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Economy

$ 40m fund for Bangladesh building collapse victims

Prominent retailers and labor groups has created a $40 million fund to aid the families of victims of the garment factory building collapse in Bangaldesh that killed 1,100 people, officials said. The Bangladeshi government, several prominent retailers and labor groups joined together to create the fund to compensate the families of those killed and those injured in the April 24 collapse, the New York Times reported Monday. RMG Rana PlazaThe accident was the deadliest disa...

Policy on loan rescheduling relaxed for 6 months

The central bank has relaxed the loan rescheduling policy on a limited scale for the next six months to facilitate financing for the businesses, affected by the ongoing political unrest. Under the relaxations, the Bangladesh Bank (BB) has allowed banks to reschedule loans by fixing their down payment and time limit for repayment on the basis of banker-customer relationship. bbThe commercial banks have also been empowered to restructure their unclassified loans through re-fixing repayment schedule at a reaso...

November exports rise 25pc on garment sales

The country’s exports rose 25 percent in November from a year earlier to $2.2 billion, boosted by stronger clothing sales, an export body said on Sunday, though political unrest ahead next month's election has severely hit manufacturing. In the first five months of the financial year, beginning July 1, exports totaled $11.96 billion, up 18 percent on the same period a year ago, the Export Promotion Bureau said. Garments exports soared 21 percent to $9.65 billion for the five months. [caption id="attachment_2090" align="alignleft" width="300"]Workers sort clothes at a garment factory near the collapsed Rana Plaza...
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Inter-bank Transaction Matrix to oversee liquidity management

Bangladesh Bank will introduce a monitoring tool named Inter-bank Transaction Matrix from January 2014 to supervise liquidity management of banks and non-bank financial institutions. To this end, the BB issued a circular to managing directors and chief executive officers of all scheduled banks and NBFIs saying that the central bank would give early warning signals to the crises institutions about their liquidity crisis by using the new tool. bbThe BB circular said, ‘Interconnectedness among the ban...

Inward remittance shows uptrend in 1st 13 days of Dec

Country’s inward remittance during the first 13 days of the current month (till December 13) showed an encouraging sign totaling $ 573.06 million. The remittance inflow last month (November) totaled $ 1051.10 million, according to the latest data provided by the Bangladesh Bank (BB). remmitanceThe central bank data showed that some $ 14,461.14 million came as remittance in the last fiscal year (2012-13). The BB data also showed that of the total remitted amount during the 13 days of the current...

Canada supports ILO initiative to improve RMG conditions

Canada has announced its support for a joint initiative with the International Labour Organization (ILO) entitled “Improving Working Conditions in the Ready-Made Garment Sector” in Bangladesh. Canada’s support for this initiative is helping to ensure that Bangladesh is better equipped to provide safe and healthy employment for its people,” said Christian Paradis, Canda’s minister of international development and minister for La Francophonie. “Stimulating sustainable economic growth is critical to breaking the cycle of poverty, increasing security and encouraging equality”, he said.