The central bank governor projects cooling the red-hot inflation, which has hovered above 9 percent since March last year, to 7 percent by June next year.
The Asian Development Bank (ADB) has become the first among multilateral and bilateral lenders to respond to the interim government's call for budgetary support, approving $600 million aimed at easing pressure on foreign exchange reserves and accelerating economic recovery.
Bangladesh’s national budget for fiscal year 2024-25 is likely to be reduced by more than Tk 50,000 crore, with the entire cut expected to be made in funds meant for the annual development programme (ADP).
Bangladesh, mired in data fog, has “sleepwalked” into the middle-income trap according to the white paper on the state of the country’s economy.
Distressed assets in the banking sector have reached a whooping Tk 6,75,030 crore, an amount bigger than the cost of building 22 bridges across the Padma or 13.5 metro rail systems in Dhaka, according to a White Paper released yesterday.
Despite rising interest rates on deposits and various efforts by the central bank, Bangladesh’s banking sector continues to face a liquidity crisis that has hamstrung some lenders.
Moody’s has downgraded Bangladesh’s banking sector to “very weak” from “weak”, citing worsening client confidence, limited transparency and inadequate financial safeguards over the past year.
When most non-bank financial institutions (NBFIs) in Bangladesh are in hot water with high ratios of non-performing loan (NPL), a handful have been successfully able to keep the rate low.
Transactions through agent banking accounts rose 43 per cent year-on-year to Tk 5,64,844 crore in fiscal year 2021-22 as a growing number of people are now using the new banking window, showed Bangladesh Bank data.
Edible oil processors have proposed a hike of Tk 20 per litre in the price of soybean oil on the ground of the significant depreciation of the taka, which has raised their import cost.
Edible oil processors in Bangladesh have proposed the government raise the price of soybean oil by Tk 20 per litre, according to processors and officials of the Bangladesh Trade and Tariff Commission (BTTC).
Exports of jute and jute goods from Bangladesh declined in the last fiscal year due to the unprecedented surge in shipping costs and the higher price of raw fibres.
The government has permitted 125 companies to import a total of 246,000 tonnes of rice in order to cool down the domestic market for the staple grain in Bangladesh.
The government has permitted 125 companies to import a total of 246,000 tonnes of rice in order to cool down the domestic market for the staple grain in Bangladesh.
If Padma Bridge adds at least one percentage point to GDP, it will contribute $4.24 billion to the economy annually, which is higher than the total cost of the bridge, said Naser Ezaz Bijoy, chief executive officer of Standard Chartered Bangladesh.
The rate of stamp duty, which has been unchanged for a decade, is going to increase by up to 300 percent from the next fiscal year as the government aims to boost revenue collection from this source to finance part of its Tk 678,064 crore budget and keep borrowing within its target.
The government has set a 5.6 per cent inflation target in the proposed budget for the 2022-23 fiscal year although the prices of essentials and other commodities are persisting at higher levels.
The Bangladesh government has set a target of 7.5 per cent growth of the country’s gross domestic product (GDP) in the upcoming fiscal year of 2022-23 beginning from July.
