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Next fiscal year to see higher allocation for gross subsidy

by Bangladesh BusinessInvestmentPortfolio managementStock market analysis
Bangladesh national budget allocation 2023-24

Infographic: TBS

Despite increasing the prices of fertilisers, electricity and gas, the next fiscal year (FY2023-24) will see an additional allocation for gross subsidies to adjust to the amount required in excess of the allocation for the current fiscal year.

However, the net subsidy will be less in the next fiscal year, finance officials have said.

In the current fiscal year’s budget, the government allocated Tk81,490 crore for subsidies, stimuluses and cash loans. In the budget of the next fiscal year, the total allocation for these sectors may be increased to Tk1,05,000 crore. While the amount of net subsidy in the new fiscal year has not increased, additional allocation is being kept mainly to meet the subsidy arrears of the current fiscal year.

The visiting IMF team, reviewing the implementation of the loan conditions, has accepted this move of the ministry of finance to adjust the subsidy spending.

An official of the Finance Division told The Business Standard that the IMF mission raised questions about increasing the subsidy allocation in the next fiscal year’s budget.

“We have informed them that the amount of net subsidy will be much less in the next fiscal year compared to this year. However, the amount of money that needs to be allocated to handle the subsidy pressure this year, could not be allocated. As a result, there are arrears in various sectors, which will be met by allocations in the budget of the next fiscal year,” said the official.

As per IMF loan conditions, the current fiscal year allocation for agriculture, food and export subsidies, social security, pension and gratuities is Tk1,82,600 crore. In the budget of the next fiscal year, the allocation will be Tk1,82,300 crores.

But in the next fiscal year’s budget, apart from subsidies, export incentives, allocation for pensions, interest on savings certificates and social security will be around Tk2,30,000 crore.

Finance Division officials said that in the budget of the current fiscal year, the allocation for subsidy in the power sector was Tk17,000 crore. Electricity prices have been hiked three times after the power department demanded an additional subsidy of Tk32,500 crore.

This has saved the government Tk9,200 crore. On the other hand, the revised budget increased the allocation for subsidy to the power sector to Tk23,000 crore.

Which means, the power sector needed a total subsidy of Tk49,500 crore this year and the power sector is getting Tk31,200 crore after price increase while the additional subsidy remains due.

After increasing the price three times this time, the price of electricity will increase again by next June. This will reduce the net subsidy demand next year. But due to the arrears of this year’s subsidy, around Tk25,000 crore is being kept in the new budget to pay it.

Same is the case with fertilisers. In the budget for the last fiscal year, there was an allocation of Tk9,100 crore for subsidies in agriculture. But the increase in fertiliser prices required a subsidy of Tk28,000 crore in the last fiscal. In last year’s revised budget, Tk15,173 crore has been allocated for the subsidy on agriculture. As a result, last year’s agricultural subsidy was also deficient.

Tk16,000 crores have been allocated for agriculture for this year. But the agriculture ministry sought an additional subsidy of Tk40,247 crore. That is, in total, Tk56,247 crore rupees are needed to meet the subsidy in the agricultural sector this year. But in the revised budget, the allocation was increased to Tk26,000 crores. As a result, a large part of this year’s agricultural subsidy remains arrears.

The government has already decided to increase the price of all types of fertilisers by Tk5 per kg saving Tk7,000 crore. As a result, the demand for subsidies will decrease in the new fiscal year. But to meet the arrears, the amount of agricultural subsidy may be increased to about Tk27,000 crore in the next fiscal year.

Finance Division officials said due to the increase in the prices of fuel oil, fertilisers, food products and gas in the international market due to the Ukraine-Russia war, the subsidy demand of various ministries in the current fiscal year is more than double the total allocation. As a result, the ministries have claimed a total subsidy of Tk1,86,595 crore in the current fiscal year.

Finance ministry officials said that despite increasing the allocation in the revised budget, apart from increasing the prices, subsidies of about Tk50,000 crore remain outstanding in various sectors this year, except for fuel oil, which the ministries are unable to pay due to lack of allocation.

Finance Division officials said that in the budget of the current fiscal year, about Tk5,995 crores were allocated for food subsidy and in the revised budget, an additional allocation of Tk812 crores was kept. An allocation of Tk8,000 crore has been estimated for food subsidy in the coming fiscal year.

Source: The Business Standard
1200px-ঢাকা_স্টক_এক্সচেঞ্জ-এর_লোগো.svg

Low-performing stocks climb on rumours

by Bangladesh BusinessFinancial newsInvestment

Low-performing companies, known as B category stocks, dominated the gainers’ chart on the Dhaka Stock Exchange (DSE) yesterday riding on the rumours that big investors are buying them in large volume.

The DSEX, the benchmark index of the premier bourse in Bangladesh, fell 4 points, or 0.06 per cent, to close the day at 6,213.

The DS30, the blue-chip index, dropped 0.09 per cent to 2,207 and the DSES, the shariah-compliant index, declined 0.30 per cent to 1,348.

All of the top five gainers’ belonged to the B category. Samata Leather Complex, Bangladesh Autocars, Legacy Footwear, Union Capital and Standard Ceramic Industries all rose more than 8 per cent.

When a company fails to provide at least a 10 per cent dividend to its shareholders, it is downgraded to the B category from the A category.

“Some people spread rumours that some big investors are taking positions in these companies so their prices would rise,” said a stockbroker.

Of the traded securities on the DSE, 54 advanced, 69 declined and 207 did not show any price movement.

Turnover, an important indicator of the market, rose 8 per cent to Tk 575 crore.

The stocks on the DSE slipped into the red after a three-day break as risk-averse investors went for a quick profit-booking by selling off stocks and waited for new opportunities, said International Leasing Securities Ltd in its daily market review.

“The investors are cautiously reshuffling their portfolios based on upcoming earnings expectation of the December-end stocks.”

Of the sectors, life insurance rose 0.7 per cent and travel was up 0.2 per cent. On the other hand, the paper sector was down 1.9 per cent, the jute sector declined 1.8 per cent, and the service sector shed 1.4 per cent.

Investors’ attention was mostly centred on the IT sector, which accounted for 20 per cent of the day’s turnover. The food sector constituted 10.5 per cent of the turnover.

Oimex Electrode topped the list of losers, shedding more than 4 per cent. BDCOM Online and JMI Hospital Requisite Manufacturing suffered substantial losses as well.

Bangladesh Shipping Corporation was the most-traded stock on the day with its shares worth Tk 42 crore transacted. Unique Hotel & Resorts, Genex Infosys, Eastern Housing, and Aamra Networks also saw significant turnover.

The stocks on the Chittagong Stock Exchange also fell.

The Caspi, the all-share price index of the bourse in the port city, was down one point to close at 18,316.

Of the issues, 38 rose, 35 retreated and 61 did not see any price movement. Turnover increased 68 per cent to
Tk 11.84 crore.

Source: The Daily Star
bsec-building

Floor price to stay until DSEX tops 6,500 points

by Bangladesh BusinessFinancial newsFinancial planningInvestmentPortfolio managementStock market analysis
The securities regulator will not risk lifting the floor price until the main index at the Dhaka Stock Exchange (DSE) goes past 6500 points “in the interest of small investors who are a majority in the stock market”, said the head of the Bangladesh Securities and Exchange Commission (BSEC).

The DSEX rose by 0.16 per cent to settle at 6206.80 points at the end of last Thursday’s trading.

Removal of floor price will lead to price erosion of securities in margin accounts, he said, adding that small investors would then fall victim to margin calls.

In an exclusive interview with the FE, BSEC Chairman Shibli Rubayat Ul Islam said big and institutional investors would take advantage of the price erosion in absence of the floor price while retail investors would endure losses.

“They will face forced selling [of stocks] by lenders,” he added.

Margin accounts have assets purchased with funds belonging to both investors and brokerage firms. So, an investor’s equity is the total value of the securities in the margin account minus the money borrowed from brokerage houses.

As per the rules, a lender shall request his client to provide additional capital or securities if his margin account falls below 150 per cent of the debit balance. The lender shall not permit any new transactions unless the equity is equivalent to at least 150 per cent of the debit balance.

If a margin account falls below 125 per cent of the debit balance, the lender without informing its client can sell assets to meet the margin call.

The index may come down to settle at 6,000 points if the floor price is withdrawn after it reaches 6,500 points, said Mr Islam. “The index is now at 6,200 points. It will fall to 5,500 points if the floor price is withdrawn at this moment.”

The BSEC chairman pointed the finger at institutional investors for the sorry state of the market.

He said that instead of supporting the market now, institutions were waiting to grab the holdings of small investors at lower prices after the removal of floor price.

Mr Islam said investments made by banks have declined to 15 per cent or even lower. For example, Dutch-Bangla Bank now has market exposure at around 4 per cent, he said.

Banks can invest in listed securities up to 25 per cent of their equity on a solo basis and 50 per cent on a consolidated basis, according to the Bank Companies Act. In August 2022, the central bank allowed the banks to calculate their exposure at the purchase price instead of the market price following pleas from a section of stakeholders.

Responding to a query, the BSEC chief said the amount borrowed by small investors in the form of margin loans was greater than that of big investors.

The securities regulator imposed the floor price for the first time in March 2020 to protect the market from going into free fall against the backdrop of the pandemic.

It was then lifted in phases from April 2021.

Later, the price restriction was re-imposed in July 2022 for economic uncertainties ushered in by the Russia-Ukraine war. The restriction was partially removed from 169 stocks in December last year.

On March 1, the regulator reinstated floor price for the 169 securities.

“I am willing to lift floor price at a stage when investors will not be distressed by margin calls,” said the BSEC chief.

The issues surrounding the price restriction will be solved if inactive investors become active, he said, referring to high net-worth and institutional investors. “The floor price will be ineffective if the stock prices go up” due to participation of investors with high investment capacity.

Investors, who can inject fresh funds, should not consider the floor price as a barrier, said the BSEC chairman.

He, however, ruled out that the regulator was fixated on the rise and fall of the index. “But safety of investors is our concern.”

“The Ordinance [Securities and Exchange Ordinance 1969] has mandated us to ensure safety of investors. In no way we can bypass the Ordinance.”

Source: The Finencial Express

banglalink-new

Banglalink keen to offload 10% shares for Tk 900cr

by Bangladesh BusinessFinancial newsInvestment

Photo of Banglalink's logo.Photo: Collected

Photo of Banglalink’s logo.Photo: Collected

Banglalink Digital Communications Limited – the third-largest telecom service provider in the country – is keen to raise Tk900 crore from the stock market.

To this end, the company, which has a paid-up capital of over Tk8,000 crore, will offload 10% of its shares at a face value of Tk10.

Once listed, it will be the company with the highest paid-up capital in the stock market, according to officials at the Bangladesh Securities and Exchange Commission (BSEC).

At the same time, Banglalink will be the third multinational telecom service provider to get listed on Bangladesh’s stock exchanges.

On Tuesday, senior Banglalink officials led by VEON Chief Executive Officer Kaan Terzioglu held a meeting with BSEC Chairman Shibli Rubayat-Ul-Islam to discuss the listing procedures.

Banglalink is fully owned by Malta’s Telecom Ventures Ltd (previously Orascom Telecom Ventures Ltd), a 100% owned subsidiary of Global Telecom Holding, which is, in turn, a subsidiary of the Dutch holding company VEON.

BSEC Commissioner Shaikh Shamsuddin Ahmed told The Business Standard, “The company wants to raise around Tk900 crore through an initial public offering (IPO) under the fixed price method.”

“The commission is eager to enlist it despite having some indications of weakness in the financial health of the company that needed to be addressed,” he added.

Earlier, multinational telecom service providers Grameenphone and Robi Axiata got listed on the country’s capital market in 2009 and 2020, respectively, by issuing 10% shares each.

Launched in February 2005, Banglalink has recently reached the landmark of 4 crore subscribers.

It has reported a 12.1% growth in revenue for 2022.

Its revenue grew to Tk5,347 crore, up from Tk4,794 crore, while its data revenue grew by 26.6% in 2022.

Taimur Rahman, chief corporate and regulatory affairs officer of the company, said, “Banglalink has been a catalyst for making telecom services affordable for the masses. It has been consistently performing well, and the recent result indicates a strong foundation for future sustainable performance.

“With double-digit revenue growth and an exceptional digital services offering in the market, Banglalink is now serving more than 40 million customers nationwide.”

“VEON sees a long-term opportunity in Bangladesh and would like to make the people of Bangladesh a part of Banglalink’s success story. In line with this, VEON had a good discussion with the BSEC and would be working together to explore future opportunities,” he added.

Source: The Business Standard

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57 MNCs apply this year for permission to invest Tk15,000cr

by Bangladesh BusinessFinancial newsFinancial planningInvestment

Highlights:

  • India’s leading chemical company Indokem to invest Tk1,500cr
  • Belgium-based Azelis to initially invest around Tk1,200cr
  • Japan-based tire maker Bridgestone to invest Tk2,000cr
  • China’s Sinovac Biotech to start producing Plasma-Derived Medical Products with Tk5,000 cr investment
Infographic: TBS

Infographic: TBS

One of the top Indian chemical companies Indokem is gearing up to invest some Tk1,500 crore in Bangladesh. The company has already received investment approval from the Bangladesh Investment Development Authority (Bida) and set up a camp office in Dhaka.

Indokem has now applied to the Registrar of Joint Stock Companies and Firms (RJSC), seeking permission to open a branch in Bangladesh. They have also sought allocation of land in a private economic zone to set up factories.

Aside from Indokem, 56 other big and small multinational companies (MNCs) have applied to the RJSC this year, seeking permission to open their branches to import, produce and export various products and to market locally.

According to a source in RJSC, these applications are under process.

These companies will invest more than Tk15,000 crore and once they start operation, 30,000 new jobs will be created, RJSC and Bida sources say.

If necessary approvals of these companies are completed this year, they will be able to conduct business and production by next year, Bida officials say.

Sheikh Shoebul Alam NDC, registrar at the office of RJSC, told The Business Standard that a significant number of foreign companies have applied to the RJSC in the last three months.

“The RJSC received these applications from January to 10 March. So many applications in such a short period would be a first,” said Sheikh Shoebul Alam.

Explaining the growing number of interested companies, he said, “It’s because Bangladesh is now known to the world as an investment hub. Especially, the government’s plan to implement 100 economic zones is attracting such investments.”

“Foreign companies are interested in investing in Bangladesh due to the cheap labour and the large market in the country, he added.”

Owner of a reputed law firm, which is assisting nine of the 56 companies in the approval process, said if these companies get all approvals required from the government, this just might be the year of highest foreign investment in the country so far.

According to the RJSC sources there are 2,79,167 public, private limited companies, foreign companies, partnership firms and one person companies in the country as of last February. Among them 1,051 are foreign companies.

According to Bida data, “New foreign investment worth about Tk11,643 crore came in 2021 and Tk15,000 crore in 2022. Bangladesh Bank data says in 2022, foreign companies including new and old ones have invested about $3.5 billion.

Belgium based multinational company “Azelis”, one of the world’s leading multinational companies supplying raw materials for pharma, food, agricultural, chemicals for the textile, personal care (cosmetics) and life science products, is going to begin its operations in Bangladesh with a huge investment.

According to a source, the company will initially invest around TK1,200 crore in Bangladesh.

Aparna Khurana, managing director, Azelis-India told The Business Standard, “Azelis plans to lead in the Bangladesh Market.”

She did not disclose the figure of investment but hinted that the figure will be higher than other companies in the sector in Bangladesh.

RJSC sources said, application of the Belgium-based MNC is under process.

Japan-based motor tire manufacturer Bridgestone Corporation has already secured approval from Bida to set up a factory for manufacturing tires for the local market and also to export to various countries.

Their application is also under process and expected to get final approval by May-June, said RJSC sources.

A Bangladeshi official of Bridgestone Corporation told TBS that the company will initially invest around Tk2,000 crore.

The official said that Bida has already approved their proposal.

Bridgestone has sought land at the Bangladesh Special Economic Zone (BSEZ) in Araihazar, Narayanganj.

After the approval of RJSC, some 17 different types of approvals are required for foreign companies to set up a factory. Bida’s One Stop Service Centre assists the companies with these necessary approvals.

The Chinese company Sinovac Biotech, which makes a Covid-19 vaccine, is going to start producing Plasma-Derived Medical Products (PDMP) in Bangladesh with an investment of Tk5,000 crore.

An official of Sinovac Biotech (Bangladesh) Ltd told TBS that they are also waiting for the approval from the RJSC.

Kevin Zhang, general manager of Sinovac Biotech (Bangladesh) Ltd, told TBS “Bangladesh is one of the most important targeted countries to produce and manufacture plasma-based medicine. Before coming to Bangladesh, we have already established some branches in South America, Chile, Colombia and Turkey. We plan to establish more branches in different countries.”

As of now, Bangladesh, like other low- and middle-income countries, imports 100% of the plasma-based products, requiring a lot of foreign currency.

Barrister Omar Sadat, president of Bangladesh-German Chamber of Commerce and Industry (BGCCI) said that foreign investment is constantly increasing in Bangladesh. However, there are obstacles to approvals that need to be resolved.

“The government wants to increase foreign investment. But due to some bureaucratic complications, many foreign companies often turn away,” he pointed out,

According to Bida sources, of the 56 companies, 20 will invest in different economic zones while the rest will set up their point of operation and manufacturing plants in different regions of the country, including the outskirts of Dhaka and Chattogram.

Commerce Minister Tipu Munshi said the government is working to attract such multinational and foreign companies to invest in Bangladesh.

“The government will provide all kinds of facilities to foreign companies to do business and manufacture in Bangladesh,” he said, adding, “The Government will be able to collect huge revenues and at the same time a large number of people will find employment.”

 

Source: The Business Standard. 

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Local production of pharma raw materials gaining traction

by Bangladesh BusinessFinancial newsInvestment

Pharmaceutical companies are gradually enhancing their capacity to produce the raw materials needed to make medicines, which will go on to reduce Bangladesh’s over-reliance on imports and augment the country’s competitive edge in the global market.

In the last 12 years, the value of active pharmaceutical ingredients (APIs) made in the country grew four times to more than Tk 2,000 crore thanks to the entry of more firms in the segment in recent years. It was about Tk 500 crore in 2010.

“The pharmaceuticals sector will not face severe challenges after the graduation of Bangladesh from the group of the least-developed countries in 2026 as we are building our capacity of making APIs,” said Abdul Muktadir, chairman and managing director of Incepta Pharmaceuticals.

Currently, 15 firms, including Eskayef, Square, Beacon and Beximco, produce APIs, up from 10 a couple of years ago, said SM Shafiuzzaman, secretary-general of the Bangladesh Association of Pharmaceutical Industries, which represents 265 domestic drug-makers.

Local companies meet 10 per cent to 15 per cent of the annual demand for APIs, according to Monjurul Alam, director for global business development at Beacon Pharmaceuticals.

“We have a vast opportunity to invest in API manufacturing. This will allow the sector to compete in the global market.”

He believes if APIs are produced in sufficient quantities, pharmaceutical companies will be able to buy them immediately. “This will reduce the lead time.”

A significant development in API production will provide a huge gain to the pharmaceuticals industry in a country where 97 per cent of the demand for medicines is met through local manufacturing.

Although API production has not grown in keeping with the pharmaceutical sector, local companies produce high-quality raw materials, albeit on a limited scale, helping the drug industry add value to their products.

And Shafiuzzaman thinks Bangladesh would not be able to manufacture 100 per cent of the required APIs due to patent issues.

Currently, Bangladesh has to depend on imports to meet around 85 per cent of requirements for APIs. This costs the country about $1.3 billion annually.

The country has made major progress in completing the construction of the API Industrial Park in Gazaria of Munshiganj.

Syed Shahidul Islam, the immediate past project director of the park, said the physical development work of the initiative has been completed and 27 companies have been handed over plots for setting up factories.

Acme Laboratories, UniMed UniHealth Pharmaceuticals, Healthcare Pharmaceuticals, and Ibn Sina Pharmaceutical Industry have already set up their plants. Of them, Healthcare Pharmaceuticals is about to begin trial production.

“We are ready for commissioning,” said Md Halimuzzaman, chief executive officer of Healthcare Pharmaceuticals.

A central waste treatment plant has been set up in the park at a cost of Tk 100 crore and this is about to be commissioned.

In Bangladesh, companies are also raising their capacity to manufacture finished formulation, which includes both small molecule synthetic drugs and complex biologics and vaccines.

And Muktadir believes that the rising API production would help the pharmaceuticals sector grow its share in the global generic drug market, valued about $400 billion.

Local companies export products to 157 countries in Asia, Africa, North America, South America and Europe.

Medicines exports rose more than 11 per cent year-on-year to $188 million in 2021-22, data from the Export Promotion Bureau showed. The pharmaceuticals exports have grown almost three folds in the last seven years.

Pharma-makers also think that Bangladesh should focus on potential API markets across the world. The global market is estimated to reach $216 billion in 2027.

“Diplomatic efforts should be initiated so that once API is available, Bangladesh can have a ready market,” said Muktadir.

Beacon Pharmaceuticals’ Alam said there was no need to worry about the challenges Bangladesh would face in the post-LDC era.

“This is because we have already introduced pharma products in the local market and these products should be considered as prior art.”

Prior art is any evidence that one’s invention is already known.

Source: The Daily Star
food-delivery

Interests of gig economy workers remain unprotected: experts

by Investment

Bangladesh has seen tremendous growth in its gig economy over the past decade as nearly a million people in the country now provide online freelancing, outsourcing, ride sharing and delivery services, according to a paper presented at a seminar yesterday.

Despite the expansion, the interests of workers in the gig economy, a labour market that relies heavily on temporary and part-time positions filled by independent contractors and freelancers rather than full-time employees, remains unprotected in absence of policies.

Lack of quality employment, insecurity of jobs and absence of insurance against injury during work are the major issues for workers in the gig economy.

“The job contracts of many platform workers are ambiguous,” said Mohammad Mahfuz Kabir, research director of the Bangladesh Institute of International and Strategic Studies (BIISS), while presenting the paper on challenges and opportunities for the gig economy in Bangladesh.

BIISS organised the event at its auditorium, where Mashiur Rahman, economic affairs adviser to the prime minister, spoke among others. Zaidi Sattar, chairman of the Policy Research Institute of Bangladesh, chaired the seminar.

In his presentation, Kabir said the expansion of the gig economy as seen from the growth ridesharing in the country, food and parcel delivery, and freelancing has created jobs. But this has not “diminished worry” among workers.

“Massive variations were found in the earnings of gig workers, both within and between platforms,” he said citing a study.

Kabir then said the ridesharing industry in Bangladesh is worth $259 million and the market value of ridesharing startups in the country would reach $1 billion in the next five to seven years. Also, the remote platform economy or cloud-work generates $100 million annually.

“The platform economy model continues to attract workers as they feel the sector can offer cash flow and flexible work hours,” he added.

Internet access and the availability of smartphones have played a vital role in the growth and expansion of the gig economy in Bangladesh.

As the sector come of Bangladeshi gig economy has come of age, polices such as data protection, freedom of association and collective bargaining, occupational safety and social security for protection of workers’ interest are needed.

“If any ride sharing service providers fall into any accident, there is no insurance protection for the person. In case of delivery, similar would be found,” Kabir said, adding that some platform-based companies provide insurance.

But in case of Bangladesh, it is yet seen.

Major General Sheikh Pasha Habib Uddin, director general of the BIISS, said the emergence of the gig economy will be beneficial for countries like Bangladesh.

He said the gig economy has the potential to become a growth engine for the country by producing jobs for many people with an appropriate mix of policies, digital infrastructure and supporting services.

However, there are some challenges along the way as well, he said, adding that Bangladeshi freelancers need to work through other countries’ digital platform as the country does not have its own gig market.

Due to this reason, Bangladeshi freelancers need to spend more time for getting work orders.

Secondly, the payment methods of foreign websites seem difficult for Bangladeshi freelancers, particularly those living in rural areas, Uddin added.

Wahid Sharif, president of the Bangladesh Association of Contact Center and Outsourcing, said the largest markets for outsourcing is the United States, Europe and Japan.

He went on to say that the services outsourcing market is very big and there is opportunity for Bangladesh in this regard but what is needed are the right policies and support.

Still, there are other challenges.

“Many graduates are coming up but they are not skilled. They cannot even write and speak properly in Bangla,” he said while stressing on the need for improving communication skills.

“Country branding is important. The international community needs to know Bangladesh is an important destination,” Sharif added.

In another presentation, Mike Kazi, founder and chief executive officer of Apex DMIT Ltd, said language problems and communication skills are major challenges.

He also said there is a shortage of skilled manpower in specific domains, such as financial, medical, graphics and artificial intelligence.

Source: The Daily Star

Government_Seal_of_Bangladesh.svg

Govt’s interest expenses jump over 22%

by Financial newsFinancial planningInvestment

The government’s expenses on interest payments rose more than 22 per cent to Tk 40,792 crore in the first six months of the current fiscal year owing largely to higher expenditures on treasury bills, official figures showed.

The interest expenses stood at Tk 33,433 crore in the July-December half of 2021-22.

The interest expense was higher than the annual target because of a rise in interest rates for government securities, according to the quarterly debt bulletin of the finance ministry.

Treasury bills and bonds are one of the major tools the government uses when it comes to borrowing. The interest on the securities has gone up recently owing to the liquidity shortage in the banking system.

The sharp depreciation of the exchange rate against the US dollar was one of the factors behind the liquidity shortage.

The average yield of the treasury bills went past 7 per cent in November last year compared to a range of 6 per cent to 7 per cent previously.

The interest expenses in July-December were half of the annual allocation of Tk 80,875 crore.

Of the interest expenses, Tk 38,147 crore were made against domestic borrowing, which accounted for 52 per cent of the annual allocation of Tk 73,675 crore for 2022-23.

The payments on the loans in the banking system were Tk 14,657 crore. It was Tk 23,490 crore for the non-banking source.

External interest payments stood at Tk 2,645 crore, only 6 per cent of the total interest expenses in July-December.

BORROWING DECLINES 36%

Between July and December, the government borrowed Tk 48,024 crore, both from domestic and external sources, down more than 36 per cent from Tk 75,701 crore a year ago.

The government borrowed Tk 20,948 crore in the first half of FY23, down from Tk 25,445 crore a year earlier.

However, borrowing from both non-bank sources and through the sales of national savings certificates showed negative growth.

The government has set an annual borrowing target of Tk 40,001 crore from non-bank sources. The net borrowing in the segment was a negative Tk 4,497 crore.

Similarly, its net borrowing through national saving certificates was a negative Tk 3,107 crore. The sales target for the whole financial year is Tk 35,000 crore.

Various reform initiatives such as the online issuance process, logical investment limit, and introduction of multi-tier interest rates contributed to the reduction of the net sales of the savings instruments, said the bulletin.

The government’s external borrowing declined 14.17 per cent to Tk 27,078 crore in the first half of FY23. It was Tk 31,548 crore in the same half of 2021-22.

The total outstanding debt stock was Tk 13,59,898 crore as of December last year.

The outstanding domestic debt stood at Tk 864,105 crore. Of the sum, the government owes Tk 438,908 crore to the banking sector and Tk 425,196 crore to the non-banking source.

The outstanding external debt was Tk 495,794 crore as of 2022.

According to the bulletin, the total debt-to-GDP ratio was 30.56 per cent based on the FY23 GDP projection by the Bangladesh Bureau of Statistics and is significantly lower than the 55 per cent threshold of the International Monetary Fund (IMF).

External debt stock is around 11.14 per cent of GDP at the current market price, according to the bulletin, highlighting the well-debt position of the country.

Bangladesh has secured approval from the IMF for a $4.7 billion loan.

“The approval of the loan is a testament to Bangladesh’s strong macroeconomic performance amid global economic and political volatility, and builds confidence among development partners in the country’s economy,” the finance ministry’s bulletin said.

Source: The Daily Star

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টানা ৪ বছর ধরে বিক্রি ও নিট মুনাফা কমছে ড্যাফডিল কম্পিউটার্স এর

by Bangladesh BusinessFinancial newsInvestmentStock market analysis

সর্বশেষ চার বছর ধরে টানা বিক্রি ও কর-পরবর্তী নিট মুনাফা নিম্নমুখী পুঁজিবাজারে তালিকাভুক্ত তথ্যপ্রযুক্তি খাতের কোম্পানি ড্যাফোডিল কম্পিউটার্স লিমিটেডের। এ সময়ে প্রতি বছরই আগের বছরের তুলনায় কোম্পানিটির বিক্রি ও নিট মুনাফা কমেছে। এমনকি চলতি ২০২২-২৩ হিসাব বছরের দ্বিতীয় প্রান্তিকে (অক্টোবর-ডিসেম্বর) কোম্পানিটির বিক্রি সামান্য বাড়লেও নিট মুনাফা কমতে দেখা গেছে।

কোম্পানির আর্থিক প্রতিবেদন অনুসারে, ২০১৮-১৯ হিসাব বছর থেকে টানা ব্যবসা কমতে দেখা গেছে ড্যাফোডিল কম্পিউটার্সের। আলোচ্য হিসাব বছরে কোম্পানিটির বিক্রি হয়েছে ৬০ কোটি ১২ লাখ টাকা। আগের হিসাব বছরে এ বিক্রি ছিল ৬৯ কোটি ১ লাখ টাকা। আলোচ্য হিসাব বছরে কোম্পানিটির গ্রস মুনাফা হয়েছে ১৭ কোটি ৩৯ লাখ টাকা। আগের হিসাব বছরে এ মুনাফা ছিল ২৩ কোটি ১৭ লাখ টাকা। আর ২০১৮-১৯ হিসাব বছরে কোম্পানিটির কর-পরবর্তী নিট মুনাফা হয়েছে ৭ কোটি ৩৩ লাখ টাকা। আগের হিসাব বছরে নিট মুনাফা হয়েছিল ১০ কোটি ৯১ লাখ টাকা।

আলোচ্য হিসাব বছরের ধারাবাহিকতায় পরের বছর অর্থাৎ ২০১৯-২০ হিসাব বছরে কোম্পানিটির বিক্রি আরো কমে হয়েছে ৫৫ কোটি ৯ লাখ টাকা। এ বছরে কোম্পানিটির গ্রস মুনাফা হয়েছে ১৫ কোটি ৬৯ লাখ টাকা। আর বিভিন্ন খরচ শেষে কোম্পানিটির কর-পরবর্তী নিট মুনাফা হয়েছে ৪ কোটি ৫৫ লাখ টাকা। ২০২০-২১ হিসাব বছরে কোম্পানিটির বিক্রি আরো কমে হয়েছে ৪৮ কোটি ১৪ লাখ টাকা। এ বছর গ্রস মুনাফা হয়েছে ১৪ কোটি ১১ লাখ টাকা। আর বিভিন্ন খরচ শেষে কর-পরবর্তী নিট মুনাফা হয়েছে ৩ কোটি ৪৮ লাখ টাকা।

সর্বশেষ ২০২১-২২ হিসাব বছরে কোম্পানিটির বিক্রি আগের বছরের তুলনায় ২ লাখ টাকা কমে হয়েছে ৪৮ কোটি ৩৫ লাখ টাকা। এ সময়ে কোম্পানিটির বিক্রি কমেছে শূন্য দশমিক ৪৩ শতাংশ। আলোচ্য হিসাব বছরে কোম্পানিটি গ্রস মুনাফা হয়েছে ১৩ কোটি ৮৮ লাখ টাকা। আগের বছরের তুলনায় সর্বশেষ বছরে কোম্পানিটির কর-পরবর্তী নিট মুনাফা কমেছে ১৩ লাখ টাকা বা ৩ দশমিক ৮০ শতাংশ।

এদিকে চলতি হিসাব বছরের দ্বিতীয় প্রান্তিকে কোম্পানিটির বিক্রি হয়েছে ৯ কোটি ৬৪ লাখ টাকা। আগের হিসাব বছরের একই সময়ে এ আয় ছিল ৯ কোটি ৪৫ লাখ টাকা। এক বছরের ব্যবধানে কোম্পানিটির বিক্রি সামান্য বাড়লেও কর-পরবর্তী নিট মুনাফা শূন্য দশমিক ৭২ শতাংশ কমে হয়েছে ৮৭ লাখ টাকা। আগের হিসাব বছরের একই সময়ে কোম্পানিটির নিট মুনাফা ছিল ৮৮ লাখ টাকা।

Source:  Daily Bonik Barta
prothomalo-bangla_2023-03_032af1cd-8a17-4133-a39a-5e78de860966_prothomalo_bangla_2022_08_8579007c_3c9e_423e_81c6_ffa6a3da3cc6_crude_oil

রাশিয়ার তেলে পশ্চিমা নিষেধাজ্ঞায় ক্ষতিতে ইউরোপ, লাভ তুলছে এশিয়া

by Bangladesh BusinessFinancial planningInvestment
রাশিয়ার তেলে পশ্চিমা নিষেধাজ্ঞায় ক্ষতিতে ইউরোপ, লাভ তুলছে এশিয়া

রাশিয়া ও ইরানের তেলের ওপর পশ্চিমা নিষেধাজ্ঞা এশিয়ার দেশগুলোর জন্য সুবিধা বয়ে এনেছে। এসব দেশ এখন কম দামে তেল পাচ্ছে। দশকের পর দশক ধরে এশিয়ার দেশগুলো তেলের জন্য ইউরোপের তুলনায় অতিরিক্ত দাম দিয়ে আসছিল। ব্যবসায়ী ও বিশ্লেষকদের উদ্ধৃত করে রয়টার্স এ তথ্য দিয়েছে।

তেলের জন্য অতিরিক্ত দামের বিষয়টি পরিচিত ছিল ‘এশিয়ান প্রিমিয়াম’ হিসেবে। ওপেকের মতো সংস্থার সদস্যদেশগুলো এশিয়ার দেশগুলোর কাছে জ্বালানি তেল বিক্রি করার সময় অতিরিক্ত দাম চাইত। বিশ্লেষক ও সরকারি কর্মকর্তা—সবাই জানতেন এশিয়ান প্রিমিয়াম সম্পর্কে।

তবে মস্কোর তেল ও গ্যাস রপ্তানির ওপর নিষেধাজ্ঞা আরোপ এশিয়ার দেশগুলোর জন্য বরং অপ্রত্যাশিত ফলাফল এনে দিয়েছে। এশিয়ার দেশগুলো এখন আগের তুলনায় কম দামে তেল কিনতে পারছে। উল্টো ইউরোপের দেশগুলোকে প্রাকৃতিক গ্যাসের জন্য অতিরিক্ত দাম দিতে হচ্ছে।

স্যাক্সো ব্যাংকের পণ্যবিষয়ক কৌশলবিদ ওলে হ্যানসেন বলেন, ‘এটি এখন নিরাপদেই বলা যায় যে এশিয়ায় তেলের বেশ কিছু বড় ভোক্তা, বিশেষ করে ভারত ও চীন পশ্চিমা অবরোধের সবচেয়ে বড় বিজয়ী হিসেবে আবির্ভূত হয়েছে।’

কেপলারের তথ্য বলছে, জানুয়ারি মাস পর্যন্ত গত এক বছরে রাশিয়া পশ্চিমা অবরোধের কারণে এশিয়ায় তাদের অপরিশোধিত তেলের বিক্রি দ্বিগুণ করেছে। মার্কিন নিষেধাজ্ঞার আরেক শিকার ইরান তিন বছরের মধ্যে সবচেয়ে বেশি তেল বিক্রি করেছে। তাদের তেলের বড় ক্রেতা চীন।

ইউক্রেনে হামলার আগে রাশিয়ার প্রধান অপরিশোধিত তেল উরাল ইউরোপে ব্রেন্ট তেলের দামের চেয়ে মাত্র কয়েক ডলার কমে বিক্রি হতো। রেফিনিটিভ এইকনের তথ্য বলছে, রাশিয়া এখন একই তেল এশিয়াতে ২৪ ডলার কম দামে বিক্রি করছে। তবে কোনো কোনো সূত্র জানিয়েছে, আসলে ব্যারেলপ্রতি ১০ থেকে ১৫ ডলার কম নেওয়া হচ্ছে।

ভারতের কোনো রিফাইনারি যদি প্রতিদিন দুই লাখ ব্যারেল তেল পরিশোধন করে, তাহলে ১৫ ডলার কমে পাওয়া অপরিশোধিত তেলের কারণে ইউরোপের যেকোনো রিফাইনারির তুলনায় তারা দিনে ৩০ লাখ ডলার সাশ্রয় করতে পারবে। এক বছরে তাদের সাশ্রয় দাঁড়াবে ১০০ কোটি ডলার।

ভারতের জ্বালানিমন্ত্রী হারদীপ সিং পুরি গত মাসে বলেন, যদি ‘ভালো দাম অব্যাহত থাকে’ তাহলে ভারত রাশিয়ার কাছ থেকে তেল কেনা চালিয়ে যাবে।

এশিয়ান প্রিমিয়াম

১৯৮০-এর দশকে বিষয়টি শুরু হয়। সেই সময় তেল উৎপাদনকারীরা তাদের অপরিশোধিত তেলের জন্য একটি দাম নির্ধারণ করা শুরু করে, যে দাম এশিয়ার দেশগুলোর জন্য কিছুটা বেশি ধরা হতো। এসব দেশ পুরোপুরি আমদানির ওপর নির্ভরশীল ছিল। ফলে তাদের ওই নির্ধারিত দামেই তেল কিনতে হতো।

এই প্রিমিয়াম প্রথা বিলুপ্ত করতে এশিয়ার দেশগুলো একসময় চেষ্টা করেছে। এর অংশ হিসেবে তারা তেলের চাহিদা বাড়াতে জ্বালানি পরিশোধনে বিনিয়োগ বাড়ায় এবং দর-কষাকষিতে সক্ষমতা বাড়াতে চেষ্টা করে।

তেলের আন্তর্জাতিক বাজারে যে পরিবর্তন এসেছে, তা সৌদি আরব এবং কিছু প্রধান রপ্তানিকারকের দিকে তাকালেই বোঝা যায়। সৌদি আরবের প্রধান তেল আরব লাইটস গত ফেব্রুয়ারি পর্যন্ত তিন মাস সময়ে এশিয়ার ক্রেতাদের কাছে কম দামে বিক্রি করা হয়েছে। তবে মার্চ ও এপ্রিলে সরবরাহ করা হবে, এমন তেলের দাম খানিকটা বাড়ানো হয়েছে।

তারপরও গত নভেম্বর থেকে এশিয়ার ক্রেতাদের জন্য সৌদি আরব তার আরব লাইটসের দাম ব্যারেলপ্রতি ৩ দশমিক ৩৫ ডলার কমিয়েছে। অন্যদিকে রাস তানুরা থেকে ইউরোপের ক্রেতাদের জন্য সরবরাহ করা তেলের দাম একই সময়ে ১০ সেন্ট বাড়ানো হয়েছে।

নভেম্বর থেকে ইরাক ও কুয়েতের মতো অন্য ওপেক সদস্যরাও এশিয়ার ক্রেতাদের জন্য দাম কমিয়েছে। ইরাক তাদের বসরা মিডিয়াম ও হেভি তেলের দাম এশিয়ার জন্য কমালেও ইউরোপের জন্য বাড়িয়ে দিয়েছে।

স্যাক্সো ব্যাংকের ওলে হ্যানসেন বলেন, ‘ইরান ও রাশিয়া এখন দামের ব্যাপারে প্রতিযোগিতা করছে। তাই মধ্যপ্রাচ্যের অন্য তেল উৎপাদনকারীদের অবশ্যই দাম সমন্বয় করতে হবে। আর এর ফলাফল হলো, ইউরোপের জন্য তুলনামূলকভাবে দাম একটু বেশি পড়বে।’

সরবরাহের উৎস হারাচ্ছে ইউরোপ

এশিয়ান প্রিমিয়াম নিয়ে দীর্ঘদিন ধরে আপত্তি জানিয়ে আসছিল ভারত। এসঅ্যান্ডপি প্ল্যাটসে দীর্ঘদিন ধরে কাজ করার সময় জর্জ মন্টেপেক ব্রেন্ট তেলের দাম নির্ধারণ নিয়ে কাজ করেছেন। তিনি বলছেন, বাকি বিশ্বের তুলনায় এশিয়ার দেশগুলোর হাতে বিকল্প কম ছিল।

‘এশিয়ার দেশগুলোকে অতিরিক্ত দাম দিতেই হয়েছে। অন্যদিকে ইউরোপ ও আমেরিকার নিজস্ব সরবরাহ ছিল,’ বলেন মন্টেপেক। কিন্তু এখন ইউরোপ তাদের অপরিশোধিত তেল সরবরাহের অন্যতম উৎস রাশিয়াকে হারাচ্ছে এবং তাদের আরও দূর থেকে তেল আনতে হচ্ছে। ফলে জর্জ মন্টেপেক বলছেন, তাত্ত্বিকভাবে, ইউরোপের জন্য মধ্যপ্রাচ্যের প্রচলিত দাম খুব খারাপ হয়ে দাঁড়িয়েছে।

২০২৩ সালে ইউরোপের জন্য আরব লাইট অপরিশোধিত তেলের দাম কখনো এশিয়ার জন্য ঠিক করা দামের একেবারে কাছাকাছি এসেছে কিংবা কখনো কখনো তা ছাড়িয়েও গেছে। ২০২১ এবং ২০২২ সালের প্রথম দিকে এশিয়ায় তেলের দাম বেশি রাখা হয়েছিল।

‘মুক্তবাজার বলে কিছু নেই’

ইন্টারন্যাশনাল এনার্জি এজেন্সির সাবেক কর্মকর্তা ও একজন স্বাধীন বিশ্লেষক নিল অ্যাটকিনসন বলেন, পশ্চিমের জন্য রাশিয়ার তেলের সরবরাহ কমে যাওয়া এবং বাজারের চেয়ে কম দামে ভারতের কাছে তেল বিক্রি এশিয়ান প্রিমিয়ামের বিষয়টিকেই খরচের খাতায় পাঠিয়ে দিয়েছে।

নিল অ্যাটকিনসন বলেন, ‘এশিয়ান প্রিমিয়াম কিংবা বিশেষ স্বল্পমূল্য, এ ধরনের বিষয়গুলো সত্যিকার অর্থে আর তেমন কাজ করে না। পরিস্থিতি আসলে খুবই বদলে গেছে। একটা স্বাভাবিক সময়ে যে মুক্তবাণিজ্য আমরা দেখি, সেটি এখন আর নেই।’

ইউরোপের অপরিশোধিত তেলের দাম বেড়ে যাওয়ার আরও একটি উদাহরণ দেওয়া যেতে পারে। গত ১৬ ফেব্রুয়ারি নরওয়ের জোহান এসভারড্রাপ অপরিশোধিত তেল ব্রেন্টের চেয়ে বেশি দামে বিক্রি হয়েছে। গত নভেম্বরে এই তেল বাজারের প্রচলিত দামের চেয়ে ৫ দশমিক ১৫ ডলার কম দামে বিক্রি হয়েছিল। এটা এখনো পরিষ্কার নয়, চালানটি কারা কিনেছে।

এসভারড্রাপ পাওয়া যায় ইউরোপের সবচেয়ে বড় তেলের খনি থেকে। ২০২০ সালে প্রথম এই তেল বাজারে আসে এবং শুরুর দিকে বেশির ভাগ তেলই এশিয়ায় রপ্তানি হতো।

ফেব্রুয়ারিতে ইউক্রেনে হামলার পর রাশিয়ার ওপর যে নিষেধাজ্ঞা আরোপ করা হয়, তারপর থেকে এসভারড্রাপ খনির বেশির ভাগ তেল ইউরোপেই বিক্রি করা হয়েছে। অনেক রিফাইনারি রাশিয়ার উরাল অপরিশোধিত তেল বাদ দিয়ে এসভারড্রাপ শোধন করা শুরু করে।

তবে ইউরোপ দীর্ঘ সময় ধরে তেলের জন্য অতিরিক্ত মূল্য দিয়ে যাবে, এটা অনেকে মনে করেন না। ইউক্রেনে যুদ্ধ শেষ হলে আবার হয়তো রাশিয়ার তেল ইউরোপে সরবরাহ শুরু হবে।

স্যাক্সো ব্যাংকের ওলে হ্যানসেন বলেন, ‘আমি বিশ্বাস করি, যুদ্ধ শেষ হলে স্বাভাবিক অবস্থা ফিরে আসবে এবং নিষেধাজ্ঞা উঠে যাবে। এটা ঘটলে রাশিয়া সব গ্রাহকের জন্য একই শর্তে তেল বিক্রি করার জন্য প্রতিযোগিতা করবে।’

Source: Prothom Alo