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EDF allocation raises to $1b

  The central bank has increased the allocation of the export development fund (EDF) by 25 per cent to $1.0 billion from the previous $800 million to meet the growing demand of the country's exporters, officials said Thursday. "We've enhanced the amount of EDF allocation to encourage the exporters for strengthening their businesses. Other provisions related to EDF will remain unchanged," a senior official of the Bangladesh Bank (BB) told the FE. The central bank is providing the re-financing facility to the exporters through commercial banks as short-term liquidity support. Under the existing provisions, the EDF financing is allowed for input procurements against back-to-back import letters of credit (LCs) or back-to-back inland LCs in foreign exchange, by manufacturers...

Bangladesh key economic indicators – Nov 14



Wednesday Previous Taka/US $ (inter-bank) 77.75-77.76 77.75-77.7525 Call money rate (inter-bank) 06.00-08.00 06.00-08.00 Dhaka Stock Exchange index 4,212.72 4,197.71 ------------------------------------------------------------ indicatorMONTHLY CURRENT PREVIOUS Growth in: Consumer price index (BBS) Change yr/yr (pct) Oct. 7.03 7.13 M2 supply (bln taka) (BB) Sept. 6,267.23 6,199.89 Forex reserves ($bln)(BB) Oct. 17.35 16.15 Exports(FOB) ($mln)(BB) Sept. 2,590.24 2,031.44 Impo...

Mobile banking users cross 10m mark

mobile bankiong
Mobile banking users in the country crossed 10 (one crore) million mark from 0.5 million in April this year. mobile bankiongAccording to Bangladesh Bank (BB), the number of mobile banking accounts stood at 10.235 million (1 crore 2 lakh 35 thousand) on November 11 with more than 100 percent rise in seven months. "The phenomenal rise in mobile banking would play significant role in financial inclusion," the central bank in a press release said Wednesday. Introduced in 2010, mobile banking has become a major tool of many banks to take t...

Trade balance to decline in FY 2013-14

The country’s terms of trade have been deteriorating unabated, reflecting a major structural weakness of the economy, reveals the Unnayan Onneshan, an independent multidisciplinary think-tank, in its latest monthly economic update released on Wednesday. The terms of trade, the value of exports relative to that of imports, reached at 70.1 per cent in FY 2011-12 from 70.8 per cent in FY 2010-11 and the leading think-tank projects further weakening in the upcoming years to reach at 69.2 per cent, 68 per cent, 66.7 per cent and 65.5 per cent in FY 2012-13, FY 2013-14, FY 2014-15 and FY 2015-16 respectively, if radical actions are not taken.

RMG factory owners agree to pay Tk 5,300 wage

Owners of ready-made garment factories on Wednesday night agreed to pay Tk 5,300 in minimum wage for entry-level workers. The announcement came after a meeting of representatives of the garment owners with Prime Minister Sheikh Hasina at her official residence Ganobhaban, chief of the apparel trade body said. “Yes, we’ve agreed to the new minimum monthly wage,” M Atiqul Islam, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) told UNB over phone. rmgHe said it will be decided in a day or two as to from which month the ...

Decisions to be taken in Nov to help RMG sector

Ned envoy
Netherlands Ambassador to Dhaka Gerben De Jong on Wednesday said this November is extremely important for further development in the readymade garment sector as two important decisions will be taken during the period which will help Bangladesh become the number one producer in the world. “Because, in November there are two decisions to be taken – one on joint standards to inspect factories and secondly the discussion on the minimum wage,” the envoy told a function in the city. Ned envoyJong said it will be very difficult to explain in Euro...