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Economy

IMF sees global growth, deflation risks rising

lnternational Monetary Fund (IMF) chief Christine Lagarde said yesterday that growth in the global economy was picking up, but warned of the “rising risks” of deflation. “Momentum strengthened in the latter half of 2013, and should strengthen further in 2014 -- largely due to improvements in the advanced economies,” Lagarde said in a speech at the National Press Club in Washington. IMFThe IMF managing director, however, declined to put numbers on the growth rate ahead of next week’s update of the Fund’s offici...

WB predicts GDP growth slow down to 5.7pc

Bangladesh’s economic growth made in October last year remained unchanged as the GDP growth rate will slow down to 5.7 percent against 7.2 percent target in the current fiscal (2013-14) due to political turmoil, says the World Bank (WB). The WB, an international financial institution that provides loans to developing countries for capital programs, came up with the fresh but similar forecast on Wednesday in Washington, reports UNB. wbIn it...

Recent decline in remittances in Bangladesh

Migrant workers sent $6.77 billion home to Bangladesh in July-December, down 8.41% from the same time a year ago. For the first time in recent memory, Bangladesh has experienced a decline in remittances in the first half of the fiscal year. There are four factors that can potentially account for the decline in remittances: the stock of Bangladeshi migrants abroad, earnings per migrant worker, their average propensity to save, and their average propensity to remit money home out of those savings. remittances-decline

Decline marked in bank deposit growth in 2013

Growth rate of bank deposits marked nearly 4.0 per cent decline until November in the last calendar year over the corresponding period in the previous year taking its toll on the banks' operating profits, sources said. Bankers and experts, however, have attributed such a fall to a slowdown in trade and business activities amid the prevailing political turmoil. Most of the banks' operating profits dropped in 2013 compared to that of the previous year. Bangladesh BankFresh investment i...

Remittances nearly $ 7b in fiscal first half

The country’s overall remittance reached nearly $7 billion during the first half of the current fiscal (July 2013-June 2014), a central bank official said Monday. remmitanceQuoting provisional data, the Bangladesh Bank (BB) official, who preferred to be unnamed, said "inflow of remittances from Bangladeshis fell by about 9 percent year on year to $6,778.57 million in the first half of 2013-14 fiscal year," Xinhua reported. The official said the flow of inward remittances in the last month was 5.50...

BB opposes proposal to allow PKB for commercial banking

Bangladesh Bank (BB) has rejected a proposal of finance minister AMA Muhith on giving Probashi Kallayan Bank approval to open exchange houses abroad and allowing it to operate partial commercial banking activities to enable the bank serve the Bangladeshi diaspora. The central bank in its opinion said the specialised bank does not comply with the mandatory standards stipulated in the banking company act on matters like capital requirement and banking nature to become eligible for commercial banking and banking through exchange houses. The BB last week in a letter to finance ministry cleared its position that cited specific provisions lying in the bank company act on specific issues, a source in the finance ministry said, rep...
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