Sadequr Rahman, a 73-year-old man, attempted to withdraw remittance funds from the Savar branch of Social Islami Bank Limited (SIBL), the money which his son had sent from Saudi Arabia in October. Raisuddin, son of Sadequr, sent Tk 100,000 on 24 October to cover family expenses and medical costs for his
Author: Anisul Islam, UNB
Vegetables, egg prices not enough to calm consumers
End to loan default culture requires political promise
Noting the additional stress exerted on the domestic economy by the alarming rise in the volume of defaulted loans, economists insist things have gotten to a stage where any substantive change for the better requires a political commitment at the national level. They point out that all the defaulters are politically
Consumers feeling pinch of higher spice prices
Prices of almost all spices have doubled in a year, and consumers are particularly feeling the pinch ahead of Eid-ul-Azha when consumption of spices is high. Despite sufficient stock and import of essential spices, traders at both wholesale and retail level hiked the prices of onion, ginger, garlic, cardamom, cinnamon, clove,
Inflation, dollar crisis major challenges for economy
Preparations for the budget for the 2023-24 fiscal must balance expectations in an election year with the conditions of the International Monetary Fund (IMF), and tackle inflation, foreign exchange crisis and revenue shortfall. Balancing public satisfaction and protecting the economy is a major issue. Economists say it has been seen in
Proposed amendments to banking act not enough for governance
The proposed Bank Company (Amendment) Act-2023 still falls short in some crucial ways necessary to establish accountability and good governance in the banking sector, according to experts. The draft of the amended act includes a 'wilful defaulter' clause, which economists welcome. Under the clause, such wilful defaulters can be subjected to
Indo-Bangla trade using rupee lieu of USD start soon
Bangladesh could soon start trading with India using rupee instead of US dollar, trial for which has been done by Bangladesh Bank recently. The ministry of commerce has placed a written recommendation at the last cabinet meeting regarding the possibility and opportunity of using rupee instead of dollar. Currently Bangladesh exports goods
17 banks facing severe liquidity crunch after violating lending limits
Despite Bangladesh Bank's initiatives to promote good governance in the banking sector, 17 banks have recently violated their loan disbursement limits, and are now embroiled in a severe liquidity crisis. Having been over-aggressive in providing loans, they are now unable to recover the loans and attract new deposits as desired, according
People forced to spend less to cope with price hike
IMF loan can be touchstone of financial sector reforms
The government's successful negotiation of a $4.7 billion, approved at the Executive Council of the International Monetary Fund (IMF), will raise confidence in the macro economy amid a volatile foreign exchange market, analysts said.They said that the IMF loan program can help bring stability to the macroeconomic situation in two