Sohel Parvez

Prices of paddy, particularly the finer varieties, are on the rise in the producing regions in Bangladesh amid worries of crop damages and lower yield inflicted by the recent flash floods in the haor districts and cyclone Ashani-induced rainfalls.

While official data portrays the burgeoning growth of Bangladesh’s economy, tax collection relative to the gross domestic product (GDP), a measure of the size of the economy, shows an almost opposite trend.

When Farid Uddin planted sunflower, sesame and groundnut on his 80-decimal land, he had no idea that prices of edible oil would skyrocket.

The government should make budgetary allocation for the fiscal year of 2022-23 to deal with the impacts of the ongoing Russian-Ukraine crisis and the possibility of the emergence of another wave of coronavirus, said a noted economist.

Anyone who follows the national budget of Bangladesh is familiar with some expressions such as ‘ambitious budget’ and ‘implementation will be challenging”.

The government has granted permission to manufacturers to produce bikes up to 500cc engine capacity, a move that is expected to give a huge boost to the motorcycle industry in Bangladesh and provide the scope to bike lovers to ride higher engine two-wheelers.

Despite offering the scope to legalise black money without asking any questions, the National Board of Revenue (NBR) received very poor responses from taxpayers in the current fiscal year of 2021-22, official figures showed.

Inflation in Bangladesh rocketed to a 17-month high in March driven by higher food costs as global uncertainties stemming from the Russia-Ukraine war and supply chain disruptions show no sign of abating, official figures showed yesterday.

The Bangladesh Bank yesterday imposed an interest rate cap on deposits and loans at non-bank financial institutions aligning with the ceiling now prevailing at banks although rates are rising globally to tame runaway inflation.   

Food stocks at public storages declined over the past two months from the peak of nearly 20 lakh tonnes in mid-February this year amid increased distribution under various social protection programmes.

Bangladesh’s debt service to revenue ratio rocketed to 81.2 per cent in the last fiscal year amid lower tax collection and higher borrowing, according to the International Monetary Fund.

Walton Hi-Tech Industries PLC has won the bid to acquire three European brands and the trademark and branding rights in 57 countries, seeing off two renowned companies.

Outbound potato shipments are set to exceed last year’s total as local exporters are able to supply the vegetable at more competitive prices than Pakistan and China, various exporters said yesterday.

The Hong Kong and Shanghai Banking Corporation (HSBC) has set a goal to provide between $750 billion and $1 trillion in financing and investment globally in the next decade to support its clients to lower carbon emissions and achieve sustainable growth.

Bangladesh’s consumers have increased consumption of palm and mustard oil as many of them have switched from soybean oil due to its rising prices, according to a recent report by the US Department of Agriculture (USDA).

Farmers have planted paddy on increased areas of land during the current Boro cultivation season after being encouraged by higher prices for the staple grain in the domestic market for the last one year.

While most average towns in the countryside slowly wake up to brace the day, the small port town of Mongla in Bangladesh’s southwest region is already bustling with activity by 6:00am each morning.

Soybean oil imports, both in crude and seed forms, declined marginally in Bangladesh in the current fiscal year as businesses are cautious in buying the raw materials at higher volumes despite surging prices of edible oil locally amid concerns that higher prices would drive down consumption.

Tax  collection continued to remain buoyant supported by increased tariff  from surging imports of goods, according to provisional data of the  National Board of Revenue (NBR).

The construction of the cargo vehicles terminal at the Benapole Port has begun as the government looks to improve the capacity of the largest land port in South Asia.