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Economy

Forex reserves hit record $ 31.9b at end-October

Bangladesh's foreign exchange reserves hit a record $31.90 billion at the end of October, the central bank said on Tuesday, on the back of steady garment exports. forexThe reserves, sufficient to cover about nine months' worth of imports, are $4.32 billion higher than in the same period last year. Steady garment exports and remittances from Bangladeshis working overseas, the key drivers of the country's more than $200 billion economy, have helped build reserves in recent years.

-Reuters

Bangladesh mulls buying Chevron’s local assets

Bangladesh is considering buying Chevron Corp's (CVX.N) interest in three natural gas fields in the country, worth an estimated $2 billion, two senior government officials said, as Dhaka looks to secure the supply of a critical source of energy. Chevron, the second-largest U.S.-based oil producer, said in October last year that it plans to sell about $10 billion of assets by 2017 amid a prolonged slump in energy prices. Chevron recently said it is in discussions about the potential sale of three fields it operates in the northeast of Bangladesh.

Investment opportunities in Infrastructure Development

Bangladesh economy is moving on a stable path, despite external and internal challenges. With positive near-term macroeconomic outlook, declining inflation, rising reserve, contained fiscal deficit and stable public debt, which indicates brighter prospects. The country is among the top 12 developing countries, who achieved 6 plus percent growth in 2016. According to experts by any standards, Bangladesh economy is doing well and expected to achieve above 7% GDP this fiscal, according to the editorial of the current News Bulletin ((July-September 2016 issue) of International Chamber of Commerce-Bangladesh (ICCB) released today. The key challenges for Bangladesh in FY 16 were acceleration of private investments and the better use of public sector resources to implement important infrast...

Economy grows faster than forecast in FY 2015-16

Bangladesh’s economy grew 7.11 percent in the 2015-16 financial year that ended in June, the planning minister said on Tuesday, slightly faster than initially expected. Gross domestic product was projected at 7.05 percent for the year ended in June, Mustafa Kamal told a news conference, up from 6.5 percent the previous year when political unrest crippled the economy. Economy PhilipinesThe government aims to boost growth to 7.2 percent in the current financial year. Garment exports and remittances ...

Geopolitics hamper modernization of BD ports

The port of Chittagong, pictured, is working well above its designed capacity, but Bangladesh has no alternative maritime gateways. The competition to develop much-needed modern port facilities in Bangladesh has intensified following the recent visit of Chinese President Xi Jinping to the South Asian country. Despite the clear need for a new port, and plenty of commercial incentives to build one, projects have been slow to materialize, as China, Japan, and India fight for the right to provide financing, and with that a ticket to build their influence in the country and in the region. During the presidential visit, China committed $24 billion for the development of <...

PPP for improved public sector auditing in BD

In recent years, there has been growing realization of the need for collaboration between private and public sector audit profession for ensuring effective oversight over expenditure management and quality audit in the public sector. A new Audit Act on the anvil is expected to address some of these constraints and empower the Comptroller and Auditor General (CAG) to use the private sector audit service in fully discharging its mandated responsibilities, said a policy paper presented in the workshop on “Public Private Partnership for Improved Public Sector Auditing in Bangladesh” organized by The World Bank, Dhaka at its office on Wednesday, 19 October 2016. Masud Ahmed, Comptroller and Auditor General of Bangladesh made the opening remarks in
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