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Economy

Inflation cools in February, could climb again

Bangladesh's annual inflation cooled in February for the first time since November, the Statistics Bureau said on Thursday, as political turmoil eased after an election in January, but it could go up again once electricity tariffs are raised. Inflation eased to 7.44 percent in February from 7.50 percent a month earlier, as non-food prices fell. inflationFood prices were 8.84 percent higher than a year earlier in February, a touch higher than January's 8.81 percent rise. In contr...

FX reserves hit record high in February

The foreign exchange reserves of the country stood at an all-time high of $19.15 billion at the end of February, $1.03 billion more than the earlier record set in January, and more than 38 percent higher than a year earlier, the central bank said on Sunday. The higher reserves, which stem from a widening current-account surplus, are enough to cover more than six months of imports. At the end of February 2013, reserves totalled $13.85 billion. remmitanceRising exports and slowing imports have helpe...

Financial Stability Group to ensure better coordination

A meeting of the regulators of financial sector with the central bank Sunday decided to form a Financial Stability Group to ensure better coordination among various regulators. bbThe Bangladesh Bank (BB) has also assured the Bangladesh Securities and Exchange Commission (BSEC) of continuing its cooperation in taking capital market-related decisions, officials said. BSEC commissioner Md. Amzad Hossain informed the reporters of the assurance after the meeting. In the meeting the securities regulator opposed the central bank's...

GDP growth may down by revenue fall, low govt investment

Fall in revenue earnings and low public sector investment may hamper gross domestic product (GDP) growth in the current fiscal year 2013-14, said a local think tank Saturday. The annual GDP growth may fall below the decadal average of six per cent and may reach as low as 5.65 per cent, The Unnayan Onneshan, an independent multidisciplinary think-tank, in its current issue of the Bangladesh Economic Update, said, the Financial Express. The UO cautions that the pressure in revenue collection is likely to add up to budget deficit, which is targeted at 4.6 per cent of GDP in FY 2013-14. Unnayan-Onneshan

Foreign aid commitments down by 41pc in July-Jan

Foreign aid commitments plunged 41 per cent in the first seven months of the current fiscal as development partners pledged funding US$ 1.29 billion less than that of the corresponding period of last fiscal, officials said Wednesday. Economic Relations Division (ERD) officials said multilateral lenders and development partners working with Bangladesh confirmed US$ 1.55 billion in loans and grants in the Jul-Jan period of the current fiscal year (FY) 2013-14 compared to that of $ 2.84 billion in the corresponding period of the FY 2013, reports the Financial Express (FE). “Political turmoil and lack of the expected level of confidence of the donors are the major reasons behind the less-than-expected aid commitment by the deve...

Buyers fleeing China for Bangladesh

Foreign buyers are fleeing China for Bangladesh, Cambodia and Indonesia not just for cheaper labour but also because of rising tensions between the workers and their employers, in some cases because of poor corporate social responsibility on the part of the companies. Swedish firm H&M, the world’s second-biggest clothing retailer, now sourced about 45 per cent of its needs from Bangladesh, and Cambodia’s share was growing, said Goran Larsen, a former chairman of the Swedish Textile Importers Association. [caption id="attachment_4450" align="alignleft" width="300"]china RMG
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