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Economy

Cap on govt ODC loans to lower further

The ministry of finance (MoF) is likely to reduce the government’s borrowing further from the central bank through using the overdraft-current (ODC) tool in line with the suggestions of the International Monetary Fund (IMF), officials said. The MoF has already put a cap on the government’s borrowing from the Bangladesh Bank (BB) through ODC limiting it to Tk 40 billion. The new limit will come into effect on April 01 next, according to sources. bbBased on performance in the current fiscal year (FY) 2013-14 ...

National Bank of Pakistan facing heavy losses in Bangladesh

The National Bank of Pakistan is feared in its Bangladesh operation as the bank has sustained Rs 12 billion in losses, which, according to initial findings of bank’s Board of Directors (BoD), is a result of “lax management”, forcing the BoD to order an inquiry as it tries to minimise the damages. After administrative and financial deterioration in the state-owned bank, the State Bank of Pakistan has also sought an action plan including measures to handle credit losses in Bangladesh from the newly constituted BoD, according to official documents. NBPThrough its...

Forex reserves hit record $ 18.07b in December

The forex reserves of the country rose to a record $18.07 billion at the end of December from $17.11 billion in November, the central bank said on Wednesday, thanks to rising garment exports. The reserves are enough to cover six months of imports, and were up from $12.75 billion a year earlier. Rising exports, a slow pace of imports and steady remittances from Bangladeshis working overseas have helped build reserves, the central bank said. rmg Bangladesh’s exports from July to November, the first five months of the financial year, rose an annual 18 percent to $11.96 billion, boosted by stronger clothing sales, figures f...

Banks show mixed performance last year

The country’s scheduled banks in the just-concluded year showed a mixed performance as some banks posted healthy operating profit while other banks lost their profitability due to business stagnation amid political unrest. A BB official said on the last day of 2013 that the banking sector had faced different types of crisis in the concluded year as the private sector plunged in a debacle due to the frequent violence amid political disputes ahead of the general elections. Bangladesh-banking-sector

Economy remain resilient in 2013: BB

The country’s economy remained resilient in 2013 despite political instability, mainly due to the positive growth of the export, import, remittance and foreign reserve, Bangladesh Bank (BB) disclosed through a press release on Monday. Amidst the ongoing world recession and political instability across the country, the national economy and the banking sector were in positive growth in 2013 except for the third quarter of the year, the central bank claimed, reports the Independent. The positive growth of many economic indicators is still comfortable for the national economy and has also helped the economy remain resilient in 2013, BB said. ...

Bangladesh sees higher foreign aid flow in July-Nov ‘13

Foreign aid flow to Bangladesh during the July-November period of the current fiscal (2013-14) was somewhat higher at $ 987.34 million as against $ 969.26 million fetched during the same period of the last fiscal (2012-13). Of the amount disbursed during the five-month period, loans amounted to $ 740.72 million while the grants $ 246.62 million, said an official at the Economic Relations Division (ERD). remmitanceThe official said that the overall commitment for the July-November ...
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