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Bangladesh Bank

BB appoints new chief economist

BB appoints new chief economist

Biru Paksha Paul has joined Bangladesh Bank as its chief economist, the central bank said in a statement yesterday. Paul is an associate professor of economics at the State University of New York at Cortland. He completed his master's in economics from Dhaka University in 1987, and later completed MBA in finance from the...

Janata bank vault looting culprits to face action: BB chief

Janata bank vault looting culprits to face action: BB chief

Bangladesh Bank Governor Atiur Rahman today warned of stern action against those involved in the looting of Tk 60 lakh by breaking a vault of the Janata Bank in Gazipur. “Stern action must be taken against the burglars and the bank employees if found involved with the incident,” the central bank chief made the...

BB to ease financing for green projects

The central bank will extend the tenure for loan repayment in the renewable energy sector and slash the interest rate, in a move to encourage green financing, Governor Atiur Rahman said yesterday. “The loan repayment tenure can be extended from an existing three years to eight years,” said Rahman, responding to proposals on promoting green financing at the inaugural session of a conference. NeoStar Innovation, in partnership with German cooperation agency GIZ, Rahimafrooz Solar, Energypac, NCC Bank, IFIC Bank and NRB...

Remittance rebounds in November

Remittance rebounds in November

Remittance in November rose 14.7 percent to $1.17 billion from the previous month on the back of legalisation of migrant workers in Saudi Arabia.   November's receipts were over 10 percent higher than in the same month a year ago, according to data from Bangladesh Bank. Banks' active role in remitting money from expatriates had...

BB fines banks for failure to collect client info

Bangladesh Bank fined eight banks Tk 2 lakh to Tk 22 lakh each last week for failure to collect relevant documents for their clients' accounts. The central bank had earlier directed all banks to collect documents, like recent passport sized photographs, photocopies of national identity cards or valid passports, under the 'Know Your Customer' (KYC) guideline. “We issued multiple reminders to the banks to collect client documents. We have now fined the banks that are yet to collect those,” said Mahfuzur...

FINANCIAL INCLUSION OF THE POOREST

Street kids in Bangladesh get bank accounts!

MILLIONS of extremely poor Bangladeshis are living in our golden country seeking opportunities to participate in the economy to survive. They face barriers in attaining an education, job, health services, clean drinking water, or food. In desperation, they pray for a chance to do something, anything that will enable them to get onto the bottom rung of the economic ladder so they can heave themselves out of poverty. Let's give them a chance to achieve prosperity. What will it...

BB sells dollars to five banks as demand picks up

After a gap of two and a half years, Bangladesh Bank yesterday sold greenbacks of $45 million to five banks, as demand for the foreign currency has gone up for a pick-up in imports. BB last sold greenbacks, of around $10 million, to a single bank on June 20, 2012, after which it has been purchasing the currency -- $11 billion so far -- in an effort to keep the exchange rate stable. The economy has started to pick up over...

BB clarifies cash benefits for garment exporters

All garment exporters operating outside export processing zones are entitled to an additional 0.25 percent cash incentive on prices of exports, announced by the central bank in June, Bangladesh Bank said yesterday. The 0.25 percent incentive comes in addition to 5 percent cash benefits currently available for all garment exporters. The regulator issued a notice yesterday to clarify the business community's confusion over entitlement criteria. “We saw that bankers and garment businesses were confused over who qualifies to get the additional cash...

Foreign loans not as risky as thought: BB

Foreign loans not as risky as thought: BB

Private companies eventually draw a small portion of the foreign loans approved for them, a recent study by Bangladesh Bank found. External lenders disbursed 35 percent of the approved loans in 2012 and only 25.3 percent last year, according to the study by the Chief Economist's Unit of the central bank, carried out in...

Trade balance plunges in Aug

Trade balance has once again gone into deficit in August after recording a surplus in July for the first time in history. At the end of August, it was $999 million in the red, a deterioration of 26.5 percent over the corresponding period last year, when the deficit was $790 million, according to data from Bangladesh Bank. A faster rise in imports than exports has been blamed for the widening of trade deficit. In the July-August period, exports increased only 1.94...

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