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Regulators

Governor to meet Fed chief, SWIFT official to recover heist money

Bangladesh Bank (BB) Governor Fazle Kabir is likely to meet the head of the Federal Reserve Bank of New York and a senior executive from global financial messaging service SWIFT next week to seek their firm steps to help recover the heist money, reports BSS. “The governor will go to Basel, Switzerland next week”, the chief spokesperson of the central bank, Subhankar Saha, told BSS on Wednesday. bbBasel is the headquarters of the Bank for International Settlements (BIS), a group of major central banks. Shaha, also an executive di...

WB Bangladesh Development Update

The Bangladesh Development Update, April 2016 notes that Bangladesh economy remained strong and resilient despite external and internal challenges. Bangladesh is among the top 12 developing countries with a population of over 20 million, who achieved 6 plus percent growth in 2016. By any standards, Bangladesh economy has done well. Bangladesh needs to focus on a growth agenda centered on sustainable and inclusive growth. Stable macro-economy. Overall inflation declined from 6.5% in March 2015 to 5.65% in March 2016. Food inflation declined from 6.4% to 3.9%, thanks to a good rice harvest, declining international food prices and a stable exchange rate. However non-food inflation rose from

UNESCAP expresses optimism on BD economy

A UN body namely United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) has expressed its optimism about Bangladesh’s potential though trimmed its growth forecast for the economy in 2015-16 fiscal year (July 2015-June 2016) at 6.8 percent. UNESCAP made the projection in a latest report it published in Dhaka on Thursday, reports Xinhua. “The outlook for growth remains optimistic, with growth being projected at 6.8 percent in 2016 and 7 percent in 2017,” said the report, titled “Economic and Social Survey of Asia and The Pacific 2016.” According to the report, Bangladesh has sustained a robust and resilient economic growth rate

Fitch affirms Bangladesh at ‘BB-‘; outlook stable

Fitch Ratings has affirmed Bangladesh's Long-Term Foreign- and Local-Currency Issuer Default Ratings at 'BB-'. The Outlooks on the Long-Term IDRs are Stable. The Country Ceiling is affirmed at 'BB-' and the Short-Term Foreign-Currency IDR at 'B'. KEY RATING DRIVERS Bangladesh's rating balances strong foreign-currency earnings and high and stable real GDP growth against significant political risk and weak banking-sector health. Strong and relatively stable foreign-currency revenue from remittances and garments exports, two main pillars of Bangladesh's economy, support the external balances and overall credit profile. Bangladeshi exports have only been moderately affected by the current global trade slowdown: exports grew 5.9% over the year to January 2016, compared with 9.0% a year ea...

WB powers Bangladesh energy surge

The World Bank (WB) has announced that it will invest $217 million to revive Bangladesh’s creaking energy infrastructure. In a statement released on their website, the organisation told the world that an agreement had been signed. The deal was between the International Development Organisation and government of Bangladesh, to upgrade a section of the Ghorashal power station. This development would more than double the power station’s electricity generating capacity. This upgrade will be signal a technological milestone. The ‘Ghorashal Unit 4 Repowering wb

Creating more, better jobs BD’s top dev priority: WB Group

The World Bank Group has endorsed a new Country Partnership Framework (CPF) to help Bangladesh achieve its vision of reaching middle-income country status by 2021 from the current lower-middle income status. According to a statement of the Washington-based lender received here on Wednesday, the CPF for 2016 to 2020 will help the country reduce poverty and boost shared prosperity, reports Xinhua. The CPF, discussed by the Bank Group’s Board of Executive Directors, will help Bangladesh create more and better jobs for the 2.1 million youths entering the job market every year, it said.
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