The deficit in the financial account stood at $9.25 billion in July-March of the current fiscal year, Bangladesh Bank data showed. It was $2.92 billion in the first nine months of the previous fiscal year and $8.46 billion in July-February of 2023-24.
The interest rates on consumer loans, forced loans and overdue loans are likely to go up rapidly in the upcoming months, however.
The FID later backtracked following criticism from different quarters, including the International Monetary Fund (IMF), about the formation of a public corporation since state enterprises have usually underperformed in the country.
BASIC Bank is experiencing a deep liquidity crunch as depositors have been withdrawing money for weeks following news that the state-run lender is going to be acquired by a private commercial bank.
The Sikder family has apparently lost its grip on National Bank Ltd as Bangladesh Bank has appointed a new board for the country’s first private bank.
In July last year, the central bank withdrew the 9 percent lending rate cap and introduced the Six-months Moving Average Rate of Treasury bills (SMART).
Amid persistently higher inflation in Bangladesh for more than a year, the low- and middle-income groups are struggling to meet their daily expenses.
From last July to April 22 this year, government loans from commercial banks amounted to Tk 65,432 crore, according to Bangladesh Bank. In the same 10 months or so of fiscal year 2022-23, it was only Tk 5,334 crore.
The deficit in the financial account stood at $9.25 billion in July-March of the current fiscal year, Bangladesh Bank data showed. It was $2.92 billion in the first nine months of the previous fiscal year and $8.46 billion in July-February of 2023-24.
The interest rates on consumer loans, forced loans and overdue loans are likely to go up rapidly in the upcoming months, however.
The FID later backtracked following criticism from different quarters, including the International Monetary Fund (IMF), about the formation of a public corporation since state enterprises have usually underperformed in the country.
BASIC Bank is experiencing a deep liquidity crunch as depositors have been withdrawing money for weeks following news that the state-run lender is going to be acquired by a private commercial bank.
The Sikder family has apparently lost its grip on National Bank Ltd as Bangladesh Bank has appointed a new board for the country’s first private bank.
In July last year, the central bank withdrew the 9 percent lending rate cap and introduced the Six-months Moving Average Rate of Treasury bills (SMART).
Amid persistently higher inflation in Bangladesh for more than a year, the low- and middle-income groups are struggling to meet their daily expenses.
From last July to April 22 this year, government loans from commercial banks amounted to Tk 65,432 crore, according to Bangladesh Bank. In the same 10 months or so of fiscal year 2022-23, it was only Tk 5,334 crore.
In fact, the reactions of the associated bankers and directors, circumstances centring the meetings where the decisions were taken alongside protests in one case confirmed that these had been decided by the government and relayed through the central bank.
A recent rush to withdraw money from the BASIC Bank and National Bank is worsening the situation the troubled institutions are facing.
