CPD RMG Study Stitching a better future for Bangladesh
Every day, CPD RMG Study team reveals what’s on our economic and apparel radar and curates a selection of the best reports, opinion, and analysis you may have missed.
26 Bangladeshi garment exporters fall prey to Tk 600cr fraud
A staggering fraud has taken aback the Bangladeshi garment exporters, as 26 companies have reportedly manufactured goods worth around Tk 600 crore for a non-existent British company. The number of victims might increase further as many of the affected factories are yet to lodge complaints with the BGMEA. The orders came from two local garment buying houses, Vanguard and ASM Apparels Ltd, who placed them on behalf of the “importer”, Y&X, a company allegedly owned by a Bangladeshi-born British citizen named Manjur Billah.
Bangladesh GDP hits record growth of 7.28% in FY17
Bangladesh’s economic growth accelerated to 7.28 percent in the last fiscal year (FY 2016/17). Provisional data put the GDP growth at 7.24 percent for the year. Per capita income rose from $1,602 to $1,610 according to the Bangladesh Bureau of Statistic (BBS).
Govt. to tighten grip on state-run banks
Bangladesh government is contemplating imposing stricter performance criteria for state-run banks. They are also considering punitive actions against officials of eight state-run banks for dispensing bad loans to little known clients. The state-run banks are: Janata Bank Ltd, Sonali Bank Ltd, Rupali Bank Ltd, Bangladesh Krishi Bank, Rajshahi Krishi Unnayan Bank, Bangladesh House Building Finance Corporation, Bangladesh Development Bank Ltd, and Investment Corporation of Bangladesh.
