Intentional or not, a loan defaulter remains loan defaulter
Banking plays an extremely crucial role in the economic development of any country. Particularly in Bangladesh, where the capital market is relatively weak, the significance of banking accounts for a substantial portion of the nation's economy. Entrepreneurs in Bangladesh often need to approach banks primarily to meet the financial requirements for establishing industries, factories, and business establishments.
Bangladesh to enjoy tariff benefits for 3 years even after LDC graduation
At the conference held in Abu Dhabi, the ministers of the WTO member countries agreed to maintain the trade privileges enjoyed by the LDCs even after gaining the status of ‘developing countries’.
Let "Insurance for All" be the pledge for the National Insurance Day
Today, March 1, is the fourth National Insurance Day. It is very significant in Bangladesh's economy for many reasons. National Insurance Day was observed for the first time in 2020. It was not celebrated for one year due to Covid-19. The initiative to celebrate National Insurance Day highlights the importance of the insurance industry in national life and creates public awareness about how insurance can contribute to economic development. There is a historical event behind the celebration of National Insurance Day on March 1. Father of the Nation Bangabandhu Sheikh Mujibur Rahman started working in the insurance industry on March 1, 1960, by joining the Pakistan Alpha Insurance Company. It was originally decided to celebrate National Insurance Day on March 1 to commemorate Bangabandhu's involvement in the insurance industry.
Bank MDs cannot resign, be sacked without central bank’s approval
From now on, the managing director (MD) of a bank cannot suddenly resign whenever he wishes. Bank authorities also cannot remove any MD whimsically.
DITF-2024 fetches export order worth Tk 392cr
The export order and volume of sales have increased in the Dhaka International Trade Fair -2024 as the export orders fetched worth Taka 391.82 crore while the volume of cash sales reached around Taka 400 crore.
Suspicious transaction increases by 65% in FY23
Suspicious transaction reports (STR) and suspicious activity reports (SAR) increased by 65% in the outgoing financial year. Bangladesh Financial Intelligence Unit (BFIU) released its annual report on Tuesday.
Inconsistency in weekly holidays creates problem in global trade
Bangladesh has been facing many problems in international trade for a long time. Particularly in international trade, Bangladesh has incurred significant deficits, which cannot be overlooked. In a developing country like Bangladesh, trade deficits are inevitable. The disparity between imports and exports in international trade constitutes the trade deficit. Bangladesh will inevitably face trade deficits in international trade. This is because our imports consistently exceed exports by a considerable margin each year. As a result, the trade balance is naturally tilting against us.
Few words about banking and financial sector reforms
During his address at the inaugural ceremony of the Twelfth National Parliament, President Shahabuddin Ahmed provided affirmative guidance on various subjects. Among them, he notably emphasized on the topic of banking and financial accounts. He stated, "There is a significant need for extensive reforms in financial accounts. The current state of the country's banks and financial institutions is not satisfactory at all. Therefore, economists and banking experts have been providing guidance on comprehensive reforms of these accounts for quite some time. However, it seems that the relevant ministry of the government is not giving due attention to the matter of reforming banking and financial accounts."
Checking inflation with contractionary policy a tough job
Currently, the country's economy is experiencing high inflation, posing several challenges in macroeconomic terms. Among these challenges, high inflation stands out as the most significant. To address this inflationary pressure, various initiatives have been undertaken, with notable emphasis on monetary policy. However, the recent announcement of monetary policy by the Bangladesh Bank appears to be conservative in nature. The Bangladesh Bank believes that a conservative monetary policy will play a supportive role in controlling high inflation. However, this initiative has been delayed. Furthermore, it is uncertain to what extent conservatism will be sufficient in controlling high inflation because inflation is not solely caused by one factor. There are many other factors contributing to inflation. Therefore, controlling high inflation through conservative monetary policy alone will be challenging.
50% depreciation on reconditioned car import demanded
Bangladesh Reconditioned Vehicles Importers and Dealers Association (BARVIDA) has demanded to increase the depreciation benefit from 35 percent to 50 percent in importing reconditioned cars.