শেয়ারবাজার :::: বিএসআরএম স্টিল জানিয়েছে, প্রতিষ্ঠানটি তাদের শেয়ারমালিকদের বিও অ্যাকাউন্টে গতকাল ২০১০ সালের শেয়ার লভ্যাংশ পাঠিয়ে দিয়েছে।
The central bank is encouraging private firms to seek low-cost capital from foreign sources to reduce the growing pressure on balance of payments (BOP) and liquidity.
“We gave permission to 4/5 firms last week. Another two firms will be allowed to get foreign currency loans this week,” Atiur Rahman, governor of the Bangladesh Bank (BB), told The Daily Star.
Giant business groups such as Pran, Summit and Apex have already ensured the go-ahead from the central bank. Two projects of United Group got permission yesterday. Also, half a dozen enterprises are waiting for such a nod.
The private sector is going for foreign currency loans for cost-effectiveness. This type of loans cost LIBOR plus 4 percent, which means the enterprises have to pay less than 5 percent interest rates per annum against 15-18 percent offered by the local banks.
Currently, London Interbank Offered Rate (LIBOR) stands at less than 0.5 percent. Firms can borrow money from foreign sources on a long-term basis, while Bangladeshi banks mostly offer short-term loans.
At a post-budget briefing of the finance minister, the central bank governor on Saturday said the private sector is welcomed to borrow from foreign sources, which he said would help the country reduce pressure on the declining BOP and liquidity.
BOP, which was $2.2 billion at the end of April 2010, now went down to negative territory (-$522 million).
If a private firm wants to seek loans from foreign sources, it has to take prior approval from the Board of Investment before submitting the proposal to the central bank, which has a screening committee to look into the issue.
To borrow capital from foreign sources, enterprises need to prove that they have feasible projects and healthy financial practices, which can be certified by auditing firms.
Some firms are now negotiating with different European banks for loans worth hundreds of millions of dollars to fund their projects.
“We are in talks with some European and Asian banks for loans to fund our new projects,” said Afzal Hossain, senior general manager (foreign trade) of Meghna Group, one of the conglomerates and commodity traders in Bangladesh.
Hossain said rising interest rates and the ongoing liquidity crisis in commercial banks have forced them to look for loans from foreign sources.
The BB governor also asked managing directors of all scheduled banks to help their customers bring low-cost finances from foreign countries.
The biggest risk to foreign capital is the exchange rate, according to businesses. A decline in the taka against the US dollar would cost borrowers high.
However, a private banker said if such loans go up sharply, this may cause problems to the local financial system.