News

US President Donald Trump praised Federal Reserve Chairman Jerome Powell on Monday, ending his criticism of the central bank chief while also calling the strong dollar “good,” an unusual comment.

Financial markets in Europe and the US have continued to fall despite fresh action by the Federal Reserve to support the American economy.

The Bangladesh Bank on Monday reduced the mandatory cash reserve ratio for the banks to 5 per cent from 5.5 per cent with a view to supply liquidity to the market during the coronavirus pandemic, said a BB circular issued on the day.

Square Pharmaceuticals has signed agreements with two pharmaceuticals companies for manufacturing some products on behalf of the company to meet the growing demand.

Banks will remain open during the holidays declared by the government from March 26 to April 4 to facilitate the financial transaction for their clients.

President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Dr Rubana Huq has said buyers have so far cancelled orders worth US$ 1.48 billion following the outbreak of coronavirus.

Sabrang Tourism Park, the country’s first tourism-based special economic zone (SEZ), is expected to start welcoming visitors within this year, as construction of its key facilities is going on in full swing, officials said.

Local airlines — Biman, US-Bangla, Novoair and Regent — are on course to losing Tk 350 crore in revenue just this month alone for the coronavirus pandemic, which has forced countries to close borders and brought air travel to a near-halt.

Bangladesh Bank (BB) has decided to buy treasury bills and bonds from banks and non-bank financial institutions (NBFIs) to prevent any unwanted liquidity obstruction due to coronavirus outbreak.

Less than three months ago came the first reports of cases of pneumonia related to a virus first detected in Wuhan, China. The outbreak of the virus that causes COVID-19 has caused unprecedented disruptions that have brought an unparalleled shock to the global economy.