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Economy

Saudi to stop hiring costly Bangladeshi workers

Saudi recruitment offices have decided to stop hiring Bangladeshi workers because they claim that a supply crunch has raised costs, the media reported on Tuesday. Ibrahim Al-Megheimish, a recruitment expert, said that there were too few Bangladeshi maids from BDworkers seeking employment, which now means costs have risen from $1,000-1,800 just to bring them to Saudi Arabia, Arab News reported. He said the cost outlined by the Saudi labour ministry is not enough to cover all the expenses incurred in bringing workers to the country. This ha...

BoI, Privatization Commission to merge

The process to merge the Board of Investment (BoI) and the Privatisation Commission by setting up a new authority has got the nod from the Cabinet on Monday as the draft of ‘Bangladesh Investment Development Authority Bill 2015’ was approved. The approval was given at the regular weekly meeting of the Cabinet held at Bangladesh Secretariat with Prime Minister Sheikh Hasina in the chair. Other minister and state minister were present in the meeting. Cabinet Secretary M Musharraf Hossain Bhuiyan briefed reporters after the meeting. He said boionce the proposed ...

RMB instead of US$ advised for Sino-BD trade transaction

Bankers from Bangladesh and China suggested introduction of transaction in RMB (Chinese Yuan) instead of US Dollar for International Trade between the two countries. This will help in reducing cost of production and price volatility due to changing exchange rates of US Dollar between Bangladesh and Chinese currencies. It will also save additional costs as this will involve two currencies instead of three. This was suggested by the participants during a day-long Seminar on Bangladesh China Trade Finance : Role of Banks in Kunming, China last Friday ( 21 August). A total 45 senior

Atiur urges environ friendly trade practices in SAARC

Bangladesh Bank Governor Dr. Atiur Rahman said the need of the hour is to develop socially inclusive, sustainable and environmental-friendly trade practices even as SAARC countries aim for financial integration in the region. In his special address at a roundtable on ‘SAARC Financial Integration: Progress and Prospects’ at the two-day banking conference FIBAC 2015 on Tuesday, jointly organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Indian Banks’ Association (IBA) with Boston Consulting Group (BCG) as knowledge partners, Dr. Rahman said that the trade amongst SAARC nations is way below the desired figures. [caption id="attachment_19218" align="alignright" width="650"]

GSP not reinstated for compliance failure: Gauhar

Prime minister’s foreign affairs adviser Gauhar Rizvi said on Monday the Generalized System of Preferences, popularly known as GSP, was not reinstated due to the failure on the part of Bangladesh to meet conditions set by the US. gauhar RizveHe said this while speaking at a seminar on foreign affairs at the national defense college at Mirpur in the capital. The Bangladesh Institute of International Strategic Studies and the Bangladesh Enterprise Institute jointly organized the seminar. Gauhar said, “We have to fulfil the promises we gave...

BB plans $2-bln funding for infrastructure

Bangladesh Bank said recently that it planned to provide funds of $2 billion to develop the country’s infrastructure, in hopes of spurring economic growth. Poor infrastructure is often cited as one of the major hindrances to growth in the South Asian bbcountry. “We may provide up to $2 billion from our $26 billion foreign-exchange reserve to the proposed sovereign wealth fund to develop infrastructure facilities across the country,” said Atiur Rahman, the governor of Bangladesh Bank. Bangladesh’s foreign exchange reserves hit a record $26.06 billion on Mond...
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