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BB to provide $ 25m to Standard Group

Bangladesh Bank (BB) will provide $ 25 million loan assistance to Standard Group to recover the losses in recent arson attacks on the group’s readymade garment (RMG) factory at Gazipur industrial belt. The decision was taken at a multipartite meeting among BB officials, Standard Group management, CEOs of five commercial banks and BGMEA representatives at Bangladesh Bank Bhaban. Standerd GarmentBB governor Atiur Rahman, BGMEA (Bangladesh Garment Manufacturers and Export...

New 22 border ‘haats’ proposed at Meghalaya border

To create economic opportunities for the people living along the Bangladesh –India border in Meghalaya, the Indian authority is keen to set up 22 more border ‘haats’ (markets). Meghalaya Chief Minister Mukul Sangma said, we have sought for the establishment of 22 new border haats along the international border which would not only create economic opportunities, but would also cement bonds between the people living along the borders. Meghalaya already has two border haats - one at Kalaichar in Meghalaya’s West Garo Hills district and Baliamari of Bangladesh’s Kurigram district, and another in Balat (in East Khasi Hills district) and Lauwaghar (Dalora) in Bangladesh’s Sunamganj district.

IMF concludes Article IV consultation with Bangladesh

The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Bangladesh on November 27. On the same day the Executive Board also completed the third review under the Extended Credit Facility Arrangement (ECF) with Bangladesh, and approved $140.4 million disbursement, says an IMF press release. Over the past two years, the Bangladesh economy has shown significant economic stabilization and progress in structural reforms, underpinned by the Fund-supported program. In that period, real GDP growth has averaged above 6 percent, while sustained garment exports, increasing public investment, and strong workers’ remittance inflows have supported demand and activity. Meanwhile, Bangladesh’s two...

Political chaos shifts RMG credit away to India, others

Former president of Bangladesh Garment Manufacturer and Exporters Association (BGMEA) Shafiul islam Mohiuddin said, the export growth of the RMG products decreased by 10 per cent in recent months while the export growth in India, Cambodia and Vietnam rose to 30 per cent. These countries were far behind in the field of exporting apparels until last few years, but united efforts and business friendly environment have helped them supercede Bangladesh, he said. In tune with the former BGMEA president, country’s economist and business leaders fear that the current growth of economy might also be hit if political unrest continues few more days.

Remittances dip for fourth month in a row

Remittances sent home by Bangladeshis working overseas dropped nearly 5 percent to $1.05 billion in November from a year earlier, the central bank said on Monday, slipping for the fourth straight month. Millions of expatriate Bangladeshis remitted $5.55 billion from July to November, the first five months of the current financial year, down 9 percent from the same period in the previous year. Strong remittances in recent years have helped build foreign exchange reserves to more than $17 billion. remmitance

Forex reserves fall in November

The country's foreign exchange reserves slipped to $17.11 billion at the end of November from a record high of $17.35 billion in October, but were up from $11.75 billion a year earlier, the central bank said on Sunday. Reserves fell in November as a result of scheduled bi-monthly import payments to the Asian Clearing Union totalling about $800 million, a senior central bank official said. remmitanceThe reserves are enough to cover more than five months of imports. Rising exports...