FY22 closed with record $18.7b current account deficit

Bangladesh closed its financial year 2021-22 with an $18.7 billion current account deficit, the highest on record, as export earnings failed to narrow the gap with skyrocketing imports, Bangladesh Bank data released yesterday showed.
2 August 2022, 05:00 AM

Bangladesh making advances in carpet export

Bangladesh has once again started to export jute-based carpets and earnings from shipment of floor coverings have been rising gradually. 
2 August 2022, 03:00 AM

Rise in remittance, dip in imports: Some breathing space for now

The country’s economy has got a welcome respite from the ongoing volatility, thanks to a rise in remittance inflow and decrease in imports last month.
2 August 2022, 02:30 AM

Ailing stock market pulls down NBFIs’ profit

Most of the non-bank financial institutions in Bangladesh delivered lower profits in the first half of 2022 due to the shrinkage of income from the ailing stock market. 
2 August 2022, 02:00 AM

Bangladesh has huge trade potential with Egypt: envoy

Bangladesh is keen to establish a strong relationship with Egypt as the two countries have immense bilateral trade potential, said Bangladesh’s Ambassador to Egypt Md Monirul Islam.
1 August 2022, 18:00 PM

Stocks rise for second day

Stocks in Bangladesh continued rising for the second day in a row yesterday thanks to higher participation from general investors, who hope the market will not fall further.
1 August 2022, 18:00 PM

BSEC urges listed firms to raise stock investment

The stock market regulator yesterday urged the Bangladesh Association of Publicly Listed Companies (BAPLC) to increase their investment in the market. 
1 August 2022, 18:00 PM

BB sets interest rate ceiling on NRBs’ forex deposits

The central bank yesterday set the interest rate ceiling on the non-resident foreign currency deposits in order to mobilise funds from Bangladeshis living abroad and individuals of Bangladeshi origin. 
1 August 2022, 18:00 PM

Production at Pabna BSCIC estate falls for power cuts

Production at the BSCIC industrial estate in Pabna, the country’s biggest food processing zone operated by the Bangladesh Small and Cottage Industries Corporation (BSCIC), has fallen significantly due to recent power outages of up to three times daily, sources said.
1 August 2022, 03:30 AM

Look for alternatives to dollar in trade

Use of multiple currencies instead of being overly dependent on the US dollar in international trade may ease the pressure on foreign exchange reserves and help overcome the current crisis, said the chief of a leading chamber yesterday.
1 August 2022, 02:45 AM

Weaker taka hits listed multinationals’ profits

Profits of most multinational companies listed in Bangladesh dropped in the first half of 2022 due to the depreciation of the local currency and higher consumer prices. 
1 August 2022, 02:15 AM

First female head of retail banking at HSBC

Tanmi Haque has been appointed as the country head of retail banking at HSBC Bangladesh. 
31 July 2022, 18:00 PM

Import costs have shrunk to $6 billion: Salman F Rahman

Prime Minister’s Private Industry and Investment Adviser Salman F Rahman has emphasized on diversification of exports and reducing imports to stabilize the currency's depreciating trend.
31 July 2022, 15:39 PM

How to resolve the current account crisis?

Bangladesh observed a prohibitive current account deficit of $17.1 billion in the last fiscal year of 2021-22. It, however, averaged $0.32 billion annually over the 12-year period from 2009 to 2021.  
31 July 2022, 03:30 AM

Consumer Rights: One-fifth complaints unsettled last fiscal year

Abdul Hakim, a businessman from Kaliakair upazila of Gazipur district, had paid in advance for several products from Evercare Agro Food and Beverage Ltd in January but upon receiving the goods, he immediately informed the company that they were damaged.
31 July 2022, 03:00 AM

New census points to digital divide

About three crore people of Bangladesh, aged 18 or above, don’t own a mobile phone and 6.5 crore don’t use internet, according to the new population census, highlighting the non-affordability of connecting devices and elusive digital inclusion for many. 
31 July 2022, 02:15 AM

Import of apparel raw materials surges

The import of basic raw materials used to produce garment items in Bangladesh surged in the first six months of 2022 on the back of a rise in demand in the export markets, even contributing to the dollar crisis in the country. 
31 July 2022, 02:00 AM

First digital factoring platform goes live today

Think Big Solutions, a local fintech company, will launch today a digital platform on factoring to provide financing solutions to small and medium enterprises (SMEs).
30 July 2022, 18:00 PM

Private credit growth hits 4-year high

Private sector credit growth in Bangladesh accelerated to a four-year high of 13.66 per cent last fiscal year from what was in the preceding year. 
29 July 2022, 02:45 AM

Forex market volatility: FBCCI wants action against wrongdoers

The country’s apex trade body yesterday called on the central bank to beef up its monitoring of private commercial banks, financial institutions and money changers to check the anomalies in the international currency exchange business. 
29 July 2022, 02:00 AM