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A combo of internet photos shows cotton waste (left) and terry towel (right). Country’s specialised textile industries, including terry towel manufacturering units, have been facing problem in meeting export orders due to an acute shortage of raw materials as cotton and garment wastes are being smuggled out and exported to India, industry people said. Country’s […]

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Food inflation increased 55 basis points in September to hit 7.87 percent — the highest in 38 months — on the back of the massive production loss of the staple rice. In recent months, rice prices rose to record highs, reflecting the dwindling supplies following flood-induced losses to the main boro crop coupled with reduced […]

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Sonali Bank has decided to waive interest of Tk 129 crore on more than Tk 360 crore loan of Alltex Group owned by former lawmaker and Awami League leader Afsar Uddin Ahmad. The board of the state-run lender, which is struggling to reduce its nearly 30 percent bad loans, made the decision in favour of […]

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Digital money transferring service Xoom, a PayPal service, was launched in Bangladesh on Thursday. The prime minister’s ICT adviser Sajeeb Wazed Joy inaugurated its operations for Bangladeshis at PayPal+Xoom and Freelancer Conference in Dhaka. Joy, who was a chief guest at programme, said, “The Bangladesh expatriates have been sending their remittances through various channels at […]

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A file photo shows a man carrying a sack of rice in Dhaka. The monthly inflation in September went up 23 months high to 6.12 per cent because of food price-led inflation against the backdrop of sharp rise in price of rice. — New Age photo The monthly inflation in September went up 23 months […]

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The revenue authority has eased the provision of physical inspection for export consignments until June 2018 to clear a backlog of 2,300 applications submitted mainly by jute and leather exporters for duty drawback of raw materials. In an order, the National Board of Revenue recently said the applications for duty draw back could be settled […]

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Islami Bank’s new management has taken on a spirited approach to lending, with its loan-deposit ratio sitting dangerously close to the limit of 90 percent set by the central bank. The new management took over at the beginning of the year, and in the following seven months, the bank’s loan-deposit ratio surged 3.54 percentage points […]

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A file photo shows containers in the Chittagong port. The National Board of Revenue has asked the country’s commercial banks to comply with the responsive declaration procedures in opening letter of credit and approving other import-related documents for preventing tax evasion and trade-based money laundering. — New Age photo The National Board of Revenue has […]

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The Indian government’s massive stimulus package of Rs 60 billion, or $894 million, for boosting its garment sector is bearing fruit as the neighbouring country is progressively eating into Bangladesh’s share in global apparel trade. For instance, India last year was the third biggest exporter of garment items to the US, which happens to be […]

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A file photo shows a man using an electronic cash register machine at a shop in Dhaka. The National Board of Revenue has dropped its plan of providing ECR to shopkeepers citing complexities in maintenance and after-sales service. — New Age photo National Board of Revenue has dropped its plan of providing electronic cash register […]

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A file photo shows workers sewing clothes at a readymade garment factory in Dhaka. Country’s export earnings in September of the current financial year 2017-18 declined by 9.83 per cent after a strong growth in the first two months of the fiscal year — 26.54 per cent in July and 10.71 per cent in August. […]

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Bangladesh Bank has already surpassed its fiscal 2016-17’s sales figure of US dollar in the first three months of the current fiscal year as it scrambles to prevent the slide of the taka against the greenback. “The local currency would have depreciated to Tk 85 against a dollar if the central bank had not intervened,” […]

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