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Search results for: economy

IMF team cites weaknesses on macroeconomic front

IMF team cites weaknesses on macroeconomic front

FE REPORT 2022-07-21 09:30:56

An International Monetary Fund (IMF) economic appraisal mission noted with concern Bangladesh's low tax-GDP ratio, non-performing loan (NPL) buildup in the banking system and rising inequality, offici...

Tk 300b tax revenue deficit in FY '22

Tk 300b tax revenue deficit in FY '22

DOULOT AKTER MALA 2022-07-21 08:42:28

The tax revenue collection has faced nearly Tk 300 billion shortfall in the previous fiscal year (FY), 2021-22, although the tax-collecting wings have achieved double-digit growth over their previous...

Bangladeshi startups net $90m in H1

Bangladeshi startups net $90m in H1

FE REPORT 2022-07-21 08:26:16

Bangladeshi startups have raised nearly $90 million in investment in the first half of the running calendar year, according to a study report. Of the latest investment, business-to-business platform...

BGMEA seeks IMF support in realising strategic vision of RMG industry

BGMEA seeks IMF support in realising strategic vision of RMG industry

-- 2022-07-20 20:55:05

BGMEA President Faruque Hassan has sought the support of the International Monetary Fund (IMF) in realising the vision of the RMG industry, which in turn would contribute to the development of Banglad...

We don’t need any loan from IMF right now, says finance minister

We don’t need any loan from IMF right now, says finance minister

-- 2022-07-20 18:43:10

Finance Minister AHM Mustafa Kamal has dismissed a media report that Bangladesh is seeking a loan of $4.5 billion in aid for economic recovery. “Neither had we placed any proposal to IMF for a...

BB unveils refinancing scheme of Tk 250b for small businesses

BB unveils refinancing scheme of Tk 250b for small businesses

-- 2022-07-20 15:54:54

Bangladesh Bank (BB) has announced a refinancing scheme of Tk 250 billion for cottage, micro, small and medium entrepreneurs. Under this scheme, banks and financial institutions can disburse loans th...

Bangladesh sets export target of $67b for FY23

Bangladesh sets export target of $67b for FY23

-- 2022-07-20 15:17:06

Bangladesh is aiming to set a new record for export earnings in fiscal 2022-23 even as the war in Ukraine rattles the global economy. The government is targetting $67 billion in revenues from exports...

92.79pc ADP executed in FY22

92.79pc ADP executed in FY22

FE REPORT 2022-07-20 09:35:37

With the record-highest single-month spending, government agencies implemented 92.79 per cent of the Annual Development Programme (ADP) in fiscal year (FY) 2021-22, officials said on Tuesday. In the...

Recovery to rise, dev process to accelerate

Recovery to rise, dev process to accelerate

FE REPORT 2022-07-20 09:32:40

A fresh loan-rescheduling and- restructuring policy the central bank has just issued would help raise recovery of huge unpaid loans and facilitate overall economic activities amid the exigencies of pa...

Inflation bites, as rate soars to 9-year high

Inflation bites, as rate soars to 9-year high

FHM Humayan Kabir 2022-07-20 09:31:01

Bangladeshis also feel bitter bite of inflation as its point-to-point rate climbed to 7.56 per cent last month, a nine-year high, amid erratic price rises. Meanwhile, the average inflation rate in th...

EU wants full implementation of labour roadmap for trade facility

EU wants full implementation of labour roadmap for trade facility

-- 2022-07-19 20:45:41

The European Parliament's delegation on international trade on Tuesday said that the block wants full implementation of Bangladesh government's commitment to implement a labour roadmap. "We want the...

Inflation hits nine-year high of 7.56pc in June

Inflation hits nine-year high of 7.56pc in June

-- 2022-07-19 18:19:39

Bangladesh witnessed an nine-year high of 7.56 per cent inflation rate in June, the last month of FY22, as per state-owned BBS data. This important indicator of the economy rose by 7.42 per cent in M...

Pakistani rupee falls to all-time low against US dollar

Pakistani rupee falls to all-time low against US dollar

-- 2022-07-19 18:19:12

The Pakistani rupee fell to an all-time low against the dollar for the second day in a row on Tuesday, closing at Rs222 in the interbank market. According to the Forex Association of Pakistan (FAP),...

ECNEC approves second revision of MRT-6 project

ECNEC approves second revision of MRT-6 project

-- 2022-07-19 17:55:35

The Executive Committee of the National Economic Council (ECNEC) on Tuesday approved the second revision of the much-hyped Dhaka Mass Rapid Transit Development (Line-6) project with an additional cost...

Indian rupee falls past 80 against dollar to hit record low

Indian rupee falls past 80 against dollar to hit record low

-- 2022-07-19 17:29:28

The Indian rupee hit a seventh straight session of record lows on Tuesday as weakness in domestic shares and currencies weighed, but dollar selling intervention by the central bank helped limit furthe...

Loan rescheduling time redoubled, costs slashed

Loan rescheduling time redoubled, costs slashed

Siddique Islam 2022-07-19 08:42:19

It comes as a bounteous bail-in for big borrowers as the central bank liberally relaxes loan- rescheduling liabilities trying to facilitate overall business activities in Bangladesh amid global crunch...

Emphasis on inclusive insurance, risk finance for all

Emphasis on inclusive insurance, risk finance for all

-- 2022-07-18 21:32:56

Speakers at a workshop on Monday called upon the government, development partners and private sector for enabling an environment for inclusive insurance and risk financing for the country's sustainabl...

Bangladesh, Indonesia for early conclusion of PTA for strengthening economic cooperation

Bangladesh, Indonesia for early conclusion of PTA for strengthening economic cooperation

-- 2022-07-18 17:37:38

Bangladesh and Indonesia have stressed concluding the bilateral preferential trade agreement (PTA) to further strengthen the economic cooperation between the two countries. Bangladesh and Indonesia h...

IMF airs concern over rising bad loans in banks

IMF airs concern over rising bad loans in banks

-- 2022-07-18 17:22:55

A visiting delegation of the International Monetary Fund (IMF) has expressed concern over the weakness of Bangladesh's banking system and the high rate of non-performing loans (NPL), according to a se...

Sri Lanka crisis is a warning to other Asian nations: BBC

Sri Lanka crisis is a warning to other Asian nations: BBC

BBC 2022-07-18 17:21:30

Sri Lanka is in the midst of a deep and unprecedented economic crisis that has sparked huge protests and seen its president quit after fleeing the country - but other countries could be at risk of sim...

Australia, New Zealand dollars get a lift from sky-high inflation

Australia, New Zealand dollars get a lift from sky-high inflation

-- 2022-07-18 16:41:08

The New Zealand dollar got a rare rally on Monday after an alarmingly high reading on inflation stoked speculation of more aggressive rate hikes, pushing up bond yields and its Australian cousin. The...

BB lifts interest rate ceiling on NFCDs

BB lifts interest rate ceiling on NFCDs

FE REPORT 2022-07-18 08:51:42

The Bangladesh Bank (BB) on Sunday withdrew the interest rate ceiling on non-resident foreign currency deposits (NFCDs) to raise the inflow of foreign currency into the country and ease the ongoing pr...

IMF team meets MoC secy

IMF team meets MoC secy

FE REPORT 2022-07-18 08:45:25

A delegation of the International Monetary Fund (IMF) met Senior Secretary of Ministry of Commerce (MoC) Tapan Kanti Ghosh at his secretariat office in the capital on Sunday. The delegation met him t...

Bank borrowing triples in FY ’22

Bank borrowing triples in FY ’22

SIDDIQUE ISLAM 2022-07-18 08:38:32

Government bank borrowings nearly tripled in the past fiscal, partly being pushed by need for financing budget deficit, officials say, raising its debt liability. Its aggregate net bank borrowings ro...

Non-resident Bangladeshis can now open foreign currency deposit accounts

Non-resident Bangladeshis can now open foreign currency deposit accounts

-- 2022-07-17 18:58:43

Bangladesh Bank has allowed authorised dealers (ADs) to open interest-bearing non-resident foreign currency deposit (NFCD) accounts in order to increase foreign currency flow. The non-resident Bangla...

China's monetary policy has ample room to meet challenges: State media

China's monetary policy has ample room to meet challenges: State media

-- 2022-07-17 17:09:32

China's monetary policy has ample room and sufficient tools, including further cutting banks' reserve requirements, to cope with new challenges amid a shaky economic recovery, says Reuters citing a co...

Debt default: At least dozen countries are in danger zone

Debt default: At least dozen countries are in danger zone

-- 2022-07-17 16:02:49

A record number of developing nations are now in trouble as they show traditional debt crisis signs of crashing currencies, 1,000 basis point bonds spread and burned FX reserves point. Lebanon, Sri L...

Pakistan to get $4b from friendly countries to shore up reserves

Pakistan to get $4b from friendly countries to shore up reserves

REUTERS 2022-07-17 13:14:10

Pakistan is likely to get $4 billion from friendly countries this month to bridge a gap in foreign reserves highlighted by the International Monetary Fund, the country's finance minister said, two d...

Unrealistic energy policies may lead to higher inflation, says Saudi crown prince

Unrealistic energy policies may lead to higher inflation, says Saudi crown prince

-- 2022-07-16 20:23:59

Saudi Arabia's Crown Prince Mohammed bin Salman said on Saturday more investment was needed in fossil fuel and clean energy technologies to meet global demand, and those unrealistic emission policies...

G20 finance chiefs reach ‘consensus’ on food security, remain divided on Ukraine war

G20 finance chiefs reach ‘consensus’ on food security, remain divided on Ukraine war

-- 2022-07-16 17:35:31

The Group of 20 major economies' finance chiefs reached what one called a "strong consensus" on issues including global food security at a two-day meeting in Indonesia but remained divided over Russia...