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Robust trade growth drives economy, shows BB data    

With a robust growth in foreign and domestic trade, the economy is showing constant resilient to the external and internal shocks, according to the Bangladesh Bank (BB) data released last week. According to the central bank statistics, export marked steady growth in the past five years with average 22.61 percent rise and recorded the highest ever income of $27.03 billion in the end of June 2013. The growth in foreign trade in the first nine months of the current 2013-14 financial year (FY14) was 22.24 percent despite the pre-election political unrest. Similarly, the import surged by 16.42 percent in the past eight months of FY14 when the country imported goods worth $26.14 billion. The average annul import cost, however, was $30.98 billion in the past four years, BSS reports. <...

April remittances up for third straight month

Money sent home by Bangladeshis working overseas in April rose 3.2 percent from a year earlier to $1.23 billion, the third straight month of gains.

Millions of expatriate Bangladeshis remitted $11.73 billion from July to April, the first 10 months of the current financial year, down nearly 4.8 percent from the same period the previous year, central bank data showed.

Officials say remittances have dropped over the last few months because of political turmoil in the months leading up to an election in January.

WB suggests faster construction of Siddhirganj Power Plant  

The World Bank (WB) urged the authorities concerned to expedite construction of Siddhirganj 335 megawatts (MW) peaking power plant. The WB came up with the advice after routine review of the project implementation by a joint team of the multi-donor agency and the government. The team found 46 percent progress in the plant’s construction, which began in 2010. However, the team saw the construction for gas transmission pipeline and power evacuation system was nearing completion with 80 percent and 98 percent work completed respectively. wbCurrently, so...

Political instability hampers investment: FBCCI president      

Absence of political stability and poor infrastructure facilities are the major impediments to boosting FDI (foreign director investment) inflow into Bangladesh, said president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Kazi Akram Uddin Ahmed Monday. “The hurdles are not only discouraging the overseas investors but also the local ones who have immense interest to invest in many potential sectors here,” he said at a meeting with visiting National Defence Course (NDC) delegation at the Federation Bhaban in the capital, UNB reports.

Forex reserves hit record high in April  

Bangladesh’s foreign exchange reserves reached a record high $20.37 billion at the end of April, more than 37 percent higher than a year earlier, the central bank said on Sunday. The higher reserves, which stem from a widening current-account surplus, can to cover more than six months of imports. At the end of April 2013, reserves were $14.83 billion. The total last month was $1.06 billion above the March 2014 level. [caption id="attachment_4203" align="alignleft" width="300"]The reserves now stand at $19.04bn, enough to pay off six months’ imports and second highest among SAARC countries

Mamata dares Modi on Bangladeshi migrants issue

Trinamool Congress chief Mamata Banerjee on Saturday dared BJP prime ministerial candidate, to implement his promise of sending Bangladeshi’s packing after May 16 if his party came to power, saying that the ‘paper tiger’ should first meet the ‘Royal Bengal Tiger’. “Touch a single person, we will see. The paper tiger should know there is a Royal Bengal tiger in Sunderbans. First you face that,” Banerjee, the chief minister, told an election meeting here. MamataClaiming that the Gujarat chief minister did not know history, she said that Banglades...
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