• Saturday, November 29, 2014

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Bangladesh Bank

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...

Remittances soar on global recovery

Remittances soar on global recovery

Inward remittances continue to rise so far this fiscal year riding on an economic recovery in developed countries. Despite shrinking exchange rate benefits, migrant workers sent home nearly $4 billion during July-September -- a rise by around 22 percent year-on-year, according to Bangladesh Bank. Month-wise, remittances grew 28.63 percent to $1.32 billion in September compared...

BB asks for account info of 5 firms, 1 individual

Bangladesh Bank has asked all banks to provide it with account information of one more individual and five firms within seven days, according to commercial bank sources. The individual is Dr MA Hannan Feroz, chairman of the Board of Trustees, Stamford University Bangladesh, mentions a letter sent to the banks by the BB. A separate letter issued by the BB seeks account information of the following firms: GSA Cargo Ltd (Bangladeshi agent of Ittehad Crystal Cargo), Speed Air Cargo Net...

Banks' CSR spending under scanner

Banks' CSR spending under scanner

Bangladesh Bank has asked banks to send detailed information on their corporate social responsibility activities to check any misuse of funds and make a comprehensive guideline. The move comes after questions were raised about the legitimacy of the beneficiaries of such funds in some cases. For instance, the board of a government bank in a...

BB gets int’l award for mobile banking

BB gets int’l award for mobile banking

Bangladesh Bank (BB) has won an international award for promoting financial inclusion policies. The Alliance for Financial Inclusion (AFI), a global network of financial policymakers from developing and emerging countries, awarded the BB for its outstanding contribution in making policy for mobile banking, said BB Deputy Governor Abul Quasem at a press conference at...

Editorial

Rise in bad loans alarming

THE latest report by Bangladesh Bank (BB) merely confirmed what has been common knowledge for some time. We now know that about half of the more than Tk20,000 crore stressed loans belong to ten banks of which six are state-owned banks. Those loans deemed to be going bad or irrecoverable has a lot to do with the lack of efficiency and transparency in the manner that loans are sanctioned. With 'stressed' or non-performing loans having crossed the 13 per...

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