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Inflation picks up in March as food prices rise

Bangladesh’s annual inflation edged up in March, driven by an increase in the price of food items, the planning minister said on Tuesday. Consumer prices in March were 5.65 percent higher than a year earlier, up from a rise of 5.62 percent in February when the figure hit a 41-month low, the minister, Mustafa Kamal, told a inflationnews conference. Annual food inflation in March rose to 3.89 percent from 3.77 percent the previous month while non-food inflation decreased to 8.36 percent from 8.46 percent. The governmen...

GDP reaches at 7.03pc, GNI at $1466

The country's GDP (gross domestic product) growth registered a phenomenal rise in the first nine months (July-March) of the current 2015-16 financial year (FY16), reaching 7.05 percent while the per capita income (GNI) surged to $1466. Referring to the latest report of the Bangladesh Bureau of Statistic (BBS), Planning Minister forexAHM Mustafa Kamal termed the economic growth as an extraordinary achievement in the country's economic front, reports BSS. The minister was briefing journalists after the meeting of the National E...

Forex reserves hit record $28.27b

Bangladesh’s foreign exchange reserves hit a record $28.27 billion at the end of March, the central bank said on Sunday, thanks to steady exports and slow import growth due to falling global commodities prices. The reserves, sufficient to cover eight months’ worth of imports, were 22.6 percent higher than forexforexat the same period last year. at the same period last year. Rising garment exports and steady remittances from Bangladesh nationals working overseas, two mainstay revenue generators for the impoverished country ...

Sri Lanka woman used as pawn In Bangladesh cyberheist?

A Sri Lankan small business owner, who received $20 million of the $101 million that was stolen from Bangladesh Bank’s account at the Federal Reserve Bank of New York last month, is claiming to have had no knowledge of the funds’ disreputable path to her. The woman, Hagoda Gamage Shalika Perera, told Reuters that the $20 million deposit, in and of itself, was not a surprise, as she had been expecting that amount to be transferred to the account of her Shalika Foundation, which constructs low-cost houses and provides other social services in Sri Lanka, from the Japan International Cooperation Agency (JICA) to help fund a power plant and other projects. The wrinkle here is that Perera claims to have had no direct dealing with JICA and the

ADB forecasts 6.7pc growth for 2015-16

Bangladesh’s growth for this fiscal will improve marginally and stand at 6.7 percent driven by apparel export and domestic consumption, Asian Development Bank forecast today. The improvement will be 0.1 percent increase from the 6.6 percent growth recorded last fiscal. adb1Higher growth will be driven by readymade garment export and a resilient domestic consumption, said ADB’s country director for Bangladesh Kazuhiko Higuchi. He was talking while launching ADB’s Annual Outlook Report 2016 at its Agargaon office in the capital, D...

ECNEC okays eight projects with TK 1,442cr

The Executive Committee of the National Economic Council (ECNEC) today approved eight development projects involving Taka 1,442 crore. The approval came at the 25th meeting of the ECNEC in the current fiscal held at the NEC conference room in the city’s Sher-e-Bangla Nagar with ECNEC Chairperson and Prime Minister Sheikh Hasina in the chair. Planning Minister A H M Mustafa Kamal, after the meeting, briefed newsmen about its outcome, ecnecreports BSS. He said the eight projects approved would require Taka 1,442.4...
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