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Economy

Irregular hiring costs Islami Bank Tk 10,000cr loss

Islami Bank Bangladesh PLC is facing a severe financial and managerial crisis due to years of irregular recruitment under the S. Alam Group, according to officials. The bank’s management has recently begun efforts to restore order by assessing the competency of thousands of unqualified staff who were reportedly hired without proper procedures.
Kamal Uddin Jasim, Additional Managing Director (AMD) of Isl...

Extreme poverty set to hit 9.3pc in Bangladesh: WB

Bangladesh’s economy is confronting renewed headwinds, with political uncertainty under the interim government weighing heavily on investment and slowing industrial growth. According to a World Bank (WB) report released on Wednesday under the title Poverty and Inequality Platform (PIP) News, the outlook for 2025 could resemble the pandemic year of 2020, when economic stagnation drove millions into hardship.

Key indicators:

    • Poverty rate at $3 a day (2021 PPP): 5.91pc in 2022
    • Poverty rate at national poverty lines 18.7pc in 2022
    • Multidimensional poverty headcount rati...

BB scraps mandatory 10pc advance of export earnings

Bangladesh Bank has scrapped the mandatory requirement for exporters to retain 10 per cent of their advance export earnings received from foreign buyers, a move aimed at boosting cash flow and simplifying business operations.
The central bank issued a circular on Thursday, lifting the retention obligation to facilitate the procurement of raw materials, streamline production activities, and simplify the supply of goods.
The new directive, however, includes several safeguards to ensure genuine transactions. ...

Competition Act key to fair markets

 Effective enforcement of the Competition Act 2012 is essential for safeguarding consumer interests, curbing anti-competitive practices, and ensuring sustainable economic growth, Bangladesh Competition Commission Chairperson A.H.M. Ahsan said on Thursday.

Speaking at a policy consultation hosted by the Foreign Investors’ Chamber of Commerce and Industry (FICCI), Ahsan emphasised that the Act serves as a foundation for a fair and...

Inflation eases to 3-year low at 8.29pc

Bangladesh's overall inflation rate eased to 8.29 per cent in August, down from 8.55 per cent in July, marking the lowest level in more than three years, according to official data released on Sunday by the Bangladesh Bureau of Statistics (BBS).

The last time inflation fell below this level was in July 2022, when it stood at 7.48 per cent. Since then, inflation has remained persistently above the 8 per cent mark, placing...

Manufacturing holds steady, but overall PMI slips

Bangladesh’s economic growth momentum softened in August, with the country’s Purchasing Managers’ Index (PMI) dropping by 3.2 points to 58.3 compared to July, according to a report released on Sunday.

The PMI, jointly compiled by the Metropolitan Chamber of Commerce and Industry (MCCI), Dhaka, and Policy Exchange Bangladesh (PEB), indicated that while the economy has now registered 11 consecutive months of growth, key sectors such as agriculture and construction slipped back into contraction.

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