BB profits up 83pc in FY '07

Bangladesh Bank reported record results in the fiscal year 2006-07, with profits up 83 per cent on a year earlier largely due to the investment of the central bank's foreign currency reserves.
According to Bangladesh Bank sources, the net profit reached Tk4200crore during 2006-07, which is almost double the amount recorded a year earlier. The net profit of the central bank was Tk2290crore in the fiscal 2005-06.
Bangladesh Bank Governor Salehuddin Ahmed yesterday signed the Balance Sheet 2006-07. The statement will be placed before the bank's board tomorrow.
Sources said the foreign currency reserve was over $5billion during the fiscal 2006-07 and by investing it the bank was able to reap profit.
The central bank already informed the finance ministry about its huge net income. The bank will have to pay Tk2200crore to the government exchequer.
The benefit from the central bank will help the government to pay its bank borrowing which was Tk1,376 crore till August 1. The government will enjoy some days without having any bank borrowing.
Bangladesh Bank is the one of the major entities of the government that is able to provide huge sums to the government exchequer every year. However the bank's officials demand for a separate pay scale to reflect this is yet to be implemented by the government, said an official of the bank.
The central bank sent the proposal of separate pay scale to the present government.