The Bangladesh economy faced extended economic distress after recovering partially from the pandemic before facing the cost-of-living increases and external payment imbalances. Economic activity slowed in 2023 with persistently high inflation and erosion of external buffers.

Bangladesh’s corn import may plunge in the marketing year (MY) 2023-24 beginning from May owing to reduced requirement of feed in poultry, aqua and other farms, and difficulties faced by millers in importing goods amid the ongoing forex shortage in the country, according to a recent report by the US Department of Agriculture (USDA).

The government’s spending on interest payments against the mounting foreign debt surged 136.70 percent year-on-year to $562 million in the first five months of the current fiscal year as disbursements surged in recent years.

Bangladesh is set to become the world's 20th largest economy by 2038 owing to continued economic growth, according to a forecast by the London-based Centre for Economics and Business Research (CEBR) on Wednesday.

Dutch-Bangla Bank PLC, a private bank in Bangladesh, plans to raise Tk 1,200 crore through the sale of subordinated bonds, according to a company disclosure posted on the Dhaka Stock Exchange yesterday.

There is no chance of Bangladeshi garment factories using materials like cotton, yarn and fabrics produced in China’s Xinjiang region, said Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), yesterday.

Bangladesh’s rice production may decline slightly in marketing year (MY) 2023-24 as a result of partial damage to Aman rice crop, now being harvested in Southern coastal districts, the US Department of Agriculture (USDA) said last week.

Bangladesh Bank yesterday suspended Intekhab Alam, managing director of Phoenix Finance and Investments Ltd, over allegations of being involved in loan irregularities and activities that go against the interest of depositors.

Leaders of the Inland Vessel Owners Association of Chattogram (IVOAC) yesterday accused a section of leaders of the Bangladesh Cargo Vessel Owners Association (BCVOA) of orchestrating the obstruction of loading, unloading, and transport of goods from the former’s allocated vessels.

The boost to the reserves stems mainly from the purchase of US dollars from Islami Bank Bangladesh as well as the release of the installments of the loans from the IMF and the Asian Development Bank.

Japanese garment retailers and brands want the continuation of duty-free market access to Bangladesh after the latter’s graduation from least developed country (LDC) status in 2026, Japanese Ambassador to Bangladesh Iwama Kiminori said yesterday.

Banks are holding an increased amount of foreign exchange, bolstered by falling imports and higher export proceeds, said bankers.

The government has approved proposals to set up four solar power plants to generate 420 megawatts (MW) of electricity for 20 years.

The National Board of Revenue (NBR) has tightened rules regarding import of capital machinery at a reduced rate in its bid to plug the loopholes which enable tax evasion.

Remember a Bangladeshi aircraft crash in Nepal and the Rana Plaza collapse? In both incidents, the authorities had to respond to the society communicating on their behalf. The aircraft company, as observed, seemed reactive, but the apparel exporters, seen in the media, were quite proactive.

The Bangladesh Bank has asked Islami Bank Bangladesh to explain why it is buying US dollars from foreign exchange houses at a rate that is higher than the fixed price.

Bangladesh and India on July 11 rolled out the cross-border trade settlement in the rupee to cut the dependence on the US dollar, but transaction figures illustrate a dearth of interest in carrying out businesses in the Indian currency.

Some international clothing retailers and brands have already agreed to pay more to their respective suppliers to absorb an increase in wages, the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) said yesterday.

Most South Asian countries succeeded in reining inflation in 2023 in a major relief for their populations who struggled after prices spiralled owing to the shocks stemming from the lingering impacts of the coronavirus pandemic and the Russia-Ukraine war

Three important measures, including implementation of the financial act, and exchange rate and interest rate reforms, are needed to restore balance to the economy within one or two years although there may be growing pains, a noted economist said yesterday.