Regional & International Economy

The National Economic Council (NEC) on Wednesday approved Tk 227,566.09-crore Revised Annual Development Programme (RADP) for the current fiscal year (FY23), cutting Tk 18,500 crore from the allocation of foreign sources portion in the original ADP outlay. Out of the total RADP allocation, Tk 153,066.09 crore will be drawn from …

The taka has weakened further against the US dollar as the Bangladesh Bank is selling the American greenback to banks at Tk 102. The move is aimed at adjusting the exchange rates gradually in line with the market demand and supply. The latest depreciation comes a month after the central …

Bangladesh’s private power producers will need $1 billion in foreign currency to import fuel oil and avert an energy crisis this summer, their industry association said in a letter to the central bank seen by Reuters. Analysts expect power cuts in Bangladesh to worsen this year, as a rapid decline …

The Bangladesh Bank on Wednesday said service providers will no longer have to make a declaration to repatriate their income of up to $20,000. Repatriation is the conversion of any foreign currency into one’s local currency. To increase the flow of foreign exchange in the domestic market, the central bank …

The government has planned to bring reforms to savings tools so that the commoners get a relief amid high inflationary pressure on the economy, officials related to the development sector said. The Internal Resources Division (IRD) under the Ministry of Finance formed a committee for drafting an integrated policy for …

The International Finance Corporation will invest $1 billion annually over the next five years under the Bangladesh Investment Climate Fund (BICF) programme. “We are committed to supporting Bangladesh’s continued sustainable development and hope to be able to invest $1 billion each year over the next five years,” said Martin Holtmann, …

The government has eased the rule of compulsory fumigation test for import of American cotton, particularly from the United States, clearing the ways for smooth import of the raw material of textile mills, the backward linkage industry for country’s main export earning garments. The importers would be able to bring …

Banks will provide a special benefit of Tk0.50 for each US dollar to repatriate the export income of December and January by February 28. A meeting of managing directors (MDs) of state-owned and private banks has decided that the special benefit of an additional Tk0.50 against each dollar of export …

Pran has joined the Gulfood 2023, one of the largest annual global food and beverage sourcing events in the world, to increase the export of its food products across the globe, especially to Africa, the Middle East and Europe. The 28th edition of the fair kicked off at the Dubai …

Commitments and disbursements of foreign assistance for development projects in Bangladesh fell in the July-January period of the current fiscal year, which may deepen the pressure on foreign exchange reserves. The commitments declined by around 62 per cent year-on-year in the first seven months of the current fiscal year from …