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Economy

Forex reserves crosses $21b again

Forex-res1Kazi Saidur Rahman, General Manager of Bangladesh Bank Forex Reserve and Treasury Management Department said, the reserves stood at $21.12 billion on Thursday. According to the central bank, the reserves earlier exceeded $21 billion on June 16 but depleted following payment of $970 million import bills to the Asian Clearing Union (ACU) on July 6. Rahman attributed the rise in forex reserves to ‘the positive trend’ in remittance inflow and export earnings, and disbursement of foreign loans to local organisations. He said Bangladesh co...

Rupali seeks Tk 1,337 crore more to meet capital deficit    

The state-owned Rupali Bank has sought around Tk 1337 crore from the government to meet its soaring capital deficit after Bangladesh Bank last month asked the ailing bank to become compliant latest by September, official sources said. Rupali Bank in a letter written to finance ministry last week sought the amount from the government. The shortfall found in the bank’s capital was based on December 31, 2013. rupaliOf the total capital shortfall, Rupali in the letter showed Tk 599.79 crore  as provision shortfall against its huge non-performing lo...

Oil exploration prospects boosted by UN border ruling

A United Nations court drew a new maritime border in the Bay of Bengal, awarding more than three-quarters of a disputed sea area to Bangladesh and opening the way for more energy exploration in the region. The ruling by the U.N.’s Permanent Court of Arbitration in The Hague, made public on Tuesday, settled a long-running territorial dispute between Bangladesh and neighboring India. Both countries said they would abide by the court’s decision. maritime-mapIn Dhaka, Bangladesh’s foreign minister, Abul Hassan Mahmood Ali, said the ruli...

Govt imports 374,560 tons rice, 13 times higher than last FY

The government has imported around 374,560 tons of rice in the fiscal year 2013-14 (July 1, 2013 - June 30, 2014), up about 13 times or 1,195pc from around 28,930 tons imported in FY 2012-13, according to data released by the Food Ministry. bangladeshi_rice_400Of the total rice imports during the year, around 371,500 tons are imported by the private sector and 3,060 tons are imported by the government. A Bangladesh Bank official told local media sources in the second week of June that fall in global rice prices, simulta...

Bangladesh leather exports surpass, Pakistan in negative growth

Pakistan is the only country in the region with negative leather products export growth rate even export of Bangladesh has surpassed country’s exports. leather goodsAll the countries in the region are using imported hides/skins to boost their exports but unfortunately despite negative growth rate of Pakistan the government imposed 1 percent duty on import of hides and skins, which would further decline our exports, said Agha Saiddain Chairman regional Standing Committee on leather industry Federation of Pakistan Chambers of Commerc...

Tax-to-GDP ratio is very low in Bangladesh: IMF

The International Monetary Fund (IMF) has said that further efforts are needed in Bangladesh to raise on a permanent basis the ratio of tax to gross domestic product (GDP), with particular importance placed on the introduction of a value-added tax (VAT). Bangladesh's tax-to-GDP ratio is very low, even when compared to other low-income countries, and should be raised in order to create fiscal space for increased priority spending, the IMF said. IMFThe government should focus on implementing the new VAT and strengthening revenue administration, the Fun...
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