Md Fazlur Rahman

High Inflation: Worrying but under control

Finance Minister AHM Mustafa Kamal yesterday said that though he is worried about the elevated level of consumer prices, the situation is still under the government’s control.

1d ago

Universal pension scheme to be rolled out in FY24

The government plans to roll out the universal pension scheme in the next fiscal year.

2d ago

No remedy for default loans, forex crisis

Though higher default loans and declining foreign currency reserves have been identified as the biggest risks to the economy of Bangladesh in recent times, Finance Minister AHM Mustafa Kamal yesterday fell short of coming up with any definitive measure to address the twin issues save offering some words of hope.

2d ago

Universal pension scheme to be rolled out in FY24

The government plans to roll out the universal pension scheme in the coming fiscal year.

3d ago

Tax subsidy costs the nation Tk 1.78 lakh crore in FY23

The total amount of tax subsidies given in the form of rebates, discounts, exemptions and reduced rates will be Tk 1,78,241 crore in the current financial year.

3d ago

Electronic transfer of all social scheme funds on cards

The government will bring the payments of all cash-based social safety net programmes under the electronic fund transfer system from the coming fiscal year.

3d ago

Carbon tax imposed on owners of multiple vehicles

Owners of more than one car will face an environmental protection surcharge from 2023-24 as the government looks to discourage the use of vehicles in a bid to curb environmental pollution.

3d ago

Air travel tax surges up to 67%

Domestic air travellers will face a travel tax for the first time from 2023-24, while people going abroad will pay up to 67 percent higher taxes.

3d ago

What ChatGPT, Bard expect from Bangladesh budget

The two AI tools marked what should be Bangladesh' priority

4d ago

Curbing high inflation should be number one priority

Says economist MM Akash

4d ago

FY24 budget must address weakness in overall economic management

Says Sanem Executive Director Selim Raihan

4d ago

Monetary and Fiscal policy coordination,

Proper coordination of monetary, fiscal policies needed

Says DCCI chief Sameer Sattar

4d ago

A bleak time to draw up budget

In June last year when Finance Minister AHM Mustafa Kamal placed the budget in parliament, inflation had already been creeping up and the foreign currency reserves were on the decline. These two had derailed the full economic recovery from a two-year crisis wrought by the Covid pandemic.

4d ago

Policy coordination to yield better budgetary outcomes

Sharper, flexible and timely coordination among fiscal, monetary and trade policies of Bangladesh will yield improved stabilisation outcomes, said Debapriya Bhattacharya, a distinguished fellow of the Centre for Policy Dialogue.

4d ago

LC opening for most commodities, machinery dips

Importers opened a lower volume of letters of credits (LCs) in July-April for the purchase of essential commodities such as rice, wheat, sugar, crude edible oil as well as raw materials and machinery key to the industrial sector, figures from the central bank showed.

2w ago

LC opening, settlement both fall

LC opening stood at $56.36 billion in the first 10 months of 2022-23, down from $76.99 billion a year ago.

2w ago

Urban inflation up, rural inflation down in April

Inflation dropped in rural areas in April from a month ago but went up in urban areas, data from the Bangladesh Bureau of Statistics (BBS) showed yesterday.

Inflation falls but still at an elevated level

Inflation in Bangladesh fell slightly to 9.24 per cent in April, driven by a decline in food prices, although it still remains at an elevated level compared to historic trends, official figures showed yesterday.

Demand for loans falls to 12-month low

Private sector credit growth in Bangladesh slipped to a 12-month low of 12.03 per cent in March, a development that may hurt GDP growth and job creation.

Will BB’s lending rate-setting formula yield expected results?

The Bangladesh Bank has decided to implement a market-based interest rate from July, moving away from the 9 per cent interest rate cap on loans, an initiative that may help the central bank uses its policy rates effectively in its fight against higher inflation.

Forex reserves keep falling amid dollar selling spree

The central bank has kept injecting a hefty volume of US dollars into the market to help banks clear import bills, eroding the Bangladesh’s foreign exchange reserves.

Income inequality in Bangladesh keeps deepening

Income inequality in Bangladesh has deepened in the past six years, according to data from the Bangladesh Bureau of Statistics (BBS).

Challenges that could persist in the coming days

External pressure is expected to remain elevated, high inflation is likely to weigh on aggregate demand, consumer spending growth could slow, and protracted global and domestic uncertainties are expected to put pressure on investment growth in Bangladesh in the coming days.

Inflation jumps to 7-month high in March

Inflation in Bangladesh jumped to a seven-month high of 9.33 per cent in March as food prices rose and the adjustment of oil, gas, and electricity prices took hold, highlighting the pains low-income households are going through.

Bangladesh’s policy responses to mitigate external imbalances inadequate: World Bank

Bangladesh’s policy responses to mitigate external imbalances have so far been inadequate although risks have deepened for the country owing to geopolitical tensions, said the World Bank today.

Cattle fatteners to get loans from Tk 5,000cr BB fund

The Bangladesh Bank yesterday said cattle fatteners or beef producers would get loan from its Tk 5,000 crore refinance scheme formed for ensuring food security.

Real-time monitoring of imports, national supply for key commodities needed

Bangladesh should conduct real-time monitoring of imports and national supply chains for critical commodities to forecast and respond in a timely manner to policy challenges and tackle the impacts of the dragging Russia-Ukraine war, said Johan Swinnen, director-general of the International Food Policy Research Institute (IFPRI).

Economy bleeds while reality only getting harsher for people

Russia’s war in Ukraine might be taking place 5,800 kilometres away from Bangladesh and the country is not involved militarily in the dragging conflict in any way, but its economy and people have been paying heavy prices.

Agent banking transactions climb over 46% in 2022

Transactions through agent banking accounts rose more than 46 per cent to Tk 673,069 crore in 2022 in Bangladesh riding on the increased use of the fast-expanding banking window, official figures showed.

Balance of payments deficit to go thru the roof this fiscal year

Bangladesh’s balance of payments (BoP) deficit would widen massively in the current fiscal year than the central bank had earlier projected owing to escalated imports, lower remittances and export receipts, and higher accumulation of debts.

Internet banking transactions surge in November

Internet banking transactions rose more than 61 per cent year-on-year to Tk 27,426 crore in November in Bangladesh as an increasing number of people are opting for digital technologies to carry out financial transactions, official figures showed.

5,683 firms receive registration from RJSC in Jul-Dec

Some 5,683 companies, societies and partnership firms received registration from the Office of the Registrar of Joint Stock Companies and Firms (RJSC) in the first half of the ongoing financial year.

Bank branches go past 11,000 mark for first time

Branches of banks in Bangladesh have gone past the 11,000-mark for the first time despite expanding digitalisation in the financial sector, central bank data showed.

Private sector credit growth rises

Private sector credit growth rose to 13.97 per cent in November to near the central bank’s target for the ongoing financial year owing to cheaper loans, a development that may stoke inflationary pressures.

Remittance flat at $22b despite record worker outflow

Bangladesh received $22.07 billion in remittance in 2022, almost unchanged from a year earlier, although a record number of workers went abroad for jobs in the just-concluding year, Bangladesh Bank data showed yesterday.

What’s in store for Bangladesh in 2023?

Both the International Monetary Fund and the World Bank have painted a gloomy scenario for the global economy for 2023 as uncertainty persists amid the protracting Russia-Ukraine war, the volatility in the international energy market and higher inflation. The world is expected to head for a recession.

Out of the frying pan into the fire

One could not ask for more from Bangladesh at the outset of 2022 as the country rebounded from the coronavirus pandemic-induced lows and people’s two-year struggle appeared to be over finally and they were raring to return to normalcy.

Remittance outflow crosses $100m -- thru legal channel

Outward remittances from Bangladesh through legal channels crossed the $100-million mark for the first time in 2021 as more foreigners are working in the fast-growing economy, data from a global organisation showed.

Dhaka, Ctg home to most agent banking activities

Although agent banking is spreading at a faster clip in Bangladesh, accelerating financial inclusion, a majority of activities are concentrated in Dhaka and Chattogram divisions, central bank data showed.

Bright prospects for Bangladesh despite short-term challenges

Bangladesh is going through some short-term challenges like the rest of the world largely for the external factors but the medium-term prospects for the country remain bright, said Standard Chartered Bank Group Chairman José Viñals.

BB to return to biannual monetary policy

The central bank is set to return to its semiannual monetary policy stance after three years as per a suggestion of the International Monetary Fund (IMF) but local economists say the move would not bring about any change amid the lending rate cap and multiple exchange rates.

LIVE UPDATE: ‘Make dollar exchange rate free for Bangladesh’

The exchange rate of dollar needs to be freed to make the garment business profitable at this crisis time, said a top leader of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) today.

LIVE UPDATE: ‘Complacency responsible for falling forex reserve’

"Complacency has brought us to the current forex reserve situation,” said Salehuddin Ahmed, former governor of the Bangladesh Bank.

LIVE UPDATE: Come up with strategy now to stop depletion of forex reserves: Ahsan H Mansur

The government should come up with a clear strategy to stop fast depletion of the foreign currency reserves in a bid to save the country from a major crisis, said a noted economist today.

Premier Bank to grow further on new trends

The Premier Bank Limited celebrates its 23rd anniversary today. Set up in 1999, it is one of the strongest banks in Bangladesh today with the lowest non-performing loan ratio. Its deposit base and loans have expanded in the last two decades. Recently, M Reazul Karim, managing director of Premier Bank, spoke about the bank’s journey, digital banking and new challenges and opportunities for banks, during an interview with The Daily Star.