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Tea shows gloom ahead of election

Tea prices in Bangladesh fell and sales dipped at a weekly auction on Tuesday ahead of elections on Jan. 5 which the main opposition has boycotted. teaAt the latest auction, Bangladeshi tea fetched an average of 191.64 taka ($2.50) per kg against 193.98 taka in the previous auction held on Dec. 24, an official from National Brokers Ltd said. Nearly 2 million kg of tea was offered at the auction centre in Chittagong, with 27 percent remaining unsold. Almost the same volume was offered and 11 per...

Forex reserves hit record $ 18.07b in December

The forex reserves of the country rose to a record $18.07 billion at the end of December from $17.11 billion in November, the central bank said on Wednesday, thanks to rising garment exports. The reserves are enough to cover six months of imports, and were up from $12.75 billion a year earlier. Rising exports, a slow pace of imports and steady remittances from Bangladeshis working overseas have helped build reserves, the central bank said. rmg Bangladesh’s exports from July to November, the first five months of the financial year, rose an annual 18 percent to $11.96 billion, boosted by stronger clothing sales, figures f...

Foreign aid utilisation hits record low

Utilisation of foreign aid has hit a record low in the current fiscal year because of the stagnation in development activities amid political unrest due to conflict between the ruling party and opposition over holding the general elections. Finance ministry officials said only 11 per cent of total foreign aid disbursed until October was utilised, seven per cent lower than the same period of the last fiscal year. remmitanceThe trend is the lowest in recent past as utlisation rate o...

Banks show mixed performance last year

The country’s scheduled banks in the just-concluded year showed a mixed performance as some banks posted healthy operating profit while other banks lost their profitability due to business stagnation amid political unrest. A BB official said on the last day of 2013 that the banking sector had faced different types of crisis in the concluded year as the private sector plunged in a debacle due to the frequent violence amid political disputes ahead of the general elections. Bangladesh-banking-sector

AMTOB to distribute 3G handsets for freedom fighters

Association of Mobile Telecom Operators of Bangladesh (AMTOB) on Tuesday honored disabled freedom fighters and members of martyred freedom fighters by handing over 3G enabled mobile handsets through a function organized by Bangladesh Telecommunication Regulatory Commission (BTRC). Four 3G license acquiring Mobile Network Operators (MNOs) -- Airtel, Banglalink, Grameenphone and Robi Axiata – sponsored a total of 325 mobile handsets with SIM cards. 3g2The 3G enabled handsets were handed over to ...

Time-frame extended by 1 year to revitalise stock market

Bangladesh Bank (BB) extended the time- frame by one year for adjustment of “single borrower exposure limit” by the commercial banks for financing the operations of their brokerage houses and merchant banks. BB’s initiative came as a year-end initiative to revitalise the share market by allowing banks maintain their higher stock market exposure for one more year, which will help maintain a steady demand on the market, reports BSS. bbThe central bank in a circular on Monday said that subsidiaries of banks cr...
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