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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...

Myanmar trades the least with Bangladesh

Myanmar exchanged the least border trade with Bangladesh among its four neighboring countries in this fiscal year, according to Myanmar Ministry of Commerce. bdesh-myanmar-flagThe country’s border trade with four neighboring countries such as China, India, Thailand and Bangladesh in FY 2013-14 from April 1 to November 11 received $ 2.7 billion, with the border trade with Bangladesh only receiving around $ 6 million. The ministry said Myanmar exchanged the most border trade with China, followed by Thailand as the second largest. ...

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...

Students urged not go to brokers for US visa assistance

Consul General of the US Embassy in Dhaka Jamie Fouss on Thursday suggested Bangladeshi students interested to study in the United Sates not to go to brokers for assistance and refrain from submitting false statements saying it may permanently damage a student’s opportunity to study there. “I want to leave you with this strong message for both visitors and student visa applicants. No one should ever pay a broker for a guaranteed visa. These brokers can’t deliver,” he told reporters at a press conference at the American Centre. Fouss said false stories and fake documents often end up with a refusal and a permanent mark against the applicant, reports UNB.

IBBL opens branch in Golapganj

Islami Bank Bangladesh Ltd (IBBL) has opened a new branch at Golapganj, Sylhet. Mohammad Abdul Mannan, Managing Director of the bank inaugurated the branch of the Bank as its 283rd branch on Thursday. GolapgonjProf Shafiqur Rahman Chowdhury of Shahjalal Science and Technology University, Prof Dr. Mawlana Md. Abdus Samad, Member Shariah Supervisory Committe and teacher of Islamic University Chittagong, Dhaka Campus, Md. Abdur Rahman Banarjee, Executive Vice President and Head of Sylhet Zone, Dr M. Kamal Uddin Jasim, Senior Vice President and H...
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