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Remittance mostly used in non-productive sectors

A recent Bangladesh Bank study reports that remittance sent by expatriates is mostly used for consumption and in the “non-productive” sectors in the country. The survey conducted in 2011 found 90% of remittances were used for meeting basic needs. Seventy-five percent of households receiving remittance spent those on food, 42% on loan repayment, 65% on education, 57% on treatment, 49% on marriage and 4% on running legal battles (multiple responses allowed). Experts described these as failure of successive governments to act on diverting the remittances into “productive” sectors instead of consumption. remmitance

Classified loans to fall soon: Atiur

Banks’ nonperforming loans will soon come down to a tolerable level due to relaxed policies, said Bangladesh Bank Governor Atiur Rahman. On average, the banking sector’s NPL rose to 12.79 percent of the total loans at the end of September 2013, but the figures of December last year would be at a tolerable level, he said. dr. atiurThe governor was speaking at a conference of general managers of the central bank at its office in the capital on Sunday, reports the Daily Star. In Sep...

Exports rise 7.8pc on garment sales in Jan

The country’s exports rose 7.8 percent in January from a year earlier to $2.75 billion, boosted by clothing sales, the Export Promotion Bureau said on Sunday, despite months of election-related violence that disrupted transport and prompted global retailers to curb orders. Bangladesh's $22 billion garment industry had seen orders cut nearly in half in the three months to December as political unrest in the months leading up to a Jan. 5 election hit the country, according to the Bangladesh Garment Manufacturers & Exporters Association. export-import

Steps against money laundering under review

Bangladesh is expected to come out of the Financial Action Task Force’s (FATF) grey list today, meaning there would be a great reduction in the costs and time line of financial transactions with the rest of the world. “We are very hopeful as we have fulfilled all conditions for being excluded from the list,” said M Mahfuzur Rahman, executive director of Bangladesh Bank, reports The Daily Star. money_scamIn October 2010, the FATF gave Bangladesh time-bound 28 action items needed t...

BB governor for gender-sensitive, dev-friendly national budget

Bangladesh Bank governor Dr Atiur Rahman on Wednesday stressed the need for formulating a gender-sensitive, and environment -and development-friendly national budget. “A budget is very important for our nation, family and personal life. The national budget should be gender-sensitive, and environment -and development-friendly which we saw in recent years,” he said. BB governorThe central bank governor made the remarks while addressing the inaugural session of the Centre on Budget and Policy, a newly estab...

Economic growth remains impressive

Showing resilience to internal and external crises, Bangladesh economy grew last year at an impressive rate, which was much above the global average, according to Bangladesh Bank (BB) annual report for 2012-13 released here today.The report, a flagship public of the central bank on economy, showed that the economy grew by 6.0 percent in 2013, much higher than the world economy advanced on average.  “Using the 1995-96 base year the Bangladesh economy achieved GDP growth of 6.0 percent in FY13, and 6.2 percent using the 2005-06 base,” the report said. The BB attributed the “solid economic growth rate” to the substantial remittance inflows and export activities. According to the BB report, the global economy remained subdued a...
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