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Central Bank

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...

BB to ease financing for green projects

The central bank will extend the tenure for loan repayment in the renewable energy sector and slash the interest rate, in a move to encourage green financing, Governor Atiur Rahman said yesterday. “The loan repayment tenure can be extended from an existing three years to eight years,” said Rahman, responding to proposals on promoting green financing at the inaugural session of a conference. NeoStar Innovation, in partnership with German cooperation agency GIZ, Rahimafrooz Solar, Energypac, NCC Bank, IFIC Bank and NRB...

Grameen Bank goes further into govt's grip

The government has strengthened its hold over Grameen Bank, amending the rules to give itself the authority to appoint board members for the microlender. As per a notification from the banking and financial institution division on Monday, the government will now form a three-member committee to elect nine members of the 12-member board -- and not the central bank, who objected to the additional responsibility. The amended rules said the three-member body will comprise two deputy managing directors, one from a...

Tanners get BB incentive for factory relocation

Tanners get BB incentive for factory relocation

The central bank yesterday declared an incentive package for tanners to help them move hazardous factories to a designated industrial park in Savar. Tanneries which have already moved there from the toxic tannery hub of Hazaribagh or under process to do so will get an opportunity to shift their irregular loans into block accounts...

Remove dishonest people from state banks: BB chief

The central bank yesterday came down heavily on the boards of state banks for failure in running the institutes. Bangladesh Bank Governor Atiur Rahman said the efficiency of the boards in running the banks must improve. "We hope the government will appoint honest people and remove inefficient and dishonest ones," Rahman said at the launch of the annual report on customer complaints. The governor's comments came just a day after AMA Muhith, finance minister, admitted to the directors' failures in these banks. Of...

Private credit rises on falling rates

Private credit rises on falling rates

Declining interest rates boosted private-sector credit growth in the past several months, but the growth still remains far below the central bank's target. Private sector credit accelerated 12.3 percent in June this year, up from 11.4 percent in the previous month and 10.8 percent in June a year ago, according to Bangladesh Bank data. Though...

State banks must come under central bank governance: WB

The World Bank yesterday recommended the government delegate the control of state-backed banks to the central bank for better supervision. Supervision of the banking sector is shared between the central bank and the banking and financial institution division under the finance ministry. Bangladesh Bank regulates private banks while the banking division looks after the eight state-run banks, some of which have been plagued by several financial scams in recent times. "That is probably not a good way to regulate the banking sector,"...

BB receives global award for financial inclusion

The central bank of Bangladesh has won an international award for promoting financial inclusion, especially through mobile banking services. Bangladesh Bank revealed this at a press conference at its headquarters in Dhaka yesterday. The Alliance for Financial Inclusion (AFI), a forum of central banks and other financial regulators working for financial inclusion, selected BB for its first-ever award at the Global Policy Forum in Port of Spain, Trinidad and Tobago. The AFI introduced the award this year to illustrate and promote successful...

Now a govt report says control of state banks must go to BB

A government report suggested the control of state-run banks should be handed to the central bank to arrest their rising bad loans and reduce scope for scams. "A number of steps have been taken to improve banking supervision but further steps are needed, including assigning the full supervision responsibility of public banks to Bangladesh Bank," said the mid-term review of the government's Sixth Five Year Plan. The planning ministry has prepared the evaluation report. "This is a serious weakness in the...

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...

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