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Search results for: economy

Bangladesh received $1.65b as remittances in 26 days of May

Bangladesh received $1.65b as remittances in 26 days of May

-- 2022-05-30 18:21:33

The ministry of finance is expecting the growth of inward remittance by 16 per cent in the fiscal year FY23. Bangladesh has, meanwhile, received inward remittance of US$1.65 billion in 26 days of May...

Private sector credit flow up to 12.48pc

Private sector credit flow up to 12.48pc

FE REPORT 2022-05-30 08:42:37

Private-sector credit flow increased further in April 2022 following rising demand for loans, particularly for trade financing, to settle import-payment obligations. The credit flow rose to 12.48 p...

Bangladesh Bank increases its key interest rate by 25 basis points to 5.0pc

Bangladesh Bank increases its key interest rate by 25 basis points to 5.0pc

-- 2022-05-29 21:40:27

The central bank has raised its key interest rate by 25 basis points to 5.0 per cent as part of its efforts to control consumer prices. The repo rate change, the first since July 2020, will be effect...

Bangladesh in strategic position to offer huge economic dividend to the region

Bangladesh in strategic position to offer huge economic dividend to the region

Mir Mostafizur Rahaman from Guwahati 2022-05-29 20:38:19

Highlighting the geographical position of Bangladesh in the Indo-Pacific region, international experts on Sunday said that the country is set to gain a huge economic dividend by becoming the manufactu...

Taka to depreciate by Tk 1.10 against US dollar

Taka to depreciate by Tk 1.10 against US dollar

SIDDIQUE ISLAM 2022-05-29 18:59:35

The exchange rate of the Bangladesh Taka (BDT) is going to depreciate largely against the US dollar mainly due to higher demand for the greenback for settling import-payment obligations. The local cu...

How Bangladesh has surged past India on road to South Asian economic stardom

How Bangladesh has surged past India on road to South Asian economic stardom

Syed Munir Khasru 2022-05-29 17:26:12

Since 2009, Bangladesh has maintained macroeconomic stability through prudent fiscal and debt management, along with expansion of its social security net and investment in infrastructure projects.&n...

‘Digital platforms can enhance connectivity between people, budget-makers’

‘Digital platforms can enhance connectivity between people, budget-makers’

FE ONLINE REPORT  2022-05-29 16:38:32

By ensuring effective participation of the people in the making and implementation processes of the national budget, pro-people and inclusive development can be further accelerated, opined speakers an...

Sri Lanka to pay $72.6m for 90,000 tonnes Russian oil, minister says

Sri Lanka to pay $72.6m for 90,000 tonnes Russian oil, minister says

-- 2022-05-29 10:46:27

Sri Lanka will pay $72.6 million to buy a 90,000-tonne shipment of Russian oil docked at Colombo's port for weeks, its energy minister said on Saturday, as the island nation works to restart its only...

Is Bangladesh's current $42bn forex reserve safe enough?

Is Bangladesh's current $42bn forex reserve safe enough?

-- 2022-05-29 10:28:53

The recent rise of the US dollar against the taka and the bankruptcy of Sri Lanka have raised a burning question in the public sphere - whether Bangladesh’s foreign currency coffers are enough f...

Consumption surge secures growth, squeezes savings

Consumption surge secures growth, squeezes savings

JASIM UDDIN HAROON 2022-05-29 08:19:07

Bangladesh's economic growth has been fueled by a surge in consumption as a letup in the pandemic has unfrozen pent-up demand, but it costs people their savings. Such consumption binge, for example,...

Banking sector facing big challenges, says central bank governor

Banking sector facing big challenges, says central bank governor

-- 2022-05-28 18:04:05

Bangladesh Bank (BB) Governor Fazle Kabir on Saturday said the banking sector is currently facing big challenges of inflation and unstable foreign exchange rate in the post-Covid-19 period. “A...

Reaping maximum benefits from Padma Bridge: Experts for timely policy, support

Reaping maximum benefits from Padma Bridge: Experts for timely policy, support

MUNIMA SULTANA 2022-05-28 11:51:36

The country expects huge economic benefits from the dream Padma Bridge project, though experts suggest taking timely policy and supportive measures to reap maximum benefits from the country's longest...

Govt gets businesses' tips on trade boosting

Govt gets businesses' tips on trade boosting

SYFUL ISLAM and REZAUL KARIM 2022-05-28 08:44:30

Diversification of export destinations and pursuing a pragmatic export policy are among the dos in a contingency recipe the government has got from the business community for weathering headwinds fa...

Portugal seeks Bangladesh’s wider cooperation 

Portugal seeks Bangladesh’s wider cooperation 

-- 2022-05-27 18:47:57

Portugal has attributed Bangladesh's rapid rise in the economic and social sectors in recent times to the existing political stability under the leadership of Prime Minister Sheikh Hasina.  Port...

Hong Kong seeks to revive global banking status

Hong Kong seeks to revive global banking status

-- 2022-05-27 11:29:01

Hong Kong's central bank plans to hold a major conference in November it hopes will draw global banking bosses, sources said, as the financial hub seeks to welcome back international business followin...

MCCI suggests caution in spending forex

MCCI suggests caution in spending forex

FE REPORT 2022-05-27 09:12:56

The MCCI, Dhaka recommended cautionary measures in spending foreign currencies to contain rising import cost and help save foreign-currency reserves for the sake of ensuring the country's macroecono...

Bankers push for further taka devaluation

Bankers push for further taka devaluation

SIDDIQUE ISLAM 2022-05-27 08:36:46

Bangladesh's top bankers are going to suggest the central bank to let the local currency depreciate further by nearly Tk 2.0 against the US dollar to manage the intractable foreign-exchange market....

Serbia keen to invest in food storage industry in Bangladesh 

Serbia keen to invest in food storage industry in Bangladesh 

-- 2022-05-26 20:35:04

Serbian Foreign Affairs Minister Nikola Selakovic has expressed his country’s interest in investing in the food storage industry of Bangladesh.  The visiting minister expressed his interes...

BB to set uniform dollar exchange rate

BB to set uniform dollar exchange rate

-- 2022-05-26 19:24:33

Bangladesh plans to set a uniform dollar-taka exchange rate for international trade to curb currency volatility. Dealers will submit their proposal on Sunday and Bangladesh Bank (BB) will fix the rat...

World Bank president says war in Ukraine may trigger global recession

World Bank president says war in Ukraine may trigger global recession

-- 2022-05-26 18:22:14

World Bank President David Malpass on Wednesday suggested that Russia's war in Ukraine and its impact on food and energy prices, as well as the availability of fertilizer, could trigger a global reces...

Asia's war on inflation targets supply, not consumers

Asia's war on inflation targets supply, not consumers

-- 2022-05-26 14:16:22

From export bans to price controls, governments in Asia are taking a much more targeted approach than their Western counterparts in curbing global inflationary pressure, a strategy that appears to be...

Industrial hub proximity increases employability, finds BIDS study

Industrial hub proximity increases employability, finds BIDS study

FE REPORT 2022-05-26 12:08:20

Proximity to industrial areas tends to provide more employment opportunities in the manufacturing sector, especially for female workers, bridging the gender gap, a study has found. Participation of t...

Russia inches closer to debt default as its licence to pay US bondholders expires

Russia inches closer to debt default as its licence to pay US bondholders expires

-- 2022-05-25 17:00:02

The United States pushed Russia closer to the brink of a historic debt default on Wednesday by not extending its licence to pay bondholders, as Washington ramps up pressure on the country following it...

Sri Lanka's prime minister takes on crucial finance ministry portfolio

Sri Lanka's prime minister takes on crucial finance ministry portfolio

-- 2022-05-25 13:37:29

Sri Lanka's Prime Minister Ranil Wickremesinghe will hold dual charge as finance minister, the president's office announced on Wednesday and will lead talks with the International Monetary Fund (IMF)...

Food crisis fuels fears of protectionism compounding shortages

Food crisis fuels fears of protectionism compounding shortages

-- 2022-05-25 11:02:43

A growing world food crisis is precipitating protectionist moves by countries which are likely to compound the problem and could lead to a wider trade war, business leaders and policymakers at the Wor...

How Bangladesh can benefit from IPEF

How Bangladesh can benefit from IPEF

JASIM UDDIN HAROON 2022-05-25 08:49:18

The just-launched US-led economic framework holds much potential for Bangladesh to leverage greater economic assistance and development finance, particularly for infrastructure and regional integratio...

Banks asked not to quote higher than BC selling rate

Banks asked not to quote higher than BC selling rate

SIDDIQUE ISLAM 2022-05-25 08:40:45

The central bank on Tuesday issued a fresh directive for quoting rates to the overseas exchange houses engaged in remitting money, aimed at reining in volatility on the forex market. The authorised...

NBFIs urge BB to revise interest rates upward

NBFIs urge BB to revise interest rates upward

FE REPORT 2022-05-25 08:38:36

Top executives of non-bank financial institutions (NBFIs) urge the central bank to revise up interest rates on both lending and deposits to facilitate the sector's smooth run. At a meeting Tuesday, t...

LDC graduation preparation: Lifting fiscal protection begins with next budget

LDC graduation preparation: Lifting fiscal protection begins with next budget

Doulot Akter Mala 2022-05-25 08:32:03

Phasing out fiscal protection to local industries begins in the upcoming fiscal year by way of taxing those as Bangladesh prepares for open competition after LDC graduation, sources say. In the openi...

Export of BJMC’s privately produced jute products begins

Export of BJMC’s privately produced jute products begins

-- 2022-05-24 20:38:45

Export activities of privately produced jute products has started today, said Textile and Jute Minister Golam Dastagir Gazi.  "The jute sector has been revived with the resumption of export of j...