The sudden increase in fuel
price has increased the prices of daily essentials within a week. Traders say
that the increase in oil prices has increased the cost of Transportation. As a
result, prices of everything from vegetables have increased.
The prices of broiler
chickens have gone up to Tk 40 in various markets of the capital on Friday.
Although chicken was being sold from Tk 160 to Tk 165 a kg even a week ago.
Along with broiler chicken, the price of Pakistani cock up to Tk 300 to Tk 320
per kg, which was Tk 280 to Tk 300 last week.
Regarding the price of
chicken, a trader said that the price of broiler chicken was already high. Oil
prices rose last week and now those prices have risen further. Wholesale
broiler chicken prices are increasing every day. He said that if it continues
like this, within a few days, the price of broiler chicken may become Tk 250
per kg.
Along with broiler
chickens, the prices of farm chicken eggs have increased unusually. A dozen
eggs of farm chickens is now sold at Tk 145 in the market. Meanwhile, each
piece of egg is being sold at Tk 13 in grocery stores. A dozen farm eggs costed
Tk 120 to 125 a week ago. Besides, the price of all kinds of vegetables has
increased. However, the price of green chilies has decreased slightly.
Regarding the increase in
the price of eggs, another trader of Karwan Bazar said that the price of
chicken has increased abnormally in the last few days. The effect of increase
in the price of chicken is falling on the price of eggs.
Looking around the
vegetable market, beans are being sold at the highest price in the market. 250
grams of beans are being sold at Tk 50. However, if someone buys one kg, 190
rupees is kept. Last week, 250 grams of beans were sold at Tk 40.
Along with beans, the
price of ripe tomatoes has increased. Ripe tomatoes which were sold at Tk 80 to
Tk 100 per kg last week are now being sold at Tk 100 to Tk 130. And carrots are
being sold at Tk 120 to Tk 130 per kg like last week. Barabati is also being
sold at Tk 70 to 80 per kg like last week. However, the price of cucumber has
almost doubled. It was sold at Tk 40 to Tk 50 last week and now being sold at
Tk 70 to Tk 80.
Besides, brinjal is being
sold at Tk 50 to Tk 70 per kg, kakarol at Tk 50 to Tk 70 per kg, raw papaya at
Tk 20 to Tk 25 per kg, potol at Tk 40 to Tk 50 per kg. Kachur lati, jinga,
chichinga are being sold for 40 to 50 taka per kg. A kg of bitter gourd is
being sold at 60 to 80 taka. The price of these vegetables has increased by Tk
10 to Tk 20 per kg within a week.
Regarding the price of
vegetables, a trader in Karwan Bazaar said that the price of almost all
vegetables has increased compared to last week. The main reason for this is the
increase in oil prices. Due to increase in oil prices, the cost of
transportation has gone up a lot. Which has affected the price of vegetables.
If the price of oil had not increased, the price of all vegetables would have
been lower by Tk 10-20 per kg.
Although the prices of
eggs, chicken and vegetables have increased, the prices of onions and potatoes
have remained unchanged over the week. Onion is being sold at Tk 45 to Tk 50
per kg like last week. A kg of potato is being sold at Tk 30. However, the
price of green chillies is being sold at Tk 200 to Tk 220 a kg, which has gone
up to Tk 300 last week.
It has been seen in the
fish market that a kg of roe fish is being sold at Tk 320 to Tk 450. Tilapia,
pangas fish are selling for 160 to 190 taka per kg. Horn fish is selling for
350 to 460 Tk per kg. 200 to 250 taka per kg of fish. A kg of Pabda fish is
being sold for Tk 350 to Tk 500. The price of these fish has increased from Tk
10 to Tk 40 per kg within a week.
Hilsa is also on the list
of price increase. One kilogram of hilsa is being sold at Tk 1,600 to Tk 1,800,
which was Tk 1,200 to Tk 1,300 last week. A kg of hilsa weighing 700-800 grams
is being sold at Tk 900 to Tk 1,000, which was Tk 700 to Tk 800 last week. And
a kg of hilsa weighing 400-500 grams is being sold at Tk 700 to Tk 800, which
was Tk 450 to Tk 500 last week.
Price Hike Vegetables Fuel Price
Comment
As the Ekushey Boi Mela (Book Fair) 2024 crossed its seventh day yesterday, publishers and book sellers are hopeful for increased sales and public engagement, despite not yet reaching their anticipated sales targets.
The Dhaka Metro Rail has infused the fair with a new vibrancy, making it more accessible for visitors from distant areas like Uttara, Mirpur, and Motijheel. Ovi Islam, from Farmgate, shared his positive experience of using the metro rail to bypass traffic jams, despite the initial long wait for tickets.
Although some visitors, like Ovi who visited the fair three times without purchasing books, contribute to the growing foot traffic, the overall sales have yet to see a significant boost.
Another group of visitors from Uttara noted the ease of accessing the fair this year, thanks to the metro rail, which has offered a way to avoid the infamous Dhaka traffic congestion.
Book sellers expressed mixed feelings about the fair's progress. While visitor numbers are on the rise, actual book purchases remain lower than expected. Nur Hossen Sarkar from Anupam Prokashoni observed that many attendees are more interested in browsing than buying. Similarly, Mohammad Jabed from Mowla Brothers noted a slight decrease in sales compared to the initial days but remains hopeful for an uptick in activity.
Some exhibitors have faced challenges with their stall placements, leading to visibility and accessibility issues. Sumon Saj from Nongor Publication voiced concerns about being allocated a less favorable location and has reported the issue to Bangla Academy without seeing significant action.
Some publishers also expressed dissatisfaction about the overall arrangement and environment. These issues suggest that while the metro rail has made the fair more accessible, improvements are still needed in its organization and visitor experience.
With the fair still underway, publishers and sellers are optimistic about a surge in sales and visitor numbers, especially with the upcoming weekend.
-UNB
Comment
Private sector’s Shahjalal Islami Bank is in trouble with realisation of the loan from Dhaly Construction and grant of new loan of Tk 408 crore to the company. The loan was disbursed without adequate collateral and verifying the financial status of the customer.
According to the report of Bangladesh Bank, the then
managing director and board of directors, along with the officers of the
relevant departments of the bank's branch and head office, cannot avoid the
responsibility of this irregularity, said a report of the Bangladesh Bank.
It is known that Dhaly Construction took a loan of Tk 129
crore in 2013 from Trust Bank's Dilkusha branch in the capital. At the end of
2015, the loan amount increased to Tk 156 crores.
In November 2015, Dhaly Construction applied to Shahjalal
Islami Bank to acquire the Trust Bank loan. Dhanmondi branch of Shahjalal
Islami Bank acquired Dhaly Construction Limited's loan of Tk 118 crore from
Trust Bank in December of that year.
In December, Shahjalal Islami Bank disbursed an additional
Tk 188 crore funded and Tk 70 crore unfunded loan to Dhaly Construction Limited.
In August 2017, Shahjalal Islami Bank gave another loan of Tk 115 crore. Of
this, 85 crores are funded and 30 crores are non-funded. But Shahjalal Islami
Bank could not tell Bangladesh Bank how much money has been loaned and against
which assets.
According to the report, Shahjalal Islami Bank gave the loan
forcefully to Dhaly Construction due to the failure of various companies to pay
their debts. As a result, at the end of April this year, the amount of loan
disbursed by Shahjalal Islami Bank to Dhaly Construction stood at Tk 408 crore.
Out of this, 350 crore are funded and 58 crore non-funded.
Shahjalal Islami Bank was unable to collect the money
despite repeated efforts. Dhaly Construction has mortgaged 721 acres of land
and a building measuring 37,000 square feet as security against the loan.
In this regard, a deputy managing director of Shahjalal
Islami Bank, on condition of anonymity, told the media that “Dhaly Construction
is in a good position among the country's construction companies. We have
business relationship with them since 2015. The company is facing big
challenges due to the epidemic. Although we are hopeful of recovering the loan,
it will take more time to get the money back.”
Regarding cashing the bill of Dhaly Construction through
another bank instead of Shahjalal Bank, the Deputy Managing Director said that
Dhaly Construction did this due to the need for cash. They thought that if they
deposit the bill in the bank, the money will be deducted to pay off the loan.
However, when asked about the violation of the bank's board
of directors policy in disbursing loans, he refused to make any comment.
Dhaly Construction chairman Rafique Uddin told the media
that “Our company has implemented large road and construction projects
including several university buildings in the country. We have been facing
challenge since Covid pandemic as some our projects had to be stopped.
Moreover, the abnormally high prices of construction materials also increased
the project cost."
When asked about repayment of loan from Shahjalal Islami
Bank, he said that new projects will be taken up and the loan will be repaid.
The business relationship with the bank will also continue.
Dhaly Construction Advisor MM Mizanur Rahman told the media
that there were some errors in the documents. It will be resolved quickly. He
said, the bank can collect the debt by selling the company's assets. Apart from
this, the company is involved in several construction projects. If the work of
these projects is completed, the loan can be paid.
According to the central bank report, it was directed by the
Board to take security equal to the investment while disbursing the loan. But,
only Tk 90 crore of collateral (land and building) was taken against the funded
loan of Tk 188 crore. The board was not informed of the investment with less
security.
According to the report, Shahjalal Bank could not provide
any information to the central bank's inspection team about the amount of money
invested against specific work orders and the number of bills received in
respect of those work orders.
The report said that the board of the directors of the bank
advised taking a legal opinion before approving funded loans of Tk 188 crore
and non-funded loans of Tk 70 crore and mortgaging 721 khata land. But the bank
did not take into consideration the legal opinion while giving the loan. As no
collateral is taken for new loans, the bank's investment becomes risky.
Comment
Country's both the bourses, Dhaka Stock Exchange (DSE) and
Chittagong Stock Exchange (CSE) today plunged further due to mainly price fall
in large-cap securities.
DSEX, the benchmark index of the Dhaka Stock Exchange (DSE),
slid 65 points, or 1.01 per cent, at 6,413 at the end of the day. The DS30, the
index that consists of blue-chip companies, went down 0.93 per cent to 2,277,
while the DSES, the Shariah-complaint index, plummeted 0.80 per cent to 1,406.
Turnover at the DSE dropped 3 per cent to Taka 1,297 crore
which was Taka 1,343 crore on the previous day.
At the DSE, 26 stocks advanced, 153 declined and 182 did not
show any price movement.
Bangladesh Monospool Paper Manufacturing topped the gainers'
with an 8.64 per cent rise. Fine Foods, Rahima Food Corporation, Eastern
Cables, and Eastern Lubricants also advanced over 5 per cent.
Apex Foods suffered the highest correction, sliding almost
13 per cent. Far East Knitting, BDCOM Online, Navana CNG, and Apex Spinning
declined more than 9 per cent.
The CASPI, the all-share price index of the Chattogram Stock
Exchange, decreased 164 points, or 0.86 per cent to end at 18,895.
Of the issues on the port city bourse, 34 advanced, 104
declined, and 80 remained unchanged.
- BSS
Comment
The Executive Committee of the National Economic Council
(ECNEC) today approved six projects with Tk 7,018 crore.
The meeting was held under the chairmanship of ECNEC
Chairperson and Prime Minister Sheikh Hasina on Tuesday (October 11).
The premier joined the meeting virtually from her official Ganabhaban residence here while ministers, state ministers, planning commission members and secretaries concerned were connected to it from the NEC Conference Room in the city's Sher-e-Bangla Nagar area.
After the meeting, Planning Minister MA Mannan gave details
in the press conference.
thousand 362 crore 63 lakh will come from the government
funding, Tk 2 thousand 386 crore 48 lakh from foreign funding and Tk 269 crore
62 lakh from the organization's own funding.
Comment
The remittance
inflow sinks to lowest in seven months. The inflow of remittance dropped around
25% in September to $1.54 billion compared to August earnings.
Bangladesh received $2.04 billion in remittances in August,
according to central bank data published Sunday (2 October).
The total remittance inflow in the current financial year is
$5.67 billion, which was $5.41 billion during the same period last year.
According to experts, the cost of living for expatriates
increased due to global inflation. Additionally, they are preferring hundi over
legal remittance channels as they are getting Tk5-6 per dollar more than the
bank exchange rate.
They had expressed concern that the Hundi channel may become
more active.
Remittances dropped to a seven-month low in September as the
central bank fixed the dollar exchange rate for inward remittance. Bangladesh
received a lower remittance of $1.49 billion last February.
Bankers said the downfall happened after, on the advice of
the central bank on 12 September, the banks fixed the dollar exchange rate for
remittances at Tk108.
However, bankers had initially feared that remittances may
decrease due to fixing the exchange rate. The exchange houses said that the
remittances came in less in the first week after the rate was fixed as
remitters could not be given higher rates.
A visit to the website of several exchange houses including
Moneygram and Western Union shows that they are paying Tk106-107 per dollar for
remittance inflow. However, the houses also charge $1-2 as transfer fee.
As a result, those who send remittances in small amounts do
not get an average rate of more than Tk104-105 a dollar.
At present remittance through Hundi yields Tk113-114 per
dollar. Due to fixed exchange rate at banks, the difference between dollar
price of Hundi and the banking channel is at least Tk6-7.
Comment
As the Ekushey Boi Mela (Book Fair) 2024 crossed its seventh day yesterday, publishers and book sellers are hopeful for increased sales and public engagement, despite not yet reaching their anticipated sales targets. The Dhaka Metro Rail has infused the fair with a new vibrancy, making it more accessible for visitors from distant areas like Uttara, Mirpur, and Motijheel. Ovi Islam, from Farmgate, shared his positive experience of using the metro rail to bypass traffic jams, despite the initial long wait for tickets.
Country's both the bourses, Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) today plunged further due to mainly price fall in large-cap securities. DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), slid 65 points, or 1.01 per cent, at 6,413 at the end of the day. The DS30, the index that consists of blue-chip companies, went down 0.93 per cent to 2,277, while the DSES, the Shariah-complaint index, plummeted 0.80 per cent to 1,406.