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Economy

BB sells $45 million to three banks directly    

The central bank sold US$45 million more to three commercial banks directly on Monday to meet the growing demand for the greenback, officials said "We've sold the US dollars to the banks to settle their import payment obligations," a senior official of the Bangladesh Bank (BB) told the FE. He also said the central bank will provide such foreign currency support to the banks continuously in line with the market requirement. bbThe US dollar was quoted at Tk 77.72 in the inter-bank foreign exchange market Monday against Tk 77.70 of the previous working day, market...

Panel on creating ‘technology bank’ for world’s poorest nations

United Nations Secretary-General Ban Ki-moon has announced the formation of a High-Level Panel to study the scope and functions of a proposed new “technology bank” and dedicated to helping the world’s least developed countries (LDCs) advance out of poverty, the Organization’s spokesperson confirmed today. mobiledeviceThe High-Level Panel – which is to advise on the organizational and operational aspects of the planned “Technology Bank and Science, Technology and Innovation Supporting Mechanism” – will be chaired by Rwanda’s Romain Mur...

Bangladesh, Sri Lanka near to historic trade pact

As both Bangladesh and Sri Lanka moved closer to their historic trade pact, the process took a new turn as a keen Bangladeshi private sector itself stepping in to accelerate it on 27 November, a rare development in an on-going Lankan trade negotiations-and bilateral trade between both countries has jumped by a strong 67%. “I will meet our Commerce Minister who is very well meaning and serious, and inform him to expedite the FTA process” said Mahbubur Rahman (President, International Chamber of Commerce of Bangladesh ICCB) on Thursday (27) in Colombo. ICCB President Rahman was addressing Rishad Bathiudeen.

Saarc leaders reach last-minute energy deal

Finally Saarc member states signed the Saarc Framework Agreement on Energy Cooperation (Electricity) aimed at sharing and trading electricity among the member countries through a common grid. The Saarc leaders, however, failed to reach a consensus to sign the regional connectivity deal at the concluding session of the two-day long 18th Saarc Summit that adopted a 36-point declaration. saarc 2014After the signing ceremony of energy cooperation deal by the foreign ministers of the Saarc countries, Nepalese Prime Minister Sushil Koirala...

Higher GDP growth demands larger FDI: ICC,B

Bangladesh’s economy has maintained a healthy 6%-plus growth rate in past decade, despite global shocks. The country now needs to accelerate GDP growth to over 8% as well as maintain the present remittance growth to become a middle-income country by 2021, according to the editorial of the current ICCB News Bulletin (July-September 2014 issue) of International Chamber of Commerce-Bangladesh released today. Cover ICC News Bulletin FinalSustained growth has generated higher demand for improved infrastruc...

Fenox puts the bang in BD by raising $200m fund

Bangladesh is not the first place you’d think of when talking about startup ecosystems. Their sheer size – a population of 156 million – however makes it the eighth most populous country in the world, and that alone deserves some reckoning. fenoxHere’s why. Despite only 21 percent of its population being internet users, that already makes up roughly 33 million people – not a number to laugh at. Throw in another 114 million mobile phone subscribers, and you’ve got a huge market just waiting to be taken. With 94 percent of its internet users accessin...
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