.
“In some cases, an option is better than a forward deal," Khan said.
An option deal is a future agreement where the seller (bank) is obliged for a certain period, but the buyer or customer has an option, not an obligation. In a forward deal, both the buyer and the seller are obliged.
There is a range of prices of the taka against the dollar quoted in the two option deals, HSBC declined to disclose the prices.
“If the dollar moves beyond the rate a customer has hedged, he can exercise his right. If the rate moves in favour of the underlying forex exposure, the customer can only benefit up to a certain level,” he said.
Khan cited an example saying that if a customer is an exporter, he is vulnerable to the depreciation of the dollar against the taka. So an exporter will want to protect him from a falling USD/BDT rate, but is likely to benefit from appreciation.
Similarly, a bank quotes a lower rate accepted by a customer in an option deal, Khan said.
An importer who is to buy in future will also face the risks of a rising dollar, but will benefit from depreciation.
Earlier, HSBC had launched some non-BDT forward deals, such as USD/JPY, EUR/USD and some commodity hedges (cotton and wheat).
“So it is not difficult for us to offer these products after the local regulation allows it,” Khan said.
Customers also sounded upbeat about the benefits of the new product.
“We think the option will be helpful for us,” said Rahmotullah Khondoker, chief financial officer of Viyellatex that exported over $100 million worth of garment products last year.
Bishnu Pada Saha, management accounting manager of Coats Bangladesh that imports on an average $2-3 million worth of goods, echoed him.
“We expect this trade will create a positive impression among potential foreign investors,” said Mohammad Wahiduzzaman, head of corporate sales, global markets of HSBC, Bangladesh.
>> The Daily Star, December 09, 2009
The foreign bank has already transacted two US dollar-taka options for Viyellatex, one of the largest garment exporters, and Coats Bangladesh, a leading supplier of yarn and raw materials.
This derivative helps exporters and importers hedge their forex exposures effectively, Tarique I Khan, head of global markets of HSBC, Bangladesh, told reporters at the launch of the product at Dhaka Sheraton Hotel yesterday.
Futures, swaps, forwards and options are examples of a derivative, a financial arrangement that has its value determined on the price of an asset or rate.
“In some cases, an option is better than a forward deal," Khan said.
An option deal is a future agreement where the seller (bank) is obliged for a certain period, but the buyer or customer has an option, not an obligation. In a forward deal, both the buyer and the seller are obliged.
There is a range of prices of the taka against the dollar quoted in the two option deals, HSBC declined to disclose the prices.
“If the dollar moves beyond the rate a customer has hedged, he can exercise his right. If the rate moves in favour of the underlying forex exposure, the customer can only benefit up to a certain level,” he said.
Khan cited an example saying that if a customer is an exporter, he is vulnerable to the depreciation of the dollar against the taka. So an exporter will want to protect him from a falling USD/BDT rate, but is likely to benefit from appreciation.
Similarly, a bank quotes a lower rate accepted by a customer in an option deal, Khan said.
An importer who is to buy in future will also face the risks of a rising dollar, but will benefit from depreciation.
Earlier, HSBC had launched some non-BDT forward deals, such as USD/JPY, EUR/USD and some commodity hedges (cotton and wheat).
“So it is not difficult for us to offer these products after the local regulation allows it,” Khan said.
Customers also sounded upbeat about the benefits of the new product.
“We think the option will be helpful for us,” said Rahmotullah Khondoker, chief financial officer of Viyellatex that exported over $100 million worth of garment products last year.
Bishnu Pada Saha, management accounting manager of Coats Bangladesh that imports on an average $2-3 million worth of goods, echoed him.
“We expect this trade will create a positive impression among potential foreign investors,” said Mohammad Wahiduzzaman, head of corporate sales, global markets of HSBC, Bangladesh.
>> The Daily Star, December 09, 2009
Bangladesh Development Bank starts Journey from January 3, 2010
Bangladesh Development Bank Ltd (BDBL), which was shaped up by a merger between Bangladesh Shilpa Bank and Bangladesh Shilpa Rin Sangstha, will start its full-fledged operations across the country from January 3.
The maiden board meeting of the BDBL approved yesterday the merger and took the decision on starting operations.
The authorised capital of the new bank is Tk 1,000 crore, while its paid-up capital is Tk 400 crore, a BDBL statement said.
Before the start of the banking operations, a vendor agreement will be signed between the government and the BDBL as a legal compliance.
For long, both the Bangladesh Shilpa Bank and Bangladesh Shilpa Rin Sangstha had been facing crisis in their respective operations as a huge amount of loans disbursed by them remained unrealised.
At one stage, the government was thinking about privatising the two enterprises. But the Awami League government turned the duo into a new bank through the merger.
However, it is not known yet whether the BDBL will operate as a commercial bank or a specialised one.
BDBL Chairman Nazem Ahmed Chowdhury presided over the first board meeting, attended by directors Shanti Narayan Ghosh, Dewan Nazrul Islam, Niaz Rahman, Amalendu Mukharjee, Humayun Kabir, Khalilur Rahman Siddiqui, Ishak Bhuiyan, Salima Ahmed and Managing Director Mizanur Rahman.
The chairman of the bank said the government recently formed the BDBL through the merger of the two entities to promote the country's industrial sector.
>> The Daily Star, December 09, 2009
The maiden board meeting of the BDBL approved yesterday the merger and took the decision on starting operations.
The authorised capital of the new bank is Tk 1,000 crore, while its paid-up capital is Tk 400 crore, a BDBL statement said.
Before the start of the banking operations, a vendor agreement will be signed between the government and the BDBL as a legal compliance.
For long, both the Bangladesh Shilpa Bank and Bangladesh Shilpa Rin Sangstha had been facing crisis in their respective operations as a huge amount of loans disbursed by them remained unrealised.
At one stage, the government was thinking about privatising the two enterprises. But the Awami League government turned the duo into a new bank through the merger.
However, it is not known yet whether the BDBL will operate as a commercial bank or a specialised one.
BDBL Chairman Nazem Ahmed Chowdhury presided over the first board meeting, attended by directors Shanti Narayan Ghosh, Dewan Nazrul Islam, Niaz Rahman, Amalendu Mukharjee, Humayun Kabir, Khalilur Rahman Siddiqui, Ishak Bhuiyan, Salima Ahmed and Managing Director Mizanur Rahman.
The chairman of the bank said the government recently formed the BDBL through the merger of the two entities to promote the country's industrial sector.
>> The Daily Star, December 09, 2009
December 06, 2009
GP emerges as new market mover
Grameenphone (GP) has been the new market mover since its November 16 debut on bourses.
The first and lone listed telecom company can impact the market capitalisation if its share price goes up or down, the price indices are set in line with this.
Before GP stepped in, banking, fuel and power sectors besides non-bank financial institutions had been on the forefront.
On November 24, GP alone led the market to finish in the black offsetting the fall in banking sector, considered a prime mover. On the day, shares of the mobile operator advanced 3.74 percent or 90 points, which was enough to cover a 2.54 percent fall in the banking sector.
Market observers point to the company's capital and share base for being a market mover. It joined the stock market as the largest-ever issue having 135 crore ordinary shares of Tk 10 each.
The company, however, floated 13 crore shares to general public and institutions before joining the market. For the public the offer price was Tk 70, including Tk 60 as premium, while the price was Tk 74 for institutions, including Tk 64 as premium.
“Entry of GP was a milestone for Bangladesh capital market. And the company as telecom sector accounts for a huge portion of the total market capitalisation, which many other sectors with a number of companies do not,” Arif Khan, deputy managing director of IDLC Finance, told The Daily Star.
He also pointed out: “If GP share prices fall or up by Tk 1 on a single trading day, the indices will decline or increase by 4 points.”
He however said it does not send any bad signal for the market. “Rather inclusion of a largest corporate body like GP will have a positive impact. It will encourage other big companies to be listed on the market.”
As of last Thursday, GP's market capitalisation was Tk 23,441.21 crore, or 12.5 percent of the total market capitalisation of Tk 1,86,488.19 crore. The banking sector's market capitalisation was Tk 40,640.57 crore, or around 22 percent of the total market capitalisation.
Norway's telecom giant Telenor owns GP's 55.80 percent stakes, while local Grameen Telecom owns 34.20 percent and the rest 10 percent is held by general public and institutions.
GP is the most profitable mobile phone operator in the country, with its revenue expecting to hit billion dollars mark by the year-end.
>> Source: The Daily Star, December 6, 2009
November 08, 2009
US Senate okays bill to honour Dr. Muhammad Yunus
The United States Senate has unanimously approved a bill to award Nobel Laureate Prof Muhammad Yunus a Congressional Gold Medal.
The bill, introduced by Assistant Senate Majority Leader Dick Durbin (D-IL) and Senator Robert Bennett (R-UT), recognises Prof Yunus as a leading figure in fighting poverty and promoting economic and social opportunity.
The senate approved the bill on October 15, according to a report published in Microfinance Focus, a US-based global magazine on microfinance and sustainable development.
Yunus and his Grameen Bank were awarded Nobel Peace Prize in 2006 for their efforts to create economic and social development from below.
US President Barack Obama awarded him the Presidential Medal of Freedom on August 12.
The Congressional Gold Medal is considered the congressional equivalent to the Presidential Medal of Freedom. It is awarded to individuals who perform an outstanding deed or act of service to the security, prosperity, and national interest of the United States.
“Dr Muhammad Yunus believes overcoming poverty is not just a gesture of charity; it is an act of justice. It is the protection of a fundamental human right the right to dignity and a decent life,” said Durbin.
“He is truly deserving of the Congressional Gold Medal and I am honoured to call him a friend.
“Over the last thirty years, his theory of micro-enterprise has become a phenomenon touching the lives of more than 100 million people around the world. It is hard to think of any single idea in our lifetime which has lifted so many people out of the deepest depths of poverty.”
Former recipients of the Congressional Gold Medal include George Washington, Sir Winston Churchill, Elie Wiesel, Pope John Paul II, Rev Dr Martin Luther King, Jr and Coretta Scott King.
> Source: The Daily Star, November 8, 2009
The bill, introduced by Assistant Senate Majority Leader Dick Durbin (D-IL) and Senator Robert Bennett (R-UT), recognises Prof Yunus as a leading figure in fighting poverty and promoting economic and social opportunity.
The senate approved the bill on October 15, according to a report published in Microfinance Focus, a US-based global magazine on microfinance and sustainable development.
Yunus and his Grameen Bank were awarded Nobel Peace Prize in 2006 for their efforts to create economic and social development from below.
US President Barack Obama awarded him the Presidential Medal of Freedom on August 12.
The Congressional Gold Medal is considered the congressional equivalent to the Presidential Medal of Freedom. It is awarded to individuals who perform an outstanding deed or act of service to the security, prosperity, and national interest of the United States.
“Dr Muhammad Yunus believes overcoming poverty is not just a gesture of charity; it is an act of justice. It is the protection of a fundamental human right the right to dignity and a decent life,” said Durbin.
“He is truly deserving of the Congressional Gold Medal and I am honoured to call him a friend.
“Over the last thirty years, his theory of micro-enterprise has become a phenomenon touching the lives of more than 100 million people around the world. It is hard to think of any single idea in our lifetime which has lifted so many people out of the deepest depths of poverty.”
Former recipients of the Congressional Gold Medal include George Washington, Sir Winston Churchill, Elie Wiesel, Pope John Paul II, Rev Dr Martin Luther King, Jr and Coretta Scott King.
> Source: The Daily Star, November 8, 2009
October 19, 2009
Banks get green light to raise capital in debt instruments
The central bank yesterday permitted banks to raise capital through debt instruments instead of issuing only rights and bonus shares, following bankers' demand.
The new product, called subordinated debt, is designed to help banks boost their paid-up capital, in line with a Basel II requirement, said Bangladesh Bank officials.
In finance, this instrument is also known as subordinated loan, bond or debenture.
“Banks' cost of capital will come down significantly thanks to the new product,” said KM Abdul Wadud, deputy general manager for BB's Banking Regulation and Policy Department.
The issuance of rights and bonus shares costs banks heavily because of 40 percent tax, besides a reduction in a bank's earnings per share, he said.
BB officials said the move would boost the capital market as well.
The interest rate on the debt instrument is expected to be more than 12 percent -- the current rate for savings certificate.
The debt of its kind is referred to as subordinate because debt providers (lenders) have a subordinate status in relationship to the normal debt. A typical example for this will be when a promoter of a company invests money in the form of debt, rather than in the form of stock.
The banks will have to seek approval from BB to issue and repay the debt. The central bank also issued a set of guidelines on subordinated debt.
The scheduled banks should have a capital plan approved by their boards of directors. To attain the capital plan, the banks may issue a subordinated debt instrument to qualify as regulatory capital (Tier 2 and Tier 3).
Subordinated debt eligible to be considered Tier-2 capital must have a maturity period of more than five years. It must be clear that investment in the instrument is not a deposit, nor insured by the Deposit Insurance Scheme.
The debt also may be convertible into equity subject to approval from the central bank and the Securities and Exchange Commission. The instrument should be rated and could not be eligible as collateral for a loan made by the issuing bank.
Subordinated debt will be limited to a maximum of 30 percent of the amount of Tier 1 capital, the guidelines mentioned.
The total amount of subordinated debt will be disclosed in the balance sheet under the head "subordinated debt" in the nature of long-term borrowings.
Foreign banks operating in Bangladesh may also raise capital with approval from the central bank in the form of subordinated debt in foreign currency and in the form of foreign currency borrowings from the head office for inclusion in Tier 2 capital.
Of the other eligibility criteria, the BB said a bank would be eligible to issue subordinated debt, which has composite CAMELS rating 2 and BB Rating Grade 2.
Source: The Daily Star, October 19, 2009
The new product, called subordinated debt, is designed to help banks boost their paid-up capital, in line with a Basel II requirement, said Bangladesh Bank officials.
In finance, this instrument is also known as subordinated loan, bond or debenture.
“Banks' cost of capital will come down significantly thanks to the new product,” said KM Abdul Wadud, deputy general manager for BB's Banking Regulation and Policy Department.
The issuance of rights and bonus shares costs banks heavily because of 40 percent tax, besides a reduction in a bank's earnings per share, he said.
BB officials said the move would boost the capital market as well.
The interest rate on the debt instrument is expected to be more than 12 percent -- the current rate for savings certificate.
The debt of its kind is referred to as subordinate because debt providers (lenders) have a subordinate status in relationship to the normal debt. A typical example for this will be when a promoter of a company invests money in the form of debt, rather than in the form of stock.
The banks will have to seek approval from BB to issue and repay the debt. The central bank also issued a set of guidelines on subordinated debt.
The scheduled banks should have a capital plan approved by their boards of directors. To attain the capital plan, the banks may issue a subordinated debt instrument to qualify as regulatory capital (Tier 2 and Tier 3).
Subordinated debt eligible to be considered Tier-2 capital must have a maturity period of more than five years. It must be clear that investment in the instrument is not a deposit, nor insured by the Deposit Insurance Scheme.
The debt also may be convertible into equity subject to approval from the central bank and the Securities and Exchange Commission. The instrument should be rated and could not be eligible as collateral for a loan made by the issuing bank.
Subordinated debt will be limited to a maximum of 30 percent of the amount of Tier 1 capital, the guidelines mentioned.
The total amount of subordinated debt will be disclosed in the balance sheet under the head "subordinated debt" in the nature of long-term borrowings.
Foreign banks operating in Bangladesh may also raise capital with approval from the central bank in the form of subordinated debt in foreign currency and in the form of foreign currency borrowings from the head office for inclusion in Tier 2 capital.
Of the other eligibility criteria, the BB said a bank would be eligible to issue subordinated debt, which has composite CAMELS rating 2 and BB Rating Grade 2.
Source: The Daily Star, October 19, 2009
October 06, 2009
Money transfer by mobile
The electronic transaction project will take off in six months
Money transfer is about to go digital in six months, as Bangladesh Bank has approved the launch of an electronic prepaid card system that will have a mobile payment option.
The central bank permitted Trust Bank Ltd to act as a settlement bank for digital money transfer.
“The Electronic Prepaid Card System will be a multiple bank, multiple channel platform, where Trust Bank will act as the settlement bank,” BB said in a recent notice.
With the card, a customer will be able to deposit and withdraw cash directly from ATMs and all other channels. A card will have a secret PIN to access the service. Also, the system allows an authorised user to transact by mobile.
In case of foreign remittance, any amount could be withdrawn by prepaid card, but the amount is limited to a maximum of Tk 10,000 for now, Bangladesh Bank officials said.
In line with the central bank directive, any bank having Q-cash or a similar platform can issue prepaid cards for customers to transact money. Presently, 23 banks are linked with the Q-cash network.
Besides the prepaid card system, Eastern Bank received approval to handle international and domestic remittance transfers. Dhaka Bank is allowed to disburse foreign remittance through mobile operator Banglalink’s outlets.
Neither of the new systems allows cross-border money transfer.
Industry insiders said people would be able to easily transfer money to their loved ones at a fifth of the cost under the present system.
According to BB statistics, remittance inflows soared by 30 percent from $721.92 million in August 2008 to $937.91 million in August 2009 -- a contribution of 60 lakh Bangladeshis living in parts of the world.
In a letter on September 1, the central bank approved Trust Bank to introduce the Digital Money Prepaid Card System with mobile payment facilities within the next six months, in association with Digital Technologies Ltd and Information Technology Consultant Ltd.
Under the digital money transfer system, intra- and inter-bank account-to-account transfers, transactions at ATMs through Q-cash and other similar platforms will be settled.
A digital wallet is an electronic prepaid card with mobile banking (M-banking) that utilises the ATM (automated teller machine) and all kinds of electronic communication technologies, including mobile phone.
To obtain the digital prepaid card, customers will have to fill out an application form at banks or agents.
The bank will verify the customer under its ‘know your customer’ (KYC) process to issue a digital money prepaid card.
The customer’s information must match the information with the bank and the information he or she provided to telecom companies, through host-to-host connectivity.
The Q-cash host will tag the cardholder’s cellphone upon getting confirmation from the telecom host, and then the customer will be notified immediately upon successful digital money tagging.
Since the customer owns the card, he or she can transfer money and carry out transactions at a point of service (POS) at bank-approved merchant stores and service points, like gas stations, hospitals and cinema halls.
In the case of person to business payments, like utility bills, insurance premiums, loan instalments, E-top-up for mobile phones, and e-ticketing, the prepaid card will be used.
In the case of government to person payments, like agriculture subsidies, widow allowances, freedom fighters allowances, payment will be transferred through the card.
Trust Bank will have to submit contract agreements between its partners before launching the project. The pay points must be accredited by Trust Bank under an approved accreditation policy and the bank shall undertake all responsibilities of pay points.
Trust Bank will be responsible for mitigating of all kind of risks, including credit risks, liquidity risks, operational risks, fraud risks and technical risks associated with the digital money system.
Kazi Saifuddin Munir, managing director of Information Technology (IT) Consultants Ltd, said, “We are ready to initiate the prepaid card system for money transferring by December on a pilot basis.”
IT Consultants Ltd, the lone payment service operator in Bangladesh providing the Q-Cash inter-bank switching platform and connectivity, thinks that if all the banks come under a single network, remittance or any other transaction would be easier.
Munir said through a designated short mobile code number, a customer can transact money. However all transactions would be settled through the banking channel.
“The mobile application will be used to just enter the system,” he said. Banking and mobile application systems will be merged in a sense to settle the transaction.
As per the central bank notification, Eastern Bank Ltd (EBL) will conduct both international and domestic remittance by introducing three products—EBL Smart Remit Card, Smart Cash Point and Smart m-wallet.
The EBL Smart Remit Card will be a card based payment system, where senders can send money to receivers prepaid VISA card and the cash can be withdrawn using any VISA, ATM or point of service, at any appointed merchant.
EBL has not been approved transferring money from one m-wallet to another m-wallet holder.
Dhaka Bank Ltd has been approved to use Banglalink outlets for disbursement of foreign remittance. Under the approval, the bank can disburse foreign remittance through designated Banglalink outlets, which must be approved by the bank’s board.
In the remittance disbursement process, EBL and Dhaka Bank accredited cash points will be used only for delivery in local currency for inward remittance credited in Nostro accounts of the banks and not for any other inland or cross border transfer.
Source: The Daily Star, October 06, 2009
Money transfer is about to go digital in six months, as Bangladesh Bank has approved the launch of an electronic prepaid card system that will have a mobile payment option.
The central bank permitted Trust Bank Ltd to act as a settlement bank for digital money transfer.
“The Electronic Prepaid Card System will be a multiple bank, multiple channel platform, where Trust Bank will act as the settlement bank,” BB said in a recent notice.
With the card, a customer will be able to deposit and withdraw cash directly from ATMs and all other channels. A card will have a secret PIN to access the service. Also, the system allows an authorised user to transact by mobile.
In case of foreign remittance, any amount could be withdrawn by prepaid card, but the amount is limited to a maximum of Tk 10,000 for now, Bangladesh Bank officials said.
In line with the central bank directive, any bank having Q-cash or a similar platform can issue prepaid cards for customers to transact money. Presently, 23 banks are linked with the Q-cash network.
Besides the prepaid card system, Eastern Bank received approval to handle international and domestic remittance transfers. Dhaka Bank is allowed to disburse foreign remittance through mobile operator Banglalink’s outlets.
Neither of the new systems allows cross-border money transfer.
Industry insiders said people would be able to easily transfer money to their loved ones at a fifth of the cost under the present system.
According to BB statistics, remittance inflows soared by 30 percent from $721.92 million in August 2008 to $937.91 million in August 2009 -- a contribution of 60 lakh Bangladeshis living in parts of the world.
In a letter on September 1, the central bank approved Trust Bank to introduce the Digital Money Prepaid Card System with mobile payment facilities within the next six months, in association with Digital Technologies Ltd and Information Technology Consultant Ltd.
Under the digital money transfer system, intra- and inter-bank account-to-account transfers, transactions at ATMs through Q-cash and other similar platforms will be settled.
A digital wallet is an electronic prepaid card with mobile banking (M-banking) that utilises the ATM (automated teller machine) and all kinds of electronic communication technologies, including mobile phone.
To obtain the digital prepaid card, customers will have to fill out an application form at banks or agents.
The bank will verify the customer under its ‘know your customer’ (KYC) process to issue a digital money prepaid card.
The customer’s information must match the information with the bank and the information he or she provided to telecom companies, through host-to-host connectivity.
The Q-cash host will tag the cardholder’s cellphone upon getting confirmation from the telecom host, and then the customer will be notified immediately upon successful digital money tagging.
Since the customer owns the card, he or she can transfer money and carry out transactions at a point of service (POS) at bank-approved merchant stores and service points, like gas stations, hospitals and cinema halls.
In the case of person to business payments, like utility bills, insurance premiums, loan instalments, E-top-up for mobile phones, and e-ticketing, the prepaid card will be used.
In the case of government to person payments, like agriculture subsidies, widow allowances, freedom fighters allowances, payment will be transferred through the card.
Trust Bank will have to submit contract agreements between its partners before launching the project. The pay points must be accredited by Trust Bank under an approved accreditation policy and the bank shall undertake all responsibilities of pay points.
Trust Bank will be responsible for mitigating of all kind of risks, including credit risks, liquidity risks, operational risks, fraud risks and technical risks associated with the digital money system.
Kazi Saifuddin Munir, managing director of Information Technology (IT) Consultants Ltd, said, “We are ready to initiate the prepaid card system for money transferring by December on a pilot basis.”
IT Consultants Ltd, the lone payment service operator in Bangladesh providing the Q-Cash inter-bank switching platform and connectivity, thinks that if all the banks come under a single network, remittance or any other transaction would be easier.
Munir said through a designated short mobile code number, a customer can transact money. However all transactions would be settled through the banking channel.
“The mobile application will be used to just enter the system,” he said. Banking and mobile application systems will be merged in a sense to settle the transaction.
As per the central bank notification, Eastern Bank Ltd (EBL) will conduct both international and domestic remittance by introducing three products—EBL Smart Remit Card, Smart Cash Point and Smart m-wallet.
The EBL Smart Remit Card will be a card based payment system, where senders can send money to receivers prepaid VISA card and the cash can be withdrawn using any VISA, ATM or point of service, at any appointed merchant.
EBL has not been approved transferring money from one m-wallet to another m-wallet holder.
Dhaka Bank Ltd has been approved to use Banglalink outlets for disbursement of foreign remittance. Under the approval, the bank can disburse foreign remittance through designated Banglalink outlets, which must be approved by the bank’s board.
In the remittance disbursement process, EBL and Dhaka Bank accredited cash points will be used only for delivery in local currency for inward remittance credited in Nostro accounts of the banks and not for any other inland or cross border transfer.
Source: The Daily Star, October 06, 2009
September 07, 2009
Tech products drive bank profitability
Technology-driven business models are helping banks increase profitability by reducing capital mobilisation costs.
Almost 90 percent of all private commercial bank (PCB) branches have become tech-savvy in the past few years. State-owned commercial banks have also joined the bandwagon.
Technology driven products include automated teller machines (ATM), credit cards, debit cards, point of sales (POS), phone banking, internet banking and SWIFT (an international network for the banking community for faster international business).
Banks are increasingly dependent on these alternative business models and a major portion of bank payments and transactions take place via these models.
“Sixty percent of all transactions now take place through alternative banking channels,” said a senior official of BRAC Bank, a third generation PCB.
Dutch-Bangla Bank Limited (DBBL), which has the largest ATM network in the country with 573 booths, now transacts an average of Tk 700 crore a month that has doubled from last year, said Deputy Managing Director Abul Kashem Md Shirin.
“The cost of a transaction through the technology driven channel is a 10th of the cost of the transaction through the manual channel," said Syed Masodul Bari, head of IT of Al-Arafah Islami Bank.
A recent Bangladesh Bank (BB) study on "Innovative Technology and Bank Profitability: The Bangladesh Experience", also shows banks that adopt technology are more profitable and reduce risks as they gain maturity in offering such services.
The use of technology-driven products by local banks does not date back long. In 1998, one PCB had credit card facilities, while there were no debit card facilities, ATMs or POS. Another foreign bank operated credit cards and ATM service at the time.
In 2006, 14 out of 30 PCBs launched credit card services, 17 launched debit cards, 17 had ATM services, 7 had POS, 3 had internet while 22 had online banking. Three out of the four state-owned banks introduced debit cards in 2006.
Now, almost all private banks have the technology-driven business model to give better and faster services to their clients. Nearly 100 percent of all the 3,500 private bank branches are computerised, which was 46 percent a decade ago, the BB study shows.
Two private banks, one local and another foreign, introduced credit and debit cards first in 1999 in Bangladesh. At the end of that year, the number of debit card customers stood at 2,014 and credit card customers stood at 1,607, the BB statistics show.
The number of debit and credit card users jumped to 6 lakh and 2.25 lakh respectively at the end of 2006.
The use of debit cards continues to rise rapidly and the number reached 12 lakh in August 2009, according to data collected from several banks.
In the market for debit cards, BRAC Bank rules over nearly a third, followed by DBBL with 2.5 lakh, Q-Cash with nearly 2 lakh and Standard Chartered Bank with 1 lakh customers. Other major players in this market are -- Eastern Bank, The City Bank and Prime Bank.
There are about four lakh credit-card holders in the market. Bankers said credit-card growth is slower than debit cards. A beneficiary has to be a taxpayer to obtain a credit card.
According to the latest BB data, payments and transactions by credit card were nearly Tk 1,100 crore in June 2008, which was Tk 2,000 crore for debit card, 4,060 crore for ATMs and 180 crore for POS.
The transactions were almost half in December 2007, just six months ago, BB data shows.
“Establishment of the Bangladesh Automated Cheque Processing System by this year will boost payment and transactions through technology-driven products,” a senior BB official said.
Source: The Daily Star, September 7, 2009
Almost 90 percent of all private commercial bank (PCB) branches have become tech-savvy in the past few years. State-owned commercial banks have also joined the bandwagon.
Technology driven products include automated teller machines (ATM), credit cards, debit cards, point of sales (POS), phone banking, internet banking and SWIFT (an international network for the banking community for faster international business).
Banks are increasingly dependent on these alternative business models and a major portion of bank payments and transactions take place via these models.
“Sixty percent of all transactions now take place through alternative banking channels,” said a senior official of BRAC Bank, a third generation PCB.
Dutch-Bangla Bank Limited (DBBL), which has the largest ATM network in the country with 573 booths, now transacts an average of Tk 700 crore a month that has doubled from last year, said Deputy Managing Director Abul Kashem Md Shirin.
“The cost of a transaction through the technology driven channel is a 10th of the cost of the transaction through the manual channel," said Syed Masodul Bari, head of IT of Al-Arafah Islami Bank.
A recent Bangladesh Bank (BB) study on "Innovative Technology and Bank Profitability: The Bangladesh Experience", also shows banks that adopt technology are more profitable and reduce risks as they gain maturity in offering such services.
The use of technology-driven products by local banks does not date back long. In 1998, one PCB had credit card facilities, while there were no debit card facilities, ATMs or POS. Another foreign bank operated credit cards and ATM service at the time.
In 2006, 14 out of 30 PCBs launched credit card services, 17 launched debit cards, 17 had ATM services, 7 had POS, 3 had internet while 22 had online banking. Three out of the four state-owned banks introduced debit cards in 2006.
Now, almost all private banks have the technology-driven business model to give better and faster services to their clients. Nearly 100 percent of all the 3,500 private bank branches are computerised, which was 46 percent a decade ago, the BB study shows.
Two private banks, one local and another foreign, introduced credit and debit cards first in 1999 in Bangladesh. At the end of that year, the number of debit card customers stood at 2,014 and credit card customers stood at 1,607, the BB statistics show.
The number of debit and credit card users jumped to 6 lakh and 2.25 lakh respectively at the end of 2006.
The use of debit cards continues to rise rapidly and the number reached 12 lakh in August 2009, according to data collected from several banks.
In the market for debit cards, BRAC Bank rules over nearly a third, followed by DBBL with 2.5 lakh, Q-Cash with nearly 2 lakh and Standard Chartered Bank with 1 lakh customers. Other major players in this market are -- Eastern Bank, The City Bank and Prime Bank.
There are about four lakh credit-card holders in the market. Bankers said credit-card growth is slower than debit cards. A beneficiary has to be a taxpayer to obtain a credit card.
According to the latest BB data, payments and transactions by credit card were nearly Tk 1,100 crore in June 2008, which was Tk 2,000 crore for debit card, 4,060 crore for ATMs and 180 crore for POS.
The transactions were almost half in December 2007, just six months ago, BB data shows.
“Establishment of the Bangladesh Automated Cheque Processing System by this year will boost payment and transactions through technology-driven products,” a senior BB official said.
Source: The Daily Star, September 7, 2009
August 11, 2009
Banks set to slash deposit rate
Private commercial banks (PCBs) will further slash the deposit rate by 1 percentage point to 8.5 percent this month, aiming to reduce the "cost of funds" for the banks.
Top bankers have taken the decision at a meeting of the Association of Bankers Bangladesh (ABB), a platform of managing directors of PCBs.
The bankers argue that it is not possible to reduce the lending rate without trimming the deposit rate. The latest move came despite a reduction in corporate tax by 2.5 percentage points to 42.5 percent in July.
“We have decided to limit the highest deposit rate at 8.5 percent to reduce the cost of funds,” said Shahjahan Bhuiyan, managing director of United Commercial Bank and vice chairman of ABB.
The new deposit rate is likely to take effect from August 16.
An economist said savers could now switch to other investment tools that give higher returns.
“Small savers have few options other than what banks have to offer," said Mustafa K Mujeri, director general of Bangladesh Institute of Development Studies and former chief economist of the central bank.
He said some savers might flock to saving certificates that give a 12.5 percent interest rate -- 4 percentage points higher than what the bank is going to offer.
In April 2009, PCBs set the deposit rate ceiling at 9.5 percent from the previous 13 percent, following Bangladesh Bank's order to limit the lending rate at 13 percent from an average of 14.5 percent.
The central bank also wants the spread - the gap between lending and deposit rates - to fall within 5 percent.
The government later cut the corporate tax rate in July 2009, to cushion the banking sector against falling investments due to the global financial crisis.
But banks are yet to pass the benefits of corporate tax cuts on to the customers, blaming the high prices of funds.
Bhuiyan said his bank's cost of funds is 10.5 percent at the moment and the impact of the previous deposit rate cut is yet to be materialised for about 80 percent of the bank's deposits.
However, the cost varies from bank to bank.
Pubali Bank's COF was slightly below 9 percent on June 30.
“A cut in the deposit rate is necessary to reduce the lending rate and the cost of fund,” said Helal Ahmed Chowdhury, managing director of Pubali Bank, the country's oldest and largest private bank.
He said classified loans are also pushing the bank's lending rate up.
Chowdhury however said they lend to prime customers at rates that are even below the rate set by the central bank of 13 percent in April.
BB Governor Dr Atiur Rahman said on Sunday the cut in corporate taxes should have an impact on bank lending rates.
“The corporate tax cut should be reflected in the lending rate,” Rahman told a business conference of the state-owned Janata Bank. He said the rate should come down to a single digit.
Source: The Daily Star, August 11, 2009
Top bankers have taken the decision at a meeting of the Association of Bankers Bangladesh (ABB), a platform of managing directors of PCBs.
The bankers argue that it is not possible to reduce the lending rate without trimming the deposit rate. The latest move came despite a reduction in corporate tax by 2.5 percentage points to 42.5 percent in July.
“We have decided to limit the highest deposit rate at 8.5 percent to reduce the cost of funds,” said Shahjahan Bhuiyan, managing director of United Commercial Bank and vice chairman of ABB.
The new deposit rate is likely to take effect from August 16.
An economist said savers could now switch to other investment tools that give higher returns.
“Small savers have few options other than what banks have to offer," said Mustafa K Mujeri, director general of Bangladesh Institute of Development Studies and former chief economist of the central bank.
He said some savers might flock to saving certificates that give a 12.5 percent interest rate -- 4 percentage points higher than what the bank is going to offer.
In April 2009, PCBs set the deposit rate ceiling at 9.5 percent from the previous 13 percent, following Bangladesh Bank's order to limit the lending rate at 13 percent from an average of 14.5 percent.
The central bank also wants the spread - the gap between lending and deposit rates - to fall within 5 percent.
The government later cut the corporate tax rate in July 2009, to cushion the banking sector against falling investments due to the global financial crisis.
But banks are yet to pass the benefits of corporate tax cuts on to the customers, blaming the high prices of funds.
Bhuiyan said his bank's cost of funds is 10.5 percent at the moment and the impact of the previous deposit rate cut is yet to be materialised for about 80 percent of the bank's deposits.
However, the cost varies from bank to bank.
Pubali Bank's COF was slightly below 9 percent on June 30.
“A cut in the deposit rate is necessary to reduce the lending rate and the cost of fund,” said Helal Ahmed Chowdhury, managing director of Pubali Bank, the country's oldest and largest private bank.
He said classified loans are also pushing the bank's lending rate up.
Chowdhury however said they lend to prime customers at rates that are even below the rate set by the central bank of 13 percent in April.
BB Governor Dr Atiur Rahman said on Sunday the cut in corporate taxes should have an impact on bank lending rates.
“The corporate tax cut should be reflected in the lending rate,” Rahman told a business conference of the state-owned Janata Bank. He said the rate should come down to a single digit.
Source: The Daily Star, August 11, 2009
August 04, 2009
Bangladesh Bank sets green loan target
All commercial banks will provide loans up to Tk 1 crore for setting up effluent treatment plant (ETP), solar panel and bio-gas plant at a 9 percent interest rate.
The banks will disburse the loans under a Tk 200 crore refinance scheme of the central bank, which announced yesterday the special loan scheme and sent letters to all banks in this regard.
"The loan scheme is already activated. Any bank can finance under the scheme from today," said Md Nazrul Huda, deputy governor of Bangladesh Bank, yesterday.
The central bank will monitor the scheme to ensure proper disbursement, Huda said.
Setting up ETP at industrial units has been discussed at different levels over the last few years. But industry owners were refusing to set up such plants with their own fund, demanding a special financing system from the government.
"The Bangladesh Bank move will help the industrial units become environmentally compliant," said Abdul Hai Sarkar, president of Bangladesh Textile Mills Association.
In line with environment protection rules, setting up ETP is mandatory for all industrial units that produce liquid wastes.
Under the refinancing scheme, these industrial units will get preference, and the industry owners will be entitled to a maximum Tk 1 crore loan for setting up ETP.
However setting up of ETP should be ensured within six months after taking loans.
Any customers from urban areas can get Tk 60,000 to Tk 175,000 as loans to install solar power system of 170 watt to maximum 520 watt. The interest rate is 9 percent, which will be 10 percent if the loans are disbursed by any non-government organisation.
The loans will have to be repaid within three years.
In rural areas, if anyone wants to set up 520-watt solar system for commercial purpose, the maximum limit of the loan will be Tk 175,000. But for personal use, customers will get Tk 10,000-Tk 70,000 for 10-130 watt.
The loan range will be from Tk 18,000 to Tk 36,000 for setting up poultry or dairy firm-based bio-gas plants for both individual and commercial use.
Source: The Daily Star, August 4, 2009
The banks will disburse the loans under a Tk 200 crore refinance scheme of the central bank, which announced yesterday the special loan scheme and sent letters to all banks in this regard.
"The loan scheme is already activated. Any bank can finance under the scheme from today," said Md Nazrul Huda, deputy governor of Bangladesh Bank, yesterday.
The central bank will monitor the scheme to ensure proper disbursement, Huda said.
Setting up ETP at industrial units has been discussed at different levels over the last few years. But industry owners were refusing to set up such plants with their own fund, demanding a special financing system from the government.
"The Bangladesh Bank move will help the industrial units become environmentally compliant," said Abdul Hai Sarkar, president of Bangladesh Textile Mills Association.
In line with environment protection rules, setting up ETP is mandatory for all industrial units that produce liquid wastes.
Under the refinancing scheme, these industrial units will get preference, and the industry owners will be entitled to a maximum Tk 1 crore loan for setting up ETP.
However setting up of ETP should be ensured within six months after taking loans.
Any customers from urban areas can get Tk 60,000 to Tk 175,000 as loans to install solar power system of 170 watt to maximum 520 watt. The interest rate is 9 percent, which will be 10 percent if the loans are disbursed by any non-government organisation.
The loans will have to be repaid within three years.
In rural areas, if anyone wants to set up 520-watt solar system for commercial purpose, the maximum limit of the loan will be Tk 175,000. But for personal use, customers will get Tk 10,000-Tk 70,000 for 10-130 watt.
The loan range will be from Tk 18,000 to Tk 36,000 for setting up poultry or dairy firm-based bio-gas plants for both individual and commercial use.
Source: The Daily Star, August 4, 2009
July 14, 2009
Banks stand strong in crisis
Merchant banking, brokering and remittance fees drive profit growth
Local private banks stand strong against the ongoing global recession because of a substantial increase in their business with merchant banking, brokerage houses, fund and portfolio management, and remittance transaction, bankers said.
Banks, which have merchant banking and brokerage houses, made at least 20 percent more profit during the first half of 2009 compared to the same period of 2008 riding on the growing transaction in stock markets.
According to bankers, income from remittance transaction has also increased significantly during the period.
Currently, the banks have excess liquidity, which reached as high as Tk 27,716 crore in April, mainly for a decline in investment demand.
Mutual Trust Bank (MTB) has marked a whooping 307 percent rise in its operating profit from brokerage house during the January-June period of 2009 compared to the same period a year ago. The bank made a profit of nearly Tk 11 crore this year from Tk 2.73 crore in 2008.
Now MTB has seven brokerage branches that would be raised to 12 at the end of this year to meet the growing demand.
“Diversified groups of people are coming to the capital market. Many of them are educated and sophisticated investors,” said Anis A Khan, managing director of MTB.
Khan said: “These investors generally tend to be aware of the nuances of the markets.”
The largest private commercial bank, Pubali, also made at least 20 percent more profit from its brokerage house during the first half of 2009 compared to 2008, said Rafiqul Islam, consultant, Securities Trading Department of the bank.
“Individual corporate clients are also rising substantially,” said Islam.
There are 31 registered merchant banks and 238 brokerage houses in the country, while 10 banks provide merchant banking services. Some of the banks have both the merchant banking and brokerage businesses. Most of the private banks and leasing and finance companies have their own brokerage divisions.
Three state-owned commercial banks also opened merchant banking divisions this year to grab their share from the growing business.
A bank's brokerage house charges Tk 0.4 to Tk 0.65 for transaction of a share worth Tk 100. Dhaka Stock Exchange traded over Tk 1,000 crore on a single day earlier this month. Brokerage houses got Tk 4 crore at Tk 0.4 for every Tk 100 transaction by buying and selling from Tk 1,000 crore.
Prime Bank, National Credit and Commerce (NCC) Bank and AB Bank have also made significant profits from their brokerage business so far this year, officials of these banks said.
Prime Bank earned over Tk 20 crore from merchant banking during the first half of this year, while the figure was Tk 13 crore in the same period a year ago, said Ehsanul Haque, managing director of the bank.
Haque however said this income is insignificant compared to the bank's total profit portfolio of Tk 250 crore.
Inward remittances have also helped the banks sustain their profit growth this year despite bad impacts on this sector in other countries due to global financial meltdown.
Beating the doomsayers, Bangladesh received $9.68 billion in remittances during the just concluded fiscal year. The growth rate was 22.32 percent higher than that of the previous fiscal year.
“We have transacted $43 million inward remittances during the first half of 2009 and the transaction for the first six days of July reached $2.17 million,” said Anis A Khan of MTB.
The banks having wings like capital market operation, cards, fund and portfolio management and brokerage house earned substantially so far this year, said Nurul Amin, managing director of NCC Bank.
“This growth from non-funded sources has helped the banks offset declining trend in loans and advances -- the main source of a bank's income,” he said.
NCC's income from remittances rose by 50 percent in the first half of this year compared to the same period last year.
Prime Bank's earning from remittance transaction grew nearly by 12 percent so far this year compared to the same period a year ago, said its managing director.
“Currently we deal with $350 million worth of remittances. We are trying to raise it to $600 million in a few years,” said Ehsanul Haque.
> Source: The Daiy Star, July 14, 2009
Local private banks stand strong against the ongoing global recession because of a substantial increase in their business with merchant banking, brokerage houses, fund and portfolio management, and remittance transaction, bankers said.
Banks, which have merchant banking and brokerage houses, made at least 20 percent more profit during the first half of 2009 compared to the same period of 2008 riding on the growing transaction in stock markets.
According to bankers, income from remittance transaction has also increased significantly during the period.
Currently, the banks have excess liquidity, which reached as high as Tk 27,716 crore in April, mainly for a decline in investment demand.
Mutual Trust Bank (MTB) has marked a whooping 307 percent rise in its operating profit from brokerage house during the January-June period of 2009 compared to the same period a year ago. The bank made a profit of nearly Tk 11 crore this year from Tk 2.73 crore in 2008.
Now MTB has seven brokerage branches that would be raised to 12 at the end of this year to meet the growing demand.
“Diversified groups of people are coming to the capital market. Many of them are educated and sophisticated investors,” said Anis A Khan, managing director of MTB.
Khan said: “These investors generally tend to be aware of the nuances of the markets.”
The largest private commercial bank, Pubali, also made at least 20 percent more profit from its brokerage house during the first half of 2009 compared to 2008, said Rafiqul Islam, consultant, Securities Trading Department of the bank.
“Individual corporate clients are also rising substantially,” said Islam.
There are 31 registered merchant banks and 238 brokerage houses in the country, while 10 banks provide merchant banking services. Some of the banks have both the merchant banking and brokerage businesses. Most of the private banks and leasing and finance companies have their own brokerage divisions.
Three state-owned commercial banks also opened merchant banking divisions this year to grab their share from the growing business.
A bank's brokerage house charges Tk 0.4 to Tk 0.65 for transaction of a share worth Tk 100. Dhaka Stock Exchange traded over Tk 1,000 crore on a single day earlier this month. Brokerage houses got Tk 4 crore at Tk 0.4 for every Tk 100 transaction by buying and selling from Tk 1,000 crore.
Prime Bank, National Credit and Commerce (NCC) Bank and AB Bank have also made significant profits from their brokerage business so far this year, officials of these banks said.
Prime Bank earned over Tk 20 crore from merchant banking during the first half of this year, while the figure was Tk 13 crore in the same period a year ago, said Ehsanul Haque, managing director of the bank.
Haque however said this income is insignificant compared to the bank's total profit portfolio of Tk 250 crore.
Inward remittances have also helped the banks sustain their profit growth this year despite bad impacts on this sector in other countries due to global financial meltdown.
Beating the doomsayers, Bangladesh received $9.68 billion in remittances during the just concluded fiscal year. The growth rate was 22.32 percent higher than that of the previous fiscal year.
“We have transacted $43 million inward remittances during the first half of 2009 and the transaction for the first six days of July reached $2.17 million,” said Anis A Khan of MTB.
The banks having wings like capital market operation, cards, fund and portfolio management and brokerage house earned substantially so far this year, said Nurul Amin, managing director of NCC Bank.
“This growth from non-funded sources has helped the banks offset declining trend in loans and advances -- the main source of a bank's income,” he said.
NCC's income from remittances rose by 50 percent in the first half of this year compared to the same period last year.
Prime Bank's earning from remittance transaction grew nearly by 12 percent so far this year compared to the same period a year ago, said its managing director.
“Currently we deal with $350 million worth of remittances. We are trying to raise it to $600 million in a few years,” said Ehsanul Haque.
> Source: The Daiy Star, July 14, 2009
June 28, 2009
Black money and PPR: The connection and moral
Syed Munir Khasru
The most talked about issue in the budget is the "whitening of the black money." It is rather unfortunate that such an immoral issue is still being debated instead of this idea being rejected by the government when this was originally conceived.
Under this proposition, an honest taxpayer who toils hard to earn and then pays tax, is treated worse than a dishonest citizen who hides income and does not pay tax. So the message is: make your illegal money, hide it at your convenience, wait for an opportune moment, pay nominal tax, and have your money and conscience whitened. Can this be a recipe for good governance and accountability?
One of the positive aspects of this budget is that it is by an elected democratic government as opposed to the budgets of the last two years by a caretaker government with no political mandate or accountability to any electorate.
AL is bound by its election manifesto in which fight against corruption was declared one of the major political commitments. The much talked about, "deen bodoler shonod" or "manifesto for change" will remain more in paper, if in reality actions send opposite signals. Hence, the argument of credibility and morality should weigh in more for the government than arguments built on economic reasoning, which in itself is flawed.
Both the finance minister and the PM's adviser for finance and planning are well known for their competency and integrity, and it indeed would be unfortunate if such policies were adopted when they are at the helm of affairs.
The negative effects resulting from the corrosive moral aspect of black money offsets whatever positives may be expected from this exercise. One of the arguments in favour of black money is that the world is in a recession and private investment is short in supply. Hence, we need to open a conduit for investment where this whitened black money will stimulate growth and generate employment.
To draw a simple analogy, a better argument would have been, "my father is poor and can't pay for my education and hence stealing from a neighbour to finance my schooling is cool!" or "my wife is in the hospital and my school-going son without any income pays the medical bills, and as a poor husband and father why should I care to ask from where my son got the money?" if end justifies the means -- who cares?
When people are encouraged to pay tax, the message from the government to citizens is something like, "We need this contribution from you to help the state serve you well." Why would a law abiding citizen feel morally obligated to pay tax if s/he sees that people who have not paid tax are far better off both in the short and long run?
Isn't it better to hide money, with time let it grow in silence and obscurity, and then reveal it when the time is ripe? This way, one can pay 10% on this hidden money as opposed to a regular taxpayer who can end up paying as much as 25% on his duly disclosed income.
So the morally bankrupt, but filthily rich, has more money to buy a posh apartment than an honest taxpayer from middle class who is struggling to finance his/her children's education. Under these circumstances, does the government have the moral right to expect an honest taxpayer to be compliant or a non-taxpayer to enrol himself/herself as a taxpayer? Can the tax net be expanded by encouraging people to become taxpayers when in reality tax dodgers are rewarded more than taxpayers?
The proposed modifications in Public Procurement Regulations (PPR) has already raised concern, even within the donor community. For those unfamiliar with PPR, it is a set of rules and regulations to ensure transparency in the process through which government purchases goods and services.
The intention is to check corruption and unfairness -- particularly based on undue political influence. If some form of lottery is introduced or projects of an amount as significant as Taka two crore can be awarded without fair competitive bidding -- it in itself is enough to inject seeds of corruption into the public procurement system.
Even if we accept the argument that some entities without prior experience should have opportunity to compete and win projects, other set of even-handed rules can be plugged in so that inexperienced firms also have the scope to compete with experienced firms. But the proposed arbitrary provision of awarding projects can very legitimately be perceived as another new conduit to make black money through undeclared commissions and undiscovered bribes.
The modified PPR creates an opportunity to make such black money and then whiten them within the declared three-year period of immunity. The connection between the two is obvious and ominous.
The AL should start listening to its MPs like the former Home Minister Major (Rtd) Rafiqul Islam who has rightly pointed out the constitutional invalidity of such a proposition. If this is challenged in court, it is not likely to prevail and will further embarrass the government. Given the massive mandate the AL has received, from the very beginning, it should be sensitive to high expectations that people have from it.
It is well known that a significant portion of people's verdict in favour of AL was more of rejection of BNP led alliance's endemic corruption of five years. Hence, a "yes" for AL was more of a "no" for "BNP's corruption." If the ruling party does not appreciate this message from the very onset, it is only a matter of time before fortune reverses and they are on the receiving end of people's punishment meted out in polling stations next time around. The greatest lesson of history is that we don't learn enough from history.
The author is a Professor at the Institute of Business Administration (IBA), University of Dhaka.
Source: The Daily Star, June 28, 2009.
NB: Friends/Readers, please keep in mind that, Mr. Syed Munir Khasru, was my BBA Programs faculty at Dept. of Finance, Dhaka University, Year 1998.
The most talked about issue in the budget is the "whitening of the black money." It is rather unfortunate that such an immoral issue is still being debated instead of this idea being rejected by the government when this was originally conceived.
Under this proposition, an honest taxpayer who toils hard to earn and then pays tax, is treated worse than a dishonest citizen who hides income and does not pay tax. So the message is: make your illegal money, hide it at your convenience, wait for an opportune moment, pay nominal tax, and have your money and conscience whitened. Can this be a recipe for good governance and accountability?
One of the positive aspects of this budget is that it is by an elected democratic government as opposed to the budgets of the last two years by a caretaker government with no political mandate or accountability to any electorate.
AL is bound by its election manifesto in which fight against corruption was declared one of the major political commitments. The much talked about, "deen bodoler shonod" or "manifesto for change" will remain more in paper, if in reality actions send opposite signals. Hence, the argument of credibility and morality should weigh in more for the government than arguments built on economic reasoning, which in itself is flawed.
Both the finance minister and the PM's adviser for finance and planning are well known for their competency and integrity, and it indeed would be unfortunate if such policies were adopted when they are at the helm of affairs.
The negative effects resulting from the corrosive moral aspect of black money offsets whatever positives may be expected from this exercise. One of the arguments in favour of black money is that the world is in a recession and private investment is short in supply. Hence, we need to open a conduit for investment where this whitened black money will stimulate growth and generate employment.
To draw a simple analogy, a better argument would have been, "my father is poor and can't pay for my education and hence stealing from a neighbour to finance my schooling is cool!" or "my wife is in the hospital and my school-going son without any income pays the medical bills, and as a poor husband and father why should I care to ask from where my son got the money?" if end justifies the means -- who cares?
When people are encouraged to pay tax, the message from the government to citizens is something like, "We need this contribution from you to help the state serve you well." Why would a law abiding citizen feel morally obligated to pay tax if s/he sees that people who have not paid tax are far better off both in the short and long run?
Isn't it better to hide money, with time let it grow in silence and obscurity, and then reveal it when the time is ripe? This way, one can pay 10% on this hidden money as opposed to a regular taxpayer who can end up paying as much as 25% on his duly disclosed income.
So the morally bankrupt, but filthily rich, has more money to buy a posh apartment than an honest taxpayer from middle class who is struggling to finance his/her children's education. Under these circumstances, does the government have the moral right to expect an honest taxpayer to be compliant or a non-taxpayer to enrol himself/herself as a taxpayer? Can the tax net be expanded by encouraging people to become taxpayers when in reality tax dodgers are rewarded more than taxpayers?
The proposed modifications in Public Procurement Regulations (PPR) has already raised concern, even within the donor community. For those unfamiliar with PPR, it is a set of rules and regulations to ensure transparency in the process through which government purchases goods and services.
The intention is to check corruption and unfairness -- particularly based on undue political influence. If some form of lottery is introduced or projects of an amount as significant as Taka two crore can be awarded without fair competitive bidding -- it in itself is enough to inject seeds of corruption into the public procurement system.
Even if we accept the argument that some entities without prior experience should have opportunity to compete and win projects, other set of even-handed rules can be plugged in so that inexperienced firms also have the scope to compete with experienced firms. But the proposed arbitrary provision of awarding projects can very legitimately be perceived as another new conduit to make black money through undeclared commissions and undiscovered bribes.
The modified PPR creates an opportunity to make such black money and then whiten them within the declared three-year period of immunity. The connection between the two is obvious and ominous.
The AL should start listening to its MPs like the former Home Minister Major (Rtd) Rafiqul Islam who has rightly pointed out the constitutional invalidity of such a proposition. If this is challenged in court, it is not likely to prevail and will further embarrass the government. Given the massive mandate the AL has received, from the very beginning, it should be sensitive to high expectations that people have from it.
It is well known that a significant portion of people's verdict in favour of AL was more of rejection of BNP led alliance's endemic corruption of five years. Hence, a "yes" for AL was more of a "no" for "BNP's corruption." If the ruling party does not appreciate this message from the very onset, it is only a matter of time before fortune reverses and they are on the receiving end of people's punishment meted out in polling stations next time around. The greatest lesson of history is that we don't learn enough from history.
The author is a Professor at the Institute of Business Administration (IBA), University of Dhaka.
Source: The Daily Star, June 28, 2009.
NB: Friends/Readers, please keep in mind that, Mr. Syed Munir Khasru, was my BBA Programs faculty at Dept. of Finance, Dhaka University, Year 1998.
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