Regional & International Economy

Shipping giant Maersk said on Sunday it was suspending the passage of vessels through a key Red Sea strait for 48 hours, after Yemeni rebels attacked one of its merchant ships. The Maersk Hangzhou, a Singapore-flagged, Denmark-owned and operated container vessel en route from Singapore to Port Suez in Egypt, …

Bangladesh’s economy was beset by enormous challenges in 2023, including soaring inflation and depleting forex reserves, but optimism is in the air with the beginning of the new year as some key indicators are showing signs of improvement. Bangladeshis faced the double whammy of runaway inflation and skyrocketing prices of …

In a significant move towards aligning domestic fuel prices with international benchmarks, the government is set to introduce an automated dynamic fuel-pricing formula this month. This initiative follows a recommendation from the International Monetary Fund (IMF) to align domestic fuel tariffs with international market rates. State Minister for Power and …

Only the tip of the iceberg appears in reported trade-based money laundering with customs detection of the siphoning of nearly Tk 3.0 billion, worth US$ 30 million, by ten ghost companies. Customs authorities disclosed Monday that the shell corporations, disguised as apparel exporters, laundered the money in cahoots with clearing …

The export of paper and paper products from Bangladesh rose 85 percent year-on-year in the first two months of fiscal 2023-24 as the country is grabbing a bigger share of the global market in face of reduced competition. Export earnings from the sector amounted to $39.79 million in the July-August …

The recently passed Income Tax Bill 2023 on Sunday, includes various changes for individuals, businesses, and corporations. Tax returns have been simplified for everyone. Currently, 29 different types of documentation must be submitted when filing a company’s tax return. It is being reduced to 12. Apart from individuals, all other …

Bangladesh Bank Governor Abdur Rouf Talukder considered Moody’s recent downgrade on some local banks as a geopolitical move rather than economic indicator. The central bank governor was responding to a question during the launch of the half-yearly monetary policy statement (MPS) starting next month. He said the international credit rating …

The International Monetary Fund (IMF) is working on a platform for central bank digital currencies (CDBCs) to enable transactions between countries, IMF Managing Director Kristalina Georgieva said on Monday. FE “CBDCs should not be fragmented national propositions… To have more efficient and fairer transactions we need systems that connect countries: …

The Bangladesh Bank has decided to launch a taka-rupee debit card in the country in September to allow travellers to make payments through the card at home as well as in India. The card will allow individuals to make local payments as well as settle payments in the Indian rupee …

Economists have praised the move to adopt alternative currencies, such as the Indian Rupee and Chinese Yuan, in foreign projects and bilateral trade to ease the foreign exchange reserve. As of Tuesday, the forex reserve stood at $31.11 billion, with the balance of payment in a tight situation due to …