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Head Lines The Bangladesh Observer
The
US dollar was firmer against the Bangladesh taka and the euro in
inter-bank trading on Thursday due to 'optimism of dollar's gain after the
IMF report, foreign exchange dealers of different commercial banks said,
says BSS.
The
International Monetary Fund said that the US economy appeared to be
picking up speed, while also warning of possible pitfalls ahead.
The IMF
delivered its twice-yearly World Economic Outlook, in which its forecast
for 2003 US growth was boosted to 2.6 per cent from a 2.2 per cent
forecast in April, and to 3.9 per cent next year, up from 3.6 per cent,
market sources said.
"Following the
end of the war in Iraq, the (US) recovery has begun to regain momentum,"
the IMF said.
However it also
warned that a mushrooming budget deficit and a massive current account
shortfall could hamper recovery, adding that the dollar might also be
overvalued.
Under such a
situation, most local foreign exchange dealers showed more interest to buy
dollar against taka and yen amid a fear of intervention by Bank of Japan,
dealers said.
"Sentiment on
taka remained bearish due to huge surplus funds in the banking system. So
it is better to buy dollar specially when the US economic outlook is
good", dealers of some private commercial banks said.
"And many
dealers sold yen to buy dollar because there is a strong rumour of market
intervention by Japanese authorities since long", they said.
The dollar was
traded between 58.4300 taka and 58.4450 taka per unit in inter-bank
trading slightly higher from Wednesday's range, dealers said.
"The demand for
the US unit was strong but that could not hurt any body because the market
have sufficient dollar inflow thanks to remittance growth," dealers of
some local banks said.
The volume of
trade was higher as most dealers took new positions before the weekend
holidays- Friday in the local market and Saturday and Sunday in the
international markets, they added.
The euro traded
at 1.1272 dollars today, against 1.1286 late on Wednesday in New York
while the dollar was traded at 115.83 yen against 116.10, dealers said.
They said the
British pound continued its strong advance in the wake of comments
released Wednesday from Bank of England policymakers warning that a rate
hike might be necessary soon.
"We think fears
of early interest rate hikes are still overdone, however, and look for
consumer spending growth to slow over the next couple of months before the
Christmas shopping season," currency analysts at London said.
In late
inter-bank trade, the euro was changing hands at 1.1272 dollars from
1.1286 late on Wednesday in New York, 130.53 yen (131.03), 0.6985 pounds
(0.7013) and 1.5586 Swiss francs from 1.5565, dealers said.
The dollar was
being quoted at 115.83 yen (116.10) and 1.3830 Swiss francs (1.3793) and
the pound was at 1.6140 dollars (1.6091), 186.92 yen (186.78) and 2.2316
Swiss francs (2.2195), dealers said.
Australian trade team visits
DSE The Bangladesh Observer
A six-member delegation of Australasian Marketing and
Development Co Ltd visited the Dhaka Stock Exchange Ltd on Thursday, says
a Press release.
During the
visit the team led by Tim Bennett, Managing Director of Managed Growth
Group held a meeting with the DSE policymakers in the board room.
The DSE Chairman
Ahmed Iqbal Hasan led the DSE side. The DSE sids was also represented by
Vice Chairman Abdullah Bokhari, Councillor Saiful Islam, Chief Executive
Officer Salahuddin Ahmed Khan and IT Head A S M Khairuzzaman.
The Australasian
delegation members also included John Douglas McLennan. Ms Linda Judy
Davies, Enam Hoque and Major (Retd) Kazi Zahan.
Welcoming the
Australisian team, the DSE Chairman Ahmed Iqbal Hasan said DSE has become
a world-class stock exchange through automation. The stock exchange will
be more modern with the establishment of central depository system (CDS),
the DSE chief hoped. The DSE CEO Salahuddin presented an overview of the
bourse before the foreign delegation.
The Australisian
delegation highly lauded the activities of the DSE and showed keen
interest in capital investment through the stock exchange in developing
countries like Bangladesh. The team also enquired about the possibilities
of joint listing of securities, listing of international high tech firms
in Bangladesh and possibilities of trading of Carbon through DSE.
CRISL Training course for bankers inaugurated
The Bangladesh Observer
CRISL Training
Course on 'Performance Measurement of Financial Institutions: Credit
Rating Perspective' was inaugurated by Jamal Uddin Ahmed, Chairman, CRISL
in a simple ceremony held at Hotel Purbani International on Wednesday,
says a Press release.
While
inaugurating the course Jamal Uddin Ahmad emphasised the need of this type
of specialsed training course for the bankers, as the country has too many
banks with too few professionals to manage them. Ahmad also pointed out
that the banking sector,of late, has been subjected to a massive reform
measures at the behest of Bangladesh Bank to fall in line with the
requirement of international norms suggested by IMF and other multi
lateral bodies.
Ahmad opined
that the performance measurement adopted by Credit Rating Agencies is far
more incisive and covers as much as wide operational areas. Mention may be
made of The Basel Accord-II, which requires the banks inter alia, to
maintain capital adequacy ratio through a very stringent and complex
methods which the rating agencies are professionally equipped to perform,
particularly, in risk weight measurement. The training course will cover
some important features of Basel Accord II.
Muzaffar Ahmed,
President and CEO of CRISL also spoke on the occasion and highlighted the
features of weeklong training course. A large number of participants from
different banks and non-banking financial institutions are taking part in
this workshop.
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