Economy / Bangladesh

Lending rate set to rise further

Lending rate set to rise further

Lending rates are up for further rise as the regulator continues tightening its fist in a must-do combat to cool indomitable inflation and domestic-market turmoil. Sources say the banks' lending-rate rise is set to take effect in October in a latest contraction in money supply while the Bangladesh


BB imposes 10pc source tax on inward remittance

BB imposes 10pc source tax on inward remittance

The Bangladesh Bank (BB) on Wednesday said banks will deduct tax at source from inward remittance against service and revenue sharing. The banks will deduct the tax at the rate of 10 per cent. The Foreign Exchange Policy Department of the BB issued the circular. The central bank said this circul

Forex reserves fall to $21.154b

Forex reserves fall to $21.154b

Bangladesh has seen its foreign-exchange reserves fall further by nearly US$300 million in a week to $21.154 billion on Wednesday as per a new method of calculating, official data showed. The Bangladesh Bank (BB) data, released on the day, reflect the reserves accounting under the Balance of Payme

Lack of skilled recipients limits tech transfers

Lack of skilled recipients limits tech transfers

A major lift in digital technologies has happened in Bangladesh for absorption of technical know-how from Chinese technical assistance and investments, although the technology transfer remains limited for skills deficiency. Investment promoters and industry people are of such view in evaluation of

BEZA inks land lease deals with six firms

BEZA inks land lease deals with six firms

Bangladesh Economic Zones Authority (BEZA) on Wednesday signed land lease agreements with six organisations. The organizations are Linde Bangladesh Limited, Master Rack & Furniture, Sanjana Fabrics Limited, OMC Limited, SFL Hotel & Resort Limited and Kinbo Manufacturing Industries Limited. BEZA E

BTCCI seeks govt cooperation in boosting trade relations

BTCCI seeks govt cooperation in boosting trade relations

Bangladesh-Thai Chamber of Commerce and Industry (BTCCI) placed a number of proposals to the Industries Ministry, seeking government cooperation in relocating potential industries in Bangladesh from Thailand. BTCCI also sought the removal of tariff barriers to strengthen bilateral economic coopera

Little letup soon in forex pressures

Little letup soon in forex pressures

Bangladesh's foreign-exchange reserves will stay on under pressures driven by rising import costs and foreign-currency intervention by the central bank, says Fitch Ratings amid already-persisting crunch. "We forecast foreign-exchange reserves to stay under pressure, driven by rising imports and fo

AIIB to lend Bangladesh $4.5b in 5 yrs

AIIB to lend Bangladesh $4.5b in 5 yrs

The Asian Infrastructure Investment Bank (AIIB) will provide US$4.5 billion to Bangladesh during the next five years, the ministry of finance said Tuesday. The loan is expected to help finance efforts to face climate change-induced problems, and play a pivotal role in creating a bridge between pub

Unorthodox reform ideas invited for boosting remittances

Unorthodox reform ideas invited for boosting remittances

Thought-provoking reform ideas have been invited for netting more remittances which can help resolve the prevailing foreign-exchange and other macroeconomic problems facing Bangladesh. As current measures and bets for remitters couldn't deter remittance and forex diversions, Finance Minister AHM M

Taxpayers face quandary as NBR online portal not ready

Taxpayers face quandary as NBR online portal not ready

The online portal is not ready yet, offline services are off-limits too, and the revenue authority is still scrambling to grasp the changes in collection rules: this is exactly what happens when a new tax law, incorporating stringent measures, catches the revenue collector off guard. This chaos ha

Liquidity squeeze to banks begins

Liquidity squeeze to banks begins

Liquidity funnelling into commercial banks is getting squeezed as the central bank begins curtailing money supply in the economy to contain nagging inflation. As part of the latest move, the government auction committee on risk-free investment instruments did not accept all the bids placed at Sund