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No scope for money whitening in new budget    

The upcoming national budget for 2014-15 financial year (FY15) is unlikely to leave any scope for whitening black money as people have been offered for years. “We have given the chances (money whitening) repeatedly, but the next budget would have no such provision,” Finance Minister AMA Muhith told the consultative meeting of the National Revenue Board (NBR), held at a city hotel on Thursday. MuhithAccording to NBR, some Taka 13,808 crore was whitened between 1971-72 and 2012-13 financial years, BSS reports. The finance minister, however, sai...

April inflation eases slightly      

Bangladesh's annual inflation eased marginally in April to 7.46 percent, the Statistics Bureau said on Wednesday, as prices of both food and non-food items rose at a slower pace. inflationInflation in March was 7.48 percent, up from February's 7.44 percent - the first easing in inflation since November as supplies of basic foodstuff were affected by frequent transport blockades and unrest in the run-up to elections in January. Food prices in April rose 8.95 percent from a year earlier, compared with an 8.96 percent increase in March, the ...

World economic recovery requires structural reforms  

The global economic recovery, despite some hiccups, seems to have built up some steam.  While growth is strongest in developing countries, it is still slower than the pre-crisis period. A cautious attitude and ongoing aversion to risk mean that business confidence is tepid – especially in the EU. Experts think the prospects for a durable and sustained recovery hinge on whether national governments demonstrate their commitment to substantive structural reforms, according to the editorial of the current ICCB News Bulletin of International Chamber of Commerce-Bangladesh released on Wednesday.

Robust trade growth drives economy, shows BB data    

With a robust growth in foreign and domestic trade, the economy is showing constant resilient to the external and internal shocks, according to the Bangladesh Bank (BB) data released last week. According to the central bank statistics, export marked steady growth in the past five years with average 22.61 percent rise and recorded the highest ever income of $27.03 billion in the end of June 2013. The growth in foreign trade in the first nine months of the current 2013-14 financial year (FY14) was 22.24 percent despite the pre-election political unrest. Similarly, the import surged by 16.42 percent in the past eight months of FY14 when the country imported goods worth $26.14 billion. The average annul import cost, however, was $30.98 billion in the past four years, BSS reports. <...

April remittances up for third straight month

Money sent home by Bangladeshis working overseas in April rose 3.2 percent from a year earlier to $1.23 billion, the third straight month of gains.

Millions of expatriate Bangladeshis remitted $11.73 billion from July to April, the first 10 months of the current financial year, down nearly 4.8 percent from the same period the previous year, central bank data showed.

Officials say remittances have dropped over the last few months because of political turmoil in the months leading up to an election in January.

Forex reserves hit record high in April  

Bangladesh’s foreign exchange reserves reached a record high $20.37 billion at the end of April, more than 37 percent higher than a year earlier, the central bank said on Sunday. The higher reserves, which stem from a widening current-account surplus, can to cover more than six months of imports. At the end of April 2013, reserves were $14.83 billion. The total last month was $1.06 billion above the March 2014 level. [caption id="attachment_4203" align="alignleft" width="300"]The reserves now stand at $19.04bn, enough to pay off six months’ imports and second highest among SAARC countries
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