Implementation of an integrated budget and account system (iBAS++) will save Bangladesh an estimated Tk 59,804 crore ($5.4 billion) in the next five years. 

The electronic procurement, rolled out more than a decade ago to ensure competition and cut the scope of irregularities, still suffers from a lack of competition as public agencies awarded contracts worth Tk 60,069 crore based on single bids, a new study found.

Bangladesh’s credit rating came under further threat today as Fitch put the country on a “negative” outlook while giving a damning verdict on the central bank’s policy response to the fast-depleting foreign currency reserves

In Bangladesh, the peak season for the tourism and hospitality sector begins in September and continues until March. And the upcoming long weekend is going to provide an initial boost to the sector, with operators in major holiday destinations coming up with various offers.

Bangladesh’s garment exports to the US can increase annually anywhere from $400 million to $800 million if the American government offers a “cotton GSP scheme”, according to a study.

The Dubai-based airline won a total of five gold, two silver and two Bronze awards in various categories

The Transparency International Bangladesh says

A democratic transition has emerged as a prerequisite for an inclusive and sustainable economy, said a noted economist today.

Mohammad Plastic Industry Limited, a concern of Chattogram-based N Mohammad Group, has deferred its Tk 500 crore expansion plans by around two and a half years citing construction materials and the US dollar turning costlier. 

Commercial banks witnessed a drop in foreign currencies last month from that in the preceding month mainly due to a sharp fall year-on-year in the inflow of remittance and a relatively small growth in export earnings.

Pubali Bank Limited has successfully dealt with the ongoing foreign currency crunch courtesy of timely restrictions on the import of luxurious items, foreign fruits and ornaments, said the top official of the private commercial lender.

Mohammad Ali Khokon, chairman of Maksons Group, has been re-elected unopposed as the president of Bangladesh Textile Mills Association (BTMA) yesterday for the 2023-25 tenure.

Bangladesh’s stock market fell yesterday on the first day of trade after the US imposed a visa restriction. 

Bangladesh Submarine Cable Company Limited (BSCCL) is going to issue 2.21 crore ordinary shares worth Tk 166 crore to the government, which provided the fund as share money deposit when the second submarine cable was set up.

The Commercial Bank of Ceylon PLC signed a memorandum of understanding (MoU) with Partex Furniture Industries Ltd, a furniture manufacturing company in Bangladesh.

Prime Bank recently signed a strategic partnership with Le Meridien Dhaka.

Islami Bank Bangladesh PLC won the “Remittance Award” from Muktadhara New York Inc for collecting the highest amount of remittance in Bangladesh.

The Bangladesh Bank has once again lowered the US dollar retention limit that exporters have to maintain in their foreign currency accounts from the shipment proceeds as Bangladesh continues to face the shortage of the American greenback.

Emerald Oil and Minori Bangladesh joined hands with Jamuna Edible Oil Industries to produce and sell rice bran oil in the local and Japanese markets.

British American Tobacco Bangladesh (BATBC) has decided to invest nearly Tk 151 crore to construct a warehouse and set up ancillary facilities in its Savar factory.