Businesses expected to be normal today
Sunday, 26 August 2007
The country's business and commerce that suffered on Thursday and Friday due to curfew and subsequent weekend is expected to become normal today (Sunday) as there will be no curfew from 5.0 am to 11pm today, reports UNB.
Banking, insurance companies, corporate and trading houses and stock exchanges could not operate their businesses on Thursday due to curfew and on Friday because of weekend. The corporate and trading houses and banks, however, resumed their operations in a limited scale Saturday with an expectation that they would be able to run their normal businesses from today (Sunday).
Senior bank officials said Saturday's transactions at selective branches of some commercial banks were more than Saturday's fashion. On Saturdays, banking takes place mainly for emergency opening of letters of credit (LCs), but on the day some cash transactions also took place, they said.
The banks witnessed a cash withdrawal pressure prompting them to transfer money from one branch to another as the ATM (Automated Teller Machines) booths ran out of cash on Thursday and Friday.
The bankers projected a large volume of cash withdrawal today (Sunday), which could even force them to face a liquidity crisis, as they could not mobilise deposits on Thursday.
They would, however, make up the liquidity shortage through borrowing from the Bangladesh Bank or the call money market, a private bank executive said.
Meanwhile, Chief Executive Officer of Dhaka Stock Exchange (DSE) Dr Salahuddin Ahmed Khan said the stock market would resume trading today (Sunday) as the curfew has been relaxed.
Banking, insurance companies, corporate and trading houses and stock exchanges could not operate their businesses on Thursday due to curfew and on Friday because of weekend. The corporate and trading houses and banks, however, resumed their operations in a limited scale Saturday with an expectation that they would be able to run their normal businesses from today (Sunday).
Senior bank officials said Saturday's transactions at selective branches of some commercial banks were more than Saturday's fashion. On Saturdays, banking takes place mainly for emergency opening of letters of credit (LCs), but on the day some cash transactions also took place, they said.
The banks witnessed a cash withdrawal pressure prompting them to transfer money from one branch to another as the ATM (Automated Teller Machines) booths ran out of cash on Thursday and Friday.
The bankers projected a large volume of cash withdrawal today (Sunday), which could even force them to face a liquidity crisis, as they could not mobilise deposits on Thursday.
They would, however, make up the liquidity shortage through borrowing from the Bangladesh Bank or the call money market, a private bank executive said.
Meanwhile, Chief Executive Officer of Dhaka Stock Exchange (DSE) Dr Salahuddin Ahmed Khan said the stock market would resume trading today (Sunday) as the curfew has been relaxed.