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Bangladesh Fund to tap $1.4 billion idle cash

Bangladesh Bank is setting up a fund that will help Islamic lenders manage idle money and provide cheap loans to small businesses as policy makers target the fastest economic growth in more than three decades. bbBangladesh Bank estimates there is 105.8 billion taka ($1.4 billion) of surplus cash at Sharia-compliant banks that could be put in the fund, governor Atiur Rahman said. Participating banks will get 5 per cent when they deposit money and pay the same when they borrow. "My expectation is that Islamic banks that are getting loans at 5 per cent from the fund ...

India jute millers mull anti-dumping case against imports from BD

With the Bangladesh government announcing incentives for jute exports from that country to India, manufacturers here, under the aegis of the Indian Jute Mills Association (IJMA), are planning to file an anti-dumping case against such exports. Sanjay Kajaria, former chairman and committee member, IJMA, said the fact that the Bangladesh government has been subsiding exports to India was hurting the Indian market. jute goodsBetween April and August this year, the import of jute yarn and twine increased 65 per cent year-on-year, jute bags 28 per cent...

Development finance: hundreds of billions more available

Today sees the launch of the OECD Development Co-operation Report 2014: Mobilising Resources for Sustainable Development. In today’s post, Erik Solheim, Chair of the OECD Development Assistance Committee (DAC) argues that hundreds of billions more could potentially be mobilized for poverty alleviation and sustainable development over and above the $134 billion in development assistance donated last year. DCR-2014The enormous development progress seen over the past 20 years has been unprecedented in human history. Extreme poverty has been halved and 600 ...

Bangladesh keeps LNG import options open

As it grows more desperate for foreign gas supplies to make up for its production shortfall, Bangladesh has put forward a number of intricate plans to import gas – sourcing it from neighbours such as Myanmar and India, as well as using LNG. Among these is a plan to take some of China’s imports from Myanmar, in exchange for benefits to Chinese investors, Hussain Monsur, chairman of state-run Petrobangla, told Interfax. LNG RouteDhaka proposed taking some of the gas Myanmar currently pipes to China under a gas-for-fertiliser deal – under wh...

Bhasha Matin is no more

Bengali language movement hero Abdul Matin died Wednesday at a hospital in Dhaka after a long illness. He was undergoing treatment at the Bangabandhu Sheikh Mujib Medical University after a stroke Aug 18 and was on life support after his condition deteriorated Oct 3, Xinhua reported. matinMatin, who fought for establishing Bangla as state language in 1952, breathed his last at the ICU at around 9.00 a.m. (local time) Wednesday. Matin, popularly known as Bhasha Matin meaning Matin for state language, played a significant role in the Language Mo...

Bangladesh Bank to support dyed yarn exporters

The members of the Bangladesh Dyed Yarn Exporters’ Association (BDYEA) will get financial support from Export Development Fund (EDF), a special fund of the Bangladesh Bank, BSS news agency reported. yarnThe funds will be given only for importing unprocessed yarn and chemicals for processing yarn to local manufacturers and exporters, against their back to back LCs (Letter of Credits) in foreign exchange. The Bangladesh Bank said the funding limit will not exceed US$15 million or the value realized in foreign exchange, against inland back to back LCs over the ...
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