• Thursday, August 21, 2014

  • 2014/07/13/ad_1405242713.gif

Central Bank

Bank deposits mount despite rate cuts

Bank deposits mount despite rate cuts

Bank deposits rose 15.81 percent year-on-year in fiscal 2013-14 despite the cuts in interests on savings in the past one year. On June 30, the total deposit in the banking sector stood at Tk 668,358 crore, with private banks accounting for 63.88 percent of the sum, according to data from the central bank. The private banks saw their deposits grow 17.56 percent, the state-owned commercial banks 13.68 percent, foreign banks 7.18 percent and the government-run specialised banks 14.81 percent. But it was Islamic banking that saw its deposits increase the most...

Forex reserves hit record: $22b

Forex reserves hit record: $22b

The country's foreign exchange reserves reached a new high yesterday, crossing the $22 billion-mark for the first time in the nation's history. Reserves stood at $22.05 billion, according to data from the Bangladesh Bank. On June 16 this year, the reserves crossed the $21-billion mark. The central bank attributed the extraordinary rise to the significant...

BB directives defied in fresh loan deals

BB directives defied in fresh loan deals

The Gulshan branch of BASIC Bank allowed fake and defaulter companies to swindle another Tk 1,000 crore in 2013, defying Bangladesh Bank's instructions to rectify its irregularities in disbursing around Tk 1,300 crore a year ago. The state-run bank disbursed the amount without following any rules, found the central bank that ran an investigation at the branch for the second time between January and June this year. “The possibility of getting back Tk 1,000 crore is bleak,” said the BB probe report. Though private deposits at the branch didn't increase, it disbursed loans the same way it did previously depending mostly on fixed deposit receipts (FDR) by state enterprises, said the report. The...

Bank borrowing shoots up ahead of Eid

Bank borrowing shoots up ahead of Eid

The government's borrowing from the banking system soared 263 percent year-on-year in the first nine days of the current fiscal year as expenditure exceeded revenue. The amount was Tk 5,011 crore during July 1-9, against Tk 1,380 crore in the same period a year ago, according to central bank statistics. The total amount was borrowed from Bangladesh Bank. The government aims to borrow Tk 31,221 crore from the banking system in the current fiscal year. The big jump in bank borrowing is a temporary phenomenon, a finance ministry official said. The additional expenditure was due mainly to festival bonus and road repair costs ahead of Eid-ul-Fitr, he said. The government's borrowing from the...

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 warns bankers on irregularities

The central bank yesterday strictly warned off all bank chiefs from pandering to irregularities at their institutions or else they would be removed from their posts. Without mentioning any name, Bangladesh Bank Governor Atiur Rahman said: “We have done exactly that to a certain managing director recently.” BB in May fired BASIC Bank Managing Director Kazi Faqurul Islam for presiding over a period of serious irregularities at the state-run bank. “The recurrence of irregularities can't be forestalled if you sit idle after...

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...

BB raises reserve requirement for banks

BB raises reserve requirement for banks

Bangladesh Bank yesterday raised the daily average reserve requirement for banks after a pause of four years to 6 percent from 5.5 percent in a bid to contain inflation. Also called the cash reserve ratio (CRR), reserve requirement is the minimum fraction of customer deposits and notes that each commercial bank must hold as...

BASIC Bank's loan defaults swelling to Tk 1,700cr

BASIC Bank's loan defaults swelling to Tk 1,700cr

BASIC Bank's default loans continue to escalate in the face of irregularities, despite Bangladesh Bank's efforts to keep it in check. By the end of June, it is forecast to hit Tk 1,700 crore, up 13 percent from March 30, according to a finance ministry report placed in parliament on Thursday. The figure is 13.45...

Video Stories »

LG
ksrm
concord

Ads by Google



junior climate champion

Ads by Google

promoting-knowledge.jpg