Inflation climbs to 16-month high
Inflation in Bangladesh jumped to 6.17 per cent in February, the highest in 16 months, driven by soaring costs of foods, further eroding the purchasing capacity of consumers. In February this year, consumers had to spend 6.22 per cent more than a year ago to buy foods, data from the Bangladesh Bureau of Statistics (BBS) showed yesterday. Non–food inflation, which includes clothing, footwear, fuel, lighting, transport and healthcare, declined 16 basis points to 6.10 per cent in February from the prior month. The previous high of inflation was reported in October 2020 when it stood at 6.44 per cent. On Sunday, the Centre for Policy Dialogue (CPD) said the consumption basket used for calculating overall general inflation was created in 2005 and it does not reflect the current consumption pattern of consumers or the actual prices in the market in 2022. Based on the price levels of the fiscal year of 2005-06, the BBS computes the Consumer Price Index (CPI) and inflation for rural areas by taking into account the prices of 318 items and for urban inflation, it considers 422 commodities and services.
Banks’ offshore units to need specific codes
With rising operations of offshore banking units (OBU), the Bangladesh Bank has asked banks concerned to register new units with a specific code, in order to collect and preserve information. A central bank circular in this regard issued on Monday said that a bank has to apply to the central bank for a code, attaching required documents, within seven days of launching a new OBU. Similarly, when discontinuing an OBU, the bank has to inform the central bank within seven days. However, codes previously issued by the Foreign Exchange Policy Department of the central bank will remain active.
Gold price drops again in one week
As per the fixed rate, a Tk1,076 reduction was announced per bhori for 22 karat and 21k gold, a release of the Bangladesh Jewelers’ Association said, adding the new price would be effective from Tuesday. Per bhori 22k gold will now retail at Tk77,072 and per bhori 21k gold at Tk73,574. Per bhori 18k gold will sell at Tk63,080 after reduction of the price by Tk955 and per bhori gold (sanatan) at Tk54,587 after reduction of the price by Tk776.
MTB celebrated ‘Customer Service Week 2022’
MTB recently celebrated ‘Customer Service Week 2022’ in Chattogram Region for providing its customers with a delightful banking experience. Syed Mahbubur Rahman, Managing Director & CEO of MTB, inaugurated this event in the presence of some distinguished customers in a simple ceremony held at Agrabad Branch in Chattogram.