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Economy

Remittance inflow in May declines to $1202 million

The country’s foreign remittance earning last month slightly declined to stand at $ 1202.18 million compared to $ 1230.57 million the previous month of April. The remittance inflow in March totalled $ 1288.62 million, according to the latest data provided by the Bangladesh Bank. The central bank data also showed that some $ 14,461.14 million came as remittance in the last fiscal year (2012-13). remittanceOf the total remitted amount till May this year, the highest $ 801.61 million came through the private commercial banks, reports UN...

Growth assumptions for next fiscal unrealistic: Economists

Leading economists are not in agreement with the government’s growth assumptions for the fiscal year 2014-15 saying those are not sufficient for a higher trajectory of growth. They also found a number of assumptions not compatible with ground realities. The government is likely to project a 7.2 per cent GDP growth for the next fiscal (2014-15) in the budget documents. The Ministry of Finance in the budget documents prepared for the next fiscal expects that the political situation would remain stable in the next fiscal with the private sector getting back its confidence to make fresh investments.

Sukuk the missing link in Bangladesh Islamic finance sector

Bangladesh has developed a sizeable Islamic finance industry but a lack of sharia-compliant instruments such as sukuk is limiting further growth of the sector, a report by a standard-setting body found.

With a predominantly Muslim population of 160 million, Bangladesh has developed Islamic finance with only marginal regulatory adjustments; the industry has doubled in size in the past four years. The central bank has a small short-term sukuk (Islamic bond) programme which issues six-month tenors to help Islamic banks manage their liquidity, but a wide range of tenors is not available and there are no corporate sukuk.

FX reserves snaps 5-month gaining streak

Bangladesh's foreign exchange reserves slipped in May for the first time since December, the central bank said on Sunday. Reserves at the end of May eased to $20.23 billion from a record high of $20.37 billion the previous month, but were up from $14.53 billion a year earlier. The reserves are enough to cover six months of imports. remmitanceRising exports, strong remittances from Bangladeshis working overseas and slower imports have helped build the reserves, a senior central bank official said. The marginal drop in May was due to a ...

Export to US sees 5pc growth in July-April of FY 14

Export earnings from the USA, the largest export destination for Bangladesh goods, witnessed a 5 percent growth during the first ten months (July-April) of the current fiscal (2013-14), mostly due to good performance of the RMG sector. Bangladesh exports to USA totalled $ 4593.29 million in the first ten months (July-April) of fiscal 2013-14 compared to $ 4374.41 million during the corresponding period of the previous fiscal (2012-13). The amount represents 18.63 percent of the country’s total export earning during the period, reports UNB. bd-us-flag1

Central bank for action against BASIC Bank Board  

The central bank has advised the government to take action against the board of directors of state-run BASIC Bank, as the governing body was found guilty of committing large-scale irregularities in approving loans, and in recruitment and promotion. Bangladesh Bank Governor Atiur Rahman yesterday sent a letter to Finance Minister AMA Muhith to initiate steps against the board after all efforts to discipline the once good-performing bank went in vain. Talking to reporters at the secretariat, the minister said he was yet to see the letter but the BB governor had told him about it. In reply to a query, Muhith said the board of BASIC Bank would be restructured soon, reports the Daily Star.
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