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Economy

BTMU signs MoU with BoI

The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) (President: Nobuyuki Hirano) is pleased to announce that BTMU has entered into a Memorandum of Understanding (MOU) with Board of Investment of Bangladesh (BOI), with the purpose of developing collaborative efforts in promoting investments from Japan to Bangladesh. boiThe MOU was signed on 24 December 2014 in Dhaka, Bangladesh. BOI was established in 1989 as a division of the Prime Minister’s Office to promote private sector investment in Bangladesh. It has the authority to grant approvals and licenses, including visas...

Rising oceans force farmers inland for new jobs

About seven years ago, Gaur Mondol noticed he couldn’t grow as much rice on his land as salty water seeped in from the Passur River, which stretches from his home in Bangladesh’s interior all the way to the Indian Ocean. [caption id="attachment_11610" align="alignleft" width="300"]Farmers Photographer: Munir uz Zaman/AFP/GettyImages Bangladeshi farmers harvest rice in a field on the outskirts of Dhaka.[/caption] Now the rice paddies are completely inundated, leaving the land barren. To find work, he must walk for miles each day to other villages. His ...

Money supply rises 13 pc on year

The country's broad money supply in October rose 13 percent to 7,209.43 billion taka ($92.55 billion) from a year earlier, but down 40.6 billion taka call moneyfrom the previous month, the central bank said on Wednesday. Below is the table of broad money supply:     Broad money supply Oct. 2014     Sept. 2014   Oct. 2013  (bln taka) 7,209.43     7,250.03     6,403.17 ($1 = 77.90 taka)

-Reuters

Glencore wins wheat tender at $270/T

Glencore International has secured a tender to supply 50,000 tonnes of wheat to Bangladesh after submitting the lowest offer of $270 a tonne, officials at the state grains buyer said on Wednesday. The origin of the wheat is likely to be Ukraine and the wheat is to be shipped in 40 days, a senior official at the Directorate General of Food said. wheatThe price included freight, insurance and other port-related expenses. This was the first international wheat purchase tender issued by the Directorate General of Food since the current financial year started...

ECC allows NBP to invest Rs.6.5b in Bangladesh branch

The Economic Coordination Committee of the Pakistan Cabinet (ECC) on Friday allowed National Bank of Pakistan (NBP) to invest Rs. 6.5 billion in its Bangladesh’s branch to resolve capital shortfall, Our Sources reported. NBPThe approval was given during ECC meeting held in Islamabad under the chair of Finance Minister Ishaq Dar. The decision was taken to fulfill minimum capital requirement. According to details, the amount will be remitted in two tranches to NBP, Bangladesh till January 31, 2015. During the meeting ECC also approved Ministry of Water and Po...

22pc Bangladeshi adults have bank accounts

Only 22 per cent adults of Bangladesh have bank accounts and almost half of them lie dormant, says a report. According to a survey on financial behaviour, Bangladesh is 6th among seven countries – Nigeria, India, Kenya, Uganda, Tanzania and Pakistan – in the number of adults with bank accounts, reports the Dhaka Tribune. But the country stands 4th after Nigeria, India and Kenya in adult active bank account rate of 12% and its dormancy rate is second highest more than countries like Kenya, Pakistan, Tanzania and Uganda. The account dormancy or inactive bank account rate is highest in India (47%).
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