Search results for: Economy

Bangladesh receives $1.45b more remittance through formal channel during pandemic: Study

FE Online Report 2021-01-27 20:08:14

Bangladeshi migrant workers sent around US$1.45 billion more remittance through formal channel during the COVID-19 period, a study has found. It said the demand for hundi money (informal channel) to...

Global remittance flows can rebound to pre-pandemic levels in 2021: Study

-- 2021-01-27 19:59:32

Money transfers from migrants overseas could rebound to pre-pandemic levels, upending a World Bank forecast of a further slowdown in remittances to developing countries in 2021, according to a new stu...

Bangladesh sets ship export target at $4.0b by 2025

-- 2021-01-27 19:42:24

The government has set an export target of $4.0 billion dollars for the country's shipbuilding industry by 2025. In order to help the sector reach the target, the cabinet recently approved ‘Shi...

Central bank set to extend export development fund's enhanced credit limit

SIDDIQUE ISLAM 2021-01-27 10:59:18

The central bank is set to extend the enhanced credit limit under its Export Development Fund (EDF) scheme for the textiles and clothing exporters by six more months to help boost proceeds from overse...

Global economy threatened by Covid-19 resurgence

-- 2021-01-27 10:54:26

There is a high risk of a resurgence in coronavirus (Covid-19) infections derailing the world economy this year, according to a firm majority of economists in a Reuters poll, who forecast global GDP w...

Top taxpayers to be honoured

FE REPORT 2021-01-27 08:53:42

The National Board of Revenue (NBR) has selected a total of 141 taxpayers to recognise the individuals and corporate entities for the highest tax payments in fiscal year 2019-20. The income tax wing...

IMF lifts global growth forecast for 2021, still sees ‘exceptional uncertainty’

-- 2021-01-26 19:39:45

The International Monetary Fund (IMF) on Tuesday raised its forecast for global economic growth in 2021 and said the coronavirus-triggered downturn in 2020 would be nearly a full percentage point less...

China, Bangladesh experts advocate ADR to resolve disputes

FE REPORT 2021-01-26 09:12:38

Chinese and Bangladeshi experts during a webinar on Monday favoured using alternative dispute resolution (ADR) to strengthen open account trade for import and export between China and Bangladesh. The...

No to import tax cut on rice, edible oil

FE Report 2021-01-26 09:07:53

The National Board of Revenue (NBR), on Monday, ruled out any possibility to cut import taxes on rice and edible oil despite the recent price spiral of these two essential commodities. The NBR Chairm...

Relaxed rules show decline in NPLs; banks asked to recover loans from defaulters

FE REPORT 2021-01-26 08:26:36

Finance minister AHM Mustafa Kamal on Monday said the volume of defaulted loans has decreased in the banking sector due to the simplification of rules and regulations by the central bank. He said the...

China's duty rebate yields little for Bangladesh

SYFUL ISLAM 2021-01-26 08:12:43

The prolonged tariff preferences have hardly helped Bangladesh boost exports to the Chinese market due to narrow product basket, stringent value addition requirement and the lack of competitiveness, s...

Finance minister says number of loan defaulters stands at 334,982

-- 2021-01-25 17:10:35

Finance Minister AHM Mustafa Kamal has said there are 334,982 loan defaulters in banks and other financial institutions in Bangladesh at present. Kamal highlighted the steps taken by the government f...

It could take decade for poor to recover Covid-induced economic losses, Oxfam says

SM Najmus Sakib 2021-01-25 15:50:06

A new report by the Oxfam said on Monday that it could take more than a decade for the poor people across the globe to recover from the economic losses caused by the coronavirus pandemic. In its...

Saudi sovereign fund to double assets to $1.07tn in five years: Crown Prince

Reuters 2021-01-25 14:24:48

Saudi Arabia’s Public Investment Fund plans to double its assets to 4 trillion riyals ($1.07 trillion) by 2025, Prince Mohammed bin Salman said on Sunday, a move that would make it one of the wo...

Bangladesh sees slump in FDI inflow as foreign investment falls worldwide

FE REPORT 2021-01-25 12:53:08

Global inflow of foreign direct investment (FDI) showed a steep fall of US$859 billion in 2020 from $1.5 trillion a year earlier as the fallout of Covid-19, says a UN report. The provisional estimate...

Bangladesh's poverty rate may now be 20-22pc: Minister Mannan

FE Report 2021-01-25 12:35:50

Disagreeing with a recent survey that showed upper poverty rate reaching 42 per cent in the country in December 2020, Planning Minister M A Mannan on Sunday said current poverty rate might be within 2...

Bridges Division to return 43pc of funds for failing to implement projects

FHM Humayan Kabir 2021-01-25 12:35:38

The Bridges Division, failing to implement projects in time, has proposed to surrender more than 43 per cent of its fund allocations in the development budget, officials said on Saturday. The divisio...

Poverty doubles to 42pc; 28.5pc Bangladeshis extremely poor: SANEM survey

FE REPORT 2021-01-24 08:54:30

Upper poverty rate in Bangladesh almost doubled to 42 per cent in December 2020 from 21.6 per cent in 2018 for Covid-19, according to a latest household survey. Lower or extreme poverty rate also inc...

Corruption, judicial weaknesses inhibit private investment

FE REPORT 2021-01-24 08:47:32

Despite the single-digit interest regime, the private sector investment has remained stagnant because of both corruption and some weakness of the country's judicial system, an economist says. "The go...

Current account surplus exceeds $4.0b in Nov

FE REPORT 2021-01-23 09:54:32

The country's current account balance recorded a surplus for the fifth consecutive month, reaching US$ 4.1 billion in November 2020, as against a deficit of $1.4 billion recorded in the same period...

Export volume exceeds pre-Covid level

JASIM UDDIN HAROON 2021-01-22 08:29:07

The country's merchandise exports exceeded the pre-Covid-19 level in December, showing a rebound in shipment, despite sluggish import. Some 55,905 twenty-foot equivalent units were shipped in Decembe...

NBR clarifies rule to re-export fertilizer to Nepal

Doulot Akter Mala 2021-01-21 08:50:49

The National Board of Revenue's (NBR) Customs Wing has given permission to re-export fertiliser to Nepal after importing it from China, under entrepot trade, imposing a condition of 10 per cent local...

Liquidity glut on the banks could fuel inflation, central bank warns

SIDDIQUE ISLAM 2021-01-21 08:14:19

The surplus liquidity in the banking system might fuel inflationary pressure in the country in the near future, the Bangladesh Bank (BB) has said in its just-published annual report for the fiscal y...

Two African countries to take farmworkers from Bangladesh, informs minister

FE ONLINE REPORT 2021-01-20 18:02:40

Bangladesh is in talks with several African countries to sending workers and Sudan and Kenya have already agreed to take Bangladeshi farmworkers, said Foreign Minister Dr AK Abdul Momen on Wednesday....

Biden's Treasury nominee Yellen for big spending now, paying down debt later

-- 2021-01-20 10:10:46

Janet Yellen, US President-elect Joe Biden’s nominee for Treasury Secretary, urged lawmakers on Tuesday to “act big” on coronavirus relief spending, arguing that the economic benefit...

Bangladeshi women get lowest wage in Oman: Study

FE Report 2021-01-20 09:01:54

Bangladeshi women domestic workers receive the lowest wage in Oman, according to a study. It has showed that Filipino women call the highest rate of pay as elsewhere in the gulf region. The minimu...

Poor project execution prompts soul-searching

FHM HUMAYAN KABIR 2021-01-20 08:45:24

The Planning Commission (PC) has taken a tough stance against the projects in the Barishal region that have made very poor progress, in terms of their execution. Planning Minister M.A. Mannan himse...

Govt appoints Ahmed Jamal as central bank director

-- 2021-01-19 20:14:15

The government has appointed Bangladesh Bank (BB) deputy governor Ahmed Jamal as the director of the Board of Directors and the member of the executive committee of the bank for the next three years....

Costs of mega projects escalate; RHD demands higher funds

FHM Humayan Kabir 2021-01-19 09:03:23

The Roads and Highways Department (RHD) has sought 10 per cent higher funds than its allocation to finance some mega projects ahead of the annual development programme (ADP) revision, officials said o...

Trade and Tariff Commission proposes withdrawal of VAT on cooking oil production, trading

SYFUL ISLAM 2021-01-19 08:59:14

Amid the skyrocketing prices of edible oils in the local market, a government body has suggested withdrawing value-added tax (VAT) to tame inflation. The Bangladesh Trade and Tariff Commission (BTTC)...