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‘No weakness in this fiscal year’s budget’
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09 Jun 2021, 17:55
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Finance Minister A H M Mustafa Kamal said, there is no ‘weakness’ in the proposed 2021-22 fiscal year’s budget. He said this after participating the ministerial meeting of government purchase committee on Wednesday. The finance minister presided over the meeting virtually.
Analysts have said that no facility has been kept for the low income people in the budget. What was the weakness of this year’s budget? While answering this question Mustafa Kamal said, there is no weakness in this year’s budget. I do not want to mention any particular segment. When the budget would be implemented then we can see who the beneficiaries are. We will be able to know about the beneficiaries. The questions that have arisen about the people- we have arranged the budget regarding that kind of people.
When asked about the media reports that around two and half crore people have turned poor recently, the finance minister said, we have our own institutions and they would look into the matter.
The finance minister also declined to accept the calculation about the new poor people given by different research organizations.
AH
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Bribery, corruption main barriers to promote business in Bangladesh: US report
The '2024 National Trade Estimate Report on Foreign Trade Barriers' published on March 29 identified barriers to government procurement, intellectual property protection, digital trade, investment and labour rights in Bangladesh.
According to the NTE report published by United States Trade Representative Catherine Tai, the United States faces several obstacles in doing business with Bangladesh. Bangladesh faces obstacles in the export of goods and services, foreign direct investment and e-commerce.
NTE reports have been published regularly since 1985. This year's NTE report highlights significant foreign trade barriers in 59 markets.
According to the report, corruption is a widespread and chronic problem in Bangladesh. And the implementation of anti-corruption laws is not enough.
It also said that bribery and extortion are common in commercial transactions despite bribery transactions and gifts being illegal. US companies have also complained that they are forced to pay bribes to get licenses.
The report also mentions that the government has tried to weaken the anti-corruption rules in procurement.
According to the report, US companies have complained that it takes a long time to get licenses and tenders approved because government officials in Bangladesh demand bribes.
Export earnings rise 10% in March
The export of goods valued at $5.10 billion in March this year. Export earnings increased by about 10 percent.
This information was revealed in the updated report of the Export Promotion Bureau (EPB) released on Tuesday (April 2).
However, The earnings from exported goods fell short of the export target form the last month by 0.88 percent.
In the first nine months (July-March) of the current fiscal year, overall exports worth $43.55 billion, which is 4.39 percent higher than the same period of the previous year, according to the EPB data.
Meanwhile, export earnings in readymade garments, agriculture and plastic sectors have increased. In the nine months of the fiscal year, export earnings in the readymade garment sector increased by about 5.5 percent.
LPG price cut by Tk 40 for 12 kg cylinder
Bangladesh Energy Regulatory Commission (BERC) has reduced the price of a 12-kg cylinder of liquefied petroleum gas (LPG) by Tk 40 at the retailer level. The newly fixed price of LPG is Taka 1,442, which was Taka 1,482.
BERC Chairman Nurul Amin announced the new price at a press conference on Wednesday (April 3) noon. The new prices will be effective from 6 pm.
Meanwhile, On March 3, the price of LPG was increased at the consumer level for the eighth consecutive month. Earlier On February 4, the BERC raised the price of a 12-kg cylinder by Tk 41 to Tk 1,474.
BASIC Bank to merge with City Bank
This time, BASIC Bank will merge with City Bank.
This decision was taken in a meeting held at Bangladesh Bank on Monday.
The decision was taken at a meeting held at Bangladesh Bank on Monday (April 8). The meeting was held between Bangladesh Bank Governor Abdur Rauf Talukdar and City Bank Chairman Aziz Al Kaiser along with Managing Director (MD) Mashrur Arefin.
Earlier on March 19, City Bank's board was advised to merge BASIC Bank. Then the matter was discussed between the boards of City and BASIC Bank. According to some sources, even if the two banks are merged, they will report separate financials for the next three years.
Gold prices hit a record high
Gold prices creating records one after another in the world market. The price of this precious metal is constantly increasing.
For the first time in history, gold prices rose above $2,400 per ounce to an all-time high on Friday ( April 12).
Earlier, on April 5, gold prices crossed $ 2,300 an ounce for the first time in the world market. Just seven days later, on Friday, the price exceeded $ 2,400. Which is the highest in the world market.
Experts had expected the price of gold to exceed $ 2,300 per ounce this year. It has already exceeded. The price of gold will increase further.
Economist Mahfuz Kabir said that the price of gold is increasing in the world market mainly due to the Federal Reserve's indication of reducing interest rates and geopolitical tensions. When interest rates fall, people choose gold as a medium of investment. As a result, the price surges. Gold is now being sold at the highest price in the world market. This price may increase further.
Bottled Soybean oil prices raised by Tk 4 per litre
The price of bottled soybean oil has been hiked by Tk 4 on the other hand the price of loose soybean oil reduced by Tk 2 per litre.
State Minister for Commerce Ahasanul Islam said this at a press briefing at the secretariat on Thursday (April 18).
According to the new decision, price of bottled soybean oil hiked to Tk 167 from Tk 163 per litre.
The State Minister said that the price of loose soybean oil has been reduced to Tk 147 from Tk 149 per liter. However, the price of bottled soybean oil has been increased from Tk 163. This price will be effective from tomorrow.
Earlier, on Monday Bangladesh Vegetable Oil Refiners & Vanaspati Manufacturers proposed the government to raise the price of soybean oil by Tk 10 to Tk 173 per liter.
