• Thursday, January 29, 2015

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Bangladesh Bank

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...

Tk 1, Tk 2 notes to be phased out; coins to stay on

The government is set to take out Tk 1 and Tk 2 notes from circulation, Bangladesh Bank Executive Director M Mahfuzur Rahman said. The coins with the same denominations will still be in circulation, he added. Rahman's comments came as Finance Minister AMA Muhith said earlier in the day that Tk 5 would be the lowest denomination of notes instead of the existing Tk 2 given the latter's fall in value. Lower denomination notes are “useless”, Muhith said. At present, Tk 5 notes...

BB governor awarded as Asia's best

BB governor awarded as Asia's best

Bangladesh Bank Governor Atiur Rahman has been named the best central bank governor in the Asia Pacific region for promoting socially and environmentally responsible financing without compromising on macroeconomic stability. The Banker, a UK-based magazine owned by the Financial Times Group, announced the winners of the Central Bank Governor of the Year, Asia-Pacific for 2015 on Monday.  The Banker's award recognises the officials who have best managed to stimulate growth and stabilise their economies. Rahman's work exemplifies how central banks can play essential roles in providing capital for environmentally- and socially-aware development without compromising on growth or macroeconomic stability, the magazine said. Rahman, now in his second term as governor, dedicated the...

Money launderers invent new ways

Money launderers are coming up with new and inventive ways to go about their financial crimes, the Bangladesh Bank Financial Intelligence Unit (BFIU) found. The central bank's anti-money laundering arm depicted a total of ten such cases that took place last fiscal year in its latest annual report, which was unveiled yesterday by Bangladesh Bank Governor Atiur Rahman. The case studies and typologies presented in the report would work as high-quality training materials for bankers, he said. “If we can perform...

Remittance grows 10pc in six months

Inward remittance grew at double-digit rates to reach $7.47 billion in the first half of this fiscal year, data from Bangladesh Bank showed. The growth rate was 10.3 percent between July and December, compared to the same period a year ago, according to data released yesterday. Bangladesh received $6.77 billion in remittance in the July-December period of fiscal 2013-14. Remittance grew 3.96 percent year-on-year in December to nearly $1.26 billion. Remittance -- the money sent home by Bangladesh's migrant workers overseas --...

Help at last for realtors

Help at last for realtors

Bangladesh Bank yesterday increased the housing loan ceiling by 20 percent in a bid to boost apartment sales and help the ailing real estate sector. Banks can now lend a maximum of Tk 1.20 crore to an apartment buyer, up from Tk 1 crore, the BB said in a notice. The move comes just a week after Housing and Public Works Minister Mosharraf Hossain promised a rescue package for the struggling real estate sector. “It is a must to bring dynamism back to the sector,” he said at the inauguration of the REHAB Winter Fair 2014 on December 24 last year. Liakat Ali Bhuiyan, vice-president of the Real Estate and Housing Association of...

Politicians, Bureaucrats, other High-ups

BB to monitor income sources, transactions

As a step to prevent money laundering, banks would be monitoring income sources of senior politicians, bureaucrats, judicial and military officials, and senior officials of international organisations. Their bank transactions and accounts of their family members and close associates would also be monitored regularly, said Bangladesh Bank in a circular yesterday.  The central bank ordered banks to monitor “politically exposed” and influential people. The notice said politically exposed people were “individuals who are or have been entrusted with prominent public functions by...

Roadmap laid out for Basel III

Bangladesh Bank has issued a roadmap to elevate the capital base of banks in line with Basel III requirements, the global regulatory standard set to take effect from January 1. As per the roadmap, the banks' minimum capital adequacy ratio will have to be raised to 12.5 percent of their risk-weighted assets by December 2019 from the existing 10 percent. The central bank plans to raise the CAR (capital adequacy ratio) to 10 percent by 2015, 10.625 percent by 2016, 11.25...

BB appoints new chief economist

BB appoints new chief economist

Biru Paksha Paul has joined Bangladesh Bank as its chief economist, the central bank said in a statement yesterday. Paul is an associate professor of economics at the State University of New York at Cortland. He completed his master's in economics from Dhaka University in 1987, and later completed MBA in finance from the...

Janata bank vault looting culprits to face action: BB chief

Janata bank vault looting culprits to face action: BB chief

Bangladesh Bank Governor Atiur Rahman today warned of stern action against those involved in the looting of Tk 60 lakh by breaking a vault of the Janata Bank in Gazipur. “Stern action must be taken against the burglars and the bank employees if found involved with the incident,” the central bank chief made the...

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