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Economy

Indian textiles ministry worried over jute import from BD

Rising jute import from Bangladesh is a matter of concern and the issue has been taken up with Commerce Ministry, Textiles Minister Santosh Gangwar said in Lok Sabha today. jute goods"Jute from Bangladesh is coming. We can stop it. We have taken up the matter with Commerce Ministry. The import is rising every year and it is a matter of concern," he said replying to questions. Gangwar said jute sector plays an important role in India's economy, especially in the eastern parts, and supports the livelihood of around 40 lakh families. The exports ...

BB buys $475m from banks

The central bank has expedited purchase of US dollars from commercial banks this month to protect the interests of both exporters and migrant workers by keeping the exchange rate of Bangladesh Taka (BDT) against the greenback stable. bbAs part of the move, the Bangladesh Bank (BB) bought US$475 million directly from the banks during the first 16 days of the current month aiming to keep the inter-bank foreign exchange (forex) market stable, reports the Financial Express (FE). “The supply side of the foreign currency has improved during the period under review due t...

IMF welcomes announcement of new VAT

International Monetary Fund (IMF) mission led by Rodrigo Cubero said during a meeting in Dhaka that IMF welcomes the Bangladesh’s strong commitment to launching the new value-added tax (VAT) in July 2016. imf 2Cubero said that Bangladesh’s new value-added tax (VAT) will increase revenue while reducing costs for businesses. Rodrigo Cubero, visited Dhaka from February 25 to March 10 to conduct discussions on the fifth and sixth reviews under a three-year Extended Credit Facility (ECF) arrangement. He pointed out that VAT will significantly broa...

Unwise political appointments in banks

Finance minister AMA Muhith in his realization in June last year blamed the partisan appointment in the board of directors of different state-owned banks terming it liable for big loan forgeries, but to our utter surprise, the ministry is once again disappointing the nation with another demi-official letter to appoint a political leader to a post of a state-owned financial institution. Reports of an bdreports24English daily on Wednesday said, the bank and financial institution division was reviewing a proposal for appointment of a Jatiya P...

More European countries to join AIIB

The membership of the Asian Infrastructure Investment Bank (AIIB) is set to expand further, with France, Germany and Italy reported to have all agreed to join the China-proposed institution, reports Xinhua from Beijing. euThe decision of the three European countries, which was revealed by British newspaper The Financial Times and yet to be officially announced, came in the wake of Britain’s application last week to be a founding member of the 50-billion-U.S.-dollar bank. Meanwhile, Australian leaders have been lining up in the past few days to voice support for joi...

Non-banks asked to depend less on call money

The central bank has recently asked non-bank financial institutions to reduce their dependence on call money—a short-term bank loan repayable on demand. The directive has forced many non-banks to adjust their additional exposure, causing a fall in interest rate and a rise in transactions, reports the Daily Star. bb“We have been asked verbally to bring down our reliance on call money, which doesn’t generate any revenue for the government,” the chief executive of a non-bank said. A non-bank had a transaction ceiling of Tk 154 crore in the call money market, which...
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