Search results for: Economy

Bangladesh Bank asks banks to stop buying cars, cut operating and development costs

-- 2022-07-27 22:28:27

The Bangladesh Bank has ordered all commercial banks to reduce development and operating costs, and stop buying cars in an effort to save precious US dollars and fuel. The central bank on Wednesday a...

China to address 'unbalanced and inadequate' development in next five years: Xi

-- 2022-07-27 20:54:09

China must focus on addressing "unbalanced and inadequate development" in the next five years, President Xi Jinping told senior leaders this week, indicating he wants to continue the economic prioriti...

IMF says Bangladesh seeks loan under fund’s Resilience and Sustainability Trust

-- 2022-07-27 20:22:30

An official of International Monetary Fund has said Bangladesh asked the fund to start talks on a new loan under the creditor's Resilience and Sustainability Trust (RST). According to Reuters, IMF's...

Finance minister says remittances, exports to offset dollar shortage

-- 2022-07-27 19:48:42

Finance Minister AHM Mustafa Kamal says fraudulent imports are exacerbating higher dollar prices along with inconsistency in demand and supply of the currency. He also expressed his hope that remitta...

Purchase committee approves six proposals involving Tk 23.06 billion

-- 2022-07-27 18:00:44

The Cabinet Committee on Government Purchase (CCGP) has approved a total of six proposals worth Tk 23.06 billion. The committee approved separate proposals for procuring some 0.13 million tonnes of f...

Finance minister defends IMF loan obscurity as a strategy

-- 2022-07-27 17:06:17

Finance Minister AHM Mustafa Kamal says Bangladesh has sent a letter to the International Monetary Fund asking for a loan and that earlier denials on the matter were just part of the government's stra...

RMG exporters brace for slowdown after Walmart warning

-- 2022-07-27 16:41:48

After recovering swiftly from the havoc caused by the COVID-19 pandemic, Bangladeshi garment manufacturers are now anticipating a slowdown as sales at key customers such as Walmart are hit by a spike...

Global economy in grips of serious slowdown, poll shows

-- 2022-07-27 12:12:02

The global economy is in the grips of a serious slowdown, with some key economies at high risk of recession and only sparse meaningful cooling in inflation over the next year, according to Reuters pol...

Australian inflation rate hits 21-year high

-- 2022-07-27 10:43:18

Australian inflation sped to a 21-year high last quarter and is likely to accelerate even further as food and energy costs explode, stoking speculation interest rates will need to more than double to...

US dollar hits record Tk 112 in kerb mkt

FE REPORT 2022-07-27 09:02:36

The Bangladeshi Taka (BDT) continued its slide against the US dollar (US$) on Tuesday, with the international currency hitting an all-time high of Tk 112 each in the kerb (open) market. According t...

IMF advises avoiding forex 'misclassification'

SIDDIQUE ISLAM 2022-07-27 08:48:12

Bangladesh has assured the International Monetary Fund (IMF) of complying with latest global standards of reporting foreign-exchange reserves, officials say, as an IMF mission mentioned 'miscalculatio...

NBR issues 14-point directives to pursue austerity in its offices

-- 2022-07-26 22:58:42

The National Board of Revenue (NBR) has issued a 14-point directive to pursue austerity in all possible areas especially in use of power and energy in its all offices across the country. The directiv...

Pakistan’s Hina Rabbani cancels trip to Dhaka for D-8 ministerial conference

-- 2022-07-26 21:57:39

Pakistan's Minister of State for Foreign Affairs Hina Rabbani Khar has cancelled her scheduled trip to Dhaka to attend the ministerial conference of the D-8 alliance. Confirming the development, a sp...

IMF cuts 2022 global growth forecast to 3.2pc

-- 2022-07-26 19:56:56

The International Monetary Fund cut global growth forecasts again on Tuesday, warning that downside risks from high inflation and the Ukraine war were materialising and could push the world economy to...

D-8 businesses urged to raise intra trade to $1.3t

FE ONLINE REPORT 2022-07-26 19:11:08

The entrepreneurs of the D-8 countries were urged to gear up efforts so that the intra-trade within the group can be raised to US$1.3 trillion. Presently, the intra-trade volume among the D-8 countri...

Dollar jumps to record Tk 111 in open market

-- 2022-07-26 19:02:47

The volatile kerb market for foreign currencies has seen a new record with the US dollar peaking to Tk 111, a nearly Tk 6 jump from a day earlier, the biggest single-day jump in the history of Banglad...

US and Taliban make progress on Afghan reserves, but big gaps remain

REUTERS 2022-07-26 14:17:54

US and Taliban officials have exchanged proposals for the release of billions of dollars from Afghan central bank reserves held abroad into a trust fund, three sources familiar with the talk...

Crisis-hit Sri Lanka woos foreign oil firms amid fuel shortages

-- 2022-07-26 13:19:45

Crisis-hit Sri Lanka invited on Tuesday expressions of interest from oil companies in petroleum-producing nations seeking to import and sell petroleum products as the Indian Ocean island opens its mar...

South Korea's economy unexpectedly speeds up, pointing to more rate hikes

REUTERS 2022-07-26 10:20:08

South Korean economic growth unexpectedly picked up in the second quarter as strong consumption on eased COVID-19 restrictions offset poor exports, supporting the case for further central bank inter...

$1.64 billion remittance in 21 days of July

-- 2022-07-26 09:01:32

Bangladesh received US $1642.75 million (1.64 billion) inward remittance till July 21, thanks to Eid-ul-Azha when Bangladeshi migrants sent more money to families to celebrate one of the biggest festi...

Realise $1.50b overdue export proceeds expeditiously

SIDDIQUE ISLAM 2022-07-26 08:41:14

Banks have been asked to realise overdue export proceeds worth US$1.50 billion forthwith as the central bank tightens its stance to augment foreign-exchange flow into the market. The directive came...

Goods worth $83.68b imported through LCs in FY’22

-- 2022-07-25 23:25:33

Goods worth $83.68 billion were imported into Bangladesh through letters of credit (LCs) in the last fiscal year, according to recent import data released by Bangladesh Bank. The central bank data sh...

Bangladesh to start talks with India to ink CEPA

FE REPORT 2022-07-25 22:25:27

An inter-ministerial meeting agreed to start negotiation to ink the much-expected Comprehensive Economic Partnership Agreement (CEPA) with India to increase trade and investment with the neighbouring...

Income tax return mandatory to buy saving certificates above Tk 0.5m

-- 2022-07-25 20:45:51

From now on, if anyone wants to invest in savings certificates above Tk 500,000, he or she must show proof of last year's income tax return submission. Besides opening an account in Post Office Savin...

JICA to increase funding in important projects in Bangladesh, hopes Kamal

-- 2022-07-25 19:36:48

Finance Minister AHM Mustafa Kamal has expressed his hope that the Japan International Cooperation Agency (JICA) would increase funding in important projects in Bangladesh alongside lending necessary...

Bangladesh receives $1.64b remittances in 21 days of July

-- 2022-07-25 19:17:11

Bangladesh received US$1.643 billion inward remittance till July 21, thanks to Eid-ul-Azha when Bangladeshi migrants sent more money to families to celebrate one of the biggest festivals for Muslims,...

Money changers turn away customers due to limited dollar supply

-- 2022-07-25 17:29:38

Money changers in Dhaka are eager for a greater supply of dollars as the exchange rate of the currency shot up to a record high of Tk 105.30 amid steep demand. Some customers have left the outlets emp...

D-8 CCI Business Forum opens in Dhaka Tuesday

-- 2022-07-25 17:20:10

The ‘D-8 CCI (D-8 Chamber of Commerce & Industries) Business Forum and Expo 2022’ will be held on Jul 26-27 at the Sonargaon Hotel to commemorate the silver jubilee anniversary of the...

The reason $10b forex reserve in 2010 was not a worry, but today $40b is

-- 2022-07-25 15:33:32

Economists have expressed concern just after Bangladesh’s foreign exchange reserves slipped below $40 billion, even though the amount should be capable of meeting three months of impor...

New National Policy targets 30m jobs by 2030

MONIRA MUNNI 2022-07-25 08:57:40

The government has formulated National Employment Policy 2022 identifying a number of challenges including absence of public and private measures that hinder the skilled workforce generation. The pol...