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Storm over central bank’s ‘autonomy’

Is the Bangladesh Bank (BB) independent?  The answer is both 'yes' and 'no'.  The incumbent finance minister feels that the BB enjoys enough autonomy. But the central bank's honchos seem to be not that satisfied with their current level of autonomy. Late last week, Finance Minister AMA Muhith, while talking to the reporters on conclusion of his meeting with an International Monetary Fund (IMF) mission in Dhaka, vented his anger over a central bank proposal for acquiring greater autonomy. Bangladesh Bank

Leather importers urge to end tax disparity

Leather chemical importers have urged the revenue authorities to end disparity in duty structure as many of the importers are misusing the bond facilities. Bangladesh Chemical Importers and Merchants Association President M Mizanur Rahman said importers under the bonded warehouse facility are enjoying zero duty while others out of the bonded facility have to pay 25% duties and the commercial importers pay 29%. “By using the system, a group of 20-25 bonded tanners are importing chemicals and selling them at the local market with certain amount of commission,” he alleged, reports Dhaka Tribune. leather go...
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Tight budget less crucial with interest rates low: IMF

The IMF traditionally calls on its member nations, especially those receiving its financial support like Greece and Portugal, to rein in spending to reduce their budget deficits and public debt, AFP reported. But the persistence of unusually low interest rates in the major economies has pushed the global lender into questioning—at least on the margins—its doctrine, according to an analytical chapter of its World Economic Outlook report released ahead of next week’s IMF/World Bank spring annual meetings. Market rates paid by nations to finance themselves “have declined substantially” since the 1980s and now are even in “slightly negative territory” when taking into account inflation, the 188-nation IMF said. IMF

Budget to be 3-time bigger under current regime: Muhith

Finance Minister AMA Muhith on Friday said the size of the national budget will be increased by three times during the present tenure compared to that during the last BNP-led alliance government. MuhithSpeaking at a discussion after laying the foundation stone of an academic building of PathantulaGovtPrimary School, the Finance Minister said the government is now standing on a much firmer ground compared to the past, UNB reported. Muhith said people’s fundamental rights had been established during the ru...

Bangladesh not to follow Japanese law constructing Chancery Complex

Cabinet Economic Affairs Committee has turned down a proposal of the Foreign Ministry to follow Japanese law in appointing contractor for the construction Bangladesh Chancery Complex in Tokyo. Rather, the Cabinet body asked the Foreign Ministry to go for direct procurement process under the purview of Bangladesh public procurement law (PPA) 2006. bangladesh-tokyoIn its proposal, the Foreign Ministry sought the waiver from following the Bangladesh law and instead following the Japanese law in th...

Bangladesh agrees to open power corridor for India

Dhaka has agreed to provide transit facility for a 6,000-megawatt Indian power transmission line while parts of the quantum could be used by Bangladesh. "A committee has been formed to see the feasibility of transmitting power through Rangia Raota in Assam to Borakpur in Bihar through Boro Pukuria in northwestern Dinajpur in Bangladesh," Bangladesh's power secretary Monowar Islam told a joint media briefing with his Indian counterpart Pradeep Kumar Sinha on Thursday. bd-indiaThe briefing came after a...
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