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The Bangladesh Rating Agency Limited (BDRAL) is pleased to bring to you the

ended on February 28, 2019. The bulletin tracks the month’s key events and trends in the commodity and

currency markets along with a round-

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The Bangladesh Rating Agency TEAM

NEWS SECTIONS

• Highlights

• Country News

• SME News

• International News

• BDRAL Photo News

HighlightsMove to raise Tk 8.78t from bond

Coordinated efforts are on to raise Tk 8.78 trillion from the bond market for achieving 8.0 per cent plus economic growth by 2021. To this end, a tripartite committee (that comprises senior ofBank, Bangladesh Security and Exchange Commission, and a senior banker) has already been formed to boost the country's nascent bond market, particularly the corporate one. The size of nominal gross domestic product (GDP) is estimated to reach Tk 32.78 trillion by the end of fiscal year (FY) 2020-21 while the resource gap will hit Tk 8.78 trillion, according to the central bank. BB has calculated the resource gap taking into consideration the credit flow by banks, investment and funthe capital market. The banks are still a dominant financial system asset in Bangladesh, contributing more than 62 per cent of asset in 2018, while the capital market has contributed 16.50 per cent, the BB said in a study that was placed at a strategic planning meeting on February 09. Currently, only one corporate bond -- Islami Bank Bangladesh Limited (IBBL) Mudarba Perpetual Bond -- is now traded on the country's prime bourse, the Dhaka Stock Exchange (DSE).

The Bangladesh Rating Agency Limited (BDRAL) is pleased to bring to you the Business Bulletin

. The bulletin tracks the month’s key events and trends in the commodity and

-up of regional and global news.

We hope you enjoy reading this issue and look forward to your comments/suggestions. Thank you.

The Bangladesh Rating Agency TEAM

Business Bulletin (March 1, 2019; Number: 69)

Highlights Stock Market Indices

Index 27-Feb

DSEX 5711.83

CSCX 10586.18

Currency Market

Pair 28

BDT/USD

GBP/USD

EUR/USD

JPY/USD

Commodities

Commodity NameBrent (US$/bbl)

Gold (US$/troy ounce; LBMA)

Copper (US$/tonne; LME)

Aluminium (US$/tonne; LME)

Please follow the link below to view the pdf version of http://www.bdral.com/wpcontent/uploads/2019/02/BDRALBulletin-February

Move to raise Tk 8.78t from bond market Coordinated efforts are on to raise Tk 8.78 trillion from the bond market for achieving 8.0 per cent plus economic growth by 2021. To this end, a tripartite committee (that comprises senior officials of the Bangladesh Bank, Bangladesh Security and Exchange Commission, and a senior banker) has already been formed to boost the country's nascent bond market, particularly the corporate one. The size of nominal gross domestic

ted to reach Tk 32.78 trillion by the end of fiscal 21 while the resource gap will hit Tk 8.78 trillion,

according to the central bank. BB has calculated the resource gap taking into consideration the credit flow by banks, investment and fund flow from the capital market. The banks are still a dominant financial system asset in Bangladesh, contributing more than 62 per cent of asset in 2018, while the capital market has contributed 16.50 per cent, the BB said in a study that

trategic planning meeting on February 09. Currently, only Islami Bank Bangladesh Limited (IBBL) Mudarba

is now traded on the country's prime bourse, the Dhaka

Business Bulletin for the month

. The bulletin tracks the month’s key events and trends in the commodity and

We hope you enjoy reading this issue and look forward to your comments/suggestions. Thank you.

Business Bulletin

Stock Market Indices

Feb-19 3-Feb-19 % Change

5711.83 5801.33 -1.54%

10586.18 10761.05 -1.63%

Currency Market

28-Feb-19 1-Feb-19 %change

83.87 83.71 -0.19%

0.75 0.76 1.34%

0.88 0.87 -0.75%

111.39 109.49 -1.73%

Commodity Name 28-Feb-19 1-Feb-19 Brent (US$/bbl) 66.03 62.75

Gold (US$/troy ounce; LBMA)

1319.15 1318.70

(US$/tonne; 6535.00 6097.00

Aluminium (US$/tonne; LME)

1892.5 1871.50

Please follow the link below to view the pdf version of previous month’s bulletin: http://www.bdral.com/wp-content/uploads/2019/02/BDRAL-Business-

uary-01-2019.pdf

Export earnings jump to $24b in sevCountry’s export earnings posted a 13.39$24.18 billion in seven months (July-January) of the current fiscal year (2018-2019) riding on the readymade garment sector. The export earnings also exceeded the government’s strategic target of $22.41 billion by 7.91 per cent in July-January of FY19 due to a good performance by RMG products, according to Export Promotion Bureau data. Bangladesh had earned $21.32 billion in export proceeds in the same period of FY18. In January this year, export earnings stood at $3.68 billion, up 7.95 per cent on $3.41 billion in the same month of last year. Earnings from RMG products, both knitwear and woven, grew by 14.51 per cent to $20.22 billion in July-January of FY19 from $17.65 billion inFY18. Woven export grew by 15.18 per cent fetching $10.08 billion while knitwear export rose by 13.86 per cent to $10.14 billion in the seven months compared with that in the same period of last year, the EPB data showed. Woven products worth $8.74 billion and knitwear products worth $8.90 billion were exported in July-exporters said that the country’s export performance was rebounding this fiscal year from lower growth in FY18 when export earnings grew only 5.8 per cent. But its high dependence on RMG products is not a good sign for the country.

Remittance inflow rises to $9b in 7 monthsRemittance inflow in seven months (July9.26 per cent to $9.08 billion compared with $8.31 period of FY2017-18. In January 2019, remittance inflow recorded $1.59 billion (up 32 percent from the previous month and also up 15 per cent from January last year when the amount was $1.38 billion) in remittance, which contributed to the growth of remittance in JulyBB officials, upward trend in remittance inflow had continued for the past few months because of appreciation of the US dollar against the Bangladeshi currency (taka) prompting expatriates to sethe legal channel. As per the central bank web site data, the exchange rate of dollar, which was Tk 78.7 in January 2017, increased to Tk 82.9 in January last year.

Export earnings jump to $24b in seven months Credit Rating Section

What is SME Credit Rating?SMEs are an important source of investment, employment, entrepreneurship and innovation. A vibrant SME sector leads to a vibrant economy. However, in developing countries, SMEs find it difficult to access finance, even at a high cost. In Bangladesh, about private-sector businesses are SMEs. They contribute between 80 to 85% of industrial employment and 23% of total civilian employment. To progress further, the SMEs need to attract talent, get international visibility and easier access to finance. Theblock is a lack of transparency and trust. All these lead to the need for a Credit Rating System. SME Credit Rating is a comprehensive and independent thirdIt takes into account the financial position and several qualitative parameters of the SME that have a bearing on the creditworthiness of the entity. It conveys the probability of the subjects’ ability to pay back a loan or obligation to the lender or the investor. BDRAL and Bangladesh Bank have jointly developed a rating methodology for the SME which is also followed by SMERA Ratings Limited in India with whom we have technical collaboration. Why SME Credit Ratg?Adequate credit flow to SMEs helps in driving the overall growth of the economy. Banks and Financial Institutions in Bangladesh receive support in SME financing initiatives from Bangladesh Bank, Government of Bangladesh and development partners like IDA, AJICA. But, the Banks & Financial Institutions (FIs) are compelled to depend on nonskill-sets leading to assumptions based accounting and increased dependence on inconsistent Data Collection. The absence of industry benchmarks, inadequate indusunderstanding, and an irregular system of monitoring has combined to increase the problems.

The resulting Market Gap calls for an experienced and competent SME rating agency, which can deliver detailed credit Rating Report with scoring/rating, researassistance on SME cluster, overall sector based studies and Product Portfolio Guide (PPG) on all SME banking products.Banks and other financiers need tools to assess credit risk for SMEs in a scientific manner. In the developing world, subsidies or intand tax concessions have not succeeded in building a strong and transparent SME sector.

An international Credit Rating Agency brings in globally recognized research and

Country’s export earnings posted a 13.39-per cent growth to stand at January) of the current fiscal year

2019) riding on the readymade garment sector. The export earnings rategic target of $22.41 billion by 7.91

January of FY19 due to a good performance by RMG products, according to Export Promotion Bureau data. Bangladesh had earned $21.32 billion in export proceeds in the same period of FY18. In

his year, export earnings stood at $3.68 billion, up 7.95 per cent on $3.41 billion in the same month of last year. Earnings from RMG products, both knitwear and woven, grew by 14.51 per cent to $20.22

January of FY19 from $17.65 billion in the same period of FY18. Woven export grew by 15.18 per cent fetching $10.08 billion while knitwear export rose by 13.86 per cent to $10.14 billion in the seven months compared with that in the same period of last year, the EPB data

worth $8.74 billion and knitwear products worth -January of FY18. Experts and

exporters said that the country’s export performance was rebounding this fiscal year from lower growth in FY18 when export earnings grew only by 5.8 per cent. But its high dependence on RMG products is not a good sign

Remittance inflow rises to $9b in 7 months

Remittance inflow in seven months (July-January) of FY2018-19 grew by 9.26 per cent to $9.08 billion compared with $8.31 billion in the same

18. In January 2019, remittance inflow recorded $1.59 billion (up 32 percent from the previous month and also up 15 per cent from January last year when the amount was $1.38 billion) in remittance, which

the growth of remittance in July-January. According to senior BB officials, upward trend in remittance inflow had continued for the past few months because of appreciation of the US dollar against the Bangladeshi currency (taka) prompting expatriates to send money through the legal channel. As per the central bank web site data, the exchange rate of dollar, which was Tk 78.7 in January 2017, increased to Tk 82.9 in

Credit Rating Section

What is SME Credit Rating? SMEs are an important source of investment, employment, entrepreneurship and innovation. A vibrant SME sector leads to a vibrant economy. However, in developing countries, SMEs find it difficult to access finance, even at a high cost. In Bangladesh, about 90% of

sector businesses are SMEs. They contribute between 80 to 85% of industrial employment and 23% of total civilian employment. To progress further, the SMEs need to attract talent, get international visibility and easier access to finance. The stumbling block is a lack of transparency and trust. All these lead to the need for a Credit Rating

SME Credit Rating is a comprehensive and independent third-party evaluation of the SME. It takes into account the financial position and

ualitative parameters of the SME that have a bearing on the creditworthiness of the entity. It conveys the probability of the subjects’ ability to pay back a loan or obligation to the lender or the investor.

BDRAL and Bangladesh Bank have jointly ed a rating methodology for the SME

which is also followed by SMERA Ratings Limited in India with whom we have technical

Why SME Credit Ratg? Adequate credit flow to SMEs helps in driving the overall growth of the economy. Banks and Financial Institutions in Bangladesh receive support in SME financing initiatives from Bangladesh Bank, Government of Bangladesh and development partners like IDA, ADB and JICA. But, the Banks & Financial Institutions (FIs) are compelled to depend on non-core

sets leading to assumptions based accounting and increased dependence on inconsistent Data Collection. The absence of industry benchmarks, inadequate industry understanding, and an irregular system of monitoring has combined to increase the

The resulting Market Gap calls for an experienced and competent SME rating agency, which can deliver detailed credit Rating Report with scoring/rating, research assistance on SME cluster, overall sector based studies and Product Portfolio Guide (PPG) on all SME banking products. Banks and other financiers need tools to assess credit risk for SMEs in a scientific manner. In the developing world, subsidies or interest rate and tax concessions have not succeeded in building a strong and transparent SME sector.

An international Credit Rating Agency brings in globally recognized research and

Country News

• Inflation rises in Jan after 12 months: country slightly increased in January after declining 12 months in a row, according to Bangladesh Bureau of Statistics data. Both food and nonfood inflation increased in the month. According to the BBS data, the overall inflation increased to 5.42 per centof 5.35 per cent in December last year. Food and nonto 5.33 per cent and 5.57 per cent respectively in the month while the figures were 5.28 per cent and 5.45 per cent respectively in December. Besides, the general inflation rate at the urban level in January declined slightly to 5.93 per cent which was 6.14 per cent in December. The general point to point inflation rate at the rural level registered 5.14 per cent in January.

• Trade gap narrows to $7.66bn in Julpercent in the first half of the fiscal year due to a rise in exports and a slowdown in imports. At the end of December last year, trade deficit stood at $7.66 billion, down from $8.62 billion a year earlier, according to data from the central bank. Between the montlast year, overall import rose 5.73 percent to $27.82 billion. Import payment for capital machinery stood at $2.40 billion in the first half of the fiscal year, down 5 percent year-onfetched $20.16 billion, up 16.75 percent yearcurrent account deficit also decreased 39 percent yearbillion in the first six months. Economists, however, was not impressed with the development as the gap had gone down because of negimport growth of capital machinery in recent months, which play a major role in job creation.

• RMG exports soar 36pc: Garment export to nongrew by 36.21 percent year-on-year to $2.90 billion in the current fiscal year's first six months because of a government stimulus package and duty-free market access. The receipt from the garment shipment in the same period last fiscal was $2.13 billion, according to data from Export Promotion Bureau and the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). Apart from the traditional US, European Union and Canadian markets, all others are considered nontraditional or emerging markets for Bangladesh. Of those, Australia, Brazil, Chile, China, India, Japan, South Korea, Mexico, RAfrica and Turkey are the 11 stronger markets than others.

benchmarks, supports financial innovation and deepens the credit culture amanagement in the Bangladesh SME sector; thus, addressing the stumbling block which is lack of transparency and trust. All these lead to the need for a Credit Rating System.

BDRAL News

- BDRAL has rated more than 15,000 SME businesses up till now.

- Research Department’s Activities include: •Publications: SMEs of Bangladesh•Training Program•Cluster Analysis •Customized Research•Monthly Business Bulletin•Quality Data Collection•Secondary Research

- BDRAL CEO has been appointed as Bangladesh Country Officer for the International Federation of Green & Global Information & Communication Technology (IFGICT): http://www.dailysun.com/printversion/details/295353/BDRAL-CEO-madeBangladeshIFGICT

- BDRAL CEO has participated in a workshop on “Employability Skills Development” organized by BUBT (July, 2018): https://www.bubt.edu.bd/home/page_details/Employability_Skills_Development_July

- The Bangladesh Rating Agency Limited (BDRAL) signed a MoU with Bangladesh University of Business & Technology (BUBT): https://www.bubt.edu.bd/home/event_details/89

- BDRAL CEO’s InterviewBusiness Times (December, 2015): http://ibtbd.net/rating

- BDRAL CEO’s interview with Bangladesh Apparel Online: room/news-events/

- To learn more about BDRAL, please visit: www.bdral.com

Head Office Info:Address: The Bangladesh Rating Agency Limited, 47 Karwan Bazaar, Latif Tower (12th Floor), Dhaka-

Telephone (PABX):+88-02-48111686, 55013251Direct lines: Accounts and Billing: +88Client Care: +88Email: General Inquiries: Accounts & Billing:Customer Care:

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Country News Inflation rises in Jan after 12 months: Point-to-point inflation in the ountry slightly increased in January after declining 12 months in a row,

according to Bangladesh Bureau of Statistics data. Both food and non-food inflation increased in the month. According to the BBS data, the overall inflation increased to 5.42 per cent in January this year from that of 5.35 per cent in December last year. Food and non-food inflation rose to 5.33 per cent and 5.57 per cent respectively in the month while the figures were 5.28 per cent and 5.45 per cent respectively in December.

the general inflation rate at the urban level in January declined slightly to 5.93 per cent which was 6.14 per cent in December. The general point to point inflation rate at the rural level registered 5.14 per

Trade gap narrows to $7.66bn in Jul-Dec: Trade deficit narrowed 12 the first half of the fiscal year due to a rise in exports and a

slowdown in imports. At the end of December last year, trade deficit stood at $7.66 billion, down from $8.62 billion a year earlier, according to data from the central bank. Between the months of July and December last year, overall import rose 5.73 percent to $27.82 billion. Import payment for capital machinery stood at $2.40 billion in the first half of

on-year. At the same time exports llion, up 16.75 percent year-on-year. The country's

current account deficit also decreased 39 percent year-on-year to $3.08 billion in the first six months. Economists, however, was not impressed with the development as the gap had gone down because of negative import growth of capital machinery in recent months, which play a major

Garment export to non-traditional markets year to $2.90 billion in the current fiscal

onths because of a government stimulus package and free market access. The receipt from the garment shipment in the

same period last fiscal was $2.13 billion, according to data from Export Promotion Bureau and the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). Apart from the traditional US, European Union and Canadian markets, all others are considered non-traditional or emerging markets for Bangladesh. Of those, Australia, Brazil, Chile, China, India, Japan, South Korea, Mexico, Russia, South Africa and Turkey are the 11 stronger markets than others.

benchmarks, supports financial innovation and deepens the credit culture and risk management in the Bangladesh SME sector; thus, addressing the stumbling block which is lack of transparency and trust. All these lead to the need for a Credit Rating System.

BDRAL News

BDRAL has rated more than 15,000 SME businesses up till now.

Research Department’s Activities include: •Publications: SMEs of Bangladesh •Training Program •Cluster Analysis •Customized Research •Monthly Business Bulletin •Quality Data Collection •Secondary Research

BDRAL CEO has been appointed as Bangladesh Country Officer for the International Federation of Green & Global Information & Communication Technology

http://www.daily-sun.com/printversion/details/295353/BDRA

madeBangladesh-countryofficer-for-

BDRAL CEO has participated in a kshop on “Employability Skills

Development” organized by BUBT (July,

https://www.bubt.edu.bd/home/page_details/Employability_Skills_Development_July-2018

The Bangladesh Rating Agency Limited (BDRAL) signed a MoU with Bangladesh University of Business & Technology

https://www.bubt.edu.bd/home/event_details/89

BDRAL CEO’s Interview with ICE Business Times (December, 2015): http://ibtbd.net/rating-agency/

BDRAL CEO’s interview with Bangladesh Apparel Online: http://www.bdral.com/press-

events/

To learn more about BDRAL, please visit: www.bdral.com

Head Office Info: The Bangladesh Rating Agency

Limited, 47 Karwan Bazaar, Latif Tower (12th -1215, Bangladesh;

Telephone (PABX): 48111686, 55013251

Accounts and Billing: +88-0179-992-8338 Client Care: +88-0174-663-2745

General Inquiries: info@bdral.com Accounts & Billing:credit.control@bdral.com Customer Care: client.care@bdral.com

Join us on our Facebook page https://www.facebook.com/BDRALRating/

• Deposit through agent banking rises 122pc: Deposits collected through agent banking rose a whopping 122 percent last year from the previous year whereas the whole banking sector experienced a fall in deposit growth. Bangladesh Bank data showed Tk 3,112 crore was deposited through the agent banking channel in 2018, up from Tk 1,399 crore a year ago. The amount collected by the outlets—which provide banking services on a limited scale—was only Tk 380 crore in 2016. However, the deposit growth of the banking sector fell by 1.22 percentage points year-on-year to 9 percent in 2018. Currently, 19 banks provide agent banking service with Dutch-Bangla Bank Ltd (DBBL) and Bank Asia are leading the pack with a combined 78 percent market share. The number of agent banking accountholders doubled year-on-year to 24.56 lakh last year. Of them, 87 percent were opened in rural areas, through which Tk 2,455 crore was deposited.

Notice � BB recognizes BDRAL as a specialized

rating agency to have a partial access to the CIB Information of the SME borrowers through banks/FIs for the sake of calculating Default Matrix & Transition Matrix and also bank relationship risk measurement- as indicated by BB in its Credit Rating Methodology for SME enterprise.

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Warning! Counterfeit BDRAL Reports! It has come to our attention that, some companies are submitting fake BDRAL credit rating reports to different banks for bank loans. Therefore, bankers are requested to cross check the validity of the reports with the BDRAL Client Care service, either by calling at 01746632745 or by email at client.care@bdral.com. All our reports contain contact information of the analysts who worked on the report preparation and we maintain a specific format. So, if anything looks unfamiliar of appears doubtful, please verify the reports. We appreciate your continuous support.

• Default loans soar 26pc: Default loans at banks went up by a hefty 26.38 percent or Tk 19,608 crore last year, the highest rise in seven years, exposing the precarious condition of the banking sector. Poor lending practices, a lack of corporate governance and the government's interference in banks were the main reasons behind the rise in toxic loans in recent times, analysts said. The amount of non-performing loan (NPL) stood at Tk 93,911 crore at the end of 2018, up from Tk 74,303 crore a year ago, according to data from the central bank. The NPLs now accounted for 10.30 percent of the banking sector's total loans, up from 9.31 percent in 2017.

• Banks' CSR spending soars despite lower profits: Banks' spending on corporate social responsibility shot up last year, even overshooting the regulatory ceiling -- at a time when they logged in lower profits for higher provisioning needs from the mounting default loans. In 2018, banks spent a total of Tk 904 crore, up 21 percent year-on-year, according to data from the Bangladesh Bank. But, they cannot spend more than: 30 percent of their CSR outlay on the education sector, 20 percent on the health sector, and 10 percent for climate risk or disaster management. Banks breached the ceilings last year: they spent Tk 380 crore on the education sector and Tk 331 crore on disaster management, which are 42 percent and 36.62 percent respectively of the total CSR expenditure. The CSR spending of some banks is rather curious. For instance, AB Bank, which is listed on the Dhaka Stock Exchange, saw its earnings per share come down to Tk 0.41 in the first nine months of 2018 from Tk 0.64 a year earlier. Yet, it spent Tk 17.19 crore under the CSR programme last year, of which the highest 48 percent went to the 'others' sector. In 2017, the bank's net profit was Tk 2.96 crore against which it spent Tk 17.64 crore on CSR activities, according to data from the central bank.

• ADP spending highest in six years: Development spending in the first seven months of the fiscal was Tk 62,282 crore, which is 34.43 percent of the total annual development programme outlay (the highest in six years), according to data from the Implementation Monitoring and Evaluation Division (IMED). The amount is an increase of 13.82 percent year-on-year. However, for full utilisation of the allocation, the ministries and divisions will have to spend 65 percent of the allocation in the next five months -- a near-impossible task, said a senior official of the planning ministry. Of the total amount spent, Tk 36,624 crore came from the government's own funds, which is 32.41 percent of the allocation. The implementation of the government's own funds a year earlier was 30.02 percent. Some Tk 22,526 crore was spent from foreign aid, which is 37.54 percent of the allocation. At this point a year earlier, foreign aid utilisation was 38.63 percent of the total outlay. This time performance of state-owned enterprises improved. They spent Tk 3,133 crore in the first seven months of the fiscal year, which is 39.81 percent of their allocation. It was only 33.18 percent a year earlier.

• DITF ends with Tk 200 crore export orders: The 24th Dhaka International Trade Fair-2019 ended on February 9, 2019 with businesses receiving export orders worth around Tk 200 crore, while the figure was around Tk 160 crore last year, commerce minister Tipu Munshi said at the concluding ceremony of the trade fair at Sher-e-Bangla Nagar in Dhaka. Parliamentary standing committee on commerce ministry chairman Tofail Ahmedl said that the

country’s export earnings were $35.67 billion in 2018 while the earnings were expected to be $39 billion in 2019. The government has also set a target of exporting $60 billion worth of products and services by 2021 when the country will celebrate 50 years of independence, he added.

• Overseas jobs for BD workers fall 28pc in Jan: The overseas jobs for Bangladeshi workers declined by about 28 per cent in January this year compared to the corresponding period of previous year, official statistics showed. Bangladesh sent 59,037 workers in January 2019 as against 81,846 in the same month last year, according to the Bureau of Manpower Employment and Training (BMET) data. Sector insiders and migration experts said Bangladesh has been depending on the single market since 2016 after resuming manpower recruitment by Saudi Arabia, terming it very risky for a country. The BMET data revealed that Saudi Arabia recruited the highest 30,151 workers, followed by Oman 8,327, Qatar 7,871 and Singapore 3,671 in January this year.

SME News • BB, SME Foundation sign deal on Tk 500m loan scheme: The SME Foundation with support from Bangladesh

Bank (BB) will provide the small and medium enterprises (SMEs) with low-cost loans amounting Tk 500 million through different financial institutions including Brac Bank, Mututal Trust Bank, Bank Asia and Midas Financing Limited. The credit fund will be made available for entrepreneurs of various categories across the country to enhance their respective businesses. Women entrepreneurs will also be considered under the credit scheme. The SME Foundation has been supporting entrepreneurs through its specialised credit programme since 2009. Under the programme, around 1,700 entrepreneurs, of those 35 per cent women, have availed of the credit facility till December 2018. The small and medium businesses receive the fund at an interest rate of 9.0 per cent.

International News

• Germany facing big budget hole as economy slows: Germany is facing a budget shortfall of around 25 billion euros ($28.6 billion) by 2023 as an economic slowdown means tax revenues will come in below previous estimates, a finance ministry document obtained by Reuters showed. Global trade tensions and concern about Brexit have already prompted Germany to slash its growth forecast for this year to 1 per cent from 1.8 per cent previously as a decade-long boom in Europe’s economic powerhouse draws to a close. The ministry document, prepared for finance minister Olaf Scholz to present to cabinet colleagues, pointed to annual budget shortfalls of 5 billion euros through to and including 2022.

• Russian GDP growth up 2.3pc: Russian GDP grew 2.3 per cent in 2018 year-on-year after having grown 1.6 per cent a year earlier, according to the state statistics service Rosstat’data. The economy ministry last month increased its GDP growth estimate in 2018 to 2 per cent from 1.8 per cent, citing a significant increase in construction activity. In January Rosstat revised construction sector growth for the first 11 months of 2018 to 5.7 per cent, sharply up from the previously reported 0.5 per cent in annual terms.

• Japan's labour shortage hits 45-year high: There were 161 jobs for every 100 jobseekers on average last year in Japan, the highest ratio since 1973, highlighting the labour shortage in the world's third-largest economy and its ageing society. According to labour ministry data released on Friday, the ratio was even higher in December, at 163 jobs available for every 100 people looking for work. The Japanese labour market has been tight for many years as the workforce shrinks with a rapidly ageing population and a low childbirth rate. The country's unemployment rate also remained at low levels in December, hitting 2.4 percent, a 0.1-percentage point drop from the previous month, according to separate data from the internal affairs ministry.

• Singapore retail sales decline 6pc y/y in December 2018: Singapore's retail sales decreased by 6.0 per cent year on year in December 2018, compared to a 2.4 per cent decrease in November, according to the Department of Statistics of Singapore. The retail sales decreased by 3.4 per cent month on month on a seasonally adjusted basis in December compared to a 0.1 per cent increase in the previous month. The authority said excluding motor vehicles, retail sales of last December dropped by 3.0 per cent year on year and 4.1 per cent month on month, reports Xinhua. Singapore's total retail sales value in December was estimated at 4.3 billion Singapore dollars (about 3.17 billion US dollars).

• Indonesia economy posts 5.17pc growth in 2018: Indonesia posted slightly stronger economic growth in 2018, data showed on February 6, 2019, but it still fell well short of president Joko Widodo’s seven per cent target as elections draw closer. Southeast Asia’s biggest economy expanded 5.17 per cent on-year, ticking up from 5.10 per cent in 2017 and beating most analyst forecasts. Domestic spending was a key driver, the statistics agency said, as the commodities-driven economy weathered rocky global demand.

• Pakistan trade deficit shrinks by $2.0b in seven months: Pakistan's trade deficit plunged by 9.66 per cent to $19.26 billion during the first seven months of the current fiscal, as compared to the same period last year, reports Dawn. Data released by the Pakistan Bureau of Statistics (PBS) showed the trade deficit contracted by over $2.0 billion to $19.264 billion in the July-January period of 2018-19 against a deficit of $21.32 billion during the

corresponding months last year. Exports increased by 2.24pc to $13.23 billion dufrom $12.94 billion in the same period of 2017billion in the first seven months.

• Sri Lanka GDP growth slowest in 17 years:expansion in 17 years, the central bank said on February 22. Growth for 2018 was cut from a forecast above 5.0 per cent to about 3.0 per cent because of damage to the economy from a conflict between the president and prime minister, Central Bank of Sri Lanka governor Indrajith Coomaraswamy said. The bank governor said he expected better growth in 2019 as the outflow of foreign capital had reversed.

The CEO of BDRAL invited Mrs. Shamima Akhter, ComOfficer & Assistant Manager for Accounts Receivable & Customer Service for a private tea session to personally wish her on her birthday with a special treat. [February 11, 2019]

Mr. Syed Shafiquddin Ahmed (middle), AdvisorUniversity is seen with Mr. M. Mahabub Alam Bhuyian (left), Head of Business Development of BDRAL. Mr. Aslam Dutta (right), Business Development Executive (Chittagong Zone) of BDRAL waspresent there. [January 23, 2019]

© The Bangladesh Rating Agency Ltd.

corresponding months last year. Exports increased by 2.24pc to $13.23 billion during the period under review from $12.94 billion in the same period of 2017-18. Imports declined by 5.17pc to $32.49 billion from $34.27

Sri Lanka GDP growth slowest in 17 years: A political crisis in Sri Lanka last year led to the slowest economic expansion in 17 years, the central bank said on February 22. Growth for 2018 was cut from a forecast above 5.0 per cent to about 3.0 per cent because of damage to the economy from a conflict between the president and prime

ter, Central Bank of Sri Lanka governor Indrajith Coomaraswamy said. The bank governor said he expected better growth in 2019 as the outflow of foreign capital had reversed.

BDRAL Photo News

The CEO of BDRAL invited Mrs. Shamima Akhter, Compliance Officer & Assistant Manager for Accounts Receivable & Customer Service for a private tea session to personally wish her on her birthday

The CEO of BDRAL and Ms. Sharmin Akter Preety, Trainee Junior Business Analyst were at a private tea sessionPreety’s birthday. [February 24, 2019]

Mr. Syed Shafiquddin Ahmed (middle), Advisor of East Delta M. Mahabub Alam Bhuyian (left), Head of

Business Development of BDRAL. Mr. Aslam Dutta (right), Business ) of BDRAL was also

BDRAL Upgrade & Update (U&U) internal training program for existing employees on industry developments and changes in rules and practices.

Better Insight – Better Business

ring the period under review 18. Imports declined by 5.17pc to $32.49 billion from $34.27

led to the slowest economic expansion in 17 years, the central bank said on February 22. Growth for 2018 was cut from a forecast above 5.0 per cent to about 3.0 per cent because of damage to the economy from a conflict between the president and prime

ter, Central Bank of Sri Lanka governor Indrajith Coomaraswamy said. The bank governor said he expected

Ms. Sharmin Akter Preety, Trainee Junior

rivate tea session on the occasion of Ms. 2019]

ade & Update (U&U) internal training program for

existing employees on industry developments and changes in rules and