Browse Category

Economy

6.2pc GDP growth projected in current FY  

The World Bank has projected that Bangladesh will achieve a 6.2 percent GDP growth in the current fiscal year (2014-’15) against the government’s target of 7.3 percent. Besides, the World Bank says, Bangladesh growth is likely to rise to 6.5 percent in 2015-’16 and 7 percent in 2016-’17 fiscal years. The global lender made the projection in the World Bank Group’s Global Economic Prospects (GEP) report released globally on Wednesday. wbThe World Bank report also projects that the economic growth in the South Asia region will hit 6.8 percent by 2017 fr...

Banks slash deposit rates further    

Further cut in interest rates on bank deposits with lending rates remaining unchanged widened the spread in November last. Senior bankers dropped an idea that the interest rates on deposits might fall further in the coming months if the ongoing political uncertainty continued. bbThe weighted average rates on deposits came down to 7.32 per cent in November last from 7.40 per cent in the previous month while interest rates on lending remained unchanged at 12.49 per cent, according to the central bank statistics, reports the Financial Express (FE). “We want to red...

BoP surplus shrinks for gaping trade deficit

Country’s overall trade deficit almost doubled in the first five months of the current fiscal year (FY) 2014-15 because of higher import payments and lower export receipts, officials said. The trade deficit rose 99.15 per cent to US$ 4.48 billion during the July-November period of FY 15 from $2.25 billion in the corresponding period of the previous fiscal. Bangladesh BankBangladesh Bank holds little hope to see any improvement in the situation in the near future. Trade circles and officials point out the country’s current situ...

Three key development projects under scanner  

Three key development projects have been put under intensive monitoring of the Economic Relations Division (ERD) because of their slow pace of execution, officials said. The three projects are Phase- 1 of Karnaphuli Water Supply Project, Khulna Water Supply Project, and Chittagong City Outer Ring Road Project. “Performance of the three important projects will be closely monitored for their timely implementation,” ERD’s senior secretary Mohammad Mejbahuddin told the FE. govtHe said the agencies concerned have been asked to accelerate works relat...

BB launches weekly sukuk issues

The central bank has launched a weekly Islamic bond issuance programme, providing local lenders with a new short- term liquidity management tool and boosting the prospects of Islamic finance in the majority-Muslim country. bbBangladesh has developed a sizeable Islamic finance industry but a lack of sharia-compliant instruments such as sukuk threatens to limit further growth of the sector. The central bank has had a sukuk programme since 2004 which has sold six-month paper, but more frequent issuance and a wider range of tenors are increasingly needed for an indust...

BB to get power to inquire about assets of foreign nationals  

Foreign nationals and companies operating in Bangladesh will come under the scanner of Bangladesh Bank as amendment is being brought to foreign exchange regulation act to check money laundering activities. The cabinet yesterday approved the draft of the “Foreign Exchange Regulation (amendment) Bill, 2015” incorporating some new provisions. bbAccording to the draft amendment, the central bank can seek information on the assets of these foreign nationals and companies—be the assets in Bangladesh or abroad, reports the Daily Star. However, a finance ministry offic...
Verified by MonsterInsights