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Economy

New 22 border ‘haats’ proposed at Meghalaya border

To create economic opportunities for the people living along the Bangladesh –India border in Meghalaya, the Indian authority is keen to set up 22 more border ‘haats’ (markets). Meghalaya Chief Minister Mukul Sangma said, we have sought for the establishment of 22 new border haats along the international border which would not only create economic opportunities, but would also cement bonds between the people living along the borders. Meghalaya already has two border haats - one at Kalaichar in Meghalaya’s West Garo Hills district and Baliamari of Bangladesh’s Kurigram district, and another in Balat (in East Khasi Hills district) and Lauwaghar (Dalora) in Bangladesh’s Sunamganj district.

Over alert in commercial banks hampers credit flow to pvt sector

The much needed credit flow for the private sector is very low and depressing due to  over cautious steps taken by the commercial banks, said ICCB President Mahbubur Rahman while inaugurating the ICC workshop on ‘Credit Risk Management & Trade Finance’ organized by International Chamber of Commerce (ICC) - Bangladesh, the world business organization at a local hotel in the city on Saturday (07-12-2013). ICCB President said, a number of state-owned and private commercial banks are faced with huge loan default due to fraudulence practices by some officials of few commercial banks (both public and private) in connivance with some ill-motivated unscrupulous clients. ‘More than Tk.4,000 crore have been siphoned out from two s...

July-Sept exports to Europe post modest growth

Key destinations of country’s export market like Germany, UK and France a posted modest growth in the first quarter (July-September) of the current fiscal (2013-14) as compared to the same period of the last fiscal (2012-13). In July-September of the current fiscal, exports to Germany totaled $ 1,237.60 million, which was 16.22 percent of total export earnings for the three-month period. Of the amount, knitwear accounted for $ 701.65 million, woven garments $ 440.66 million and frozen shrimp $ 23.27 million, according to latest figures released by the Export Promotion Bureau (EPB). The EPB figures showed exports to the UK during July-September totaled $ 729.37 million, which was 9.56 percent of the total export earnings for ...

IMF concludes Article IV consultation with Bangladesh

The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Bangladesh on November 27. On the same day the Executive Board also completed the third review under the Extended Credit Facility Arrangement (ECF) with Bangladesh, and approved $140.4 million disbursement, says an IMF press release. Over the past two years, the Bangladesh economy has shown significant economic stabilization and progress in structural reforms, underpinned by the Fund-supported program. In that period, real GDP growth has averaged above 6 percent, while sustained garment exports, increasing public investment, and strong workers’ remittance inflows have supported demand and activity. Meanwhile, Bangladesh’s two...

Inflation picks up for 1st time since July on pol unrest

Bangladesh's annual inflation rate rose in November, ending a declining trend since July, as political protests against upcoming elections cripple the supply chain. inflationNovember's rate was 7.15 percent, up from 7.03 percent in October, the statistics office said on Thursday, with higher prices for both food and non-food items. The country has been rocked by violent protests and a series of shutdowns and transport blockades led by the main opposition party, which is demanding th...

Political chaos shifts RMG credit away to India, others

Former president of Bangladesh Garment Manufacturer and Exporters Association (BGMEA) Shafiul islam Mohiuddin said, the export growth of the RMG products decreased by 10 per cent in recent months while the export growth in India, Cambodia and Vietnam rose to 30 per cent. These countries were far behind in the field of exporting apparels until last few years, but united efforts and business friendly environment have helped them supercede Bangladesh, he said. In tune with the former BGMEA president, country’s economist and business leaders fear that the current growth of economy might also be hit if political unrest continues few more days.