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The number of Bangladeshi workers who headed to the Middle East countries in search of jobs surged 177 per cent year-on-year in the first eight months of 2022, official figures showed. The opening of the doors following the recovery of the oil-rich nations from the coronavirus pandemic and a higher …
Read More »Dhaka stocks rise for third day
The Dhaka Stock Exchange (DSE) rose for the third consecutive day today. The DSEX, the benchmark index of the premier bourse in Bangladesh, gained 38 points, or 0.59 per cent, to 6,551 at 12:15 pm. Turnover stood at Tk 889 crore. Of the securities, 146 advanced, 54 declined and 166 …
Read More »MFS accounts go past 18cr mark
The mobile financial service (MFS) sector in Bangladesh has been on a tear, with the number of accounts surpassing the 18-crore mark for the first time in July. In the month, 18.11 crore users were registered with 13 MFS providers, up more than 16 per cent from 15.60 crore in …
Read More »Tax collection from interest earnings slows sharply
Although banks are registering increased deposits, tax collection from interest earnings of savers has slowed down significantly amid the fall of the interest rate. The National Board of Revenue (NBR) logged Tk 7,486 crore as withholding or advance income tax on interest earnings of savers in fiscal year 2020-21, according …
Read More »Bangladesh Bank enhances access to short-term forex loans
Bangladesh Bank on Wednesday increased the ceiling of the rate at which Bangladeshis could secure finances from external sources through local banks. The move comes after the benchmark rate hikes by the United States made it difficult for them to access finances. On August 16, the central bank set the …
Read More »Bangladesh Bank: Currency, balance of payments behind economy slowdown
Global supply chain disruptions and price hikes amid aggressive policy rate spike by the US Fed were seriously affecting the country’s economy, the Bangladesh Bank said on Wednesday. Exchange rate pressures due to high import prices and subsequent balance of payments adversities are prominent (in the domestic economy), the central …
Read More »Trade license for 5 years in the offing
The Ministry of Commerce has accepted the proposal for issuing trade licenses for at least five years instead of a one-year renewal culture to improve the ease of doing business. The Business Initiative Leading Development (BUILD) came up with the proposal at its ninth Trade and Investment Working Committee (T&IWC) …
Read More »NBR eases VAT rebate on payment of electricity bills through MFS
Businesses can now claim VAT rebates on the submission of invoices against electricity bills paid through mobile financial services (MFS). Earlier this month, the VAT department of the National Board of Revenue (NBR) issued a directive in this regard following the changes made by the government in the Financial Act …
Read More »BB raises repo rate by 25 basis points to 5.75pc
Bangladesh Bank (BB) has raised its key interest rate, or repurchase agreement rate, by 25 basis points to 5.75 per cent as part of its efforts to control consumer prices. The decision comes three months after the previous hike on June 30, when it raised the repo rate by 50 …
Read More »Kwasi Kwarteng and the ideology behind the British pound’s collapse
Britain is staring down the barrel of a self-inflicted economic catastrophe. This week saw the pound fall to an all-time low against the dollar amid a mass sell-off of U.K. bonds. Analysts are laying the blame on just one man. Kwasi Kwarteng, 47, has been chancellor of the exchequer, Britain’s …
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