Sohel Parvez

Tax collection growth slowed drastically in the first half of the current fiscal year due to falling customs tariff and direct taxes amid declining imports and reduced profits of firms, limiting the government’s scope to spend on development activities.

Earnings from jute exports from Bangladesh slumped for the second consecutive year in July-January, raising concerns for the promising industry, one of the few sectors for which raw materials are locally available.     

Raising fund by issuing bonds is a very good option for the non-bank financial sector and banks as medium and long-term debts will reduce overall costs, said a top executive of LankaBangla Finance. 

The US Department of Agriculture (USDA) has revised upward its forecast regarding Bangladesh’s rice production in the marketing year (MY) 2022-23 beginning from last May.

Meghna Group of Industries (MGI) and TK Group, two major commodity processors in Bangladesh, are set to enter into the milling and marketing of rice, a move that may intensify competition but drive small operators out of the market.

At the beginning of 2022, businesses were upbeat and many of them thought that the worst stemming from the losses induced by the coronavirus pandemic was finally over. That was short-lived. 

Farmers, buoyed by soaring prices of flour in the domestic market because of the decline in imports, have brought more areas under wheat cultivation this season in a welcoming development.  

Bangladesh launched its first metro rail on December 28. Albeit it is running on a limited scale at present, it holds the promise of offering a fast-commuting experience to thousands of people every day and contributing to ridding the capital city of notorious traffic congestion.  

Bangladesh’s entrepreneurs, encouraged by prospects, tax and VAT benefits, expanded their capacity in oceangoing shipping sector, with the total number of vessels rising to 91, the highest so far, at the end of 2022 from 80 ships a year ago. 

The year 2022 had been a good year for Bangladesh’s two local airlines thanks to increased flow of travellers after the authorities lifted pandemic-related restrictions.

For the first time since December 2020, private sector borrowing from external sources declined as the appetite among firms eroded for increased borrowing costs.

When Abdul Haque woke up at dawn yesterday, not even the bone-chilling cold or the fog could stop him from getting out onto the field.

In 2022, Bangladesh’s consumers had to buy edible oil by paying historic high prices because of record prices in the international market and the country’s high dependence on imports to meet its demand.

Non-bank financial institutions (NBFIs) have been witnessing a persistent fall in deposits for the past one year as many clients withdrew their savings to manage expenses amid the soaring cost of living and lower returns.

The deposit growth in banks of Bangladesh has slowed as many people saw their capacity to save dwindle amid the higher cost of living.

Coal prices have shot up in the domestic market since September this year even though there is no rationale behind the hike, according to a report by the commerce ministry.

Rice imports by the private sector in Bangladesh remain low despite five months having passed since the government started allowing local businesses to import the staple grain in a bid to rein in its spiralling prices in the domestic market.

For the 10th consecutive month, monthly wage growth of workers has remained below inflation, a trend that indicates a worsening poverty situation as many people are being compelled to cut consumption amid falling real income.

With the prices of mild steel (MS) products, namely rods, remaining high in the domestic market, the Bangladesh Trade and Tariff Commission (BTTC) has said high tariff protection on imports of billet is affecting local users.

Bangladesh is suffering from severe localised food insecurity owing to economic constraints, refugee influx, floods and high prices of important food items, said Food and Agriculture Organization (FAO) in its latest report released on Friday.