Political support and a strong Bangladesh Bank are crucial to deal with the challenges, including high non-performing loans (NPLs), in the banking sector, said Mustafa K Mujeri, a former chief economist of the central bank, yesterday.

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) yesterday expressed concern over ongoing political unrest centring the upcoming parliamentary elections in January.

The World Bank (WB) will disburse funds for the construction of the breakwater and channel of the Bay Terminal Project in the Chittagong Port very soon, World Bank Country Director for Bangladesh and Bhutan Abdoulaye Seck said during a view exchange meeting with leaders of the Chattogram Chamber of Commerce and Industry (CCCI) yesterday.

The import tariff on raw and refined sugar was halved by the National Board of Revenue (NBR) yesterday in an attempt to contain prices in the domestic market.

Footwear giant Bata Shoe Company Bangladesh Ltd has incurred a loss in the third quarter of 2023 on generating profits in the preceding four quarters.

A vessel bound for Singapore yesterday delayed its departure from Chattogram port as a good number of its export containers failed to reach on time amid a nationwide blockade that began on Tuesday.

The government's expenses on interest payments rose 22.14 percent year-on-year to Tk 92,538 crore in the last fiscal year due mainly to a higher cost of borrowing.

Bankers in Bangladesh yesterday decided to further devalue taka against the US dollar to increase the flow of foreign currencies through formal channels, according to a top official of a private bank.

The transport of export and import containers between private inland container depots (ICDs) and the Chattogram port faced little disruption yesterday, the first day of the three-day blockade enforced by BNP and Jamaat-e-Islami.

Members of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) will implement the new wage structure for their workers from December this year as per the recommendation of the government-formed wage board, said the trade body yesterday.

IT exports from Bangladesh rose marginally in July but it failed to live up to expectations as the sector continues to underperform compared to its peers in the rapidly expanding technology market around the world.

The Bangladesh Bank (BB) yesterday relaxed rules regarding encashment of export proceeds in the local currency, taka, in order to encourage exporters to bring receipts.

ABM Abdul Mannan, a sponsor of NRB Commercial Bank, wants to sell 96 percent of his stakes in the bank, as soon as the shares become sellable after the completion of the lock-in period.

Revenue collection will become very challenging this year if the ongoing political unrest prolongs, according to Abu Hena Md Rahmatul Muneem, chairman of the National Board of Revenue (NBR).

Businesses in Bangladesh said that Chattogram has the potential to become a major trading hub that acts as a vital engine for economic growth in the country and its neighbouring regions.

In a first for Bangladesh, the commerce ministry yesterday decided to allow potato imports in an effort to increase supply of the tuber and thereby curb prices in the domestic market.

Bangladesh is set to launch its first domestic card scheme, “Taka Pay”, tomorrow aiming to reduce reliance on international card schemes such as Visa and Mastercard and save foreign currencies.

Sales and profits of LafargeHolcim Bangladesh, a multinational cement manufacturing company, grew in the July-September period of 2023 in spite of facing challenging economic conditions.

The economy, which is already reeling under the pressure owing to persisting volatility in the foreign exchange market and higher inflation, is set to face another major setback as the nationwide blockade could disrupt the smooth operation of the entire supply chain.

The World Trade Organisation’s (WTO) decision to continue LDC-linked trade benefits for graduating least-developed countries will not only help Bangladesh avoid potential export losses for several years beyond 2026 but also allow it to attract much-needed investments, experts said.