• Wednesday, September 03, 2014

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Bangladesh Bank

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...

Grameen Bank Board

Govt to change rule to elect it

The government will again amend Grameen Bank rules for electing nine women directors of the micro-lender as the central bank has declined to hold polls for picking new board members. "Bangladesh Bank has said that holding the elections will lead to a conflict of interest as they [the BB] are a regulatory body," Finance Minister AMA Muhith told reporters at the secretariat yesterday. "We will find ways to do it. There are a number of banks under the control of the...

State banks slow to go online

State banks slow to go online

The government banks are lagging behind private and foreign banks in introducing online banking for customers, Bangladesh Bank data shows. BB's quarterly report as of June 2014 shows that all 75 branches of foreign banks and 3,632 branches or 99.94 percent of private banks have introduced online banking, gaining an edge over the state banks. A mere 858 branches or 24 percent of the total 3,540 branches of state-owned commercial banks offer online coverage. The situation is more depressing with the state-owned development banks; less than nine percent of their branches have an online facility.   “The government's procurement system is stringent and it takes a lot of time to execute a contract,”...

BB won't oversee GB directors' polls: Muhith

BB won't oversee GB directors' polls: Muhith

The government is planning to bring changes in the existing rules to scrap Bangladesh Bank’s authority to oversee the election of nine borrower-directors of Grameen Bank, Finance Minister AMA Muhith said today. A new body will be formed to oversee the electoral process, Muhith said while talking to reporters at his Secretariat office in...

BB brings cheer to foreign investors

Foreign investors having stakes in Bangladeshi private companies will now get higher returns if they sell their shares, as the central bank has introduced globally-accepted approaches to value such firms. Analysts say the move will encourage overseas investment in local companies. Along with the currently practised 'net asset value approach' for determining the repatriable value of shares, Bangladesh Bank has adopted two more methods: market value approach and income approach or discounted cash flow approach. Take an illustrative example under the three...

BB bankrolls troubled jute sector

BB bankrolls troubled jute sector

The central bank yesterday signed deals with 16 banks to extend low-interest loans to the jute sector in a bid to prop up the ailing industry. The loans will be extended from the Tk 200 crore refinance scheme that Bangladesh Bank has created for five years. All public and private sector jute mills, exporters and...

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...

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