Hundreds of ready-made garment workers in Narayanganj’s Bandar upazila blocked the Dhaka-Chattogram highway yesterday, demanding due salary and festival bonus

However, MDs have to take prior approval of the banking watchdog

The much-anticipated national budget for FY2025 was formally announced on June 6. Every year the budget draws considerable attention because it deals with people’s money. But this year the budget received additional scrutiny because of the ongoing severe macroeconomic imbalances that have persisted for more than 24 months.

Bangladesh’s revenue collection is lower than its potential, hovering below the level of Nepal and India, which have similar economic development, according to the finance ministry.

Currently, investors in the EZs and hi-tech parks qualify for a tax break for a decade starting from the first year of their operations. They are entitled to a full tax waiver in the first three years.

Moreover, the political commitment to bring massive reforms to the energy, banking and port sectors was also ignored.

One of the critical macroeconomic challenges Bangladesh is currently facing is the depletion of foreign exchange reserves and increasing depreciation pressure on the exchange rate.

Bangladesh is heading towards an economic system devoid of moral values, which is causing a breakdown in financial discipline, spoiling the business climate, and discouraging honest taxpayers, said noted economist Wahiduddin Mahmud.

Although some steps were taken in the right direction, the measures proposed in the budget for the upcoming fiscal year centring macroeconomic stability, trade and investment are insufficient, experts and businesspeople opined in a discussion.

Bangladesh should soon go for producing recycled garment products that meet global environmental safety standards to increase its exports to the European Union (EU), according to speakers at an event.

The operations kicked off with the berthing of container vessel “Maersk Davao” at one of the PCT’s four jetties.

Prof Selim Raihan, executive director of SANEM, criticises the tax disparity between honest earners and black money holders

The ‘Second Strengthening Social Resilience Program’ will help improve financial inclusion of disadvantaged people

Of the total deposits of Tk 86.68 crore, Tk 62 crore has been invested at treasury bonds

But extra duty and tax on telecom, carbonated beverages, water purifiers to hurt potential FDI, it said.

Economists today expressed deep concerns over the current situation in the banking sector of Bangladesh and warned that the recovery from the current economic crisis would not be possible without addressing the sector’s vulnerability.

As per the new rules, Noah can no longer be imported as an ambulance from the current fiscal year as its passenger cabin does not meet the length requirement, according to an NBR official.

However, the move could have little effect on revitalising the market in the past as it was seen that black money holders do not prefer parking funds in stocks when the amnesty was in place.

The revised gross forex reserves target for the current fiscal year ending on June 30 was $29.1 billion. It stood at $24.23 billion on June 5, according to the traditional calculation of the Bangladesh Bank. To meet the goal, another $4.87 billion will have to be added to the reserves by this month.

These credit bureaus will work to determine credit standards by analysing borrower data before sharing it with banks, which will help financial institutions make informed decisions, said the central bank guidelines on the licencing, operating and regulating of credit bureaus.