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Demand for forex investment abroad growing

Business Report
 
Pressure is mounting on the government to allow foreign currency investment abroad at a time when some big business houses are planning to expand their overseas exposure making investment in manufacturing and service sectors. 
This is coming to the forex for quite some time when many business houses see they are competent to run profitable business abroad against sluggish investment in domestic market for reasons ranging from political risk to regulatory bottlenecks and high cost of bank loans, 
But Bangladesh Bank is not willing to open transfer of money on capital accounts fearing that capital flight will take a devastating turn as a result of it at a time when more investment in domestic sectors is quite important to accelerate economic growth, job creation and income generation for new entrants in the labour market. 
The issue top the discussion in the business circles again this time as Bangladesh Bank recently turned down request by three business houses for permission to invest abroad on some specific projects. 
Many believe while asking for permission to invest abroad that huge foreign currency reserves are sitting idle at Bangladesh Bank to the tune of US$ 32.55 billion. The government is not using it for any productive purpose except paying import bills. So it is time to allow its investment abroad. 
Bit others are opposed to it for fear that much of it will be misused by vested interest quarters in the name of investment when the country needs fund to finance mega projects.
The three business houses — Akij, Nitol and Ha-Meem groups recently demanded permission to invest abroad. Akij Group proposed to invest $20 million in Malaysia, Ha-Meem wants to set up garment factory at a cost of $10 million in Haiti and Nitol is looking to invest $7 million in Gambia to set up a bank.
Ha-Meem intended to invest in the island nation’s garment sector to prop up its shipments to the US, while Akij wanted to buy a Malaysian company that produce fireboard and hardboard.
Between 2011 and 2016, the BB allowed nine businesses to undertake foreign investment from their export retention quota. Those investment amounts were not as large as the one being proposed by the three groups. But since bigger amount is at stake the central bank has now sought the finance ministry’s opinion on the matter, sources in the bank said. 
The proposals are too big for the BB to approve on its own as per the foreign exchange guideline, they said. 
In its review on the proposals, the central bank held the view that both remittance and export, - the two main sources of foreign currency for Bangladesh, are now on slow lane.
In the first eight months of fiscal 2016-17, remittance slumped 17.6 percent year-on-year to $8.11 billion, according to data from the BB. Export earnings in February stood at $2.72 billion — down 4.49 percent year-on-year and 21.49 percent month-on-month.
Though the country’s foreign currency reserves are healthy, the government is planning to form a sovereign wealth fund with sum, the review said.
Moreover, the government plans to set up 100 economic zones that it plans to fill up with local and foreign investors alike.
“So, local investors should not be allowed to invest abroad when they have huge opportunities to invest in the country,” the report added. But many believe that the reason is good but incompetence of the government and inefficiency of bureaucracy is not allowing the nation to benefit from the huge reserves. 
“We are already investing huge amounts in Bangladesh,” said Ha-Meem Group managing director, adding that the apparel exporter has plans to invest $50 million by next year.
But Ha-Meem also has planned to set up operations in Haiti, which gets a host of attractive trade facilities from Europe and the US, to boost its export earnings. He said  foreign investors are reluctant to invest in Bangladesh as risk factors are still high, 
The Metropolitan Chamber of Commerce and Industries (MCCI) recently called upon the BB Governor to relax the capital account by bringing in amendments to the foreign exchange guideline to facilitate foreign investment. 
In response, he said BB will be more liberal about the use of export retention quota but it will not open up the capital account.
Bangladesh needs its own investment as the private sector investment to GDP ratio has remained stagnant at 21-22 percent, said AB Mirza Azizul Islam, former advisor to the caretaker government.
The private sector has huge scope to invest in Bangladesh, so it is perplexing why they  want to invest abroad, he added asking the government to create more business friendly  environment for massive investment into the economy. 

Comment

Business Report
 
Pressure is mounting on the government to allow foreign currency investment abroad at a time when some big business houses are planning to expand their overseas exposure making investment in manufacturing and service sectors. 
This is coming to the forex for quite some time when many business houses see they are competent to run profitable business abroad against sluggish investment in domestic market for reasons ranging from political risk to regulatory bottlenecks and high cost of bank loans, 
But Bangladesh Bank is not willing to open transfer of money on capital accounts fearing that capital flight will take a devastating turn as a result of it at a time when more investment in domestic sectors is quite important to accelerate economic growth, job creation and income generation for new entrants in the labour market. 
The issue top the discussion in the business circles again this time as Bangladesh Bank recently turned down request by three business houses for permission to invest abroad on some specific projects. 
Many believe while asking for permission to invest abroad that huge foreign currency reserves are sitting idle at Bangladesh Bank to the tune of US$ 32.55 billion. The government is not using it for any productive purpose except paying import bills. So it is time to allow its investment abroad. 
Bit others are opposed to it for fear that much of it will be misused by vested interest quarters in the name of investment when the country needs fund to finance mega projects.
The three business houses — Akij, Nitol and Ha-Meem groups recently demanded permission to invest abroad. Akij Group proposed to invest $20 million in Malaysia, Ha-Meem wants to set up garment factory at a cost of $10 million in Haiti and Nitol is looking to invest $7 million in Gambia to set up a bank.
Ha-Meem intended to invest in the island nation’s garment sector to prop up its shipments to the US, while Akij wanted to buy a Malaysian company that produce fireboard and hardboard.
Between 2011 and 2016, the BB allowed nine businesses to undertake foreign investment from their export retention quota. Those investment amounts were not as large as the one being proposed by the three groups. But since bigger amount is at stake the central bank has now sought the finance ministry’s opinion on the matter, sources in the bank said. 
The proposals are too big for the BB to approve on its own as per the foreign exchange guideline, they said. 
In its review on the proposals, the central bank held the view that both remittance and export, - the two main sources of foreign currency for Bangladesh, are now on slow lane.
In the first eight months of fiscal 2016-17, remittance slumped 17.6 percent year-on-year to $8.11 billion, according to data from the BB. Export earnings in February stood at $2.72 billion — down 4.49 percent year-on-year and 21.49 percent month-on-month.
Though the country’s foreign currency reserves are healthy, the government is planning to form a sovereign wealth fund with sum, the review said.
Moreover, the government plans to set up 100 economic zones that it plans to fill up with local and foreign investors alike.
“So, local investors should not be allowed to invest abroad when they have huge opportunities to invest in the country,” the report added. But many believe that the reason is good but incompetence of the government and inefficiency of bureaucracy is not allowing the nation to benefit from the huge reserves. 
“We are already investing huge amounts in Bangladesh,” said Ha-Meem Group managing director, adding that the apparel exporter has plans to invest $50 million by next year.
But Ha-Meem also has planned to set up operations in Haiti, which gets a host of attractive trade facilities from Europe and the US, to boost its export earnings. He said  foreign investors are reluctant to invest in Bangladesh as risk factors are still high, 
The Metropolitan Chamber of Commerce and Industries (MCCI) recently called upon the BB Governor to relax the capital account by bringing in amendments to the foreign exchange guideline to facilitate foreign investment. 
In response, he said BB will be more liberal about the use of export retention quota but it will not open up the capital account.
Bangladesh needs its own investment as the private sector investment to GDP ratio has remained stagnant at 21-22 percent, said AB Mirza Azizul Islam, former advisor to the caretaker government.
The private sector has huge scope to invest in Bangladesh, so it is perplexing why they  want to invest abroad, he added asking the government to create more business friendly  environment for massive investment into the economy. 

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Bangladesh’s RMG exporters under pressure

Shamsul Huda
 
Abdus Salam Murshedy
Stable exchange rate against US dollars, increased costs of energy in Bangladesh compared to the competitor countries’ currency depreciation, low fuel costs and incentive packages to their exporters are creating pressures in the export market for readymade garments.
The government’s target of earning foreign currency from garments export in the first eight months of the current fiscal year has been missed and the rate of growth is far below compared to the projected target of exporting US$50 billion by 2021.
This was articulated by Abdus Salam Murshedy, former president of the BGMEA and a major exporter of readymade garments, while talking with the Holiday.
He observed that several competitor countries have already achieved double digit growth of readymade garments export this year but it is still less than seven per cent for Bangladesh. He said the local exporters are currently getting lower amount against exported currencies mainly because Bangladesh taka is stable and even becoming stronger against dollars.
He said many RMG exporting countries of the world have depreciated their own currencies against dollar for the benefits of their exporters.
Murshedy, who is also the president of Bangladesh Exporters Association, said the government has increased gas and electricity prices while at the same time some neighbouring countries have actually lowered the prices of gas and electricity for the exporters in terms of incentives to reduce their cost of production and they can offer more competitive prices to the buyers.
The former BGMEA president, referring to the export promotion bureau data said: “Export earnings notched up $16.4 billion during July-January period of the current fiscal which is 4.43 per cent short of the estimated target.”
However, he pointed out that the export figure for January 2017 is 4.14 percent higher than that of January 2016. Garment exports which account for the lion’s share of Bangladesh exports have generated 5 percent less foreign currency despite a 4.14 percent growth during the period.
Murshedy said a fall in garment prices in US and European Union markets recently had left Bangladesh short of achieving its exports target. The expected 10 percent growth seen in the past may be impossible to hold on to, he added.
Quoting the BGMEA findings he said Bangladesh garment prices in the US markets slumped by 3.81 per cent in 2015 compared to a 0.76 per cent slump in the 28-nation European Union markets during the same period. However, in 2016, while garment prices fell 1.1 per cent in the US market, it slid 3.19 per cent in the EU markets in the same period, he added.
The exporters’ association president and the managing director of the Envoy Group said to reduce pressures on export competition it is necessary to make some changes in the currency exchange rates by the government and also needs to formulate policies so that the exporters may get some relief in the bank charges and fuel prices.
He suggested that the government also needs to complete its ongoing construction of economic zones as fast as possible where people will invest in cheaper lands and bring new technologies with foreign partnership to make products more competitive in quality and in pricing provided with the promised facilities as per the government’s declarations on the new economic zones.
He pointed out that to achieve the export target of $50 billion by 2021 from RMG exports, it is imperative to enhance facilities to the exporters in terms of bank loans at low interest rates in particular and make availability of fuel at reasonable cost and provide necessary supports in currency exchange rates. This will certainly encourage the exporters to try harder to achieve the export target.

Comment

Shamsul Huda
 
Abdus Salam Murshedy
Stable exchange rate against US dollars, increased costs of energy in Bangladesh compared to the competitor countries’ currency depreciation, low fuel costs and incentive packages to their exporters are creating pressures in the export market for readymade garments.
The government’s target of earning foreign currency from garments export in the first eight months of the current fiscal year has been missed and the rate of growth is far below compared to the projected target of exporting US$50 billion by 2021.
This was articulated by Abdus Salam Murshedy, former president of the BGMEA and a major exporter of readymade garments, while talking with the Holiday.
He observed that several competitor countries have already achieved double digit growth of readymade garments export this year but it is still less than seven per cent for Bangladesh. He said the local exporters are currently getting lower amount against exported currencies mainly because Bangladesh taka is stable and even becoming stronger against dollars.
He said many RMG exporting countries of the world have depreciated their own currencies against dollar for the benefits of their exporters.
Murshedy, who is also the president of Bangladesh Exporters Association, said the government has increased gas and electricity prices while at the same time some neighbouring countries have actually lowered the prices of gas and electricity for the exporters in terms of incentives to reduce their cost of production and they can offer more competitive prices to the buyers.
The former BGMEA president, referring to the export promotion bureau data said: “Export earnings notched up $16.4 billion during July-January period of the current fiscal which is 4.43 per cent short of the estimated target.”
However, he pointed out that the export figure for January 2017 is 4.14 percent higher than that of January 2016. Garment exports which account for the lion’s share of Bangladesh exports have generated 5 percent less foreign currency despite a 4.14 percent growth during the period.
Murshedy said a fall in garment prices in US and European Union markets recently had left Bangladesh short of achieving its exports target. The expected 10 percent growth seen in the past may be impossible to hold on to, he added.
Quoting the BGMEA findings he said Bangladesh garment prices in the US markets slumped by 3.81 per cent in 2015 compared to a 0.76 per cent slump in the 28-nation European Union markets during the same period. However, in 2016, while garment prices fell 1.1 per cent in the US market, it slid 3.19 per cent in the EU markets in the same period, he added.
The exporters’ association president and the managing director of the Envoy Group said to reduce pressures on export competition it is necessary to make some changes in the currency exchange rates by the government and also needs to formulate policies so that the exporters may get some relief in the bank charges and fuel prices.
He suggested that the government also needs to complete its ongoing construction of economic zones as fast as possible where people will invest in cheaper lands and bring new technologies with foreign partnership to make products more competitive in quality and in pricing provided with the promised facilities as per the government’s declarations on the new economic zones.
He pointed out that to achieve the export target of $50 billion by 2021 from RMG exports, it is imperative to enhance facilities to the exporters in terms of bank loans at low interest rates in particular and make availability of fuel at reasonable cost and provide necessary supports in currency exchange rates. This will certainly encourage the exporters to try harder to achieve the export target.

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EBL hosts Women Banking Customers meet
Business Report
 
Sophie Aubert, Ambassador of France, Fahmida Khatun, Executive Director, Center for Policy Dialogue, Farah Kabir, Country Director, Action Aid Bangladesh ,Khushi Kabir, Coordinator, Nijera Kori flanked with EBL Managing Director and CEO Ali Reza Iftekhar and other.
Eastern Bank Limited (EBL) organized an event on Empowering Women through Banking and Customer Meet Program for its Women Banking Customers, held on March 19, at ZN Tower Office at Gulshan in the city.
Sophie Aubert, Ambassador of France to Bangladesh graced the occasion as chief guest, while Fahmida Khatun, Executive Director, Center for Policy Dialogue, Farah Kabir, Country Director, Action Aid Bangladesh and Khushi Kabir, Coordinator, Nijera Kori were special guests.
EBL Managing Director and CEO Ali Reza Iftekhar, Head of Consumer Banking M. Nazeem A. Choudhury, Head of Digital Banking and Payments Zahidul Haque, Head of Communication Ziaul Karim and Head of Women and  Student Banking Nasrin Jahan Khan Kanak were, among others present.  
Ali Reza Iftekhar expressed lauded the contribution of women in promoting banking while introducing EBL Women Banking.
Since 2008 EBL is offering innovative banking and services for empowering women. EBL Women Banking offers products, services and solutions bundled with digital channels and financial consultancy services, tailored to meet the lifestyle of women and their families, women professionals and women entrepreneur.

Comment

Business Report
 
Sophie Aubert, Ambassador of France, Fahmida Khatun, Executive Director, Center for Policy Dialogue, Farah Kabir, Country Director, Action Aid Bangladesh ,Khushi Kabir, Coordinator, Nijera Kori flanked with EBL Managing Director and CEO Ali Reza Iftekhar and other.
Eastern Bank Limited (EBL) organized an event on Empowering Women through Banking and Customer Meet Program for its Women Banking Customers, held on March 19, at ZN Tower Office at Gulshan in the city.
Sophie Aubert, Ambassador of France to Bangladesh graced the occasion as chief guest, while Fahmida Khatun, Executive Director, Center for Policy Dialogue, Farah Kabir, Country Director, Action Aid Bangladesh and Khushi Kabir, Coordinator, Nijera Kori were special guests.
EBL Managing Director and CEO Ali Reza Iftekhar, Head of Consumer Banking M. Nazeem A. Choudhury, Head of Digital Banking and Payments Zahidul Haque, Head of Communication Ziaul Karim and Head of Women and  Student Banking Nasrin Jahan Khan Kanak were, among others present.  
Ali Reza Iftekhar expressed lauded the contribution of women in promoting banking while introducing EBL Women Banking.
Since 2008 EBL is offering innovative banking and services for empowering women. EBL Women Banking offers products, services and solutions bundled with digital channels and financial consultancy services, tailored to meet the lifestyle of women and their families, women professionals and women entrepreneur.

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HC stayed FBCCI election for two months

Business Report
 
On a complaint by a FBCCI member that his name has not been included in the voter list  a HC bench last week stayed election of the apex trade body for two months to correct the voter list.
The bench of Justice Md Ashfaqul Islam and Justice Ashish Ranjan Das passed the order in response to a writ petition that claimed that the businessman nominated from Mymensingh division for the post of director in the upcoming pools has not been included in the voter list. The FBCCI election was scheduled to be held on May 14.
Aminul Huq, president of Mymensingh Chamber of Commerce and Industry, filed the writ petition saying that there are anomalies in the voter list as his name was not included in the list.

Comment

Business Report
 
On a complaint by a FBCCI member that his name has not been included in the voter list  a HC bench last week stayed election of the apex trade body for two months to correct the voter list.
The bench of Justice Md Ashfaqul Islam and Justice Ashish Ranjan Das passed the order in response to a writ petition that claimed that the businessman nominated from Mymensingh division for the post of director in the upcoming pools has not been included in the voter list. The FBCCI election was scheduled to be held on May 14.
Aminul Huq, president of Mymensingh Chamber of Commerce and Industry, filed the writ petition saying that there are anomalies in the voter list as his name was not included in the list.

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BIPD’s seminar on immigrants income protection held

Business Report
 
Bangladesh Institute for Professional Development (BIPD) organized a seminar on “Suitable Insurance Scheme” for Non-Bangladeshi Residents (NBR & Emigrants) at the Rojonigondha Auditorium at city’s topkhana road on March 15.
M. A. Khaleque, the founder chairman of BIPD was present. Alhaj Md. Nazrul Islam, chairman of the Fareast Islami Life Insurance Co. Ltd was the chief guest on the occasion. 
The seminar was presided over by Dr. Mohammad Sohrab Uddin, Ex-chairman of Jiban Bima Corporation and Sadharan Bima Corporation. Director General of BIPD Mr. Kazi Mohammad Mortuza Ali, BIPD director Dr. M. Mosharraf Hossain and the representative from Aditya Birla Insurance Brokers Ltd. Abhinav Chatterjee were present.
Managing directors, CEO’s and other high official from various Insurance companies attended the seminar.
Dharmesh Dave, underwriter expert presented the key note paper. Mr. Das Deba Prashad a member of BIPD academic council and a panel discussant of the seminar held the view that the main purpose of the proposed insurance policy was to ensure financial protection of Bangladeshi nationals working abroad. It should not only benefit the target population but also to be helpful to national economy. 
Dr. Mohammad Sohrab Uddin dealt with the shortage of actuary in Bangladesh and urged the government and IDRA to frame the necessary rules and regulations in this respect. This insurance scheme might not be feasible unless it is made mandatory by the government.

Comment

Business Report
 
Bangladesh Institute for Professional Development (BIPD) organized a seminar on “Suitable Insurance Scheme” for Non-Bangladeshi Residents (NBR & Emigrants) at the Rojonigondha Auditorium at city’s topkhana road on March 15.
M. A. Khaleque, the founder chairman of BIPD was present. Alhaj Md. Nazrul Islam, chairman of the Fareast Islami Life Insurance Co. Ltd was the chief guest on the occasion. 
The seminar was presided over by Dr. Mohammad Sohrab Uddin, Ex-chairman of Jiban Bima Corporation and Sadharan Bima Corporation. Director General of BIPD Mr. Kazi Mohammad Mortuza Ali, BIPD director Dr. M. Mosharraf Hossain and the representative from Aditya Birla Insurance Brokers Ltd. Abhinav Chatterjee were present.
Managing directors, CEO’s and other high official from various Insurance companies attended the seminar.
Dharmesh Dave, underwriter expert presented the key note paper. Mr. Das Deba Prashad a member of BIPD academic council and a panel discussant of the seminar held the view that the main purpose of the proposed insurance policy was to ensure financial protection of Bangladeshi nationals working abroad. It should not only benefit the target population but also to be helpful to national economy. 
Dr. Mohammad Sohrab Uddin dealt with the shortage of actuary in Bangladesh and urged the government and IDRA to frame the necessary rules and regulations in this respect. This insurance scheme might not be feasible unless it is made mandatory by the government.

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MTB opens Agent Banking Centre at Lakshmipur

Business Report
 
Mutual Trust Bank Limited (MTB) opened an agent banking centre recently at Kafilatoli, Lakshmipur Sadar, Raipur, Lakshmipur. Syed Rafiqul Haq, Deputy Managing Director & Chief Business Officer (CBO) of MTB inaugurated the centre as the Chief Guest.
MTB Head of Agent Banking Division, Madan Mahan Karmoker, Head of Cards, Mohammad Anwar Hossain, Group Chief Communications Officer, Azam Khan, Agent of MTB Kafilatoli Agent Banking Centre were present.
Mohammed Billal Hossain, local elite, leaders of local business associations, people from different strata and other senior officials of MTB also attended the program.  
As part of the bank’s Corporate Social Responsibility ‘Swapno Sarothi’ program, the bank presented bicycles at the end of the ceremony to meritorious students of the locality, said a press release.

Comment

Business Report
 
Mutual Trust Bank Limited (MTB) opened an agent banking centre recently at Kafilatoli, Lakshmipur Sadar, Raipur, Lakshmipur. Syed Rafiqul Haq, Deputy Managing Director & Chief Business Officer (CBO) of MTB inaugurated the centre as the Chief Guest.
MTB Head of Agent Banking Division, Madan Mahan Karmoker, Head of Cards, Mohammad Anwar Hossain, Group Chief Communications Officer, Azam Khan, Agent of MTB Kafilatoli Agent Banking Centre were present.
Mohammed Billal Hossain, local elite, leaders of local business associations, people from different strata and other senior officials of MTB also attended the program.  
As part of the bank’s Corporate Social Responsibility ‘Swapno Sarothi’ program, the bank presented bicycles at the end of the ceremony to meritorious students of the locality, said a press release.

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BRAC Bank to provide service to Special Branch of Police

Business Report
 
BRAC Bank Limited signed an Employee Banking service agreement with Special Branch of Bangladesh Police. This is the first of its kind Employee Banking Service Agreement of the bank with a law enforcing agency.
Under this agreement BRAC Bank will provide salary disbursement, ATM booth facility, all sorts of retail loan facilities, i.e. credit card and personal loan to the employees of Special Branch.
Mohammad Jabed Patwary, Additional Inspector General, Special Branch, and Mr. Selim R. F. Hussain, Managing Director & CEO, BRAC Bank Limited, exchanged the documents of the agreement for their two organizations at SB Headquarters at Malibagh in Dhaka. 
Nazmur Rahim, Head of Retail Banking, Mr. Kyser Hamid, Head of Retail Sales, Mr. S. M. Moinul Hossain, Head of Retail Underwriting, BRAC Bank, and senior officials from both sides were present.

Comment

Business Report
 
BRAC Bank Limited signed an Employee Banking service agreement with Special Branch of Bangladesh Police. This is the first of its kind Employee Banking Service Agreement of the bank with a law enforcing agency.
Under this agreement BRAC Bank will provide salary disbursement, ATM booth facility, all sorts of retail loan facilities, i.e. credit card and personal loan to the employees of Special Branch.
Mohammad Jabed Patwary, Additional Inspector General, Special Branch, and Mr. Selim R. F. Hussain, Managing Director & CEO, BRAC Bank Limited, exchanged the documents of the agreement for their two organizations at SB Headquarters at Malibagh in Dhaka. 
Nazmur Rahim, Head of Retail Banking, Mr. Kyser Hamid, Head of Retail Sales, Mr. S. M. Moinul Hossain, Head of Retail Underwriting, BRAC Bank, and senior officials from both sides were present.

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Jaiz Bank officials meet IBBL functionaries in city

Business Report
 
A courtesy meeting between Md. Abdul Hamid Miah, Managing Director & CEO of Islami Bank Bangladesh Limited and Hassan Usman FCA, Managing Director & CEO of Jaiz Bank PLC, Nigeria was held on March 19, at Islami Bank Tower in the city. 
Md. Mahbub-ul-Alam and Md. Shamsuzzaman, Deputy Managing Directors, Md. Abdul Jabbar and Md. Shafiqur Rahman, Executive Vice Presidents of Islami Bank Bangladesh and Ismaila Adamu, Head of Corporate Services of Jaiz Bank were also present.

Comment

Business Report
 
A courtesy meeting between Md. Abdul Hamid Miah, Managing Director & CEO of Islami Bank Bangladesh Limited and Hassan Usman FCA, Managing Director & CEO of Jaiz Bank PLC, Nigeria was held on March 19, at Islami Bank Tower in the city. 
Md. Mahbub-ul-Alam and Md. Shamsuzzaman, Deputy Managing Directors, Md. Abdul Jabbar and Md. Shafiqur Rahman, Executive Vice Presidents of Islami Bank Bangladesh and Ismaila Adamu, Head of Corporate Services of Jaiz Bank were also present.

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