Sohel Parvez

The economy of Bangladesh has continued to suffer from foreign exchange-related stress as both exports and remittances declined in September whereas import payments were almost unchanged. 

Although banks are registering increased deposits, tax collection from interest earnings of savers has slowed down significantly amid the fall of the interest rate.

Bangladesh’s export processing zones (EPZs) passed a spectacular period last fiscal year. 

For the first time, the government has framed a separate policy for marine fishing in order to ensure sustainable fishing and conserve the resources through proper management, according to a notification from the fisheries and livestock ministry.

Bangladesh has finally embraced a floating exchange rate as the central bank adjusted its interbank foreign exchange rate yesterday in line with market realities.  

Trade activities at Payra port, the country’s third largest seaport, are increasing gradually riding on coal imports for the nearby Payra 1320 MW Thermal Power Plant.

Banks yesterday fixed the buying and selling rates of the US dollar in order to contain the volatility in the foreign exchange market resulting from higher imports than export and remittances earnings. 

Unilever is operating in the South Asian markets of Sri Lanka, Pakistan, Bangladesh, India, and Nepal. And each of the markets, including Bangladesh, has talents who are very attractive. 

India’s imposition of 20 percent duty on rice export is unlikely to affect prices of the staple in Bangladesh, according to local traders.

Former adviser to caretaker government Akbar Ali Khan breathed his last yesterday, leaving behind the gift of his wisdom on issues ranging from economics to literature.

Bangladesh’s entrepreneurs have made a lot of advancements in building their capacity to make lighting products and accessories for residential and industrial use.

Toyota Bangladesh has recalled some models of cars for replacing the inflator for the passenger airbags free of charge, according to a notice issued yesterday.

Irrigation by surface water is steadily expanding in different parts of the country while the use of groundwater is declining thanks to the government’s move to re-excavate canals and build rubber dams.

The rice production growth in Bangladesh is slowing as the room for a further expansion of modern high-yielding varieties (HYVs) has squeezed amid reducing cropped area and growing use of agricultural land for non-farm purposes. 

Businesses are making a higher profit from selling sugar and lentil in packages, breaching the rules of essential commodity distribution and affecting consumers, said a Bangladesh Trade and Tariff Commission (BTTC) report. 

Indian Oil Corporation Ltd (IOCL) will be required to pay various charges and give bonds to transit petroleum from Meghalaya to Tripura through Bangladesh, according to a notification from the National Board of Revenue (NBR) at the end of last week.

The food ministry has again granted more time to business to open letters of credit (LCs) for importing rice as shipments continue to be very low while prices of the grain are rising due to the recent spike in fuel costs, according to a notice on Wednesday.

A move by the National Board of Revenue asking for sharing the user identification and password of companies’ accounting software has created concerns among businesses, which said such a measure would give negative signals about the business climate in Bangladesh and discourage investors. 

Cargo movement through waterways between Bangladesh and India rose to a new height in fiscal year 2021-22 as local entrepreneurs, particularly cement makers, found the river routes convenient to bring their raw materials, mainly fly ash, from the neighbouring country. 

The National Board of Revenue (NBR) is unlikely to make any major breakthrough in tax collection without automation and reforms in the revenue administration, said its former chairman Nasiruddin Ahmed.