Savings Tools Sales Surge Eightfold

The Bangladesh Bank (BB) has successfully reached its net international reserve (NIR) target of $15.3 billion, a condition set by the International Monetary Fund (IMF) as part of its $4.7 billion loan package.

Bangladesh Bank (BB) plans to make the exchange rate of the taka against the US dollar more flexible, following IMF recommendations to transition toward a market-based system. Currently, under a crawling peg system with a mid-range of Tk 117, banks are trading dollars at over Tk 124. BB will issue a circular and introduce reference rates based on daily bank bidding.

The interim government will abolish the rule canceling tenders with bids exceeding 10% of the estimated price to combat corruption, dismantle syndicates, and promote fair competition in public procurement. This decision, announced during a meeting chaired by Planning Adviser Wahiduddin Mahmud, aligns with World Bank conditions for budget support and aims to encourage new bidders.

The Planning Ministry's taskforce on sustainable development, led by KAS Murshid, former director general of BIDS, has drafted a report addressing economic challenges outlined in the recently published white paper. The report includes short and mid-term recommendations for achieving economic stability and moderate growth, set to be presented this month.

A government taskforce has decided to probe money laundering and other alleged misdeeds by 10 major business groups in Bangladesh. Ten separate inter-agency teams, comprising members from the Anti-Corruption Commission, National Board of Revenue, and Criminal Investigation Department, will be formed to investigate the allegations.

Business leaders, economists, and professionals emphasize the need for an elected government to restore business confidence, stabilize law and order, and revitalize the investment climate in Bangladesh.