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About 70 percent of credit card-users pay off their loans before incurring any interest, leaving banks to rely on the remainder to make profits, said bankers. The Association of Bankers Bangladesh (ABB), a forum of banks’ chief executives, explained this in a letter to the central bank recently, after Bangladesh Bank’s move to cap credit […]

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A file photo shows containers at the Kamalapur Inland Container Depot in Dhaka. No imported goods would be released from the customs houses unless the importers produce new VAT registration numbers from July 1 when the new VAT law will come into force, said the National Board of Revenue. — New Age photo No imported […]

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The finance division has proposed a Tk 1,300 crore bailout fund to be given to scam-hit BASIC Bank and Sonali Bank from the exchequer for the outgoing fiscal, officials said. Of the fund, Tk 1,000 crore was proposed for BASIC Bank and the rest Tk 300 crore for the largest state-owned commercial bank Sonali. Finance secretary Hedayetullah Al Mamoon […]

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Bangladesh’s exports in the first 11 months of the current fiscal year stood at $31.79 billion, 4.68 percent lower than the target of $37 billion, Export Promotion Bureau (EPB) data show. However, compared to that of the same period in the last fiscal year, this year’s export posted 3.67 percent growth, second lowest in a […]

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The government has given Tk 14,655 crore to bail out state-owned banks including scam-hit BASIC Bank and Sonali Bank in eight years. A total of Tk 11,487 crore or 78 per cent of the subsidy, which the government calls recapitalisation fund, was given in the past four financial years between 2013-14 and 2016-17. Major portion of […]

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Interest rate on deposits slid below the 5-percent mark and well under the inflation rate, compounding the woes of savers who have already been hit by a large hike in excise duty on their balances. In April, weighted average deposit rate stood at 4.97 percent, down from 5.77 percent a year ago, according to Bangladesh […]

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Bangladesh’s growth in 2017 will be 6.8 percent, the World Bank has said in a report. The global lender, in its report Global Economic Prospect released Sunday, attributed the decline in growth to sliding remittance and shrink in internal demand and industrial production. Finance Minister AMA Muhith has projected for a growth of 7.4 percent […]

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Inward remittance rose 5 percent year-on-year in May, helped by an increased transfer of funds by migrant workers from overseas ahead of the Eid-ul-Fitr, the largest Muslim festival. Migrant workers sent home $1.27 billion in May, which is highest in the first 11 months of fiscal 2016-17, according to data from Bangladesh Bank. The monthly […]

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Year after year, the government has been allowing this easy scheme of plundering our banks — a group of politically well-connected people will stretch their long arms and take loans from state-owned banks with all kinds of shady schemes. Then they will forget to pay back. By the time the year ends, the government will […]

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Many commodities, hardly used by general people, have found their place on the long list of items kept out of the purview of 15 per cent value added tax from the new fiscal. Officials said the government also kept live birds like turkey, guineabirds and dove, canned animal meat like camel and lamb, canned fish, […]

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The country’s economy has gone through some challenges both in internal and external areas like weak budget implementation, stagnant private investment, low level of employment generation, slower export earnings, decline in remittance inflow despite a record-high GDP growth in the outgoing fiscal year of 2016-2017. Finance minister AMA Muhith announces the national budget for the […]

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When Finance Minister AMA Muhith presents the budget in parliament tomorrow, he will likely gloat about it — Tk four lakh crore in size — which is 26 percent bigger than the one for the outgoing fiscal year. Not that presenting a big budget is of great significance for Muhith; he has been doing it […]

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