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Bangladesh' s overall imports weakened in the first three quartersof the 2011-12 fiscal year ( July 2011-June 2012) as the centralbank had been maintaining a restrained monetary policy to rein ininflation and contain the ballooning trade deficit, an officialsaid Sunday. The Bangladesh Bank (BB) official said the country's overall importorders, officially known as fresh opening of import letters ofcredit, in the first three quarters dropped by 8.35% year on yearto over 27 billion U.S. dollars. "The overall import orders dropped to 27,257.74 million U.S.dollars in July-March against 29,740.75 million U.S. dollars in thesame period of the last fiscal year," said the BB official whopreferred to be unnamed. Against the backdrop of various BB measures including those forsqueezing imports of non-essential and luxury goods, Bangladesh'soverall imports have entered into negative territory, drivingactual import growth to dipping motion. The country's actual imports growth dipped 14.60% year on year to26.77 billion U.S. dollars in the first three quarters of the2011-12 fiscal year. According to the official, Bangladesh's import orders, whichusually hover around 20% to 40% growth, started to slide after thecentral bank had rolled out its monetary policy for the second halfof the current fiscal year in January. The half yearly "contractionary" monetary policy, spanning fromJanuary to June 2012, aimed at squeezing money and credit suppliesto individuals and businesses in order to curb inflation and bettercombat external pressures in the wake of financial crisis at homeand abroad. The overall rate of inflation in Bangladesh during April dropped tosingle digits for the first time in more than one year. The overall inflation rate, which slowed to 9.93% in April from10.10% in March, returned to the sliding motion in the last monthas both food and non-food items marked fall. Although inflation returned to sliding motion, the trade deficitcontinued to widen. Bangladesh's overall trade deficit in the first eight months of thecurrent 2011-12 fiscal year widened to 5.701 billion U.S. dollars,official statistics showed. The overall trade deficit in the sameperiod of the previous 2010-11 fiscal year (July 2010- June 2011)was 4.859 billion U.S. dollars. The BB official said squeezing money and credit supplies toindividuals and businesses would likely deter the country'seconomic growth in the current fiscal year. The International Monetary Fund (IMF), which last month approvednearly 1 billion U.S. dollars loan for Bangladesh, said thecountry's GDP growth is expected to slow to 5.5% in the currentfiscal year. The Washington-based multilateral lender said macroeconomicpressures have intensified in Bangladesh since late 2010 due to anegative terms-of-trade shock, rising oil and infrastructure-related imports, and accommodative policies. But Bangladeshi Finance Minster AMA Muhith later said that theSouth Asian economy's gross domestic product or GDP growth will bestronger in the current fiscal year than predictions of its somekey development partners. The Bangladeshi government at thebeginning of the current fiscal year put economic growth at 7%. I am an expert from product-keycode.com, while we provides the quality product, such as Adobe Photoshop Product Key , Adobe Cs6 Product Key, Microsoft Office Product Key Codes,and more.
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