Bangladesh Bank has asked banks to convert major export earnings of businesses into taka immediately as it looks to increase the supply of US dollars in the economy.

The case for withdrawing the lending rate cap, set in motion more than two years ago, has strengthened after the Bangladesh Bank hiked its key interest rate for the first time in a decade to cool inflationary pressures.

Thousands of farmers who lost their paddy this Boro season due to excessive waterlogging amid untimely rain and a labour crisis in the country’s northern region, including eastern Sylhet and Chalan Beel, are worried about the upcoming Aman season as many of them have lost their capital.

Tyre importers in Bangladesh have been hit hard by the rise in the exchange rate and the doubling of the cash businesses require to pay in advance to open letters of credit to bring in the item.

The circular economy has quickly become one of the most popular buzzwords in business literature with many reputed publications claiming it to be the solution to the inherent conflict that exists between the profit incentive of businesses, the society businesses operate in and the external costs they impose on society.

The Bangladesh Bank yesterday directed non-bank financial institutions (NBFIs) to preserve all documents, either physically or digitally, related to loans, leases or investments until the repayment is complete.

The Bangladesh Bank yesterday raised its key interest rate for the first time in a decade and devalued the local currency for the seventh time this year against the dollar as part of its moves to tackle inflationary forces and restore stability in the foreign exchange market.  

A month-long Chattogram International Trade Fair will begin tomorrow in the port city to promote domestic products at home and abroad.

The government should adopt a comprehensive plan to invest in the logistics sector as it would reduce the cost of doing business and attract more foreign investors to the country, experts said yesterday.

The Bangladesh Securities and Exchange Commission (BSEC) will start taking punitive measures from June 1 against entities yet to transfer undistributed cash and stock dividends to a Capital Market Stabilisation Fund (CMSF) despite repeated time extensions to do so. 

Bangladesh may find it difficult to avoid the middle-income trap and become a high-income country if it can’t bring in the second generation of policy reforms and focus on the quality of macroeconomic management, said Mustafizur Rahman, a distinguished fellow at the Centre for Policy Dialogue.

Angura Begum, a 45-year-old farmer who hails from Mithapukur upazila of Rangpur, was seen beaming while selling her vegetables at the local farmers’ centre last Sunday.

Bangladesh’s budget as a percentage of national income has been falling consistently for the last four years although the economy has grown, reflecting its inability to generate enough revenue and spend enough on social sectors.

Local exporters are apprehending losing annual business worth $200 crore for a recent commerce ministry gazette barring rice bran oil export, for which a large number of letters of credit (LC) opened by foreign buyers have been blocked.

The country is facing its biggest macroeconomic challenge of the past decade due to a lack of reforms and the ongoing global crisis but it can be overcome with proper policy support and reforms, said economists and businesses yesterday.

The wheels of the two companies have begun turning again after remaining closed for many years while another firm is moving towards resuming operation – thanks to the restructuring of boards by the Bangladesh Securities and Exchange Commission (BSEC).

Farmers and entrepreneurs who rear cattle for meat and milk in the country’s northern districts are currently suffering from an abnormal hike in feed prices.

Bangladesh’s recent austerity and regulatory measures aimed at curbing non-essential imports, suspending the implementation of projects with high import components and cancelling the foreign tours of officials will send a positive signal to the market and the economy, according to economists.

The government is likely to keep the tax-free income limit unchanged for fiscal year 2022-23 in order to expand the tax net, said officials of the finance ministry.

I used to have a positional big boss who was new to the job and hardly had knowledge of the industry or the multinational way of working. Every time, my team put up a proposal to him, he would look at others in the meeting instead of me while knowing all too well where the right level of knowledge was to be found.