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Economy
National budget for FY24 to be placed on Jun 1
May 08, 2023
· Finance Minister AHM Mustafa Kamal is set to place in parliament the national budget for fiscal year (2023-24) on June 1.
· This year the budget will be presented earlier than the previous occasions because of the Holy Eid-ul-Azha, one of the largest religious festivals of the Muslims.
· Finance ministry officials said, for the FY24 the budget would be around BDT 7,500bn (USD 70.8bn), which will be the highest-ever budget in the history of Bangladesh.
From: https://www.dhakatribune.com/bangladesh/2023/05/08/national-budget-for-fy24-to-be-placed-on-jun-1
Interbank dollar rate hits record BDT 108
May 08, 2023
· The interbank dollar rate, at which one bank sells dollars to another, rose to a record BDT 108, but transactions on the platform were poor due to a shortage of greenbacks in the country.
· According to data from the central bank, banks on Sunday transacted dollars among themselves between BDT 107.30 and BDT 108.
· According to bankers, the interbank dollar rate has risen mainly due to an increase in remittance rates.
· Earlier on 30 April, the Association of Bankers Bangladesh (ABB) and Bangladesh Foreign Exchange Dealers' Association (Bafeda) raised the dollar rate by BDT 1 to BDT 108 for remitters.
https://www.newagebd.net/article/201187/interbank-exchange-rate-hits-record-tk-108-a-dollar
Bangladesh, Sri Lanka to resume talks on bilateral trade deal this month
May 08, 2023
· Bangladesh and Sri Lanka plan to hold an introductory meeting virtually on 29 May to commence negotiations for the proposed preferential trade agreement (PTA), which is expected to eventually lead to a free trade agreement (FTA).
· The two parties are expected to finalize dates and venues to hold negotiations on the proposed PTA during this virtual meeting.
· According to a study conducted by the Bangladesh Institute of Development Studies (BIDS), the proposed PTA could potentially increase the volume of trade between the two countries, leading to a 25% increase in bilateral trade within five years.
From: https://www.tbsnews.net/economy/bangladesh-sri-lanka-resume-talks-bilateral-trade-deal-month-628066
9M FY23 tax revenue up by 8.3% YoY
May 08, 2023
· The NBR's total receipts stood at Tk 225,513 crore in the first nine months of the current fiscal year beginning from July 2022.
· The amount was 8.3 per cent higher from the same period a year ago, when the NBR posted more than 14 per cent year-on-year growth.
· Collection from VAT, an indirect tax paid by consumers, soared nearly 18 per cent year-on-year to Tk 10,501 crore in March.
· On the other hand, income tax collection decreased 2.8 per cent year-on-year to BDT 106.48bn. Customs duty collection from imported items declined 1.37 per cent year-on-year to Tk 8,182 crore this March.
From: https://www.thedailystar.net/business/economy/news/tax-collection-growth-halves-march-3314741
Automobile
Sales decline drove profit of automobile industry down in nine months
May 08, 2023
· Sales of commercial vehicles almost halved in the nine months through March, compared to the same period a year ago amid runaway inflation.
· The country's automobile sector took a fresh blow following the pandemic as Russian troops invaded Ukraine in February last year sending a jolt through the global economy.
· Import costs shot up by around 25% since then, owing to the devaluation of the local currency against the dollar, making consumer goods costlier.
· An even greater problem that the industry has been facing is the restriction on opening letters of credit (LCs) for not-so-necessary imports against the backdrop of an acute shortage of the greenback, industry insiders say.
· While the sales dropped, the companies could not transfer the additional cost burden to consumers who had already been bearing high living costs, said Mr Ahmad.
Miscellaneous
Ship breakers worried over being reclassified from 'orange' to 'red'
May 08, 2023
· The association of ship breakers has expressed concern about the industry's reclassification from "orange-b '' to "red'' category in the Environment Protection Rules-2023.
· The Ministry of Environment, Forest and Climate Change published the latest version of the law with a provision to obtain a second round of clearance from the Director General of the Department of Environment for each ship.
· The Bangladesh Ship Breakers and Recyclers Association (BSBRA), in a release on Sunday, said it takes 1.5 to 2 months to get a shipbreaking permit. The association expressed fear of financial loss due to failure to break the ship within the stipulated time due to complications.
note: this post is for research and analysis only