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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.

Remittances dip for fourth month in a row

Remittances sent home by Bangladeshis working overseas dropped nearly 5 percent to $1.05 billion in November from a year earlier, the central bank said on Monday, slipping for the fourth straight month. Millions of expatriate Bangladeshis remitted $5.55 billion from July to November, the first five months of the current financial year, down 9 percent from the same period in the previous year. Strong remittances in recent years have helped build foreign exchange reserves to more than $17 billion. remmitance

IMF approves $ 140.4m payout under ECF arrangement

The Executive Board of the International Monetary Fund (IMF) completed the third review of Bangladesh’s economic program under a three-year arrangement supported by the Extended Credit Facility (ECF). The Board’s decision enables the immediate disbursement of an amount equivalent to SDR 91.423 million (about $140.4 million) to Bangladesh. This would bring total disbursements under the arrangement to SDR 365.692 million (about $561.4 million), says an IMF press release. The three-year ECF arrangement for Bangladesh was approved by the Executive Board on April 11, 2012 (see Press Release No. 12/129) for a total amount equivalent to SDR 639.96 million (about US$982.5 million), or 120 percent of quota.

Forex reserves fall in November

The country's foreign exchange reserves slipped to $17.11 billion at the end of November from a record high of $17.35 billion in October, but were up from $11.75 billion a year earlier, the central bank said on Sunday. Reserves fell in November as a result of scheduled bi-monthly import payments to the Asian Clearing Union totalling about $800 million, a senior central bank official said. remmitanceThe reserves are enough to cover more than five months of imports. Rising exports...
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