Inflation rate maintains declining trend for fifth consecutive month

The inflation rate eased further as it fell to 8.57 per cent in January down from 8.71 per cent last December, according to the monthly consumer price (CPI) index of the Bangladesh Bureau of Statistics (BBS). State Minister for Planning Dr Shamsul Alam told BSS that the inflation rate has been falling in the country since September last while the wage rate is also increasing. “This means that the economy is now more active and vibrant,” he said adding that the country’s export earnings were much higher during this July-December period compared to the same period last year. A BSS report said the inflation rate decreased last month mainly because of the downtrend in food and non-food inflation. The inflation rate was 8.85 per cent in November last, the CPI index said. The point-to-point food inflation came down to 7.76 per cent in January down from 7.91 per cent in December. On the other hand, the point-to-point non-food inflation also declined slightly to 9.84 per cent in January down from 9.96 per cent in December. The BBS data showed that the general point-to-point inflation in the urban areas also declined to 8.39 per cent in January down from 8.43 per cent in December. National wage index rate in January was 7.06 per cent up from 7.03 per cent in December. In reply to a question, State Minister Alam said there is no reason to lose trust in the statistics of the BBS as it has been discharging its duties diligently.

Source:https://thefinancialexpress.com.bd/economy/gdp-growth-rate-710pc-per-capita-income-2793-in-fy22-1675606996

Mudarabah comes to feed cash-strapped Islamic banks

A new financial instrument styled Mudarabah Liquidity Support (MLS) comes for feeding the cash-strapped Islamic banking system, in the wake of reports of recent hefty withdrawals. Bangladesh Bank (BB) introduced Sunday the Shari’ah-compliant financial instrument in order to ensure “financial stability and resilience” in the banks. The central bank introduced such guidelines on the day as there is a debate over liquidity support in recent times to Islamic banks through Islamic bonds. The main feature of the MLS is claims of banks on the government of Bangladesh arising from subsidies or incentives to be received against special schemes/programmes shall be considered collateral. Claims against remittance incentives and against financial stimulus or incentives facilities are also to be used as collateral. The applied amount of MLS shall be for a minimum amount of Tk 100 million or multiples thereof. “The expected profit rate shall be euivalent to the prevailing 03 (three) months MTDR (Mudarabah Term Deposit Receipt) rate of the respective bank at the time of availing MLS,” says one guideline. The tenure of the MLS is 07/14/28 days.

Source: https://thefinancialexpress.com.bd/economy/mudarabah-comes-to-feed-cash-strapped-islamic-banks-1675739112

Bangladesh now home to half of top green factories worldwide

Bangladesh became home to half of the top 100 green industrial units worldwide after KDS IDR Limited, a garment factory in Kalurghat, received platinum certification from the Leadership in Energy and Environmental Design (LEED) programme on February 1. Platinum certification is the highest category in the ranking system while gold is the second highest and silver is the third. There is also a fourth category for industrial units that just meet the minimum requirements. Being the global champion in LEED certified factories, Bangladesh has 63 platinum rated garment units while another 110 are gold rated, 10 are silver rated and four are just certified. Besides, more than 500 other garment factories are awaiting LEED certification by the United States Green Building Council (USGBC) for their green initiatives, according to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

Source: https://www.thedailystar.net/business/economy/news/bangladesh-now-home-half-top-green-factories-worldwide-3241006