• Saturday, August 23, 2014

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Bangladesh Bank

Editorial

Banks losing money again

SOME state-owned banks like BASIC appear to be unable to shake off malpractices. Such is its condition that repeated scandals running into thousands of crores of Taka are still being lost to bad loans. According to central bank data, the banking sector's default loans now stand at a little over Tk51,000crore of which BASIC bank alone accounts for over 2000 crore. Although banks across the board, including foreign owned institutions have recorded a rise in classified loans due to multifarious...

27 more fake war heroes identified

27 more fake war heroes identified

Incredulity is stretched to the limits. Government offices, so it seems, have no shortage of fake freedom fighters. Two weeks ago, the government revoked the freedom fighters' certificates of 35 public servants who had obtained those through forgery. It is now going to strip 27 more government employees of the honour that they obtained through cheating. National Security Intelligence (NSI) has prepared the latest list, which it sent to the Liberation War Affairs Ministry late last month. The ministry is likely to publish the list in a couple of days. Those on the list include a joint secretary, an executive director of Bangladesh Bank, executive engineers, tax officers, primary school teachers and...

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...

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