The Asian Development Bank (ADB) has outlined 20 conditions for Bangladesh to access $600 million in the second tranche of a loan for the implementation of its “Strengthening Economic Management and Governance Program”.
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.
Credit card transactions by Bangladeshi nationals travelling or living abroad rose significantly to hit Tk 5,386 million in October
GDP of Bangladesh is expected to grow 6.3 percent in 2024 whereas India’s expected growth is 6.4 percent
Says Simon Stevens, executive vice-president (international) of Arla Foods
It comes as the NBR unveiled the names of 141 individuals and companies as the highest taxpayers for the assessment year of 2022-23.
Bangladeshi credit cardholders spent twice as much abroad as foreign nationals did within Bangladesh in September, according to the Bangladesh Bank (BB).
The use of credit cards in Bangladesh is increasing sharply, bolstered by growing spending on daily essentials at departmental stores amid higher inflation.
The use of the Bangladesh Standards and Testing Institution’s (BSTI) standardisation mark has been made mandatory for 36 new products, including LPG cylinders, pressure cookers, microwave ovens and sweetmeats.
The capital base of state-owned commercial banks rose while it fell for private lenders at the end of the fourth quarter of 2022-23, Bangladesh Bank data showed.
Although the country saw a huge year-on-year rise in the amount of foreign loans pledged from abroad in the first two months of the current fiscal year, their disbursements have slightly dropped, showed government data.
Bangladesh Bank data finds
