The New Nation - Internet Edition

Staff Reporter

The country's trade deficit during the first eight months of the last fiscal stood at 2098 million dollars despite measures to narrow the gap in recent years. The reason of trade deficit owes mainly to more import costs than export earnings. Economists fear that the import costs will further increase in view of the price-hike of some major products including petroleum. At present the price of oil is hovering between 90 dollars and 100 dollars a barrel in the international market. Meanwhile, the Energy and Mineral Resources Division has sought taka 50 billion afresh to import oil to avert crisis of any kind. Bangladesh Petroleum Corporation's monthly loss amounts to taka 2.50 billion, and if the price is not adjusted, loss will rise further.

But the moment the government will adjust the oil price, prices of the transport fare and that of some of the food and non-food items will also increase to be eventually borne by the people, meaning further pressure in their costs of living. The foreign exchange reserve now stands at $ 5.2 billion after payment of $ 462 million to the Asian Clearing Union (ACU). The payment has been made in line with the provision of 8-member ACU. Under the provision, the settlement of balance with accrued interests is made at the end of every two months.

The position of the foreign exchange reserve largely depends on the inward remittances sent by the Bangladeshi expatriates working in different countries of the world.

Of the total remittances, about 39 percent flows from Saudi Arabia alone, indicating that Bangladesh must maintain a very cordial relations with the kingdom and nothing should be done that makes the relations strain. The other day, Saudi Arabia promised to export 1.2 million metric tonnes of rice for the people of Bangladesh.

Meanwhile, the country received $ 214.26 million foreign assistance during the first quarter of the current fiscal against $ 128 million received during the corresponding period of the 2006-07 financial year. The most sensitive issue is the high inflation, which has already journeyed beyond two digits. Rising of inflation hoists the costs of living.

However, the overall economic condition of the country is not yet shaky as the immediate past four-party coalition government left a strong economy in respect of GDP, GNP, foreign exchange reserve, inward remittances, export earnings, reducing export expenditures, per capita income i.e. in all the branches.

The odd situation that embarrassed the past government was its failure to control the market price and involvement in corruption by some of the cabinet members and aides. Though the progress in each of the branches is slow at the moment, the four months' story does not reflect the whole year's picture.

The people of Bangladesh experienced that the three past governments survived the havoc of three floods that struck the country in 1988, 1998 and 2004. The interim government too successfully overcame the losses arising out of recent back-to-back floods.

Grameenphone Ltd (GP) . has recently initiated some services to benefit the pilgrims at the permanent Hajj Camp in Dhaka.

A medical booth, a phone booth, three water purifiers and a Flexiload counter have all been installed at the Hajj Camp.

An MOU has been signed in this regard with the Hajj Camp authorities recently. Md. Bazlul Haque Biswas, Deputy Secretary and Hajj Officer, Ministry of Religious Affairs, and Tania Ahmed, Additional General Manager, Brands of Grameenphone, signed the MOU on behalf of their respective organisations. Abu Mamun Hashmee, DGM, Regulatory and Corporate Affairs, and other senior officials of Grameenphone were present on the occasion. The Grameenphone medical service booth is open round-the-clock for free treatment and emergency assistance at the Hajj Camp. Two doctors (one male and one female) are on duty to handle any medical emergency. The medical booth is also adequately supplied with basic medicines. In addition, an ambulance is also available at the site at all times. Grameenphone also presented 5500 packets of essential medicine to the Hajj Camp authority.

Furthermore, Grameenphone has set up a phone booth. Five mobile phone lines remain open at the phone booth all hours of the day, enabling the pilgrims to make free local calls. The company has also installed a Flexiload counter for the convenience of the pilgrims. Meanwhile, for the first time in Bangladesh, Grameenphone has introduced the International Roaming service for Pre-paid subscribers for use during their stay in Saudi Arabia in addition to the post-paid roaming. Any Grameenphone Prepaid subscriber with ISD connectivity (Smile PSTN; Business Solutions Prepaid and Djuice with ISD Connectivity) can avail this International Roaming service without any subscription fee or security deposit. However, the subscriber will have to register at any Grameenphone Center to avail the service.

Currently the International Roaming service for pre-paid subscribers is limited only to Saudi Arabia, but gradually Grameenphone Pre-paid subscribers will be able to avail International Roaming in other maior destinations as well.

A total of eight Berger Color Bank outlets were inaugurated --five in Dhaka and three in Mymensingh. Managing Director of Berger Paints (BD) Ltd., Masih UI Karim inaugurated M/S. Hossain Paint and Hardware Stores, Mirpur Hardware Store and Shahjalal Hardware and Paint Store in Mirpur on Sunday, November 04, 2007.

the same day Popular Paints and Hardware Supply and Madina Hardware, Paint and Electrical Supplier were opened in Mohammadpur.

The Managing Director, Berger Paints (BD) Limite.d, inaugurated Ratan Hardware and Paint Store and Faruk Hardware Store at Swadeshi Bazar, Mymensingh, M/S Prince Hardware & Paint Store at Charpara More, Mymensingh on Tuesday, November 06, 2007.

Rupali Chowdhury, Director - Operations, Mohsin Habib Chowdhury - GM Sales & Marketing and Tariquzzaman- GSM - Decorative were also present on both occasions during the inauguration ceremony amongst other high officials of Berger and eminent personalities of the cities.

The new Color Bank outlets have been inaugurated keeping in mind the increasing demand of Color Bank shades from Berger.

Berger is expanding the number of Color Bank outlets across the country and currently the total number of Color Bank outlets of Berger stands at 150.

Local Enterprise Investment Centre (LEIC), a centre funded by Canadian Government through Canadian International Development Agency (CIDA) and managed by IDLC Finance Limited.

LEIC is working for the development of the SMEs in Bangladesh by creating joint ventures or other forms of long term partnerships with foreign or large local companies, which will allow them to have access to capital as well as technology, innovative products and improved process.

A Contribution Agreement has been recently signed between Sino Bangla Industries Limited and IDLC Finance Limited on behalf of LEIC, to assist SinoBangla in creating a joint venture with a Lammers & Van Cleeff B.V (LVC), a Dutch company, for producing Flexible Intermediate Bulk Containers (FIBC), and some value added Woven Polypropylene (WPP) bags in its existing product range for industrial uses.

M. Shahabuddin Ahmed, Founder-Chairmen of Dutch-Bangla Bank Limited & present Chairman of Dutch-Bangla Bank Foundation has been invited for an exclusive interview with CNBC Television.

Netherlands Development Finance Company (FMO) of The Netherlands is a financial organisation which has been providing financial assistance and technological supports in various fields including industrial and financial institutions of private sectors in undeveloped and developing countries of Asia, Africa, and Latin America.

M. Shahabuddin Ahmed and FMO jointly established Dutch-Bangla Bank Limited in the mid of nineties.

Due to far-sighted vision, appropriate planning and able leadership of M. Shahabuddin Ahmed, DBBL has been successfully rendering modern banking services to every segment of business community. Alongside, the bank has been carrying out diverse philanthropic and social activities for the overall welfare of the nation. DBBL is the first and only bank in Bangladesh which invested Tk. 100.00 crore (Taka One hundred crore) in banking automation services. DBBL has the largest Online banking network with 207 ATM booths including 43 branches across the country.