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Economy

Canada expected key RMG destination by 2021

Bangladesh is aiming to achieve an ambitious rise to $3.5 billion of readymade garments (RMG) exports to Canada by 2021. According to Masud Rahman, chief of the Canada Bangladesh Chamber of Commerce and Industry (CanCham Bangladesh), exports to Canada stood at $1.1 billion in the fiscal year to June 2014, $770 million of Bangladesh-rmg-workerwhich were ready made garments. Bangladesh has hopes of hitting an overall target of $50 billion of overseas sales by the end of 2021 as they become a middle income country. Canad...

Apparel exporters go green to receive more orders

Bangladesh’s apparel exporters are turning to green building initiatives aiming to get more work orders by impressing the eco-friendly retailers across the globe. rmg222As part of the move, 14 garment factories from Bangladesh have already received Leadership in Energy and Environmental Design (LEED) certification from the United States Green Building Council (USGBC) after confirming their practice of good compliance and environmentally safe procedures. The LEED certification is a rating system that reviews a factory’s green initiatives such a...

April foreign reserve hits all-time high

Bangladesh's foreign exchange reserve hit an all-time high of more than 24 billion U.S. dollars at the end of April, said a central bank official on Monday. [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 SAARC countries[/caption] The Bangladesh Bank official who preferred to be unnamed said that foreign curr...

Political stability required for higher growth, says ICCB

Bangladesh economy, over the past decade, has maintained a healthy 6%-plus growth rate, despite global shocks. Sustained growth has generated higher demand for improved infrastructure including uninterrupted power supply, better transport and telecommunication services. All these require increased private investment, according to ICCB Executive Board Report. ICCB Annual Council PhotoIn the budget of current fiscal, the government has set 7.3% growth target. To achieve the target, according to ADB, the total i...

Lending interest still high: BB Governor

Bangladesh Bank Governor Dr. Atiur Rahman on Thursday said interest rate on lending is still higher than the expected level though the interest on deposit is decreasing. dr. atiurAtiur said “The sliding of interest rate on lending in recent times was not at that pace which the interest rate on deposit had has experienced. Still, some 13 banks are counting the interest rate on lending at over 14 percent” He also expressed his shock over the fact that five banks are charging their agricultural loans at well over 11%. He did however expres...

Banking in Bangladesh

On Saturday 25 April, the International Retail Banking Summit in Bangladesh 2015 took place. As Efma’s first event in Bangladesh, it gathered more than 150 participants, and served as a platform for the retail banks to discuss key issues affecting the retail financial services industry in the country. We spoke to some of the speakers at the event to find out more. Bangladesh BankWhat makes Bangladesh unique in terms of retail banking? Sarder Akhter Hamed, EVP & Head of Retail Banking at United Commercial Bank: With a popul...
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