Bangladesh closed its financial year 2021-22 with an $18.7 billion current account deficit, the highest on record, as export earnings failed to narrow the gap with skyrocketing imports, Bangladesh Bank data released yesterday showed.

Bangladesh has once again started to export jute-based carpets and earnings from shipment of floor coverings have been rising gradually. 

Tea refiners in Moulvibazar, the largest tea producing district of Bangladesh, are worried about being able to achieve this year’s collective production target of 10 crore kilogrammes as the recent load-shedding has thrown a spanner in the works, according to market players.

The country’s economy has got a welcome respite from the ongoing volatility, thanks to a rise in remittance inflow and decrease in imports last month.

Revenue collection grew 15.51 per cent year-on-year to Tk 300,179 crore in the just-concluded fiscal year of 2021-22, according to the provisional data of the National Board of Revenue (NBR).

Most of the non-bank financial institutions in Bangladesh delivered lower profits in the first half of 2022 due to the shrinkage of income from the ailing stock market. 

The central bank yesterday set the interest rate ceiling on the non-resident foreign currency deposits in order to mobilise funds from Bangladeshis living abroad and individuals of Bangladeshi origin. 

Bangladesh is keen to establish a strong relationship with Egypt as the two countries have immense bilateral trade potential, said Bangladesh’s Ambassador to Egypt Md Monirul Islam.

Stocks in Bangladesh continued rising for the second day in a row yesterday thanks to higher participation from general investors, who hope the market will not fall further.

The stock market regulator yesterday urged the Bangladesh Association of Publicly Listed Companies (BAPLC) to increase their investment in the market. 

Bangladesh has embarked on a journey from a labour-intensive economy to a digital economy and here the hi-tech parks will be the driving force, said State Minister for ICT Zunaid Ahmed Palak today.

The stock market regulator today urged the Bangladesh Association of Publicly Listed Companies (BAPLC) to increase their investment in the market.

Remittance flow to Bangladesh rose 11.76 per cent year-on-year to $2.09 billion in July, a development that would bring some relief for the country that is struggling to keep its foreign currency reserves in a healthy shape.

The United Arab Emirate cut fuel oil prices after a break of six months and the new prices will be effective from August 1.

Bangladesh is keen to establish a strong relation with Egypt as the two countries have immense bilateral trade potential, said Bangladesh's Ambassador to Egypt Md Monirul Islam.

Most shares on the Chittagong Stock Exchange (CSE) rose for the second consecutive day today.

The Dhaka Stock Exchange (DSE) opened slightly higher today.

The stock market is being administered with a short-term cure, the floor price, to halt its bear run sacrificing long-term stability through the erosion of confidence among institutional and foreign investors. 

Production at the BSCIC industrial estate in Pabna, the country’s biggest food processing zone operated by the Bangladesh Small and Cottage Industries Corporation (BSCIC), has fallen significantly due to recent power outages of up to three times daily, sources said.

The government is finally moving ahead with a project to roll out fifth-generation (5G) mobile internet services through state-run network provider Teletalk, according to officials of the planning ministry.