• Tuesday, July 29, 2014

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Bangladesh Bank

BB aims to rein in inflation

BB aims to rein in inflation

The new monetary policy for the first half of the current fiscal year focuses on reining in inflation, keeping the key policy rates unchanged, the central bank said yesterday. Bangladesh Bank also forecast the country's economic growth will be between 6.2 percent and 6.5 percent in fiscal 2014-15 though the government in the new...

BASIC Bank being probed for money laundering

Bangladesh Bank is investigating whether any money laundering crimes were committed by BASIC Bank when it gave out loans using forged documents. BB's financial intelligence unit is looking into the matter and will forward the findings to the Anti-Corruption Commission (ACC), Abu Hena Mohammed Raji Hasan, deputy governor of the central bank, yesterday told reporters while announcing the monetary policy. The move comes after investigations by other departments of the central bank concluded that the bulk of the amount that was...

BB keeps key policy rates unchanged

BB keeps key policy rates unchanged

  Bangladesh Bank has decided to keep the key policy rates unchanged as it sees risks to the inflation outlook for the current fiscal year. The repurchase rate will remain unchanged at 7.25 percent. “The persisting inflationary pressures over the past few months with the risks ahead related to the inflation outlook imply that achieving the...

BB raises farm loan target

BB raises farm loan target

The target for farm loan disbursement goes up 6.54 percent year-on-year to Tk 15,550 crore in the current fiscal year. Bangladesh Bank Governor Atiur Rahman announced the target at a meeting with senior bankers from private, public and foreign banks at his office in Dhaka yesterday. Four state-owned banks -- Sonali, Janata, Agrani and Rupali...

BB sets farm loan target at Tk 15,550cr

BB sets farm loan target at Tk 15,550cr

Bangladesh Bank (BB) has set Tk 15,550 crore farm loan target for the scheduled banks for fiscal 2014-15, up by 6.54 percent compared to the previous year. Atiur Rahman, governor of the central bank, made the disclosure while announcing the annual agriculture loan policy and programmes for fiscal 2014-15 at the BB today.  Farm loan...

BASIC Bank: Blatantly looted

BASIC Bank: Blatantly looted

The central bank has sent a report on the financial scam at BASIC Bank to the Anti-Corruption Commission, detailing how borrowers embezzled money from the state lender through fake companies and suspected accounts. Bangladesh Bank sent the report to the anti-graft body on Tuesday, after concluding a special inspection into the scam in the first week of this month. The central bank first inspected BASIC Bank's Gulshan, Shantinagar and Dilkusha branches in 2012 and found evidence of serious anomalies in approving loans. Dilkusha branch, for example, doled out Tk 683 crore in loans to 16 borrowers, all of whom took the money through illegal means. One borrower, Asif Iqbal, proprietor of Reliance Shipping...

BASIC Bank Probe

BB looks to ACC action

The central bank is relying on the Anti-Corruption Commission to sue Sheikh Abdul Hye Bacchu, chairman of the recently dissolved BASIC Bank board, for huge financial irregularities in the state-run bank.   “The last time the ACC took reports on BASIC Bank was in the middle of last year. We now have more detailed reports, which we are willing to give to the commission for further investigation,” SM Moniruzzaman, executive director of Bangladesh Bank, told a press briefing yesterday. “An in-depth...

Will increase of cash requirement ratio deliver?

Bangladesh Bank has recently increased the cash requirement ratio (CRR) by 0.5 percentage points, from 5.0% to 5.5% on daily basis. At the same time, the bi-weekly average has to be 6.0% in the end. This change will be effective from December 15 of this year. The stated objective of this change is “to curb inflationary pressure on the economy.” Given the structure of the economy, the main question is, can this policy change really work to curb acceleration...

ICB seeks another Tk 300cr for affected stock investors

The Investment Corporation of Bangladesh has sought the second instalment or Tk 300 crore of a Tk 900-crore refinance scheme from the central bank for the stock investors who were affected by a market debacle two and a half years ago. The state-run ICB has already disbursed around Tk 300 crore among the investors and sent a letter to Bangladesh Bank on Thursday for the new fund. The finance ministry approved the refinance scheme in August last year in line with...

Change boards of scam-hit banks: WB

Boards of the state banks, including that of graft-ridden BASIC Bank, should be held accountable as part of the efforts to improve governance at public sector lenders, the World Bank said yesterday. "Governance reforms may include a change at the board level because, after all, the accountability of the management of these banks lies in large part at the board level," World Bank Country Director Johannes Zutt said. He made the comments while replying to a question over the government's reluctance...

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