Dhaka | Dhaka City | Bangladeshi News
Dhaka | Dhaka City | Bangladeshi News
Prime Minister’s Private Advisor on Industry and Investment Salman F Rahman says Bangladesh has sought assistance from Saudi Arabia to deal with the worsening dollar crisis. At a press conference at the Bangladesh Investment Development Authority (BIDA) on Tuesday, the adviser said he had sought assistance during his recently concluded visit to the Middle Eastern […]
Exporters say the global economy is going through stress due to the coronavirus pandemic, followed by the Russia-Ukraine war and the Hamas-Israel war. Demand for various products including readymade garments has decreased. In these difficult times, the size of the Export Development Fund (EDF) was reduced last year. The cost of business is continuously increasing. […]
“Now this is a worldwide problem. This fluctuation in the value of the dollar is due to the fiscal and monetary policy of America. So, the global south, developing countries as well as China are facing the same problem. This is something where China wants to work with Bangladesh,” he said. Yao Wen also said, […]
The pressure of foreign debt repayment has increased amid the current dollar crisis. Payment of installments of huge loans taken bilaterally on tough terms from Russia, China and other development partners has started. As a result, the loan repayment amount is increasing rapidly and will increase further in the coming days. The amount of foreign […]
Banks are not able to provide dollars to repay the dues of foreign companies in the power and energy sector. Bangladesh had reserves of more than 48 billion US dollars, which has reduced to 25 billion US dollars. According to the International Monetary Fund (IMF) formula, the reserves are US$20 billion. Experts blame dependence on […]
The Planning Commission believes that proper utilization of foreign loans and grants helps in sustainable development and maintaining balance of transactions. It therefore proposed the constitution of a committee under the leadership of the Principal Secretary to the Prime Minister to review the progress of the projects being implemented with foreign loans to ensure that […]
The responsibility of finding and addressing the perpetrators responsible for increasing prices through conspiracy falls under the jurisdiction of law enforcement agencies, regulatory bodies and relevant government authorities. These entities are tasked with investigating and taking appropriate legal action against any individual or group involved in price manipulation or activities that contribute to inflation. Prime […]
In view of the continuous decline in reserves, the government has taken a loan of US$4.7 billion (US$470 crore) from the International Monetary Fund (IMF). Bangladesh has so far received two installments of the loan. It is expected to get two more installments in the new year. The government will have to make reforms to […]
At present banks are not opening LC for import of commercial food items without advance dollar arrangement. As a result, imports of these goods have fallen. Also, along with commercial banks, the central bank is providing dollars from reserves for the import of essential goods. Imports of essential goods are thus being kept at normal […]
BPC sources say that the available stock of jet fuel may last till January 1. However, two ships carrying jet fuel and diesel are expected to reach Chattogram port on Friday. The process of unloading the goods from the ship to the depot may take two days, but officials believe that this will not create […]
The International Monetary Fund (IMF) recommended reforming the sector by eliminating regulated interest rates on loans and deposits. In response, Bangladesh Bank introduced new rules for setting interest rates last July with the aim of controlling inflation and considering the bank’s liquidity position. The central bank adopted a new system called smart interest rates (six-month […]
Sirajul Islam, president of Bangladesh Fresh Fruits Importers Association, said, ‘The demand for dates is high during Ramzan. It takes about two months to import dates from countries like Algeria or Tunisia. But we cannot open the required LC right now. Plus we are paying a higher price for the dollar. “Additional duty has also […]
When the Islamic bank, which brought in the largest volume of remittances, changed ownership and was accused of various frauds in providing loans, customers lost confidence in the bank and increasingly turned to the informal money transfer system of hundi. Did. This accelerated the pace of decline in foreign exchange reserves. Dollars have to be […]
According to Section 7(a) of the Bangladesh Bank Order 1972, the Bangladesh Bank is entrusted with the task of holding and managing the official foreign reserves of Bangladesh. Foreign reserves serve as gatekeepers to repaying various countries’ import liabilities, and, as per the international standard, a country must have at least one foreign reserve that […]
As per the decision, the purchasing rate for remittance and export earnings will be reduced from Tk 110.5 to Tk 110. To meet import liabilities, the dollar may be priced at Tk 110.5, down from Tk 111. However, banks can provide an additional 2.5 percent incentive on remittances, allowing beneficiaries to receive a maximum of […]
