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Bangladesh offers huge potential for halal food industry

Bangladesh offers huge potential for the establishment of a halal food industry besides serving as a platform for Malaysian companies to penetrate Western and European markets. Malaysian High Commissioner in Bangladesh, Norlin Othman said there was huge demand for halal food products in this country of 160 million people out of which 95 per cent were Muslims. "We are competeting with India and Thailand in the food industry but we have an edge over them because of our status as an Islamic country," she told reporters during a briefing, Sunday. Malaysian envoy

EDF allocation raises to $1b

  The central bank has increased the allocation of the export development fund (EDF) by 25 per cent to $1.0 billion from the previous $800 million to meet the growing demand of the country's exporters, officials said Thursday. "We've enhanced the amount of EDF allocation to encourage the exporters for strengthening their businesses. Other provisions related to EDF will remain unchanged," a senior official of the Bangladesh Bank (BB) told the FE. The central bank is providing the re-financing facility to the exporters through commercial banks as short-term liquidity support. Under the existing provisions, the EDF financing is allowed for input procurements against back-to-back import letters of credit (LCs) or back-to-back inland LCs in foreign exchange, by manufacturers...

Bangladesh key economic indicators – Nov 14

DAILY INDICATORS

Wednesday Previous Taka/US $ (inter-bank) 77.75-77.76 77.75-77.7525 Call money rate (inter-bank) 06.00-08.00 06.00-08.00 Dhaka Stock Exchange index 4,212.72 4,197.71 ------------------------------------------------------------ indicatorMONTHLY 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 Impo...

Mobile banking users cross 10m mark

Mobile banking users in the country crossed 10 (one crore) million mark from 0.5 million in April this year. mobile bankiongAccording to Bangladesh Bank (BB), the number of mobile banking accounts stood at 10.235 million (1 crore 2 lakh 35 thousand) on November 11 with more than 100 percent rise in seven months. "The phenomenal rise in mobile banking would play significant role in financial inclusion," the central bank in a press release said Wednesday. Introduced in 2010, mobile banking has become a major tool of many banks to take t...

Trade balance to decline in FY 2013-14

The country’s terms of trade have been deteriorating unabated, reflecting a major structural weakness of the economy, reveals the Unnayan Onneshan, an independent multidisciplinary think-tank, in its latest monthly economic update released on Wednesday. The terms of trade, the value of exports relative to that of imports, reached at 70.1 per cent in FY 2011-12 from 70.8 per cent in FY 2010-11 and the leading think-tank projects further weakening in the upcoming years to reach at 69.2 per cent, 68 per cent, 66.7 per cent and 65.5 per cent in FY 2012-13, FY 2013-14, FY 2014-15 and FY 2015-16 respectively, if radical actions are not taken.

RMG factory owners agree to pay Tk 5,300 wage

Owners of ready-made garment factories on Wednesday night agreed to pay Tk 5,300 in minimum wage for entry-level workers. The announcement came after a meeting of representatives of the garment owners with Prime Minister Sheikh Hasina at her official residence Ganobhaban, chief of the apparel trade body said. “Yes, we’ve agreed to the new minimum monthly wage,” M Atiqul Islam, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) told UNB over phone. rmgHe said it will be decided in a day or two as to from which month the ...
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