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The Financial Express

Search results for: economy

Forex reserve crosses $36b-mark for first time ever

Forex reserve crosses $36b-mark for first time ever

FE Online Report 2020-07-02 20:00:53

Bangladesh’s foreign exchange (forex) reserve has crossed the US$36 billion-mark -- for the first time in history, following lower import payment obligations and higher growth of inward remittan...

Remittances hit record $18.20b in FY20

Remittances hit record $18.20b in FY20

FE Online Report 2020-07-02 18:28:16

The flow of remittances grew by nearly 11 per cent to a record US$18.20 billion in the just-concluded fiscal year (FY) despite the ongoing Covid-19 pandemic, officials said. The figure in FY19 was $1...

US manufacturing activity rebounds in June

US manufacturing activity rebounds in June

-- 2020-07-02 16:22:32

Economic activity in the US manufacturing sector rebounded in June, after three months of contraction amid mounting Covid-19 fallout, the Institute for Supply Management (ISM) reported Wednesday. The...

BB announces policy on export against payment guarantees

BB announces policy on export against payment guarantees

FE Online Report 2020-07-02 09:52:45

The central bank has issued a policy allowing banks to export goods under open account credit terms instead of letters of credit (LCs) with foreign payment guarantees. Under the new policy, exporters...

VAT reg display: Non-compliant firms face penalty

VAT reg display: Non-compliant firms face penalty

Doulot Akter Mala 2020-07-02 09:41:31

Businesses and shops may have to face penal action for not displaying VAT registration certificates on their premises from now on. The Value Added Tax implementation wing of the National Board of Rev...

RMG exports drop 19pc in FY'20

RMG exports drop 19pc in FY'20

Monira Munni 2020-07-02 09:34:40

The country's readymade garment (RMG) exports declined by 18.84 per cent to US$ 27.70 billion in the just concluded fiscal year (FY 2019-20). The sector had fetched $ 34.13 billion in the FY 2018-19....

‘Supply rice at agreed price, otherwise we may go for import’

‘Supply rice at agreed price, otherwise we may go for import’

-- 2020-07-01 20:45:25

The government will import rice to keep the market stable in case the mill owners refuse to supply the staple at the agreed price, the food minister has warned. The market should never become volatil...

Flood condition posing threat to targeted Aus, Aman production

Flood condition posing threat to targeted Aus, Aman production

-- 2020-07-01 19:55:55

Deteriorating flood condition in several regions, due mainly to the onrush of water from the upstream of neighbouring India, has been posing threat to targeted production of Aus and Aman crop this yea...

Gulf economies to shrink by 7.6pc this year, IMF says

Gulf economies to shrink by 7.6pc this year, IMF says

-- 2020-07-01 18:05:04

Gulf Cooperation Council (GCC) countries will see their economies shrink by 7.6 per cent this year, an International Monetary Fund official said on Tuesday, revising downwards April forecasts of nearl...

‘COVID-19 could wipe out gains in equality for women at work’

‘COVID-19 could wipe out gains in equality for women at work’

-- 2020-07-01 16:32:08

The coronavirus pandemic could wipe out "the modest progress" made on gender equality at work in recent decades with women globally at greater risk of losing their jobs, the International Labour Organ...

New York City passes $88 billion budget

New York City passes $88 billion budget

-- 2020-07-01 16:15:52

The New York City Council voted to pass the 2021 budget on Tuesday night with cuts to police funding after weeks of fraught negotiations with Mayor Bill de Blasio, but some lawmakers complained it fel...

Indonesia's annual inflation falls to lowest in 20 years in June

Indonesia's annual inflation falls to lowest in 20 years in June

-- 2020-07-01 13:25:50

The consumer price index in June logged the lowest level since May 2000 as the novel coronavirus pandemic stretched deep the country's economy and depressed demands. The National Agency of Statistics...

India records quarterly current account surplus for first time in 13 years

India records quarterly current account surplus for first time in 13 years

REUTERS 2020-07-01 11:19:46

India’s current account turned positive in the last quarter of the 2019/20 fiscal year as a result of a lower trade deficit and a sharp rise in net invisible receipts, the Reserve Bank of India...

NBFIs seek Tk 100b liquidity support

NBFIs seek Tk 100b liquidity support

SIDDIQUE ISLAM 2020-07-01 09:36:25

Top executives of the non-bank financial institutions (NBFIs) have sought Tk 100-billion emergency support from the central bank to meet liquidity requirements amid the COVID-19 pandemic. The support...

Restarting economy: Decision outweighs dividend

Restarting economy: Decision outweighs dividend

JASIM UDDIN HAROON & SAIF UDDIN 2020-07-01 09:27:13

Hope ran high on easing restrictions on movement and economic activities, but one month on people from all walks of life are laregely disappointed by the outcome. The poor, in particular, are still st...

VAT information not mandatory to get bank loan

VAT information not mandatory to get bank loan

-- 2020-06-30 20:41:50

The National Board of Revenue (NBR) has withdrawn its directive to make Value Added Tax (VAT) information mandatory for approving bank loan proposals. The NBR took the decision so that taxpayers do n...

‘FDI to be very important for BD, UK for COVID-19 recovery’

‘FDI to be very important for BD, UK for COVID-19 recovery’

-- 2020-06-30 17:38:57

British High Commissioner to Bangladesh Robert Chatterton Dickson has said foreign direct investment, including from the UK, would be very important for helping both Bangladesh and the UK economies re...

Greek economy to fall by 5.8pc in 2020: BoG

Greek economy to fall by 5.8pc in 2020: BoG

-- 2020-06-30 16:22:24

The Bank of Greece (BoG) expects the country's economy to shrink by 5.8 per cent this year in its baseline scenario, but risks related to the coronavirus pandemic could bring the economic contraction...

UK economy shows biggest drop in 40 years in early 2020

UK economy shows biggest drop in 40 years in early 2020

Reuters 2020-06-30 13:51:07

Britain’s economy shrank by the most since 1979 in early 2020 as households slashed their spending, according to official data that included the first few days of the coronavirus lockdown. Gros...

Govt eases rules to park untaxed money in stocks

Govt eases rules to park untaxed money in stocks

-- 2020-06-29 18:50:26

The Finance Bill for fiscal year 2020-21 has reduced the lock-in period for investments of undisclosed income in stocks to 1 year from proposed 3 years in a bid to boost the fund flow into the flaggin...

Vietnam's H1 GDP growth lowest in 10 years

Vietnam's H1 GDP growth lowest in 10 years

-- 2020-06-29 16:18:02

Vietnam's gross domestic product (GDP) grew 1.81 per cent in the first half of this year, the lowest six-month growth rate in the 2011-2020 period, the General Statistics Office said on Monday. Betwe...

Australia's golden economy faces long road to virus recovery

Australia's golden economy faces long road to virus recovery

REUTERS 2020-06-29 10:30:18

Coronavirus has done to Australia what even the global financial crisis couldn’t: abruptly end a record growth run and help trigger a deep recession from which the country will take time to reco...

EPB moots $37 billion export target

EPB moots $37 billion export target

MONIRA MUNNI 2020-06-29 09:35:29

The Export Promotion Bureau (EPB) has proposed setting a $37.44-billion export target for fiscal year (FY) 2020-21, predicting 13-per cent growth, officials said. The EPB has also projected an additi...

Whitening black money: Others abuse fish farmers’ tax benefit

Whitening black money: Others abuse fish farmers’ tax benefit

Doulot Akter Mala 2020-06-29 09:29:19

A vested quarter is allegedly legalising their black money by taking advantage of the tax benefit meant for the fish farmers. Fish farmers have alleged that despite having no such business, some peop...

BD seeks $6.4b Chinese fund for new projects

BD seeks $6.4b Chinese fund for new projects

MIR MOSTAFIZUR RAHAMAN 2020-06-29 09:19:18

Bangladesh now wants Chinese funds for nine new projects worth US$ 6.4 billion. The Economic Relations Division has recently sent a letter to the Chinese government seeking investment fund for these...

BUILD seeks corporate tax cut for all export sectors

BUILD seeks corporate tax cut for all export sectors

FE Report 2020-06-28 10:18:07

Business Initiative Leading Development (BUILD) has demanded reducing corporate tax for all the export-oriented sectors in the upcoming fiscal year (FY). It urged the government to consider the leath...

IMF says virus crisis could ultimately test $1.0t war chest

IMF says virus crisis could ultimately test $1.0t war chest

REUTERS 2020-06-27 14:08:18

International Monetary Fund Managing Director Kristalina Georgieva said on Friday that the global economic crisis spurred by the coronavirus could ultimately test the Fund’s $1.0 trillion in tot...

Malaysian PM calls for ASEAN "travel bubbles" to boost economy

Malaysian PM calls for ASEAN "travel bubbles" to boost economy

-- 2020-06-27 12:54:34

Malaysian Prime Minister Muhyiddin Yassin has called on fellow countries of the Association of Southeast Asian Nations (ASEAN) for "travel bubbles" to counter the economic slump caused by Covid-19. I...

Amendment to VAT rebate provision likely

Amendment to VAT rebate provision likely

DOULOT AKTER MALA 2020-06-27 10:02:22

Two major fiscal measures regarding Value Added Tax or VAT may be revised in the Finance Bill, after widespread criticism. The measures include input credit on the basis of consumption and depositing...

Govt liabilities could climb 56pc in FY'21

Govt liabilities could climb 56pc in FY'21

 FE REPORT 2020-06-27 09:39:48

The government liabilities are expected to jump by 56 per cent at the end of June 2021, according to the annual financial statement. The document shows that total liabilities will stand at Tk. 3.36 t...