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Economy

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...

BASIC chairman quits after Tk 4500cr graft allegation

Shortly after chairman of BASIC Bank Sheikh Abdul Hye Bacchu resigned from his post following allegations of financial irregularities involving Tk 4,500 crore in the state-owned bank, the finance minister today said he would face action if found guilty. Talking to reporters at his Secretariat office this morning, Minister AMA Muhith disclosed that Bacchu went to his residence and tendered his resignation letter to him yesterday. However, the ground Bacchu cited for his resignation could not be known immediately. Bangladesh Bank investigations have detected massive financial irregularities involving around Tk 4,500 crore in its three branches 2009 and 2013.
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