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Economy

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...

Economy hit hard by blockade

A rolling transport blockade organised by the opposition is taking a huge toll on Bangladesh's economy, with the vital garment industry hit particularly hard, a business leader warned Sunday. Opposition leader Khaleda Zia called the open-ended blockade of roads, railways and waterways after she was confined to her office by police on January 3 while trying to mobilise anti-government protests. [caption id="attachment_11978" align="alignleft" width="300"]Khaleda Zia Main opposition leader and Bangladesh Nationalist Party (BNP) chairperson Khale...

Govt to reopen some closed public units

The government is mulling to reopen some closed state-owned industries including the newsprint and the hardboard mills in Khulna, in partnership with foreign or local investors, Industries Minister Amir Hossain Amu said on Saturday. “The government is now discussing with foreign investors to make them invest here to reopen some closed industries utilising new technologies as those units are not in state of running by using local raw materials,” the minister added, reports the Daily Sun. jamunaoil1Besides restarting newsprint and hardboa...

Indian exporters in deep trouble for crisis in BD    

Indian exporters are under deep trouble following tussle between two major political powers in Bangladesh that has pulled down export volume between the two major south Asian trade partners to rock bottom. Pushed to a difficult corner, exporters have urged the Union Ministry of Commerce to persuade for a diplomatic level initiative into the matter. bd-indiaThe crisis has taken a grave shape at Indian Mahadipur Land Customs Station in Maldaha District of West Bengal that has Sona Masjid Land Port at its Bangladesh side. "Due to political unrest there, ...

Bangladesh wants river waters treaties with India  

Bangladesh wants to sign treaties with India to share the waters of all rivers flowing between the two neighbours, Bangladesh officials said here Friday. “Our (Bangladesh) government wants to sign separate treaties with India to share the waters of all rivers flowing between the two countries,” Bangladesh’s Comilla district deputy commissioner Mohammad Hasanuzzaman Kollol told reporters here. bd-indiaHe said: “Unless there is a treaty, Bangladesh would be deprived of getting due share of waters of the rivers flowing from Indian territories....

Islamic bonds hit the market  

The government has finally introduced Sharia-based short-term investment bonds for institutions and banks which seek to invest in interest-free financial instruments. The first auction for this type of bonds took place on January 01, 2015. On the very first day, bids amounting to Tk 856 million were offered by Sharia-based Islamic banks. All bids for the three-month bonds were accepted. bbSince the Islamic banks or the buyers of the bonds will have to share the profit from this investment, the ratio of such profit has been fixed at 90:10. That is, if we understand it...
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