• Wednesday, October 22, 2014

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World Bank

Eid festivals clock up Tk 92,820cr in retail sales

Bangladesh recorded retail sales of $10-12 billion (Tk 77,350-92,820 crore) during the last two Eid festivals, which took place within a span of three months, according to the World Bank. Consumer confidence was buoyed by a stable political climate, said Zahid Hussain, a lead economist for the WB. “This will contribute to the GDP,” he said while making a presentation on the country's economy yesterday. Combined retail sales during the last two religious festivals were equivalent to at least 10 percent of...

WB stresses continuous efforts to reform garment sector

WB stresses continuous efforts to reform garment sector

Bangladesh must continue its efforts to reform the garment industry to boost higher exports, World Bank said yesterday. “Progress in improving workplace compliance is on track but more needs to be done in order to fulfil the commitment of raising it to international standards,” WB said in a report, Bangladesh Development Update. The government has...

Domestic Eid trade reaches $12bn: WB

Domestic Eid trade reaches $12bn: WB

Retail trade in Bangladesh's domestic market during the last two Eid festivals reached a staggering total of US$12 billion, the World Bank said today, pointing out a rise in internal demand. The global lender disclosed this while releasing a report on Bangladesh development update this morning. "The GDP (gross domestic product) growth in the running...

Bangladesh to join China-led Asian bank Oct 24

Bangladesh to join China-led Asian bank Oct 24

Bangladesh will ink an agreement of the proposed China-led Asian Infrastructure Investment Bank on October 24, a finance ministry official told The Daily Star. A delegation of the ministry will leave Dhaka for Beijing on October 22 to join as a member of the bank that will focus on infrastructure development and connectivity within...

Inflation slips to 20-month low

Inflation slips to 20-month low

Inflation came down to a 20-month low of 6.84 percent in September, giving hope to the government of meeting this fiscal year's target. Good rice production and low interest and exchange rates account for the slide. Inflation was 6.91 percent in August. “It is a change in the right direction,” said Zahid Hussain, a lead...

Global finance leaders pledge bold efforts

Global finance leaders pledge bold efforts

World financial leaders on Saturday promised "bold and ambitious" action to boost a global recovery that has shown recent disturbing signs of weakness. That pledge from the International Monetary Fund's policy-setting committee comes after a week of stomach-churning swings in the financial markets triggered by growing fears that parts of Europe could be in...

Number Plates and RFID Tags

Taxpayers get no service

Taxpayers get no service

Zillur Rahman lost his car minutes after he parked it at the TSC on Dhaka University campus on June 8 evening. He rushed to Shahbagh Police Station nearby, and a wireless message was dispatched about the theft. He also talked to a few top police officials until midnight asking for help to find the car. Zillur, a consultant at the World Bank, tried to contact the BRTA (Bangladesh Road Transport Authority) Elenbari office in Tejgaon, which is equipped to track vehicles, but failed as the office was closed by then. The next morning, he went to the office again. But BRTA officials were of no help; they suggested that he ask...

Most WB projects are on track

Most WB projects are on track

The World Bank found that 70 percent of its projects in Bangladesh are on track and officials attributed the success to regular review by implementing agencies and the global lender. The WB will review progress of its 34 ongoing projects at a two-day meeting beginning today to identify the problems the sluggish projects are...

State banks must come under central bank governance: WB

The World Bank yesterday recommended the government delegate the control of state-backed banks to the central bank for better supervision. Supervision of the banking sector is shared between the central bank and the banking and financial institution division under the finance ministry. Bangladesh Bank regulates private banks while the banking division looks after the eight state-run banks, some of which have been plagued by several financial scams in recent times. "That is probably not a good way to regulate the banking sector,"...

A poor man's fruit: Now a miracle food!

JACKFRUIT is a very popular fruit in Bangladesh, though not appreciated by all alike. It is sweet, delicious, juicy and very tasty. Jackfruit with rice and milk is a great traditional delicacy in the summer. Because of its popularity, it has been named the national fruit of Bangladesh. Known as the poor man's fruit, jackfruit is now considered as a miracle food of south and south-east Asia as it is likely to save millions of people from starvation when major...

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