- March 18, 2018
The government had announced the scheme 15 month ago
Bangladesh Bank has been requested to provide the merchant banks and broker houses with a refinance facility of Tk12.67bn under the ‘special scheme’ to help investors recover a part of their losses incurred due to the capital market debacle since late 2010.
The government had announced the scheme 15 month ago.
The Banking and Financial Institutions Division of the Ministry of Finance has served a letter to Bangladesh Bank Governor Dr Atiur Rahman, seeking necessary measures to fund the scheme, according to a document obtained by the Dhaka Tribune.
The projected allocations for the fiscal years 2014-15 and 2017-18 will also be proposed
The government for the first time is going to introduce district-wise budget for Tangail on a pilot basis in the upcoming fiscal year.
A circular was issued on Sunday asking the ministries and divisions to submit proposed allocations to the finance division by Thursday.
Some 51 ministries and divisions of the government have been asked to collect data on budgetary allocations the district received in the past three fiscal years.
The tenure of the 3G license will be 15 years
The much-awaited auction for 3G mobile phone spectrum is likely to be held on July 30 this year as Bangladesh Telecommunication Regulatory Commission (BTRC) informed the operators about their plan informally.
A formal decision would be taken at the commission meeting scheduled for tomorrow, an official told the Dhaka Tribune on Saturday.
The auction is being delayed by five weeks from the existing date on June 24, as a result.
The Dhaka siege programme could hamper the country's existing visibly stable political situation
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Friday urged Hefazat-e-Islam to withdraw its May 5 Dhaka siege, saying that such a programme would create a new crisis for the national economy.
“We request Hefazat-e-Islam to withdraw its May 5 Dhaka siege programme because it would create a new crisis for the country's economy,” said FBCCI President Kazi Akram Uddin Ahmed at a press conference in Dhaka, according to state-run BSS.
Bangladesh and India will increase the number of land ports through which the two countries could trade: Muhith
Bangladesh has proposed a common currency with other South Asian nations that are willing to join such a currency union.
"I've proposed a common currency for South Asian nations…It’s doable even without other economic parameters, such as fiscal deficit being regulated, as all our currencies are pegged to the US dollar and each other," Abul Maal Abdul Muhith, Bangladesh's finance minister, told Indian businessmen today at a meeting on trade and investment, organised by the Confederation of Indian Industry (CII) here.
According to the central bank figures, the remittance in April this year dropped by $198.4mn
The country received $1.03bn remittance in April, marking a decline from the previous month’s $1.23bn.
In April last year, the remittance inflow from the wage earners totaled $1.1bn.
The provisional data released by Bangladesh Bank yesterday also showed that the remittance during July-April period of the current fiscal stood at $12.2bn compared to $12.8bn of the same period last year.
According to the central bank figures, the remittance in April this year dropped by $198.4mn from the previous month.
PSI system is going on in Bangladesh since 1999
National Board of Revenue chairman Ghulam Hussain on Thursday said that the Pre-Shipment Inspection (PSI) system will be scrapped from July 1 next to ease customs procedures and reduce hassles of businessmen.
In response to reporter’s queries, the chairman disclosed the decision after completion of pre-budget meeting with Chittagong Chambers of Commerce and Industries at the association auditorium.
The state-owned LPG producers now supply 20% of the total market demand
The international oil company, Chevron, plans to set up a liquefied petroleum gas (LPG) bottling plant in the Bibiyana Gas Field area, an official said.
“We have sent a draft project proposal to the Energy Division for its approval,” Naser Ahmed, director (external affairs) of Chevron Bangladesh, told the Dhaka Tribune recently.
Naser said Chevron had already discussed the project several times with officials of Petrobangla, the state-run oil, gas and mineral corporation.
The JICA DG praised the SME funding of Bangladesh Bank
Japan International Cooperation Agency (JICA) is ready to sit with Bangladesh authorities to discuss Padma Bridge funding if the agency gets a formal proposal from the government, JICA's Director General for South Asia Masataka Nakahara said in New Delhi on Thursday.
He told journalists after a meeting with high officials of Bangladesh that the Padma Bridge funding issue was not discussed at "today's meeting, but JICA would discuss the issue if it gets a formal proposal from the government."
The Finance Division, which is now considering a proposal to cut revenue estimate to Tk1.25tn from its proposal for Tk1.36tn
The Awami League government is in a dilemma over formulating the next budget this election year, official sources said.
It has two options – curtail the annual development programme due to the need for cutting next fiscal year’s revenue earnings or borrowing more money from banks, they added.
The budget for 2013-14 fiscal will be announced on June 6, according to the Finance Division, which is now considering a proposal to cut revenue estimate to Tk1.25tn from its proposal for Tk1.36tn.
The 4-day meeting begins tomorrow at India Expo Centre and Mart in New Delhi
Finance Minister AMA Muhith leaves Dhaka tomorrow morning on a five-day visit to India to attend the 46th annual meeting of the board of governors of Asian Development Bank (ADB).
The 4-day meeting begins tomorrow at India Expo Centre and Mart (IECM) in New Delhi. Muhith is expected to return home on May 6.
Some 4,000 participants, including from global media, will discuss how vulnerable groups could better access economic opportunities and social services like health and education.
All Nippon Airways and rival Japan Airlines together account for half of the Dreamliners in service globally
Japan's two-biggest airlines said Tuesday they would take a revenue hit of more than $200m from the grounding of Boeing's Dreamliner as the troubled aircraft takes to the skies again.
All Nippon Airways (ANA) and rival Japan Airlines (JAL), which reported full-year earnings Tuesday, together account for half of the Dreamliners in service globally and had to cancel thousands of flights in the wake of the crisis tied to the next-generation jets' lithium-ion batteries.
News of the deepening Spanish recession comes four days after the country's unemployment hit a new record high of 27%
Spain's economy shrank for the seventh straight quarter from January to March, preliminary data showed on Tuesday, and the recession looks set to last into next year.
Finance Minister AMA Muhith has asked the revenue officials to raise the tax target to 14.2% of GDP for 2013-14
Finance Division has set a target to increase the tax-GDP ratio by 0.8 percentage point to 14.2% in the next fiscal year despite having the challenges of political unrest and apparel factory collapse at Savar.
“It’s a new estimate by finance division, but is unlikely to be achieved with having the ongoing political unrest coupled with the possible impact the Savar incident,” National Board of Revenue (NBR) Chairman Md Golam Hossain told the Dhaka Tribune.
IPOs were often tense with market marred by a number of shelved share sales and the poor performance of those stocks went public
A mood of caution hangs over the initial public offering (IPO) in the back drop of heavy volatility in the capital market, fear of unfair IPO pricing and economic slowdown, market analysts said.
Over the last two years, IPOs were often tense with market marred by a number of shelved share sales and the poor performance of those stocks went public.
Canada ditched import duties and quotas on garments from Bangladesh a decade ago
A Canadian apparel federation executive has suggested Ottawa to work closely with Dhaka on the enforcement of building code in Bangladesh in exchange for preferential access to the Canadian market.
Bob Kirke, executive director of the Canadian Apparel Federation, made the recommendation in the wake of Savar factory collapse that left around 350 killed and 100s injured.
Padma credit withdrawal, Hall-Mark credit scam to add fuel
Global rating agency Moody’s Thursday apprehended that the prolonged political unrest might lead Bangladesh to earn negative rating, deterring investment and disrupting economic growth.
The forecast emerged in the wake of spiraling political standoff and a series of strikes the country facing since February this year. Bangladesh achieved a stable sovereign outlook of Ba3 for the third consecutive year.
During the fourth round of hearing on GSP in Washington on March 28, the USTR wanted further details on a host of issues from Bangladesh
Bangladesh officials have expressed concern over yesterday’s tragic apparel factory collapse in Savar that took place at a time when the country is negotiating with the Generalised System of Preference (GSP) issue to get an advantage in apparel exports to the US market.
The eight-storey building collapse left around 145 people dead and more than 1,000 were reported injured until this report was filed yesterday night.
Business in Bangladesh is facing a series of strikes since February this year, hindering business activities and sending negative signals to other countries
Local and foreign investment plans have been shelved due to prolonged political uncertainties in the country, putting a dent on the economic growth.
World’s top clothing brands like Tesco, Walmart, H&M, C&F, VF and Celio have already decided to give up their investment in Bangladesh because of the political uncertainties, said a local entrepreneur.
“It's difficult to forecast, it’s difficult to plan as we don’t know where we are now,” Evince Group Chairman Anwar ul Alam Chowdhury told the Dhaka Tribune.
It recommends reducing the duty on capital machinery, industrial raw materials, intermediate goods and finished goods
Metropolitan Chambers of Commerce and Industry (MCCI) yesterday requested the revenue authorities to reduce import duties across the board to help grow the local trade and industries.
They recommended reducing the duty on capital machinery, industrial raw materials, intermediate goods and finished goods at a pre-budget meeting with National Board of Revenue (NBR) at its headquarters in Dhaka. NBR Chairman Ghulam Hossain chaired the meeting.