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15pc ADP implementation in July-Oct

The progress  in implementation of the Annual Development Programme (ADP) except for the self-financed projects in the first four months (July-October) of current fiscal (2013-14) was 15 percent compared to 20 percent during the same period of the previous fiscal (2012-13). According to the Implementation, Monitoring and Evaluation Division (IMED), the ADP expenditure during the four-month period except for the self-financed projects was Tk 9,906 crore compared to Tk 10,920 crore during the corresponding period of fiscal 2012-13. The ADP size except for the self-financed projects in the current fiscal (FY14) is Tk 65,872 crore. In case of the self-financed projects, the implementation rate marked 6 percent with Tk 461 crore ...

WTO deal still possible in Bali Conference, hopes ICC

International Chamber of Commerce (ICC) has called the members of World Trade Organization (WTO) to spare no effort to achieve a trade facilitation deal in time for the Bali Conference next week. ICC, following the WTO Director-General Roberto Azevedo’s signal on Tuesday that the formal WTO negotiating process had reached a conclusion for the time being, asked the member countries to demonstrate the political will needed to settle the agreement, said a press release here on Thursday . icc-logo “This is a clarion call for global business to continue ur...

BB initiates CoFI to ensure market discipline

Bangladesh Bank (BB) has introduced the cost of funds index (CoFI) for non-banking financial institutions (NBFIs) aiming to ensure market discipline. "The CoFI will strengthen the liquidity management of NBFIs which will also help them build future capability," said the central bank Governor Dr Atiur Rahman, while inaugurating the CoFI on the central bank's website at its auditorium in the city Wednesday. He said all the banks will come under the process very soon as necessary preparations are going on. The BB Governor said: "We have launched the CoFI as the first country in the sub-continent and it is part of our ongoing automation and digitalisation process."

GDP decelerates for 2nd year in a row to 6pc: WB

The Gross Domestic Product (GDP) growth of Bangladesh has decelerated for the second year in a row to 6 per cent, says a World Bank (WB) report published on Thursday. Disruptions caused by political strife, deepening political tensions relating to the impending political transition and the inadequacies of improvements in the provision of power, gas and infrastructure were the key factors in the growth slowdown. These contributed to weakening investor confidence leading to a 1.2 percent decline in the private investment rate, the report added. wbEcono...

Revenue shortfall widens in tax receipts

The shortfall in revenue collection further widened in the first four months of the current fiscal year. Officials of the National Board of Revenue (NBR) said, NBR continued to struggle in achieving its revenue collection target amid volatile political environment and economic slowdown prevailing in the country. According to NBR data released on Thursday, the revenue board fell short of target by Tk 3,119.68 crore or 8.58 per cent in July-October of FY 2013-14. In the period, the NBR managed to collect Tk 33,492.84 crore against the collection target of Tk 36,612.52 crore, the data showed. NBR1

Top 10 remitters to be rewarded each year: NRB database launched

Bangladesh Bank (BB) will reward ten top remitters every year to encourage Non-Resident Bangladeshis (NRBs) to send home their hard-earned money for the development of the country. BBB Governor Dr. Atiur Rahman Monday launched NRB (non-resident Bangladeshi) Database Web Link to help get connected with central bank, promote and uphold investment information and make it as hub for the NRBs. "I've instructed officials concerned to take necessary measures to honour top remittance senders from this year," said the BB Governor. Describing the NRBs as national heroes of Bangladesh, the Governor said NRBs must be respected because of their contribution for the country's economy. Bangladesh is one of the top remittance-earning countries in the world and it received $14 billion worth ...