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economy

Devaluing currency is a tactic for reducing debt burdens

Currency identifies itself as a medium of exchange for the general public's needs in money form. It is a system of money that depends on the nation and country. It can also be defined as a rotary system influenced by commerce, purchase, and permutation in the economic state. Some existing factors have an impressive sequel to the currency exchange rate, such as inflation, interest rates, public debt, political stability, financial health, the balance of trade, current account deficit, speculation, and government intervention. Those factors impact the exchange rates globally and at a macro level.

By: Syeda...

Bangladesh budget 2021-22 at a glance

Size of budget: Tk 6.03 trillion (603,681 crore) Revenue collection: Tk 3.89 trillion (389,000 crore) Deficit: Tk 2.14 trillion (214,681 crore) – 6.2 per cent of GDP Annual Development Programme: Tk 2.25 trillion (225,328 crore) GPD target: 7.2 per cent Inflation: 5.3 per cent Tax-free income limit: An annual income of Tk 300,000 Covid-19 response:  Tk 100 billion (10,000 crore) fund To meet the deficit: Tk 1.01 trillion (101,228 crore) will come from foreign sources and Tk 1.11 trillion (113,452 crore) from internal sour...

Saudi crown prince Salman invited to join Mujib year celebration

Dhaka has invited Saudi Arabia Crown Prince Muhammad bin Salman to visit here to attend final celebration of birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman in next March or to join the celebration of Bangladesh’s 50 years independence. Foreign minister Dr AK Abdul Momen made the invitation today while Saudi Ambassador to Bangladesh EssaYussef Essa Al Dulaihan called on him at State Guest House Padma in the capital, a foreign ministry press release said. During the meeting, the ambassador appris...

BD seeks UK’s GSP facility untill 2030

Bangladesh has sought an extension of the UK’s GSP facility to Bangladeshi products until 2030 to boost trade and also its greater support for a faster post-pandemic SDGs recovery.

“We want post-Brexit UK to continue its GSP, allowing zero-tariff access of Bangladeshi products to its markets until 2030, greater flexibility and concessions in Bangladesh’s post-LDC graduation threshold … in the post-Covid global economic downturn,” Bangladesh High Commissioner to UK Saida Muna Tasneem said. She also sought higher climate financing by the UK for moving towards Prime Minister Sheikh Hasina’s low-carbon climate-resilient development strategies while addressing the UK parliament’s All-Party Parliamentary Gr...

Robi sees decent profit amid pandemic

As expected, Corona pandemic ravaged Robi’s financials in Q2’20. Compared to Q1, the Q2’20 revenue declined by 9.5% to reach 1,763 crore taka at the end of the second quarter. Cost optimization drive coupled with pandemic time less customer acquisition and revenue driven cost helped Robi register a profit after tax (PAT) of 58.4 crore in Q2’20.

KEY HIGHLIGHTS – Q2’20
  • Active Subscriber-base: 4 crore 80 lakhs [Representing 29.7% of subscriber market share]
  • Internet Subscribers: 3 crore 22 lakhs internet subscribers [Which is 67% of total subscriber base]
  • Revenue: 1,763 crore taka
  • Earnings Before Income Tax Depreciation and Amortization (EBITDA): 882 crore taka

Quality financial reporting to enhance investors’ confidence

Transparent and high quality financial reporting will reduce the cost of doing business and enhance the investors’ confidence in capital market and bond marker which would ultimately help to attract both local and foreign investment in the country-speakers told at a virtual members’ conference. The Institute of Chartered Accountants of Bangladesh (ICAB0 organised the virtual members’ conference on ‘Financial Reporting Act 2015 – Roles and Responsibilities of Professional Accountants’ on Sunday, 23 August 2020. [caption id="attachment_27907" align="alignright" width="527"]