POLICY RATE HIKE, FLEXIBLE EXCHANGE RATE / Exporters to win, consumers to bear the brunt
The exporters have already welcomed the central bank's move to devaluate the local currency, which they have long been waiting for.
Three difficult choices to heal economy
Bangladesh yesterday made three major decisions to cushion the economy against critical risks such as stubborn inflation and depletion of foreign currency reserves.
‘Market-based interest rates will be painful for businesses’
CPD Distinguished Fellow Mustafizur Rahman says
Removing SMART system a significant step: economist
Zahid Hussain, a former lead economist of the World Bank’s Dhaka office, termed as the most significant step the abolition of the SMART system among the three changes brought yesterday by the central bank.
IMF eases forex reserves target
Thanks to bold reform measures taken by the authorities, the IMF has drastically slashed the Net International Reserves (NIR) requirement for Bangladesh for the fourth tranche of the $4.7 billion loans.
Plainland Ethnic Minority Communities / Nearly 80% of households have no access to credit: report
Nearly 80 percent of households of plainland ethnic minority communities have no access to credit, be it formal or informal sources, as per a new study made public yesterday.
More banking reforms, subsidy cuts prescribed
The International Monetary Fund (IMF) emphasised more reforms in the banking sector and tax collections and reducing subsidies to help the economy turn around.
Best Holdings sees 32% rise in profit
Best Holdings, which operates five-star hotel Le Méridien Dhaka, registered a 32 percent year-on-year growth in profit in the July-March period of the current fiscal year of 2023-24, attributing it to an increase in occupancy.
BSEC gets two new commissioners
The government yesterday appointed two commissioners at the Bangladesh Securities and Exchange Commission (BSEC) for a four-year term while extending the tenure of an existing commissioner by another term.
Economy
‘Policy rate hike, flexible exchange rate will be helpful for economy’
PRI Executive Director Ahsan H Mansur says
Prioritise sustainable revenue generation, IMF tells Dhaka
IMF mission concluded its 15-day visit to Bangladesh today
IMF agrees to lend $1.15 billion to Bangladesh in third tranche
The International Monetary Fund (IMF) has agreed to provide $1.15 billion to Bangladesh in the third instalment under its multi-billion-dollar loan programme.
Stocks fall amid profit booking
The prime index of the DSE decreased 0.6% before closing the day at 5,690.78
DSE seeks knowledge from Nasdaq, Swedish stock exchange
Cooperation is sought for product development, technology upgradation, monitoring and financial literacy
Taka weakens by 6.3% as Bangladesh Bank sets new exchange rate
Bangladeshi taka has lost its value by 6.3 percent against the US dollar as the central bank introduced a new exchange rate under the crawling peg
Bangladesh Bank hikes policy rate by 50 basis points to 8.5%
Bangladesh Bank today raised the policy rate by 50 basis points to 8.5 percent to bring down the runaway inflation
No commission or service fee for claim settlement
Insurance companies in Bangladesh will no longer be able to charge policyholders for commissions or service fees while settling claims, according to the “Insurance Claims Management Guideline 2024”.
Global Economy
Japanese auto giant Toyota posts record net profit
Toyota reported record annual net profit of more than $30 billion on Wednesday but the world's largest automaker by sales warned that the current year would be less spectacular
Analysis / Global car giants seek tech allies in China's cutthroat EV market
Struggling foreign automakers in China are looking for help from local tech giants to try to stay competitive in the world's biggest electric car market
Economic crisis may deepen in 2026: Debapriya
Bangladesh will face a severe crisis in 2026 as the government has availed a significant amount of loans from foreign lending agencies and local banks which it will have to repay, said Bhattacharya.
News Analysis / Crawling peg system: A welcome step but will it be enough to boost reserves?
The crawling peg system for the taka is a delayed and, perhaps, inadequate response to the bleeding of forex reserves. Some economists suggest the central bank should go beyond this formula and open the exchange rate to market forces to stop the continuous erosion of reserves. Either way, exporters and remitters will celebrate more flexibility in the exchange rate.
India's small shopping centres turning into ghost malls
India's small malls are increasingly turning into ghost malls as consumers move towards online purchases and bigger shopping centres for a better experience.
Sri Lanka approves power deal with Adani Group
Sri Lanka is entering into a 20-year agreement with Adani Group to buy electricity from a $442-million wind power plant being built
Toyota to get an earnings lift from hybrids as EV hype cools
While strong in hybrids, Toyota remains a laggard when it comes to EVs, behind rivals such as Tesla
Organisation News
BASIS holds election for executive council
Russell T Ahmed is set to retain his position as president of the Bangladesh Association of Software and Information Services (BASIS) as his panel, One Team, secured eight of the 11 positions available on the organisation’s executive council.
ICB Asset Management Company hands over 60% interim dividend to ICB
The Investment Corporation of Bangladesh (ICB) has received a dividend warrant for a 60 percent interim dividend declared by the ICB Asset Management Company.
Hike tax on cigarettes to boost revenue collection
The tax on cigarettes in Bangladesh should be raised in the national budget for fiscal 2024-25 to boost the country’s revenue generation and minimise health risks, according to experts.
Sunshine Bricks honoured as “Green Champion”
Sunshine Bricks was recently honoured as a “Green Champion” for manufacturing construction materials with the successful implementation of energy-efficient tunnel kiln technology.
Digital technology crucial for essential service delivery
Bangladesh needs to take the crucial decision of embracing digital technology to ensure essential services like healthcare and education, said Binayak Sen, director general at the Bangladesh Institute of Development Studies (BIDS), yesterday.
Mamun Rashid joins ShopUp as president
Mamun Rashid, an economic analyst and banker, has joined ShopUp, a business-to-business commerce platform in Bangladesh, as president.
IBA winner of ‘HSBC-IBA Business Case Competition 2024’
The Hongkong and Shanghai Banking Corporation (HSBC) in Bangladesh, in partnership with the Institute of Business Administration (IBA) of the University of Dhaka, recently organised the finale and award-giving ceremony of “Business Case Competition 2024”.
ACI Motors opens new Yamaha showroom on Madani Avenue
ACI Motors, distributor of Yamaha motorcycles in Bangladesh, recently launched Yamaha’s new showroom, styled “Rubel Express”, at 100 feet on Madani Avenue in Gulshan’s Natun Bazar.
Business Multimedia
Potato price shoots up
The price of potatoes has begun an upward climb in the market
92 thousand crores or more siphoned out in 15 years?
Based on the compilation of media reports on bank scams between 2008 and 2023, CPD said as much as 92 thousand crores of taka have been siphoned out of the banking sector in the last fifteen years
Is Bangladesh going towards a deep economic crisis?
How can Bangladesh avoid the economic crisis to deepen further?
Who will benefit from WTO's duty benefit extension?
What are WTO’s duty-free benefits?
How can Bangladesh resolve economic, political problems?
Why is Bangladesh facing economic problems? Why did the country fail to follow the IMF's loan conditions? What are the remedies?
Shahjalal Islami Bank's first-quarter profit up 28%
Shahjalal Islami Bank (SIBL) reported a 28 percent year-on-year increase in profit in the January-March quarter
HSBC’s 2023 profit nearly Tk 1,000cr
The profit amounted to Tk 999 crore, soaring 70 percent year-on-year. It was Tk 587 crore in 2022.
Four state banks’ bad loans jump 27% as delinquencies rise
The combined bad loans of the banks surged 27 percent year-on-year to Tk 62,913 crore at the end of last year. Two years prior, total bad loans of the four state banks stood at just over Tk 38,200 crore, according to financial statements.
New entity wants to enter saturated insurance market
At present, there are 36 life and 46 non-life insurance companies in Bangladesh, which stands in stark contrast to just 24 life insurance companies in India, 10 in Pakistan, and 16 in Sri Lanka.
Shipping Corporation's profit down 27% in July-March
State-owned Bangladesh Shipping Corporation (BSC) has witnessed a year-on-year drop in both revenue, generated from renting out its seven vessels, and associated profit in the first nine months of this fiscal year of 2023-24.
Beyond Dollar: Bangladesh to seek over 36b yuan in Chinese loans
Bangladesh is going to seek more than 36 billion yuan, equivalent to $5 billion, as soft loans from China to reduce pressure on its dollar reserves.
Shahjalal Islami Bank strikes MoU with ICD
Shahjalal Islami Bank recently signed a memorandum of understanding (MoU) with the Islamic Corporation for the Development of the Private Sector (ICD), a member institution of the Islamic Development Bank (IsDB) Group.
Eastern Bank, Lavender sign deal on payroll banking
Eastern Bank recently signed an agreement with Lavender Convenience Store on payroll banking.
Tk 34,000 crore investment proposals came in Jan-Mar: Bida
302 industries will make the investments
