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Living cost, house rent mark sharp rise in city

The living cost in the capital witnessed a 11 percent rise in  2013 hitting hard the poorer section of the city’s over 1 crore population, according to an annual report released by the Consumers Association of Bangladesh (CAB). The cost of living has been calculated on the basis of the ‘weight’ of products and services available in consumers’ basket, said the report released on Wednesday. MINOLTA DIGITAL CAMERAIn line with the price hike of essentials, electricity, drinking water...

Forex reserves hit record $ 18.07b in December

The forex reserves of the country rose to a record $18.07 billion at the end of December from $17.11 billion in November, the central bank said on Wednesday, thanks to rising garment exports. The reserves are enough to cover six months of imports, and were up from $12.75 billion a year earlier. Rising exports, a slow pace of imports and steady remittances from Bangladeshis working overseas have helped build reserves, the central bank said. rmg Bangladesh’s exports from July to November, the first five months of the financial year, rose an annual 18 percent to $11.96 billion, boosted by stronger clothing sales, figures f...

Banks show mixed performance last year

The country’s scheduled banks in the just-concluded year showed a mixed performance as some banks posted healthy operating profit while other banks lost their profitability due to business stagnation amid political unrest. A BB official said on the last day of 2013 that the banking sector had faced different types of crisis in the concluded year as the private sector plunged in a debacle due to the frequent violence amid political disputes ahead of the general elections. Bangladesh-banking-sector

Economy remain resilient in 2013: BB

The country’s economy remained resilient in 2013 despite political instability, mainly due to the positive growth of the export, import, remittance and foreign reserve, Bangladesh Bank (BB) disclosed through a press release on Monday. Amidst the ongoing world recession and political instability across the country, the national economy and the banking sector were in positive growth in 2013 except for the third quarter of the year, the central bank claimed, reports the Independent. The positive growth of many economic indicators is still comfortable for the national economy and has also helped the economy remain resilient in 2013, BB said. ...

Bangladesh sees higher foreign aid flow in July-Nov ‘13

Foreign aid flow to Bangladesh during the July-November period of the current fiscal (2013-14) was somewhat higher at $ 987.34 million as against $ 969.26 million fetched during the same period of the last fiscal (2012-13). Of the amount disbursed during the five-month period, loans amounted to $ 740.72 million while the grants $ 246.62 million, said an official at the Economic Relations Division (ERD). remmitanceThe official said that the overall commitment for the July-November ...

No need to control ICAB thru’ FRC: Barrister Shafique

The Institute of Chartered Accountants of Bangladesh (ICAB) is moving forward to develop the standards of accounting in the country. So, there is no need to form any super functional body to take upper hand over ICAB as the Institute is a professional body, said  Barrister Shafique Ahmed, Advisor to the Prime Minister on Law, Justice and Parliamentary Affairs. He said, we do not find any oversight body to supervise the function of the Supreme Court Bar Association; then why should we need a super functional body to have control over ICAB. Such move is contradictory with the existing law; therefore the proposed Financial Reporting Act cannot be enacted.
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