{"id":273309,"date":"2024-01-17T19:02:54","date_gmt":"2024-01-17T19:02:54","guid":{"rendered":"https:\/\/hamslivenews.com\/?p=273309"},"modified":"2024-01-22T05:53:05","modified_gmt":"2024-01-22T05:53:05","slug":"bangladesh-bank-revised-down-growth-target-to-6-5-amid-economic-challenges","status":"publish","type":"post","link":"https:\/\/www.hamslive.com\/news\/2024\/01\/bangladesh-bank-revised-down-growth-target-to-6-5-amid-economic-challenges\/","title":{"rendered":"Bangladesh Bank revised down growth target to 6.5 % amid economic challenges"},"content":{"rendered":"
\n

The Bangladesh Bank has revised down Bangladesh\u2019s economic growth target to 6.5 percent from 7.5 percent for the fiscal year 2023-24.\u00a0\u00a0While unveiling Bangladesh Bank\u2019s monetary policy statement (MPS), its Governor Abdur Rouf Talukder on Wednesday said in Dhaka that Bangladesh\u2019s economic outlook remains positive amid the economic challenges.<\/p>\n

The Bangladesh Bank has revised down Bangladesh\u2019s economic growth target to 6.5 percent from 7.5 percent for the fiscal year 2023-24.\u00a0\u00a0While unveiling Bangladesh Bank\u2019s monetary policy statement (MPS), its Governor Abdur Rouf Talukder on Wednesday said in Dhaka that Bangladesh\u2019s economic outlook remains positive amid the economic challenges.<\/p>\n

However, the Bangladesh Bank\u2019s growth target revision came after the International Monetary Fund (IMF) revised down growth forecast for Bangladesh\u2019s economy to 6 percent from previous projection of 6.5 for the fiscal year 2023-24.<\/p>\n

With the statement, the Bangladesh Bank has also increased its policy rate by 25 basis points to 8.0 per cent as part of its inflation-combating steps for the second half of the financial year 2023\u201324.<\/p>\n

However, the central bank earlier said they had taken enough measures to tame inflation at 8% by December, the latest data from the Bangladesh Bureau of Statistics shows that inflation stood at 9.41% in the month.<\/p>\n

Talukder said that the dynamic fuel prices amidst instability in the Middle East, volatilities in prices of essential commodities in global markets, reducing inflation at a tolerable level, stressed forex and non performing loans are the major challenges for the economy.<\/p>\n

The central bank adopting a contractionary monetary policy stance also lowered the target for private sector credit growth to 10 per cent from 11 per cent.<\/p>\n

The Bangladesh Bank also announced the introduction of a new exchange rate mechanism named the crawling peg. It is a system of exchange rate adjustments in which a currency with a fixed exchange rate is allowed to fluctuate within a band of rates.<\/p>\n<\/div>\n

\n\t\t\t
\n\t\t\t <\/div><\/div>\n\t\t