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Economy

Rice import value surges fifteen fold in FY 2013-14

Bangladesh's rice import value has increased to around $284.72 million in the first ten months of FY 2013-14 (July 2013 - April 2014), up about 15.47 times or about 1,447% from around $18.41 million during the same period in FY 2012-13, based on the latest letter of credit (LC) data released by the Bangladesh Bank (BB). pariza rice panicleA BB official told local media sources that fall in global rice prices, simultaneous surge in domestic rice prices and appreciation of the local currency against the dollar are the key dr...

Slow shipments with strike by C&F agents

A section of clearing and forwarding (C&F) agents at the Kamalapur internal container depot has been on strike for two days now, threatening suspension of export and import activities at the depot. The strike started after the customs house tightened measures for inspections of consignments in a move to stop tax dodging, reports the Daily Star. export-importEnraged by the move, the C&F agents demanded the removal of Customs Commissioner Maruful Islam and Joint Customs Commi-ssioner Khaled Mohammad Abu Hossain, accusing the...

Money changers asked to file detailed forex reports  

The Bangladesh Bank (BB) has asked all money changers of the country to submit detailed reports on purchase and sale of foreign currencies to the BB to ensure more transparency in transactions. The foreign exchange department of the BB has already amended the existing format of submitting reports asking all money changers to submit those accordingly from the current month. The money changers, who buy and sell foreign currencies, used to submit monthly reports in consolidated figures, reports the FE. Bangladesh BankSuch a ty...

New budget a luxury of target: CPD

Centre for Policy Dialogue, a social think-tank, on Friday termed the proposed budget for next fiscal 2014-15 a ‘luxury of target’, saying it will be impossible to archive 7.3 percent GDP growth if political stability is not ensured and private investment is not increased to 25 percent of the GDP. CPD1It mentioned that at present, private investment is 4-5 percent of the GDP. If it is increased to 25 percent, about $9.5 billion will need to be put in place. “The luxury is sometimes OK, but it is not matchable with our capacity in the current perspective,” sa...

Tk 2,50,506 crore budget with 67,552cr in deficit  

The finance minister, Abul Maal Abdul Muhith, in the parliament on Thursday proposed a budget of Tk 2,50,506 crore for the 2015 financial year, with a deficit of Tk 67,552 crore, or 5 per cent of the gross domestic product, which could go up as resource mobilisation looks ambitious. The minister proposed wide direct and indirect taxes aimed for both the ordinary people and the rich while giving a breather to most industries. Budget2The budget outlay is 16 per cent more than the revised budget of the outgoing financial year. The growth of the ...

Political vandalism costs Tk 11,000cr

The country’s economy has suffered a loss Tk 11,000 crore in the current fiscal year due to political vandalism, which is around one percent of the gross domestic product (GDP). “Political vandalism caused a loss of Tk 11,000 crore in the national economy which is around 1 percent of GDP,” Finance Minister AMA Muhith said in his budget speech quoting the World Bank. politics BDIn the run-up to the 10th national election, the Finance Minister said, there had been a serious political unrest in the first six months of the current financ...
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