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Economy

India, Bangladesh agree on HYV rice seeds trade

Seed associations of India and Bangladesh on Thursday signed a cooperation agreement to initiate cross-border trade in high-yielding variety (HYV) rice seeds that will also enable knowledge-sharing in their production and trade. bd-indiaA Memorandum of Understanding for this purpose was signed here between the Bangladesh Seeds Association and the National Seed Association of India. There is currently no formal trade between both countries in HYV rice seeds, but there much movement through informal channels in this low-value, high-volume trade that is ...

New record in forex reserve

Bangladesh’s foreign currency reserves have reached $24 billion on Wednesday, setting a new record. The reserves now stand at $19.04bn, enough to pay off six months’ imports and second highest among SAARC countriesKazi Saidur Rahman General Manager of Bangladesh Bank (BB) confirmed this to reporters. The reserves first crossed the $23-billion mark on February 26 this year. The reserve is currently enough to meet the country’s import bills for more than six months. The central bank attributed the record reserve accumulation to a stable flow of remitt...

Credit profile supported by strong, stable growth

Moody’s Investors Service says that Bangladesh’s Ba3 foreign currency government bond rating reflects its track record of macroeconomic stability, a modest debt burden, and limited externalvulnerabilities with an ample foreign reserve buffer. moody'sBut a fractious political environment, narrow tax revenue base, and a very low level of per capita income constrain the rating. Moody’s conclusions were contained in its just-released credit analysis “Bangladesh” and which looks at the country’s credit profile in terms of Economic Strength (assessed as “moder...

IBBL contributes in agro investment

Like other sectors of the economy, Islami Bank Bangladesh Limited has been contributing significantly in the country's agriculture sector. Since its inception, the bank has been working for development of agricultural sector, which is the livelihood of 80 percent of people of the country directly or indirectly. farmersOver the last 5 years the Bank invested more than 60 billion Taka in agriculture sector. The Bank also trained two and a half million farmers training on modern technology for the cultivation. The Bank is also giving priority inve...

USAID’s new programme in for RMG workers

The US Agency for International Development (USAID) has announced a three-year Worker Empowerment Programme in Bangladesh to support labor rights, union organizing, and women’s empowerment in the ready-made garment (RMG) sector. The announcement coincided with the second anniversary of the Rana Plaza garment factory collapse in Dhaka that killed over 1,100 rmg222workers and injured over 2,500, USAID said in a statement. “USAID’s Worker Empowerment Program demonstrates the United States’ vigilance in promoting fundamental labor rights, including w...

BB must have more control over money market

The government should give more powers to Bangladesh Bank to allow it to properly play its role in the money market and rein in inflation, the central bank’s Chief Economist Biru Paksha Paul said yesterday. bbThe government’s control on the interest rate on savings certificates disturbs the market and affects the central bank’s efforts to bring down lending rates and control inflation, which are needed to boost investment, he said, reports the Daily Star. “The central bank is supposed to control the interest rates. If there is someone else playing this role, our g...
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