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Fiscal trade deficit balloons

Bangladesh’s trade deficit ballooned in fiscal 2014-15 that ended June 30 on the back of increased imports, a central bank official said on Wednesday. The trade deficit in the fiscal surged 45.97 percent to about $10 billion compared to a year earlier, Xinhua bbquoted a Bangladesh Bank (BB) official as saying. The official said the country’s import payment was $40.69 billion, up 11 percent, in the last fiscal year while earnings from exports stood at $30.77 billion, up 3.3 percent, during the same period. The gap between Bangladesh’s export earnings and imp...

BB to refinance NRBCBank

An agreement was recently signed between Bangladesh Bank and NRBC Bank. Under this agreement Bangladesh Bank will refinance NRBCBank against their finance to Jute processing industries. B Bank & NRBCBankMr. Provash Chandra Mallick, General Manager of Bangladesh Bank and Mr. Dewan Mujibur Rahman, MD & CEO of NRBCBank signed the agreement on behalf of their respective organizations. Among others, Deputy General Manager Mr. Tapan Kumar Saha, Deputy Director Mr. Mohammad Abdullah Al Masum  of Bangladesh Bank and Senior Executive V...

$ 500m fund for manufacturing

The central bank will set up $500 million of funding for the country’s manufacturers, in an effort to stimulate economic growth, the head of the bank said on Thursday. The money will be split between two funds, one aimed at manufacturing in general, the second at textiles, including export-oriented ready-made garment factories. Garments are a key foreign-exchange earner for Bangladesh. The country’s low wages and duty-free access to Western markets have helped make it the world’s second-largest apparel exporter after China. bb-logo“Two new support...

BB to keep conventional, Islamic banks separate

Bangladesh will keep conventional and Islamic banks operating separately from each other because of concern about possible violations of sharia principles, although the decision is not permanent, the central bank’s deputy governor told Reuters. The central bank will not approve applications by conventional banks to convert themselves bb-logointo Islamic ones and is barring the use of Islamic windows, which let conventional banks offer Islamic financial services provided client money is segregated. “It is our observation that it created complications ...

Monetary policy kept unchanged

The monetary policy for the first half of the current fiscal year has been announced keeping its rates unchanged. The repo and reverse repo rates remain at 7.25 percent and 5.25 percent respectively as they were in the previous monetary policy. “[But] BB will have no hesitation in considering easing of the repo and reverse repo policy interest rates to appropriate extent immediately as headline point-to-point and core CPI taka-bundleinflation assume clear downward edging turn,” said Bangladesh Bank Governor Dr Atiur Rahman at a programme on the ...

Incredible $ 15.31b remittance in 2015 fiscal

A total of 9.4 million Bangladeshi migrants are toiling in various parts of the globe and sending their hard-earned money back home. The fruits of their hard-work are paying off as an incredible $15.31 billion in remittance was received in fiscal 2015 - the highest in the country’s history. BD-workforce in KSAAlthough total migration has declined by 30% in 2014 compared to 2012, the number of Bangladeshi female migrants has been on the rise despite global economic slump. One country which stands out in terms of employment of...
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