Search results for: Economy

Misuse of public funds-IV: Sops found in CI sheet, dry food, blanket buys

FHM HUMAYAN KABIR 2022-10-14 08:46:03

Twelve jeeps and cars were purchased for monitoring work of a disaster-related project, but those went for private use by high-ups not involved with the task, an official audit finds among other wrong...

OPEC+ oil supply cuts could tip world into recession, says IEA

-- 2022-10-13 16:34:41

A decision by the OPEC+ oil producer group last week to rein in output has driven up prices and could push the global economy into recession, the International Energy Agency said on Thursday. "The re...

ADB, AFD renew partnership with joint cofinancing target of $3.0b by 2025

FE ONLINE REPORT 2022-10-13 12:30:22

Asian Development Bank (ADB) President Masatsugu Asakawa and Agence Francaise de Development (AFD) Chief Executive Remy Rioux today (Thursday) signed a new Partnership Framework Agreement (PFA) to gui...

BB instructs banks to tighten monitoring of cryptocurrency transactions

FE ONLINE DESK 2022-10-13 08:33:50

Bangladesh Bank has once again directed authorities to monitor cryptocurrency transactions after finding that people are still using bank accounts for the buying and selling of Bitcoin and other v...

Poorer nations do face big debt challenges: IMF

-- 2022-10-12 19:44:21

Emerging markets do not face a systemic sovereign debt crisis, though many poorer nations do face big challenges, Gita Gopinath, the International Monetary Fund’s (IMF) first deputy managing dir...

PM urges countrymen to take initiatives from now on to prevent famine

-- 2022-10-12 16:42:23

Prime Minister Sheikh Hasina has urged the countrymen to make all-out efforts so that Bangladesh can avert any situation like famine and food insufficiency due to the prolonged Russia-Ukraine conflict...

UK economy on brink of recession as it shrinks in August

REUTERS 2022-10-12 13:38:19

Britain's economy looks set to go into recession as data showed it unexpectedly shrank in August, underscoring the challenge for Prime Minister Liz Truss to make good on her promises to speed up growt...

Misuse of public funds-II: Marauding through 12 projects with billions misspent

FHM HUMAYAN KABIR 2022-10-12 09:00:22

Huge funds from 12 development projects under Local Government Engineering Department (LGED) have been stashed aside through bending rules governing the country's financial discipline, insiders say....

Over-reliance on RMG to be major barrier to sustaining growth in next 10 years: Report

DOULOT AKTER MALA 2022-10-12 08:49:59

The overdependence on apparel exports could be a major barrier to sustaining the country's economic growth in the next 10 years, according to a latest research report. The report, titled 'Bangladesh...

BB eases single borrower, large loan exposure limit clauses

FE REPORT 2022-10-12 08:46:42

The Bangladesh Bank (BB) has relaxed conditions on single-borrower and large-loan-exposure limit in order to support industrial growth by ensuring competitive financing. "In case of credit facilities...

IMF predicts Bangladesh's GDP would grow by 6.0pc in FY23

FE ONLINE DESK 2022-10-11 21:54:58

The International Monetary Fund has projected that Bangladesh's GDP would grow by 6.0 per cent in fiscal 2022-23. The latest World Economic Outlook, released on Tuesday by the fund, show Bangladesh w...

IMF cuts its global growth forecast for 2023 amid colliding pressures

-- 2022-10-11 20:28:28

The International Monetary Fund on Tuesday cut its global growth forecast for 2023 amid colliding pressures from the war in Ukraine, high energy and food prices, inflation and sharply higher interest...

ECNEC approves six projects worth Tk 70.19 billion

-- 2022-10-11 17:33:26

The Executive Committee of the National Economic Council (ECNEC) on Tuesday approved six projects involving an estimated cost of Tk 70.19 billion. After the ECNEC meeting on Tuesday, Planning Ministe...

Inflation 9.52pc in August, 9.10pc in September: BBS

FE ONLINE DESK 2022-10-11 15:59:56

Bangladesh witnessed a record 9.52 per cent inflation rate in August, the highest in 135 months years, and 9.10 per cent in September, according to Bangladesh Bureau of Statistics (BBS) data. Plannin...

Sri Lanka to retain 'middle-income' status but seek concessional loans

-- 2022-10-11 14:20:19

Sri Lanka will remain a middle-income country but request the World Bank to grant it some loans generally offered to poorer nations, the president's office said on Tuesday, clarifying a cabinet spokes...

Sri Lanka cabinet approves downgrade to 'low income country'

REUTERS 2022-10-11 11:55:04

Sri Lanka's cabinet has approved a proposal to downgrade the island nation's economic status to "low income country", in order to get access to concessional funding from international organisations, t...

Singer BD to invest $78m in N'ganj EZ

FE Report 2022-10-11 08:42:20

Singer Bangladesh Limited will invest US$78 million in Bangladesh Special Economic Zone (EZ) in Araihazar, Narayanganj, as it formally launched construction of its product-manufacturing plant on Monda...

Pakistan key policy rate unchanged at 15pc

-- 2022-10-10 19:33:16

Pakistan's central bank on Monday kept its key policy rate unchanged at 15 per cent at a scheduled meeting of its monetary policy committee, the bank said in a statement. Pakistan has been facing an...

Three US economists win Nobel for research on banks and financial crises

-- 2022-10-10 16:18:10

Three US-based economists -- Ben Bernanke, Douglas Diamond and Philip Dybvig -- won the 2022 Nobel Economics Prize "for research on banks and financial crises", the Royal Swedish Academy of Sciences s...

Thailand economic recovery supported by return of tourism -Finance Minister

REUTERS 2022-10-10 15:01:36

Thailand's economic recovery will not be affected by a global slowdown due to a rebound in tourism, Finance Minister Arkhom Termpittayapaisith told reporters on Monday. "Our economy depends on touris...

Bangladesh's machinery import plans weighed down by economic jitters

-- 2022-10-10 14:07:19

In the face of a volatile foreign exchange market, the tightening of import controls has put the brakes on the opening of letters of credit to ship in goods from abroad at the start of the fiscal year...

India's RBI sells dollars as rupee hits record low on US rate hike woes

-- 2022-10-10 11:04:54

The Reserve Bank of India likely sold dollars via state-run banks on Monday after the rupee plumbed a fresh record low following a US jobs report that firmed bets of more aggressive rate hikes, Reuter...

Bangladesh set to adopt $230bn plan to mitigate impacts of climate change

-- 2022-10-09 15:09:08

The Ministry of Environment, Forest and Climate Change is set to adopt a plan to spend $230 billion over the next 27 years in an effort to save Bangladesh from the impacts of climate change, bdnews24....

New BB tools to assess banks' strengths

JASIM UDDIN HAROON AND REZAUL KARIM 2022-10-09 08:40:05

The central bank is preparing a stress-testing mechanism that would help the banks better understand their financial strengths in the events of any macroeconomic shock in the country. It has taken...

AIIB emerges as one of BD's major dev financiers

FHM HUMAYAN KABIR 2022-10-09 08:32:59

The newcomer Asian Infrastructure Investment Bank (AIIB) has emerged as one of the important multilateral institutions contributing to the Bangladesh's development efforts, as the latter is now the...

Ukraine seeks to rebuild economy with defiant small businesses

-- 2022-10-08 15:46:19

Victoriia Maslova abandoned her herbal cosmetics factory in the Ukrainian town of Bucha on the first day of Russia's invasion of the country, fleeing to Poland with her mother and three younger brothe...

India to launch digital rupee on pilot basis for limited use

-- 2022-10-08 15:42:09

The Reserve Bank of India will soon commence limited pilot launches of a central bank-backed digital rupee for specific use cases, it said in a concept paper released on Friday. According to Reuters,...

Will repo rate hikes help tame inflation in Bangladesh?

FE ONLINE DESK 2022-10-08 10:34:53

The central bank has hiked the key interest rate three times in four months, but inflation continues to spiral, putting additional strain on household budgets Bangladesh Bank has raised its key polic...

BD to urge IMF to speed up $4.5b loan

FHM HUMAYAN KABIR 2022-10-08 08:43:28

Bangladesh is likely to request the International Monetary Fund (IMF) to expedite confirmation of its US$4.5 billion loan, assured for disbursement in next three years, officials said on Friday. A Ba...

Malaysia announces tighter 2023 budget as it warns of slowing growth

REUTERS 2022-10-07 14:55:42

Malaysia on Friday unveiled a smaller budget for 2023, prioritising fiscal discipline over expectations of populist measures, as it warned of a slowdown in the economy from rising global risks. Prime...