Business

BB's operating profit soars on forex income

Bangladesh Bank's operating profit jumped 46 percent year-on-year to Tk 791 crore last fiscal year on the back of higher income from the investment of foreign exchange.

The central bank will transfer Tk 690 crore as net profit to the state coffer -- the amount being more than double the target of Tk 280 crore.

BB Governor Fazle Kabir and the auditors signed the balance sheet for 2017-18 at an internal meeting at the central bank headquarters in the capital yesterday.

For the final approval, the balance sheet will be placed before the board at its next meeting scheduled to be held this week.

The profit soared mainly because of the higher interest income from the reserve invested in foreign currencies, said Abu Hena Mohd Razee Hassan, deputy governor of the BB.

The central bank received interest from fixed deposits with foreign banks at an average of 2 percent in 2017-18, which was less than 1 percent in the previous year, he said.

However, the income from domestic sources was insignificant because of higher spending on efforts to mop up money from the market, he added.

The BB's income from reserve management has also seen a huge year-on-year rise—around 56 percent—last fiscal year, said Mohammad Masum Kamal Bhuiyan, its executive director.

In the balance sheet, the BB showed around Tk 550 crore as asset out of the $81 million (around Tk 676 crore) reserve that hackers stole from its account at the New York Fed in February, 2016. Of the stolen amount, $15 million has been recovered.

“The banking regulator considers it as asset as processes are underway for its recovery,” Bhuiyan said.

Bangladesh's foreign exchange reserve stood at $33.17 billion as of August 13, according to the central bank data.

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BB's operating profit soars on forex income

Bangladesh Bank's operating profit jumped 46 percent year-on-year to Tk 791 crore last fiscal year on the back of higher income from the investment of foreign exchange.

The central bank will transfer Tk 690 crore as net profit to the state coffer -- the amount being more than double the target of Tk 280 crore.

BB Governor Fazle Kabir and the auditors signed the balance sheet for 2017-18 at an internal meeting at the central bank headquarters in the capital yesterday.

For the final approval, the balance sheet will be placed before the board at its next meeting scheduled to be held this week.

The profit soared mainly because of the higher interest income from the reserve invested in foreign currencies, said Abu Hena Mohd Razee Hassan, deputy governor of the BB.

The central bank received interest from fixed deposits with foreign banks at an average of 2 percent in 2017-18, which was less than 1 percent in the previous year, he said.

However, the income from domestic sources was insignificant because of higher spending on efforts to mop up money from the market, he added.

The BB's income from reserve management has also seen a huge year-on-year rise—around 56 percent—last fiscal year, said Mohammad Masum Kamal Bhuiyan, its executive director.

In the balance sheet, the BB showed around Tk 550 crore as asset out of the $81 million (around Tk 676 crore) reserve that hackers stole from its account at the New York Fed in February, 2016. Of the stolen amount, $15 million has been recovered.

“The banking regulator considers it as asset as processes are underway for its recovery,” Bhuiyan said.

Bangladesh's foreign exchange reserve stood at $33.17 billion as of August 13, according to the central bank data.

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ভারতনিয়ন্ত্রিত কাশ্মীরের জম্মু বিমানবন্দরে একাধিক বিস্ফোরণ

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