• Wednesday, October 22, 2014

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Bangladesh Bank

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...

State banks' stressed assets: cause for concern

Rising stressed assets and a couple of big financial scams in state banks have been a cause for concern for the banking industry, Bangladesh Bank said in a report yesterday. Stressed assets, which include gross non-performing assets and restructured advances, stood at 13.5 percent of total loans at the end of December 2013, compared with 13.7 percent a year ago. About a third (Tk 20,360 crore) of stressed assets are held by five state banks out of the 56 banks in...

Islamic bonds' maturity period cut by half

The central bank has cut the maturity period of Islamic bonds by half as it amended the guideline on their issuance to make them attractive. A Bangladesh Bank official said the maturity period has been set at three months, along with the existing six months, to help Islamic banks and financial institutions manage their fund smoothly. The profit of Islamic bonds will equal the profit of a three-month fixed deposit scheme of the issuing Islamic banks, replacing the profits rate for...

BB to focus on good governance in five-year plan

Bangladesh is not unique in facing financial frauds; it happens everywhere in the world, SK Sur Chowdhury, deputy governor of Bangladesh Bank, said yesterday. “We have detected those scams and have taken so many actions,” Chowdhury said at a press briefing at the central bank. He cited setting up a financial stability department at the central bank as an example of combating such situations. Governor Atiur Rahman was also present at the briefing held to inform the media of BB's fourth...

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