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Economy

Navy-Air force seeks permission to set up commercial bank

Bangladesh Navy and Air Force have sought permission from the government to start a commercial bank. Navy chief Vice Admiral Muhammad Farid Habib in a letter to the Prime Minister has asked for approval for the proposed Maritime Bank Ltd. BN-450x251He also said this is expected to ‘further facilitate’ financial services for those serving the Navy and the Air Force. The Air Force and Navy will be partners in the venture. The Navy wants to operate the bank through its commercial arm Nou Kalyan Foundation. A formal proposal will be submitt...

WB to scale up funding in Bangladesh

The World Bank (WB) most likely will scale up its funding to Bangladesh, with pleading new financing commitments amounting to $1.9 billion for the current 2015-16 financial year (FY16). Referring to a meeting between finance minister Abul Maal Abdul Muhith and WB senior vice wbpresident Kyle Peters, the multi-donor agency in a press release issued here today (Sunday) said the agenda of the meeting included discussion on the WB's growing portfolio in Bangladesh. The meeting was held on the sidelines of the IMF-WB annual meeting held in Lima, Peru on Saturday where...

IFC bond imminent, says BB governor

Governor of the Bangladesh Bank (BB) Dr. Atiur Rahman appears to be one of the relaxed and contented central bank governors in Lima this week, having avoided the commodity crash and sitting on substantial foreign currency reserves. The taka is also about to make its debut in the international bond markets, with the IFC set to issue in the currency The IFC’s plan to issue a offshore Bangladeshi taka-denominated bond will be invested in [caption id="attachment_19218" align="alignleft" width="650"]File Photo File Photo[/caption] private infrastructure projects a...

Q1 remittances reach $ 4bn

Bangladesh’s central bank governor elected chairman of Asian Clearing Union ADB to lend Bangladesh $45 mln for water resource project India’s push to save its cows starves Bangladesh of beef Arrest warrants for 33 Bangladesh opposition members Bangladesh’s Mustafizur mesmerises with record wicket haul Bangladeshis living and working abroad remitted home nearly $4 billion in the first quarter of the current 2015-2016 fiscal year, a central bank official said on Wednesday. Remittance-450x325Quoting provisional data, the Bangladesh ...

Inflation rises a little after Eid-ul-Azha

The inflation rate in the country has seen a slight increase in the month of September. The rate increased slightly to 6.24 percentage point, up from 6.17 percentage point in August. The increased buying trend during the Eid-ul-Azha is mainly responsible for the slight rise. “The general point-to-point inflation rate in September increased to 6.24 percentage point, up inflationfrom 6.17 percentage point in August,” Planning Minister AHM Mustafa Kamal while releasing the monthly consumer price index at the NEC 2 after the ECNEC meeting on Wednesday....

ADB to help finance India-Bangladesh power link

The Asian Development Bank (ADB) is to help finance a project to increase transmission capacity of an India-Bangladesh power link to allow Bangladesh to better meet sharply rising power demand. ADB’s $120 million loan to Bangladesh will double the capacity of the existing interconnector which links the power grid of western Bangladesh at Bheramara and the grid of eastern India at Bharampur. adb1The two networks were first interconnected in 2013, under a previous project financed by ADB. New transmission capacity will rise from 500 megawatts (MW) to 1,000 MW,...
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