Bangladesh inflation hits high

Inflation in Bangladesh hit a record 8.28 percent in April, the highest in the past nine years. Economists attributed the rise in inflation to a recent hike of domestic fuel prices and to sharp increases in the cost of imports.

"Tackling inflation will be a big challenge for the government over the next fiscal year," said Zaid Bakht, Research Director of the state-run Bangladesh Institute of Development Studies.

Bangladesh's military-backed government is to announce its new budget on Thursday, and analysts said it would include some measures to curb prices.

News via IHT

Britons invest in Bangladesh

Eight British companies are keen to invest in sectors like power, tourism and finance in Bangladesh. The estimated commitments of the British companies are approximately US$ 930 million, according to a press-release from the BoI.

Agreements were signed following a seminar on 'Investment Opportunities in Bangladesh' held in London, organised by BOI in cooperation with the mission to UK and the BBCC.

As part of the investment promotion mission of BoI, a delegation is now visiting the UK to attract more British investment.

Bangladeshi NCBs go-public

Bangladesh Bank, on Thursday issued licenses to two nationalised commercial banks, Agrani and Janata, allowing them to explore the vibrant private banking sector. Sonali Bank, another NCB, submitted its documents to the Registrar of Joint Stock Companies & Firms very recently seeking approval to go public.

"We have issued licenses to the two NCBs to operate their functions as public limited companies," a Bangladesh Bank senior official told AHN in Dhaka.

News Via AHN

Citigroup focuses on Bangladeshi remittance

Citigroup with some 200 million customer accounts in more than 100 countries, has launched an Internet based remittance solutions, through which a non-resident Bangladeshi (NRB) in the US can remit money to Bangladesh from anywhere in the US.

This will bring enormous benefits to the NRBs living in the US providing 7 days a week round-the-clock remittance service, economical charges and competitive exchange rates, said Anthony J Nappi, managing director and Asia Pacific Region head, Global Transaction Services of Citigroup, in an interview with The Daily Star in Dhaka on Wednesday.

"Our commitment is to introduce new products and services, develop partnership with our customers and to be a leader in the market place," said Nappi, who was in Dhaka on a two-day visit.

News via The Daily Star