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Fitch affirms Bangladesh at ‘BB-‘; Outlook stable

Fitch Ratings has affirmed Bangladesh's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB-'. The Outlooks on the Long-Term IDRs are Stable. The Country Ceiling has been affirmed at 'BB-' and the Short-Term Foreign- and Local-Currency IDRs at 'B'. KEY RATING DRIVERS Bangladesh's ratings balance strong foreign-currency earnings and high and stable real GDP growth against weak structural indicators, significant political risk and weak banking-sector health. Bangladesh's external finances are supported by comfortable and gradually rising foreign-exchange reserves, amounting to USD32.1bn in December 2016 (7.9 months of current external payments, compared with 4.4 months f...

NBR holds partnership dialogue with CAB

National Board of Revenue (NBR) has arranged a partnership dialogue with consumer’s association of Bangladesh (CAB), Intellectual Property Association of Bangladesh (IPAB), Joint Stock Company, Bangladesh Bank & BASIS with a view to protect revenue and ensure consumer rights. The dialogue has taken place in NBR conference room at the capital city Dhaka. Mr. Nojibur Rahman- chairman, NBR – Presided over the meeting where the high- officials of the government and representatives of the aforesaid parties were present. In this occasion, Mr. IPAB-Photo...
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Nordic Chamber, DI signs MoU on economic cooperation

A Memorandum of Understanding (MoU) on Business, Trade and Economic cooperation activities between the Nordic Chamber of Commerce and Industry in Bangladesh (NCCI) and the Confederation of Danish Industry (DI) was signed on January 13, 2017 in Copenhagen. The MoU was signed by NCCI President Shamim Ul Huq and DI Deputy Director Peter Thagesen. Also present at the event were the Ambassador of Bangladesh in Denmark, H.E. 18-_DSC5215Muhammad Abdul Muhith, Ib Albertsen from IFU and Søren Robenhagen, Commercial Counselor ...

Govt-ADB to ink $ 167m loan deal for gas sector

The government will sign with the Asian Development Bank (ADB) $167 million loan agreement for financing a project to improve infrastructure and operational efficiency of the country’s gas sector. Last month, the ADB approved the loan amount to help promote sustainable economic growth and reduce poverty in Bangladesh by improving production efficiency at a key gas field, north of the capital Dhaka, and by expanding transmission infrastructure, reports BSS. Senior Secretary of the Economic Relations Division (ERD) Mohammad Mejbahuddin and ADB adb1

Shop owners urged to use ECR

National Board of Revenue (NBR) Chairman Nojibur Rahman today urged the businesspeople to use Electronic Cash Register (ECR) to collect Value Added Tax (VAT) and deposit it to exchequer properly. “Modernize your accounting system, use ECR and if you face any problem, contact NBR online, we are with you,” the NBR chairman told businesspeople while visiting Bashundhara shopping nbr 222mall in the city on the occasion of National VAT Week that began on December 9. He said VAT week is actually a week to give VAT collectors and ...

Bangladesh Bank responsible, says Philippines bank

The Philippines bank through which $81 million stolen from Bangladesh’s central bank was channeled in February said on Tuesday that the Bangladesh central bank was responsible for the heist, and so any liability should not be passed on. Manila-based Rizal Commercial Banking Corp (RCBC) was responding to comments by a Bangladeshi investigator that some Bangladesh Bank officials deliberately exposed its computer systems and enabled hackers to steal the money from its account at the Federal Reserve Bank of New York. Bangladesh Bank had been demanding that RCBC compensate it for the loss, blaming it for i
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