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Economy

Non-farm units see 118pc growth, regional disparity unchanged

Though the country experienced a 118 percent growth in non-farm economic units over the last 10 years, regional disparity still remains as usual, reveals the preliminary findings of the Economic Census 2013. The preliminary report of the Economic Census 2013 was launched by the Bangladesh Bureau of Statistics at its Agargaon headquarters on Sunday. The previous Economic Census, conducted over a three-year period from 2001 to 2003, showed that the country had about 37 lakh non-farm economic units, reports UNB. The preliminary findings of the latest Census, conducted over four months’ time from February to May this year, showed that the number of economic units has increased from 37 lakhs to 82 lakhs over the last 10 years, which is a 118 percent increase.

Bangladesh offers huge potential for halal food industry

Bangladesh offers huge potential for the establishment of a halal food industry besides serving as a platform for Malaysian companies to penetrate Western and European markets. Malaysian High Commissioner in Bangladesh, Norlin Othman said there was huge demand for halal food products in this country of 160 million people out of which 95 per cent were Muslims. "We are competeting with India and Thailand in the food industry but we have an edge over them because of our status as an Islamic country," she told reporters during a briefing, Sunday. Malaysian envoy

EDF allocation raises to $1b

  The central bank has increased the allocation of the export development fund (EDF) by 25 per cent to $1.0 billion from the previous $800 million to meet the growing demand of the country's exporters, officials said Thursday. "We've enhanced the amount of EDF allocation to encourage the exporters for strengthening their businesses. Other provisions related to EDF will remain unchanged," a senior official of the Bangladesh Bank (BB) told the FE. The central bank is providing the re-financing facility to the exporters through commercial banks as short-term liquidity support. Under the existing provisions, the EDF financing is allowed for input procurements against back-to-back import letters of credit (LCs) or back-to-back inland LCs in foreign exchange, by manufacturers...

Bangladesh key economic indicators – Nov 14

DAILY INDICATORS

Wednesday Previous Taka/US $ (inter-bank) 77.75-77.76 77.75-77.7525 Call money rate (inter-bank) 06.00-08.00 06.00-08.00 Dhaka Stock Exchange index 4,212.72 4,197.71 ------------------------------------------------------------ indicatorMONTHLY CURRENT PREVIOUS Growth in: Consumer price index (BBS) Change yr/yr (pct) Oct. 7.03 7.13 M2 supply (bln taka) (BB) Sept. 6,267.23 6,199.89 Forex reserves ($bln)(BB) Oct. 17.35 16.15 Exports(FOB) ($mln)(BB) Sept. 2,590.24 2,031.44 Impo...

Mobile banking users cross 10m mark

Mobile banking users in the country crossed 10 (one crore) million mark from 0.5 million in April this year. mobile bankiongAccording to Bangladesh Bank (BB), the number of mobile banking accounts stood at 10.235 million (1 crore 2 lakh 35 thousand) on November 11 with more than 100 percent rise in seven months. "The phenomenal rise in mobile banking would play significant role in financial inclusion," the central bank in a press release said Wednesday. Introduced in 2010, mobile banking has become a major tool of many banks to take t...

Trade balance to decline in FY 2013-14

The country’s terms of trade have been deteriorating unabated, reflecting a major structural weakness of the economy, reveals the Unnayan Onneshan, an independent multidisciplinary think-tank, in its latest monthly economic update released on Wednesday. The terms of trade, the value of exports relative to that of imports, reached at 70.1 per cent in FY 2011-12 from 70.8 per cent in FY 2010-11 and the leading think-tank projects further weakening in the upcoming years to reach at 69.2 per cent, 68 per cent, 66.7 per cent and 65.5 per cent in FY 2012-13, FY 2013-14, FY 2014-15 and FY 2015-16 respectively, if radical actions are not taken.