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Economy

Medical Device Market: Bangladesh 2015

Bangladesh remains one of the poorest countries in the world. Poverty is widespread throughout and GDP is extremely low, despite it being the eighth most populous country on earth. Frequent large scale flooding also remains a constant threat. Government funding is low and the country continues to rely on international aid. An unstable political environment tarnished by corruption has made healthcare reform somewhat of an afterthought. medical marketThere is a marked disparity in the standard of healthcare between rural and urban areas. ...

Bangladesh Consortium, IFC launch $ 50m credit facility

The Alliance for Bangladesh Worker Safety (Alliance) has brokered a first-of-its-kind agreement with the International Finance Corporation (IFC) to help suppliers finance factory repairs. Through the resulting credit facility, the IFC will provide USD $10 million each to five Bangladeshi banks—USD $50 million total—for affordable loans to factory owners making necessary safety repairs. rmg“We are pleased to join forces with the IFC to launch this initiative, which promises to provide much-needed support to factory owners, speed the process of implementing repairs and h...

Remittance hits record $ 15.31b

In the just concluded fiscal year, migrant workers sent home $15.31 billion in remittance, the highest in the country’s history. The remittance in 2014-15 also rose 7.6 percent from $14.23 billion in the previous fiscal year, according to Bangladesh Bank (BB) statistics released yesterday. [caption id="attachment_4203" align="alignleft" width="300"]The reserves now stand at $19.04bn, enough to pay off six months’ imports and second highest among SAARC countries The reserves now stand at $19.04bn, enough to pay off six months’ imports and second highest among SAA...

BB issues AML guidelines for NBFIs

Bangladesh Bank (BB) has issued compulsory anti-money laundering (AML) guidelines for non-banking financial institutions (NBFIs) to help combat money laundering and terror financing. Similar to those for commercial banks, the guidelines emphasized that NBFIs should know their clients and keep watch on their financial transactions with a foolproof monitoring system, reports BSS. bb-logoThe central bank in a master circular issued Monday advised the NBFIs to formulate policies and procedures to operationalise and ensure the observance of these guidelin...

Petrobangla seeks more time to repay Niko

After failing to meet several deadlines previously, Petrobangla has sought extra time to answer to a payment claim filed by Niko Resources (Bangladesh) Ltd with the International Centre for the Settlement of Investment Disputes (ICSID). The Tribunals ordered on September 11 last year that Petrobangla pay Niko its overdue bills. Petrobangla-450x279Petrobangla was ordered to pay Niko $25,312,747 (around Tk200 crore) for Niko’s invoices on gas deliveries between November 2004 and April 2010 plus another Tk139,988,337. ...

June remittance records $968.64 million

Bangladesh received $968.64 million as remittance in the first 19 days of June. The Bangladesh Bank (BB) statistics show the four state-owned commercial banks — Agrani, Janata, Rupali and Sonali — received $308.44 million from the expatriate Bangladeshis while four state-owned specialized banks got $10.88 million. The maximum remittance came through the private commercial banks who brought $639.89 million Remittance-450x325while the nine foreign banks only $9.43 million. Among the private commercial banks, Islami Bank B...
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