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BB's dollar sales contradict pledge amid financial turmoil

Shamsul Huda

Despite Bangladesh Bank's commitment in August to cease dollar sales from its reserves, the central bank has sold nearly $1 billion since the beginning of the financial year 2024-25. This ongoing practice raises significant questions about the bank's management of the dollar crisis affecting the country.In a surprising reversal, the BB sold $170 million in ...

Banks In The Aftermath of Regime Change

Private sector credit recovery may soon hit double digit: NBL MD

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Shamsul Huda

Private sector credit recovery may soon hit double digit: NBL MD

National Bank Ltd (NBL) Managing Director Md Touhidul Alam Khan has expressed his optimism that the rate of recovery in private sector credit may soon hit double digit.The private sector credit growth ticked to 9.86 percent in August following the student-led mass upsurge that toppled the Awami League government on August 5.Md Touhidul Alam Khan ...

BB relaxes import regulations, permits usance credit for trade

Shamsul Huda

Bangladesh Bank (BB) has eased import regulations, allowing industrial and limited commercial imports without Letters of Credit (L/C) through sales contracts on a usance credit basis.This initiative, introduced by a new order from the central bank on Thursday, aims to enhance trade operations by enabling deferred payments while ensuring compliance with foreign exchange guidelines.Under the ...

BB raises policy rate to 10pc amid inflation concerns

Shamsul Huda

Bangladesh Bank (BB) increased its policy rate by 50 basis points to 10 per cent as part of intensified efforts to control inflation, which remains stubbornly high. This adjustment will take effect from October 27, underlining the central bank's commitment to tightening the monetary policy further to manage price stability.The latest hike pushes the overnight repo ...

Short-term foreign loans in pvt sector drops by 0.58pc in August

Shamsul Huda

The country' private sector short-term foreign loans fell to USD 11,189.12 million in August 2024, showing a 0.58 per cent drop from $11,254.59 million in January according to latest report by Bangladesh Bank.This decline reflects the sector's cautious approach to borrowing amid economic uncertainties and global financial fluctuations.Throughout the year, businesses demonstrated multiple borrowing patterns. ...

In The Aftermath Of Regime Change

Revolutionizing agriculture, role of nanotech underscored

Shamsul Huda

KSM Mostafizur Rahman, Managing Director of National AgriCare group and One Pharma Limited in an interview with The Daily Observer at his office at Hatirpool in the city emphasized the crucial need for enhancing agricultural productivity to combat inflation. Rahman speaking on Saturday highlighted that increasing agricultural output is imperative for stabilizing supply of agri-products and ...

BD construction industry poised to hit $44.13b in value by 2029

Shamsul Huda

The country's construction industry, valued at USD 32.33 billion in 2024, is poised for strong growth and projected to reach USD 44.13 billion by 2029, with an annual growth rate of 6.42 per cent. In the process infrastructure development and urbanization remain key drivers, contributing to the country's GDP growth. Infrastructure alone accounts for 8 per ...

BD construction industry poised to hit $44.13b in value by 2029

Shamsul Huda

Land purchasers raise various allegations against realtor Bestway Land Properties

Shamsul Huda

Land and plot purchasers are increasingly accusing Bestway Land Properties Ltd of delaying plot and land handovers, often creating ownership disputes, particularly at its Purbachal Bestway City project.Complaints about mismanagement and lack of accountability have drawn police involvement, raising serious concerns over the company's business ethics. The disputes have escalated as plot owners demand intervention and ...

In The Aftermath of Regime Change

Clients’ confidence in Mercantile Bank unshaken all time: Managing Director

Shamsul Huda

Mercantile Bank PLC Managing Director Quamrul Islam Chowdhury expressed confidence in the bank's ability to navigate through economic challenges, emphasizing that liquidity strength, market-driven interest rates and cyber security that shows the bank's strength to maintain clients trust. Talking to the Daily Observer he asserted that, the bank's liquidity position is secure. "We maintain a high ...