• Friday, March 06, 2015

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Bangladesh Bank

Remittance recovers slightly in Feb

Remittances recovered slightly in February with a 0.85 percent gain year-on-year, according to Bangladesh Bank. The country received $1.18 billion in the second month of 2015, up from $1.17 billion in February last year, according to the provisional figures released by the central bank yesterday. February receipts are, however, the lowest in the last four months. Bangladesh received $9.9 billion in the first eight months of the current fiscal year, up 7.6 percent over the same period a year ago. Experts said migrant...

Banks asked to withdraw cases against defaulter farmers

Bangladesh Bank yesterday instructed state-run commercial and specialised banks to take steps to withdraw or settle cases filed against farmers for defaulted agriculture loans. The progress on the settlement of the certificate cases has to be reported to the Agricultural Credit and Financial Inclusion Department of the central bank on a monthly basis, it said in a notice yesterday. It said steps have to be taken, upon consent from banks and clients, to recover unrealised loans within the provision of the...

NFL donates blankets to BB fund

NFL donates blankets to BB fund

The National Finance Ltd has donated blankets to the Bangladesh Bank (BB) fund to help poor people suffering during the winter. Mamoon Mahmood Shah, managing director of the NFL, handed over the blankets to Deputy Governor Shitangshu Kumar Sur Chowdhury during a programme at the Bangladesh Bank head office on February 10. Addressing the programme,...

BB asks banks not to file cases against defaulter farmers

Bangladesh Bank yesterday asked six state banks not to file "certificate cases" against farmers who have defaulted on agro-loans. The central bank also directed the banks to reschedule the loans and withdraw all cases filed against farmers. A certificate case is filed by local magistrate courts against defaulter farmers. “Moral persuasion could work to recover the loans,” SK Sur Chowdhury, deputy governor of the central bank, told reporters after a meeting with managing directors of the six state banks at the...

Banks' soured loans finally shrink

Banks' soured loans finally shrink

Banks' default loans dropped 12.45 percent in the last quarter of 2014 after rising in the three previous quarters, much to the relief of the central bank. On December 31 last year, the banking sector's bad loans stood at Tk 50,155 crore or 9.69 percent of its total lending. In contrast, on September 30, the...

6 cops, official hurt in Barisal BB cash van crash

Six policemen and a Bangladesh Bank official were injured as a cash transfer vehicle of the central bank crashed with a truck on the outskirts of Barisal city today. The van crashed with the sand-laden truck on the Dhaka-Barisal highway near the office of Barisal range deputy inspector general of police (DIG) at Ichakathi around 11:00am, reports our local correspondent. Sattyendranath Roy, assistant manager of Bangladesh Bank Barisal Branch, said he was along with six-man police escort on the way to...

MONETARY POLICY IN HIGH-VOLTAGE POLITICS

At last, the new monetary policy statement (H2/FY2015) has got a professional look after years of experimentation, finding a balance between continued commitments and inevitable economic realities. Truly, the greatest achievement of the consecutive 'cautionary' and 'pragmatic' monetary policy over the last four years was an unbelievable taming of inflation without offending economic growth. The document is quite elaborate, with clearly defined first and foremost objective of continuing to resist inflation to reach the target of 6.5% by June 2015...

Strict rules for large loan restructuring

Strict rules for large loan restructuring

Bangladesh Bank has now followed through on its decision to allow restructuring of large loans until June 30 with a watertight guideline for banks to ensure no further defaults on the loans. Political turmoil for the best part of last fiscal year has damaged many large borrowers' business and their debt servicing capacities. Given that the affected large borrowers have significant importance from the socio-economic and employment generation perspective, the BB board on Wednesday agreed to extend restructuring facility to them on their loans of Tk 500 crore and above. The guideline, circulated on Thursday, said the restructuring facility would only become effective after the receipt of down-payment of at least 2...

Editorial

New BB loan restructuring policy

Aimed at banks to get a repayment on big borrowers worth more than Tk. 500 crore, the new loan restructuring policy being introduced by the central bank, allows for repayment over a 12-year period. The downside is that shareholders of such companies will be deprived of any dividend for the first three years. Companies must set aside an amount equivalent to 2 per cent of their income to qualify for the loan restructuring offer. The new policy is being...

New monetary policy for 15.5pc private credit growth

New monetary policy for 15.5pc private credit growth

Bangladesh Bank has announced the monetary policy for the first half of 2015 with the “cautiously restrained” monetary policy stance of the latter half of 2014. Private sector credit will have space for 15.5 percent growth, a substancially higher level than that of the 12.7 percent November 2014 level, BB governor Atiur Rahman said...

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