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Bangladesh Bank recently took a set of initiatives to bring about an effective floating exchange rate, meaning that which will rise or fall based on supply and demand, to bring back stability in the foreign exchange market. In several meetings with commercial banks, the central bank said the demand and …
Read More »Reserve Bank of India to raise interest rates again
The Reserve Bank of India is set to raise interest rates again next week with a slim majority of economists in a Reuters poll expecting a half-point hike and some others expecting a smaller 35 basis point rise. There was a wide consensus that the RBI will raise rates at …
Read More »Ukraine ports shipped 4.7m tonnes of food under grain deal
A total of 211 ships with 4.7 million tonnes of agricultural products on board have left Ukraine so far under a deal brokered by the United Nations and Turkey to unblock Ukrainian sea ports, the Ukrainian infrastructure ministry said on Saturday. The ministry said eight ships with 131,300 tonnes of …
Read More »Set up new rice research centre to break private sector monopoly
The government should set up a hybrid paddy research facility alongside the Bangladesh Rice Research Institute (BRRI) to break the private sector’s monopoly on the seed market and increase rice production, according to Mohammad Masum, chairman of the Supreme Seed Company. “Some 90 per cent of the hybrid paddy seed …
Read More »Harvesting of early Aman varieties begins
The harvesting of early Aman paddy varieties has begun in five northern districts, namely Lalmonirhat, Kurigram, Gaibandha, Nilphamari, and Rangpur, a relief amid rising prices of rice at home and a growing threat of food crisis globally. Abu Bakkar Siddique, deputy director of the Department of Agricultural Extension (DAE) in …
Read More »Government slashes palm oil and sugar prices
The Ministry of Commerce on Thursday reduced the price of palm oil by Tk12 per litre following the recommendation of the Bangladesh Trade and Tariff Commission (BTTC.) The new price — Tk133 per litre — of palm oil will be effective from Sunday, said a ministry notice. Meanwhile, prices of …
Read More »Euro plummets to a 20-year low amid war in Ukraine
The euro sank to a two-decade low of $0.9810 on Thursday. It came after Russian President Vladimir Putin ordered the partial mobilization of reservists in an escalation of the war in Ukraine and after the Federal Reserve enforced another stark interest rate hike as a response to soaring inflation, reports …
Read More »20% year-on-year growth: NBR collected record Tk 8,733cr VAT in Aug
National Board of Revenue (NBR) collected Tk 8,733 crore of revenue from value added tax (VAT) in August – showing a 20 percent year-on-year growth. NBR’s collected VAT revenue in August is Tk 519 crore more than the target. In this regard, NBR member (VAT) Moinul Khan said that government …
Read More »Pay due bills or have power lines disconnected: Power Division to city corporations
Power Division or any distributing entity will not take responsibility if any accident occurs when city corporations or municipalities illegally connect their networks to electricity lines. Such a warning was issued by the Power Division through a Facebook post today, mentioning an incident in the West Zone Power Distribution Company …
Read More »Pound hits 37-year low below $1.12 as recession fears grow
The pound fell to a fresh 37-year low against the dollar Friday as traders grow increasingly worried about the economic outlook with central banks ramping up interest rates to fight runaway inflation. Sterling fell as low as $1.1151 — its weakest since early 1985 — after the Bank of England …
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