• Sunday, January 25, 2015

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Central Bank

Charges for cash withdrawal from other banks' ATMs to go up

Customers are set to incur more charges for taking out cash from ATM booths of banks other than their own. At present, it costs Tk 20 to take out cash from another bank's ATM booth, but the charge is split evenly between the customer and his/her bank. But banks have urged the central bank to excuse them from paying half of the Tk 20-charge, as it is the customers who enjoy the service and not them, said a high official of...

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...

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...

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