Dhaka, Bangladesh (BBN)- The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
Revenue targets cut as unrest weighs on economy
Bleak economic outlook triggered by the ongoing political turmoil has forced the government to push its estimates on revenue earning downward and domestic borrowing upward, suggesting a slowing economy in the days ahead. The ministry of finance past week revised revenue earning target to Tk 1,35,028 crore for the current 2014-2015 fiscal year, down from original estimation of Tk 1,49,720 crore. NBR, non-NBR and non-tax revenue targets have been put through downward revisions, a top finance official said.
Bangladesh exports rise by 5.15% in Feb
Bangladesh’s overall export increased by 5.15 per cent in February despite the ongoing political unrest, officials said. The export earnings rose to $2.51 billion in February 2015 from $2.39 billion in the same period of the last year, according to official figures. The figures show a positive trend as the country is receiving payments for goods particularly apparel products that were shipped earlier.
Rice imports rise to four-year high
Rice imports hit a four-year high as traders find foreign produce, mainly from India, cheaper. Private traders imported 8.73 lakh tonnes of rice between July 1 and March 2, the highest since fiscal 2010-11, according to food ministry data. The government did not import any rice in the same period. “It is because of the price difference between the Indian and Bangladeshi rice. Indian produce is cheaper than ours," said Chitta Majumder, owner of Majumder Traders that has imported more than 80,000 tonnes since July.
BD needs improvement in six areas, says IMF
Bangladesh needs to make further improvement in six areas, including infrastructure, revenue mobilisation and risk-mitigating management for financial sector to help enhance its economic growth. Other areas include availability of land, formulation of an effective policy on energy and power, and facing the impacts of climate change.
Bangladesh Bank purchases $35m more from four banks
Bangladesh Bank (BB) has strengthened purchase of the US dollar from the commercial banks directly to keep the inter-bank foreign exchange (forex) market stable, officials said. "We've expedited our intervention in the forex market aiming to protect the interests of exporters and migrant workers by keeping the exchange rate of the local currency against the greenback stable," a BB senior official told BBN in Dhaka.
Bangladesh Bank to protect NBFI CEOs’ job security
Bangladesh Bank (BB) is going to protect job security of the chief executive officers (CEOs) of the non-banking financial institutions (NBFIs) for ensuring good governance in the sector, officials said. BB Governor Dr. Atiur Rahman has already instructed the department concerned to issue a directive in this connection, a senior official of the central bank told BBN in Dhaka.“The BB will issue a directive with protecting job security of the NBFIs’ CEOs like commercial banks soon.”
Bangladesh becoming a top spot for Muslim travellers
Bangladesh has found a place among the world's top destinations for Muslim travellers, largely thanks to its availability of Muslim-friendly services and facilities, according to a study. The Global Muslim Travel Index 2015 developed by MasterCard, a payment network provider, and CrescentRating, the world's leading authority on Halal-friendly travel, ranked Bangladesh 18th on the list of destinations, which are members of the Organisation of Islamic Cooperation.
BBN/SSR/AD-05Mar15-7:40 am (BST)