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Economy

Better tax administration key to development

More efforts are needed to improve tax collection in countries in South Asia to address inequality, a new report from the World Bank says. taxThe World Bank’s report, “Addressing Inequality in South Asia,” says the South Asia region is home to some remarkable social protection programs, but tax collections are low compared with the rest of the world due to very low compliance rates and the allocation of substantial tax expenditures to regressive subsidies. The World Bank said: “Much of the social assistance in South Asia benefits those that are better off. For...

Point to point inflation declines to 6.84pc in Sept

The overall general Point to Point inflation rate slightly declined to 6.84 percent in September this year from 6.91 percent in the previous month (August). “The general point-to-point inflation rate declined to 6.84 percent in September from 6.91 percent in August this year,” Planning Minister AHM Mustafa Kamal said on Tuesday. inflationHe disclosed the figures while releasing the monthly Consumer Price Index (CPI) at a briefing at the NEC-1 in the city’s Sher-e-Bangla Nagar, reports UNB. State Minister for Finance and Planning MA Man...

Judicious use of water in agriculture  stressed    

Water experts at a workshop here on Monday stressed the need for the judicious use of water in agriculture as its scarcity is growing in South Asia. They said farmers should be economic in using water and try to grow more crops with less water considering its emerging challenges, UNB reports. The Asian Development Bank (ADB) in collaboration with the Bangladesh Water Development Board (BWDB) organised the regional workshop titled ‘Innovations for More Food with Less Water (MFLS)’ at Brac Centre Inn in the capital. water2-640Chaired b...

Not more than 2 directors from same family, BB tells four banks    

The central bank yesterday asked four private banks to bring down the number of their directors coming from the same family to a maximum of two. The banks -- National, City, Premier and First Security Islami -- will have to comply with the directive within seven days, according to a Bangladesh Bank letter sent to the banks, reports the Daily Star. bbThe banks faced a similar notice in July but did not act on it. Law does not allow a bank to pick more than two directors from a family. “We will take action against the banks if they fail to comply with the require...

CSE two new indices launched

Chittagong Stock Exchange Limited (CSE) on Sunday launched two new indices namely as CSE Shariah Index (CSI) and CSE-50 Benchmark Index (CSE-50). Developed by India Index Services and Products Limited (IISL), a subsidiary of the National Stock Exchange of India Limited (NSE, India) and a subsidiary of NSE Strategic Investment Corporation, the CSE-50 Index and CSE Shariah Index can be utilized by investors to track the performance of the market and Shariah compliant securities respectively that form part of all listed companies on the CSE other than mutual funds and corporate bonds.

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 ...
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