“Economy will become normal by March-April”-Says planning minister

Planning Minister MA Mannan today said there is no dollar crisis in the country, only a shortage. The economy will return to normalcy by March-April next year, he said. He made the comments while talking to reporters after the opening ceremony of the two-day wrestling competition at Sunamganj district stadium this morning, reports our Sylhet correspondent. The minister said, “Remittance has increased last month, and exports are also increasing. Slowly it will return to the previous state. I expect everything will become completely normal by March-April next year.” “Since I work inside [the government], it’s like, I know about the groceries since I work in the kitchen. On that basis, I’m saying that there is no reason to fear,” he said. Mannan also said, “Fields are filled with paddy and vegetables, and ponds and haors are full of fish. So, why should we worry?”

Source: https://www.thedailystar.net/business/economy/news/economy-will-become-normal-march-april-3186871

Differing views on interest cap

Economists and experts at a conference on Saturday made differing views on the withdrawal of the banking rate cap in order to tame inflation and weather macro-economy. Almost all the economists favoured withdrawal of the interest rate cap while some policymakers and businessmen disfavored it. They were addressing a session styled ‘Economic policy: Addressing post-Covid challenges’ of the Annual BIDS Conference, moderated by BIDS director general Dr Binayak Sen, at a city hotel. Economists Dr Sadiq Ahmed, Dr Debapriya Bhattacharya and Prof Mustafizur Rahman laid emphasis on the withdrawal of both interest and deposit rate caps. PM’s private-sector adviser Salman F Rahman, principal secretary Ahmad Kaikaus, Towfiq-E-Elahi Chowdhury, businessman Anwar-ul-Alam Chowdhury and FBCCI president Jashim Uddin favoured the current interest rate cap for protecting domestic industries.

Source: https://thefinancialexpress.com.bd/economy/differing-views-on-interest-cap-1670123592

Bangladesh sees 5pc remittance growth in 2022, despite global headwinds

Remittances to low and middle income countries (LMICs) withstood global headwinds in 2022, growing an estimated 5.0 per cent to $626 billion. This is sharply lower than the 10.2 per cent increase in 2021, according to the latest World Bank Migration and Development Brief. Remittances are a vital source of household income for LMICs. They alleviate poverty, improve nutritional outcomes, and are associated with increased birth weight and higher school enrollment rates for children in disadvantaged households, reports BSS. Studies show that remittances help recipient households to build resilience, for example through financing better housing and to cope with the losses in the aftermath of disasters.

Source: https://thefinancialexpress.com.bd/economy/bangladesh-sees-5pc-remittance-growth-in-2022-despite-global-headwinds-1669891837