In assessing the growth prospects this year of the emerging Asian economies, the Asian Development Bank (ADB) has tempered its optimism with caution although it expects a "fairly robust" growth of an average of 7 per cent this year for the region.

In a press briefing on Thursday after his courtesy call on Philippine President Benigno Aquino III in Malacanang, ADB President and Chairman Haruhiko Kuroda said the Bank is " cautiously optimistic" on the emerging Asian economies over the short term due to rising oil prices and the still volatile European financial situation.

According to Kuroda, although there could still be some slowdown compared with 2010 and 2011, "still we expect a fairly robust growth in Asia, particularly emerging Asia or developing Asia and average growth rate could be 7 per cent or 7 per cent plus."

Kuroda said that a 7 per cent growth rate was "still quite a high respectable rate of economic growth" in the region.

For the Philippines, Kuroda said, the country is expected to grow by 5 per cent this year, and 6 per cent to 7 per cent in the medium and long term.

Last year, the Philippines had a dismal full-year growth of only 3.7 per cent, much lower than the government forecast of 4.5 to 5.5 per cent.

Earlier, the International Monetary Fund (IMF) has cut also its growth projection even for the better-performing ASEAN region, which includes the Philippines, citing a mild recession likely to happen in Europe this year that may dampen growth of other areas.

The IMF now sees the ASEAN 5--composed of the Philippines, Indonesia, Malaysia, Thailand and Singapore-posting an average growth of 5.2 this year and 5.6 per cent in 2013 on the back of the prolonged crisis in the eurozone.

The Daily Sun/Bangladesh/ 5th March 2012

ERF members called on Bangladesh Bank (BB) Governor Dr Atiur Rahman on Sunday.

Economic Reporters Forum (ERF) members requested the Bangladesh Bank (BB) Governor Dr Atiur Rahman for organising training programmes for journalists on economic issues.

They made the request at a meeting with BB Governor at the latter’s office on Sunday. BB Governor assured the ERF members of his all out support.

BB Executive Director Md Ahsan Ullah, Senior Consultant and Adviser to Governor Md Allah Malik Kazemi, Deputy Governor Begum Naznin Sultana, Executive Director Md Jahangir Alam, Senior Economic Adviser to Governor Dr Hassan Zaman, General Manager AFM Asadu-zzamn, ERF President Khawza Mainuddin, Vice President Mir Mostafizur Rahman, among others, were present at the meeting.

The Daily Sun/Bangladesh/ 5th March 2012

The rising trend of remittance remained in February this year thanks to the depreciation of the taka against the dollar and various initiatives taken by the Bangladesh Bank (BB).

The Bangladeshi migrant workers remitted US$1130.90 million, up by 14.58 percent than that of the same month of last year. In February 2011, the remittance was US$986.97 million, according to the central bank statistics.

“Higher manpower export, increase of overseas exchange houses of commercial banks, simplifying the process of opening foreign currency account and making the foreign currency exchange policy flexible contributed to boost the inflow of remittance,” a BB press release signed by AFM Asaduzzaman, General Managing of BB, said. However, remittance narrowly declined compared to the previous month. Over US$1.21 billion was remitted in January this year by the overseas Bangladeshi workforce that is the highest ever monthly inflow.

The Daily Sun/Bangladesh/ 5th March 2012

Taka gets firmer against the US dollar as the exchange rate of the local currency is increasing with high export earnings as well as increased remittance inflows.

The upward inflow of foreign exchange from these two heads was seen during last few months, banking sources said.

Taka has been appreciating during last two weeks after it suffered continuous fall for several months.

The exchange rate of the greenback ranged between Tk 81 and Tk 82 at the inter-bank money market yesterday. On Sunday, the rate in Bangladesh Bank was Tk. 81.70 while it varied in other commercial banks.

In Agrani Bank, the rate was Tk 81.75, while it was Tk 81.85 in NCC Bank, Tk 81 in Janata Bank, Tk 81.60 in Rupali Bank, Tk 81.80 in Uttara Bank and Tk 81.97 in IFIC Bank. Meanwhile, the pressure on the foreign exchange reserve decreased due to higher inward remittance sent by the expatriates.

The present foreign exchange reserve with Bangladesh Bank stands at over US dollar 10 billion.

By January this year, the inward remittance was Tk 1215.80 million which was Tk 1147.22 million in December last year.

Bangladesh Bank sources said the reserve at the central bank came down at US dollar 9 billion in last September, and later the amount crossed US dollar 10 billion in October fell to about US dollar 9 billion from November to December. Meanwhile, the central bank stopped selling US dollar without emergency reasons but it was selling the greenback considering the type of products is being imported.

The Daily Sun/Bangladesh/ 5th March 2012

AKM Abdul Malek Chowdhury and Md Mahbub-ul-Alam have recently been promoted as deputy managing directors of Islami Bank Bangladesh Ltd (IBBL), the Bank said in a statement yesterday.

Prior to the promotion, Chowdhury was the head of risk management unit of the Bank where Mahbub-ul-Alam was the head of treasury division for the international banking wing, according to the statement.

A postgraduate in economics from Jahangirnagar University, Chowdhury started his career with Bangladesh Shilpa Bank as an economist in 1979, and joined IBBL as a principal officer in 1985.

Mahbub-ul-Alam joined IBBL as a probationary officer in 1984. He is a postgraduate in marketing from Dhaka University.

The Daily Star/Bangladesh/ 5th March 2012