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Bangladesh’s trade deficit widens to $7.6 billion in 5 months

Bangladesh’s trade deficit in the first five months of the current fiscal year stands at $7.6 billion, as import spending continues to rise. Bangladesh spent $21.97 billion on imports from July to November in fiscal 2017-18, according to a central bank report released on Sunday. It fetched about $14.37 billion in exports in the same period. The trade deficit thus stands at $7.6 billion, a 96.1 percent incre ...

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World Bank says Bangladesh economy may grow 6.4% in FY 2017-18

The World Bank has revised upwards its growth forecast for Bangladesh and said the economy is expected to attain a 6.4 percent growth in current fiscal. In last June, the bank predicted a 6 percent growth for the financial year. The revised growth forecast came at the global lender's half-yearly report ‘Global Economic Prospect’ released on Wednesday. However, the government eyes an economic growth of 7.8 p ...

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BB must act to protect depositors’ interests

Although protecting depositors' interests is one of the key responsibilities of Bangladesh Bank, those interests are not being safeguarded, former BB governor Atiur Rahman alleged yesterday. "Entrepreneurs don't even supply 10 percent of the bank's deposits. Now the question arises what the central bank is doing to protect the interests of the depositors who supply 90 percent of the deposits," he said. "Eve ...

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AB Bank laundered Tk 165cr to UAE

The AB Bank has allegedly laundered around Tk 165 crore to the United Arab Emirates through two shady organisations in the name of investment, according to a Bangladesh Bank probe report. The board of directors of the AB Bank in December 2013 approved investment of $20 million in Singapore-based fundraising and investment company Pinnacle Global Fund Pte Ltd (PGF) through the bank's Offshore Banking Unit (O ...

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BTRC moves to adjust mobile call rates

Bangladesh Telecommunication Regulatory Commission (BTRC) has made a surprise move to adjust mobile call rates which, will increase consumers' call expenditure by about 10 percent. At a Commission meeting on July 24, the regulator decided to propose a 40 percent hike in the minimum voice call rate within the same operator (on-net) and a 25 percent cut in the minimum call rate for other network (off-net), ac ...

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SDG’s 2030: Bangladesh needs additional $7b annual FDI

Staff correspondent For achieving the Sustainable Development Goals by 2030 Bangladesh will need around US$ 7.0 billion in additional foreign direct investment per annum over the next thirteen years. The amount is three times the FDI the country currently receives annually. Added up to its daunting task of arranging external funds for implementing the UN-mandated development recipe is pulling another amount ...

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BB heist report to publish after Philippines case ends: Muhith

Finance Minister AMA Muhith says he will make the Bangladesh Bank heist report public only after the lawsuit in Philippines ends. A panel led by former central bank governor Mohammed Farashuddin submitted its findings almost a year ago. "We can't release it until the lawsuit in Philippines is settled," Muhith told reporters in Sylhet on Saturday. Cyber criminals tried to steal nearly $1 billion from Banglad ...

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Monetary policy 2017-18: Inflation target at 5.5%

Bangladesh bank has announced the monetary policy for July to December period (H1) of fiscal year 2017-18 aiming to control inflation to achieve the GDP growth of 7.4% by June 2018. Bangladesh Bank Governor Fazle Kabir announced the Monetary Policy Statement fixing the inflation rate at 5.5%, which is same as the inflation rate the government targeted in the budget for this fiscal. The inflation rate at the ...

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Tofail instructed  DCs for keeping price of essentials under control  

Commerce Minister Tofail Ahmed gave instruction to the deputy commissioners (DCs) to work sincerely for keeping prices of daily essentials within the purchasing capability of consumers across the country. The government has to protect the rights of the consumers, Tofail Ahmed said while addressing a three day conference of DCs at cabinet division in the Secretariat, Dhaka. Prime Minister Sheikh Hasina yeste ...

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Trade future hinges on bilateral FTAs

Bangladesh's future trade benefits will largely depend on bilateral free trade agreements (FTA) as the country may lose duty-free facilities once it graduates to a middle-income nation in seven-eight years, analysts and businessmen said. This is the backdrop to businesses' welcoming the government move to sign first ever FTA with Sri Lanka to boost bilateral trade cooperation.  “FTA with Sri Lanka can be a ...

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Editor: Sujan Halder Published by Shihab Bahadur 74 Concord Emporium Shopping Complex, 253-254 Elephant Road, Katabon, Dhaka. Phone: 02 9669617

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