Sohel Parvez

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.

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.

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.

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.

Farmers are increasingly using Di-ammonium Phosphate (DAP) to produce crops thanks to increased subsidies and price cuts by the government, enabling growers to apply the fertiliser that contains both the nitrogen and phosphate needed to ensure better plant growth.

Saif Powertec, a logistics and container supply chain management provider, is building a multipurpose jetty at the Mongla port with an estimated investment of around Tk 1,600 crore to handle both container and cargo ships, said officials yesterday.

Mongla port, the country’s second biggest seaport, has made a strong comeback as it sees an increased arrival of ships, making it a major gateway for Bangladesh’s overseas trade once again.

The single-digit interest rate on bank loans has helped industries in Bangladesh tremendously as the cost of finances has gone down sharply, allowing them to navigate challenges during the coronavirus pandemic smoothly, said a top entrepreneur.

Bangladesh’s wheat consumption is forecast to rise 6 per cent to 84 lakh tonnes in the marketing year (MY) beginning from July as demand of households, restaurants and the bakery industry has increased, said the US Department of Agriculture (USDA) in a recent report.

Farmers are expanding cultivation of hybrid rice to reap benefits of higher yield than inbred varieties and profit from sale of the staple food.

The construction of the container freight station (CFS) has already commenced and is expected to be completed in a phased manner by the end of 2022.