Sohel Parvez

Bangladesh is registering a slow spike in the cultivation of onions during summer with the government patronising the expansion to reduce high import dependence during the lean season from October to November.

Nearly a fifth of conventional banks in Bangladesh are preparing to establish digital banks to expand their reach to every nook and cranny of the country, win and retain tech-savvy customers without physical presence.

NRB Bank is planning and working to onboard digital banking facilities as well as introduce neo-banking services for its customers, according to the top official of the private bank.

After 16 percent below normal rainfall in June, Bangladesh saw a drier July as it registered 50.8 percent below normal rain, which forced many farmers to irrigate their fields to cultivate Aman paddy, the second largest rice crop.

Bangladesh’s export to China fell to its three-year low of $677 million in the last fiscal year as entrepreneurs could not take advantage of the duty benefits extended by Beijing. 

Public food stocks in Bangladesh rocketed to an 18-month high in July thanks to higher procurement, imports of grains and reduced distribution, official figures showed.  

Banks are systemically important institutions and corporate governance is vital for them to navigate difficult times and convince depositors to keep money with them.

Extreme heat has gripped many parts of the world as June saw the warmest global average temperature on record and the trend continued into July, according to the UN’s World Meteorological Organisation (WMO). 

Internet banking transactions reached a record high amount of nearly Tk 50,000 crore in May, signifying the enhanced cost and time savings and convenience enabled over visits to brick-and-mortar branches for a growing number of bank account holders. 

On June 29, United Commercial Bank PLC completed 40 years of its operation. Marking the anniversary, Arif Qaudri, managing director and chief executive officer of UCB, talked about the bank’s achievements and future plans as well as the challenges confronting the banking sector, among other issues, during an interview with The Daily Star recently.

It is unlikely for Bangladesh to face any immediate problem if India bans rice exports thanks to ample food stocks in public storages and good harvests in immediate past two crop seasons, said food ministry officials and a rice importer yesterday. 

For the 11th consecutive year, the National Board of Revenue (NBR) has missed its tax target in the face of slowing growth of collections amidst economic slowdowns and ambitious goals set by the government. 

Trade settlement in rupee between India and Bangladesh would reduce pressure on US dollars and save at least Tk 1 on the exchange cost of each greenback, said Ali Reza Iftekhar, managing director and CEO of Eastern Bank Ltd (EBL).

Bangladesh’s wheat imports fell for the third consecutive year, suffered by falling consumption for high prices and banks’ sluggishness in opening letters of credit (LCs) amid the US dollar crisis, importers said yesterday.

The war in Sudan has dealt a fresh blow to Bangladesh’s jute goods exports which has been suffering from a downturn for the last two years. 

Over the years, the government has significantly eased customs duties to facilitate local industries but a lot of challenges still exist, said Zaved Akhtar, chief executive officer and managing director of Unilever Bangladesh Ltd.

The government’s dependence on borrowing to finance national budgets has increased over the past decade as revenue collection has failed to keep pace with the ballooning public expenditure.

The new income tax law of Bangladesh came into effect yesterday, ending a nearly 40-year era of the old ordinance issued in 1984. 

The National Board of Revenue (NBR) has extended a tax holiday by 12 years on the income privately-run power plants, except for coal-fired ones, that will start generation of electricity anytime before June 30 next year. 

The government is likely to discard its plan to ask for wealth statements from the people who travel abroad, according to officials of the finance ministry.