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Economy

BB seeks sukuk rule amendments, sovereign issuance

Bangladesh Bank (BB) is seeking to amend rules on its existing Islamic bond (sukuk) programme to broaden its use and allow for a sovereign issuance by the government, enhancing the prospects of Islamic finance in the country. Bangladesh, a majority-Muslim country of 160 million, has developed Islamic finance with marginal regulatory support but a lack of Islamic capital market tools are limiting the industry's expansion. Abb request for the amendments was now being considered by the finance ministry, which would allow sukuk to be used as a money market as well as a fiscal instrument, the Bangladesh central bank governor's spokesman A.F.M...

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
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