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Family control over private banks to widen Cabinet approves bill to allow four family members on bank board of directors for nine consecutive years Mustafizur Rahman and AKM Zamir Uddin The cabinet on Monday approved a draft bill seeking amendment to the Bank Companies Act 1991 to allow four from a family to be bank […]

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The key drivers of Bangladesh’s economy, remittances, have fallen significantly during the current fiscal year thanks to ‘illegal transfer of money’ through mobile banking. In the last 10 months of this fiscal year, 16 per cent of the remittances have decreased. ‘Illegal’ money transfer, dubbed as digital hundi’ by the bankers, has become popular among […]

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The $28 billion clothing industry contributes about 82% to the overall export earnings of the countryDhaka Tribune In July-April of Fiscal Year 2016-17, Bangladesh earned $28.72 billion, which is 3.92% higher compared to $27.63 billion a year ago Despite having a double-digit export target, Bangladesh’s export earnings have risen by nearly 4% in July-April period […]

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The Asian Development Bank is planning to almost double its loan size to $1.8-$2 billion for Bangladesh this year as its economy is growing fast to be the East and East Asia’s ‘success model’. ‘…Bangladesh is really an ‘emerging economy’ if you see at its Forex reserves this year. We’re negotiating with the government for […]

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The transaction through mobile financial services increased 10.23 percent to Tk 72,578 crore in the three months to March although Bangladesh Bank lowered the ceiling of mobile banking transaction in January this year. The central bank lowered the ceiling for mobile banking transactions along with a host of other restrictions with the view to bringing […]

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Foreign buyers make huge profits on Bangladeshi RMG products but pay the manufacturers poorly. When it comes to the prices of Bangladeshi RMG products, the gap between manufacturing and retail end prices is astounding. Foreign buyers make as much as 600% profit on a single item at the retail end; in other words, a consumer […]

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Global research reveals $75b fly out of Bangladesh in a decade Bangladesh has lost between $6 billion and $9 billion to illicit money outflows in 2014, according to a Global Financial Integrity (GFI) report. The Washington-based research and advisory organisation on Monday released the report based on a research on 150 countries. Bangladesh lost $75 […]

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Bangladesh plans to begin turning some of the grain it produces into ethanol to make its fuel greener – but economists and experts warn the move could hurt food security in a country that is already a grain importer. Energy ministry officials said in a gazette notification early this year that the country will begin […]

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Finance minister AMA Muhith speaks at a consultative meeting organised by National Board of Revenue and Federation of Bangladesh Chambers of Commerce and Industry in Dhaka on Sunday. NBR chairman Md Nojibur Rahman and FBCCI president Abdul Matlub Ahmed were present, among others. — New Age photo Finance minister Abul Maal Abdul Muhith on Sunday […]

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Abul Maal Abdul Muhith. — New Age file photo Finance minister Abul Maal Abdul Muhith and businesspeople exchanged heated debates on implementation of the new VAT law at a budget consultative meeting on Sunday. At the FBCCI-NBR budget consultative meeting held at Bangabandhu International Conference Centre, a business leader threatened to go movement and take […]

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The Post and Telecommunications Division has asked mobile telecom operators to make it clear how they fix the retail price of internet bandwidth amid confusions over the pricing issue. The telecoms division sought the clarification from the operators in a meeting on adjustment of internet bandwidth price on Wednesday. The operators have been asked to […]

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The China Building Materials Federation has presented a plan to Bangladesh Investment Development Board (BIDA) offering $2 billion investment in the sector. BIDA says a 12-strong delegation met its Executive Chairman Kazi M Aminul Islam on Tuesday and expressed their interest. The chairman said they would get ‘one stop service’ in Dhaka. The Chinese side […]

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