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Economy

BB continues to purchase US dollars from banks

The central bank has continued to purchase US dollars from the commercial banks directly aiming at keeping the inter-bank foreign exchange market stable, officials said Sunday. "We've strengthened our intervention in the foreign exchange (forex) market recently to protect the interests of exporters and migrant workers by keeping the exchange rate of the local currency against the greenback stable," a senior official of the Bangladesh Bank (BB) told the Financial Expres (FE). He also said the BB is buying US dollars continuously from the banks to offset higher inflow of foreign exchange in the market. bb As part of the move, the BB ...

Ticfa to be signed today in Washington

The much-hyped deal — Trade and Investment Cooperation Forum Agreement (Ticfa) — will be signed today in Washington, which the government thinks will help expand trade and investment between Bangladesh and the USA through enhanced cooperation. Commerce Secretary Mahbub Ahmed, now in the USA, confirmed UNB through a text message on Sunday saying Ticfa will be signed at 10am (Washington time) on November 25. Acting Deputy United States Trade Representative Wendy Cutler and Bangladesh Commerce Secretary Mahbub Ahmed will sign Ticfa on behalf of their respective sides, reports UNB. United States Trade Representative Michael Froman will make brief remarks and preside over the signing of the United States-Bangladesh Trade and Investment Cooperation Forum Agreement (Ticfa).

Strategic changes in supervision techniques to check banks’ misddeds

Bangladesh Bank (BB) Governor Dr Atiur Rahman said the central bank has started introducing strategic changes in its existing supervision techniques for ensuring financial stability to check financial irregularities in the banking system. “Some recent financial irregularities in the state- controlled banks in particular threaten to taint the image of the Bangladeshi banking system and its regulator,” said the governor while opening the Annual Banking Conference 2013 organised by Bangladesh Institute of Bank Management (BIBM) on Sunday. dr. atiur

Bangladesh key economic indicators – Nov 24

DAILY INDICATORS

Thursday Previous Taka/US $ (inter-bank) 77.75-77.75 77.75-77.75 Call money rate (inter-bank) 06.00-08.00 05.50-08.00 Dhaka Stock Exchange index 4,395.94 4,439.59 ------------------------------------------------------------ indicator MONTHLY CURRENT PREVIOUS Growth in: Consumer price index (BBS) Change yr/yr (pct) Oct. 7.03 7.13 M2 supply (bln taka) (BB) Sept. 6,267.23 6,199.89 Forex reserves ($bln)(BB) Oct. 17.35 16.15 Exports(FOB) ($mln)(BB) Sept. 2,590.24 2,031.44 Imports(FOB) ($mln)(BB) August 2,658.00 3,125.00 ------------------------------------...

Belarus ratifies double taxation deal with BD, plans warehouse

The House of Representatives of the National Assembly of Belarus ratified agreements on the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income with Bangladesh and Laos on Friday. The agreement with Bangladesh envisages lower tax rates on dividends (from 12 per cent to 10 per cent if the share of an investor in the capital is more than 10 per cent), on interests from 10 per cent to 7.5 per cent, on royalties from 15 per cent to 10 per cent. The agreement with Laos establishes lower tax rates: on dividends (reduction from 12 per cent to 5 per cent if the share of an investor in the capital is more than 20 per cent, to 10 per cent in other cases), on interests from 10 per cent to 8 per cent, on royalties from 15 per cent to 10 per cent. ...

Shortfall in revenue collection due to political unrest

The revenue collection by Chittagong customs house witnessed a shortfall of Tk 25.41 billion, as it collected Tk 233.49 billion against the revenue target of Tk 258.90 billion in the 2012-2013 FY due to political instability, although the collection crossed the targets in previous fiscal years. Chittagong Customs House, the highest revenue earner of the country, could not meet the target of revenue collection in the five months of the current fiscal year due to repeated hartals and violence amid political instability. revenew collection Ctg
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