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Economy

FX reserves hit record $ 27.49b at year end

Bangladesh’s foreign exchange reserves hit a record $27.49 billion at the end of December, the central bank said on Sunday, fuelled by steady exports and remittances. The slower pace of import growth, on the back of a fall in global commodities prices, also helped boost reserves forexabout 23 percent over the corresponding period of last year. The reserves are sufficient to cover seven months of imports. Bangladesh’s exports in July-November, the first five months of the current financial year, rose 6.7 percent from a year earlier to $12.88 billion, le...

WB pumps millions into Bangladesh

The government on Sunday signed a $177-million additional financing agreement with the International Development Association (IDA) to complete the ongoing construction of a 335 megawatt combined cycle power plant at Siddhirganj near capital Dhaka. Kazi Shofiqul Azam, additional secretary of Bangladesh’s Economic Relations Division, and Iffath Sharif, acting World Bank country director for Bangladesh, signed the agreement on behalf of their respective sides on Sunday. wbThe power plant will account for six percent of the total electricity delivered to the national...

ICC dialogue on Industrial Policy held

Alhaz Amir Hossain Amu, MP (3rd from Left) Minister for Industries was the Chief Guest and Md. Mosharraf Hossain Bhuiyan ndc (2nd from Right), Secretary, Ministry of Industries was Special Guest at ICC Dialogue on Press Photo 27-12-15-FinalIndustrial Policy of Bangladesh held at MCCI, Dhaka on December 27. Moderated by ICC Bangladesh President Mahbubur Rahman (3rd from Right) and was also addressed by Former FBCCI Presidents Mir Nasir Hossain (Extreme Left) & A. K. Azad (2nd<...

BD set to supplant China top cotton importer

As China’s economy has grown, it has become the largest importer of raw materials from copper to iron ore. Yet for one commodity, at least, it’s poised to lose that title. Bangladesh will probably overtake China as the world’s biggest cotton importer in the current crop season, which lasts through July, according to data from the U.S. Department of Agriculture. In year ending July 31, Bangladesh will import a record 5.75 million bales of the fiber, up 6.5 percent from a year earlier, the USDA said 0e0bd15409017d1caf83e6... </div><!-- .entry-content --> </article><!-- #post-## --> <div class=

ADB urges to develop capital market to spur economy

The Asian Development Bank (ADB) encouraged Bangladesh on Saturday to use the more than $553 million it has provided so far in loans to develop a capital market and attract private investors. Bangladesh aims to become a middle income country (MIC) by 2021. "A well-functioning capital market can catalyse private sector investment in infrastructure and other sectors creating employment and economic growth," Kazuhiko Higuchi, the ADB's country director in Bangladesh, told Reuters in an interview. adb1The ADB has been supporting government efforts to develop t...

November exports up 13.73pc as garment sales surge

Bangladesh’s exports rose 13.73 percent to $2.75 billion in November from a year earlier, driven by stronger garment sales, official data showed on Sunday. Exports from July to November, the first five months of the country’s 2015-16 financial year, rmgbdrose 6.7 percent to $12.88 billion from a year earlier, the Export Promotion Bureau said. Sales of garments, comprising knitwear and woven items, totalled $10.46 billion in July-to-November compared with $9.69 billion a year earlier. Garments are a key foreign-exchange earner for the South Asian nation...
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