Some private sector banks are in deep crisis because of lack of adequate liquidity and are being forced to borrow money from state-owned Sonali Bank at a 9 percent interest rate to stay afloat. Islami Bank, Al-Arafah Islami Bank and National Bank are borrowing money from Sonali Bank at a 9
Author: Anisul Islam, UNB
Economists for targeting trade-based capital flight
An upward trend in imports once again amid calls for austerity from the highest levels of government has raised concern among economists as to whether truly effective steps are being taken to check trade-based capital flight, particularly through the practise of over-invoicing by the country's importers. The government has been looking
Economy offers reasons for optimism despite problems
Economists are hopeful that Bangladesh's economy will regain the growth momentum while reducing inflation and stabilising the exchange rate in the New Year. Despite higher inflation and fluctuating currency exchange rate, record defaulted loans, they are optimistic about the overall growth of the domestic economy, which is predicted by the
Housing loans surge amid rise in demand for properties
Banks and financial institutions are offering long-term housing loans to customers, creating opportunities to become owners of property. Some institutions are even approving loans within 48 hours of receiving the customer's application. However, most banks and financial institutions thoroughly verify the identity of the customer and the quality of his
Exports cross $5b in Nov amid dwindling forex reserve
Bangladesh earned over $5 billion from merchandise exports in November, a record income in a month thanks to a surge in the apparel exports, according to officials figures. The November export earnings of $5.09 reported by Export Promotion Bureau on Thursday surpassed the previous monthly highest income of $4,098 billion in
Scientists find export potentials in Jellyfish
Jellyfish has always been considered an inedible and therefore useless catch by the fishing communities in the country's coastal districts. Despite never being considered as commercially viable, new research by Bangladeshi scientists indicates jellyfish can eventually become a source of export earnings. Like elsewhere, the coast of Bangladesh too plays
Tax evasion becomes rampant in country
3 reasons for country’s falling forex reserves
Despite curbing imports, Bangladesh's foreign exchange reserve fell to USD 36 billion - lowest in 28 months - due to 3 reasons, economists believe. The reasons are: imbalance in export-import, high dependency on imported oil and gas, and decreasing trend in inward remittance flow. The forex reserves stood at USD
Forex market may be more volatile: Experts for undertaking reforms
Despite Bangladesh Bank's measures to rein in forex spending, the crisis of US dollar drags on without any hint of ending anytime soon, experts say. Recent fall in inward remittances, earnings from exports, and a looming global recession are all signalling that the external account crisis will be prolonged further, they
EU carbon policy may hit exports badly
The European Union's Carbon Border Adjustment Mechanism (CBAM) through supply chain regulations and trade measures would be a game changer in tackling emissions, experts said. The EU is set to introduce the CBAM, which in effect will make use of trade policy in an unprecedented manner to tackle carbon emissions, they