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Economy

India’s cotton exports to rise

India, the world’s biggest cotton producer, is likely to export 6.8 million bales in the 2015/16 season, up 18 percent from a year ago as demand from Asia is expected to improve, a senior government official told reporters on Tuesday. Higher exports will cap global prices, but raise domestic prices and help bring down government purchases at the support price. [caption id="attachment_20622" align="alignleft" width="540"]s2.reutersmedia.net A farmer harvests cotton in his field at Nani Kadi village in Gujarat, India, October 20, 2015. R...

October remittances rise 7pc

Money sent home in October by Bangladeshis working overseas rose nearly 7 percent from a year earlier to about $1.1 billion, the central bank said. In July-October, the first four months of the 2015-16 financial year, Bangladesh received about $5.03 million in forexremittances, down 0.16 percent from a year earlier. Remittances from more than 10 million citizens abroad are critical for the South Asian nation and key source of foreign exchange, alongside garment exports. In the financial year ended in June, garments accounted for 82 percent of Bangladesh's...

‘If Bangladesh is confident, it will thrive’

United World gathers the opinions of some of Bangladesh’s most important business leaders from across the economic spectrum, from textiles and pharmaceuticals to aviation, telecoms, and finance. They share their thoughts on the country’s progress, its image in the global media and the vital role the private sector is playing in the country’s development [caption id="attachment_20593" align="alignleft" width="650"]business hugh ups Salman F. Rahman, Vice Chairman of the Beximco Group (top-left), MD. Atiqul Islam, President of BGMEA (top-right), ...

Green light for Indo-Bangla cross-border pact

Cargo movement be ween the city and Agartala turned seamless on Sunday with the introduction of the regional free trade agreement -the Bangladesh-Bhu an-India-Nepal (BBIN) Motor Vehicles Agreement. The first truck, which was flagged off from Nabanna, would pass through Bangladesh and travel just 640 kms, instead of he usual 1550kms route, to reach Agartala in less than half the time t would take earlier. bd-indiaThe agreement, signed on June 15, 2015, means transshipment of cargo wouldn’t be required at nternational borders and vehicles of each country ...

BB launches instant fund transfer system

Bangladesh Bank (BB) launched Real Time Gross Settlement (RTGS) with 55 banks today. “Introduction of RTGS would enable instant transfer of funds between banks and institutions,” said Governor Atiur Rahman at the inauguration of the service at the BB headquarters in Dhaka. bbInitially 5,000 branches of 55 banks will be able to render the service to its customers. Rahman said the system will have a substantial impact on current operations in the banks, particularly in the area of treasury, payment division, corporate banking and cash management. RTGS facil...

Forex reserve crosses $ 27b

The country’s foreign exchange reserve crossed a new height of US$ 27 billion mark on Thursday. Bangladesh Bank executive director M Mahfuzur Rahman confirmed this to Prothom Alo on Thursday. He, however, said they were working on to ascertain the final amount of the forex reserve at the end of the day. Earlier on 17 August, country’s foreign exchange reserve surpassed US$ 26 billion benchmark for the first time. According to international standard, a country should ideally have reserves to meet the import bill for at least three months. But, Bangladesh has now enough reserves to pay import bills for around seven months.

-Prothom Alo

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