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BoP surplus dips 16pc in current FY

According to an official, Bangladesh's overall balance of payment (BoP) surplus has declined 16 percent, reaching USD3.89 billion in the first three quarters of the current financial year which ends in June 2014, Xinhua reported. bb"Overall BoP registered a surplus of USD3.885 million in July-March period of 2013-14 fiscal year (July 2013- June 2014)," an official at The Bangladesh Bank (BB) said. In the first three quarters of the last 2012-13 fiscal year (July 2012-June 2013) Bangladesh's BoP surplus reached USD3.948 million, he added. The BB official attributed th...

Economic growth likely to experience decelerating rate    

The Unnayan Onneshan called for prudent management of the economy as the economic growth in the current fiscal year is likely to experience a decelerating rate for the third time in a row from those of the preceding years. The Unnayan Onneshan cautions in its pre-national budget publication,  “Dealing with Deceleration: State of Bangladesh Economy and Development 2013-14” that the management of an economy is contingent upon the efficacy of macroeconomic policies in preventing fluctuations in output and employment and if the current expedient regimes continue the deceleration could not be averted. The current annual number, which has scrutinised the major macroeconomic indicators of growth and development, finds that short-sightedness in fiscal management and inappropriate contract...

Bank borrowing gets speed in third quarter  

The government’s domestic borrowing increased substantially in the third quarter of the current fiscal year due to higher spending in the development programmes, officials said. It was also contributed by the maturity of a good number of treasury bills, compelling the government to pay back, reports the Dhaka Tribune. The net domestic borrowing stood at Tk18,419 crore as on March 13, almost double from Tk9,881 crore the government borrowed till December last, according to a document the Dhaka Tribune obtained yesterday. The March figure is 54% of the total budgetary estimate for the current fiscal year.

BB scheme for low income groups    

Bangladesh Bank has introduced an innovative scheme of Tk 200 crore, where loans will be extended to the poor and banks will enjoy incentives against recovered loans, in addition to interest. For the first time, the central bank has introduced the 'revolving refinance fund' to give low interest loans to low-income professionals, small and marginal businessmen and farmers. On Wednesday, the central bank sent a guideline in this regard to the chief executives of all the commercial banks. bbBangladesh Bank said low-income groups will get loans from the refinance s...

Existing planning process impractical: Muhith      

Terming the existing planning process too impractical, Finance Minister AMA Muhith on Monday stressed the need for a new planning process to have better development outcomes. “The way projects are prepared now following PEC and Ecnec is much impractical…project proforma are archaic and useless for the present time. We’ll have to change it,” he said. The minister was talking to reporters after holding a pre-budget meeting with the secretaries of different ministries and divisions at the NEC conference room in the city’s Sher-e-Bangla Nagar area in the afternoon. Muhith

Budget for FY 2014-15 on June 5

Finance Minister Abul Maal Abdul Muhith will announce the annul budget for the fiscal year 2014-15 (FY15) at the Jatiya Sangsad on June 5. The official said the date for announcing the budget for the next financial year is almost final though no official directive has been given yet. This will be the country’s 43rd budget and the 15th budget of the Awami League government, BSS reports. MuhithThe budget for the current 2013-14 financial year (FY14), announced on June 6, 2013, was the last budget of the previous five-ye...
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