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Economy

External trade openness crucial for growth: Atiur

Bangladesh Bank governor Dr. Atiur Rahman on Tuesday underlined the need for openness for growth in the regional and global trade. He was speaking at the inaugural session of “the SAARCFINANCE seminar on Management of external sector openness-South Asian country experiences”. Atiur said external trade openness frees up efficient domestic producers from demand limitations of the local markets. SAARCFINANCE Cell and Bangladesh Bank jointly organised the seminar with Abu Hena Mohd Razee Hassan in the chair, reports UNB. dr. atiurThe sem...

Poll unrest deals economic blow  

The country’s economy lost Tk. 108.5 billion ($1.4 billion) during the violent run-up to the January 5th general election, according to the World Bank. The service sector represented 86% of losses, followed by 11% in industry and the rest in agriculture, due to the political turmoil and uncertainty during 2013’s last quarter, the bank reported in its “Bangladesh Development Update”, released April 9th. violance BDThe loss equals nearly half the total estimated cost of Tk. 226 billion ($2.92 billion) to build the ...

BD seeks special tariff benefit in US market          

Bangladesh on Monday sought a preferential treatment on Bangladeshi products to the US market like Sub-Saharan African and Caribbean countries considering its extreme ‘vulnerability’ due to climate change. Bangladesh also demanded duty- and quota-free access to the US market under ‘Bali Package’ as the US imposes high tariff on Bangladeshi products. ticfa-usCommerce Secretary Mahbub Ahmed said this at a joint press conference after the first-ever meeting of Trade and Investment Cooperation Forum Agreement (Ticfa) between Dhaka and Washington at Sonarg...

Bicycle export misses target  

The export of bicycle has increased by 7.12 per cent—some 4.31 per cent less than the target—during the first three quarters of the current fiscal year (FY), 2013-14. The market players said the export of bicycle did not grow as much as expected due to annulment of incentives on its export, an increase in its demand in the local market and financial meltdown in the European Union (EU) countries. Despite addition of two big players to the market --- PRAN-RFL and Sri Lankan Firefox Bicycle --- the export of the item did not increase substantially, reports the Financial Express.

Foreign exchange: Taka remains stable against dollar    

The exchange rate of Taka vis-à-vis US dollar maintained stable tone last week. The market will see the same tone next week as well. The average daily inter-bank USD/BDT transaction volume was about $25.73 million against around $50.23 million of the week before. taka Most of the banks kept their published foreign exchange rates unchanged last week. The USD/BDT selling rates for importers of major foreign and private banks was at 77.82-78.35, while USD Buying rates from exporters were at 76.82-77.35. For non-commercial payments such as Tele Graphic Transfer ...

Atiur for raising tax rebate ceiling on CSR acts  

Bangladesh Bank governor Atiur Rahman on Saturday said the ceiling on tax exemption for Corporate Social Responsibility (CSR) activities by banks and financial institutions should be raised. “For enjoying the income tax rebate, I think, the minimum limit for expenditure on CSR by banks or financial institutions should be more than the existing ceiling of Tk 8 crore,” he said while addressing a roundtable discussion here. According to the Income Tax Regulation on CSR, the banking sector enjoys a 10-percent exemption of income tax against the money spent by them on CSR activities.
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