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
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
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
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
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
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
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
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
Fitch Ratings has revised its outlook on Bangladesh's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable, and affirmed the IDR at 'BB-'. An IDR represents an assessment of an issuer's (such as a company or government) relative likelihood of defaulting on its financial o
Marginalised communities in Bangladesh continue to lag behind in reaping the benefits of the country's economic progress, said economists and civil-society members at a programme on Monday. They identified factors such as weak governance, inadequate policies and undue political interference in pol
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
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 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
