central bank

Bank scams happen when regulator sleeps

The chief of Anti-Corruption Commission has come down hard on the role the central bank has played over the last several years when it comes to tackling graft in banks.

October 29, 2022
October 29, 2022

Economics Nobel for Central Bankers?

Winners of the Nobel Prize in economics this year were rewarded for their work in the 1980s that 'significantly improved' the world's understanding of banks.

March 14, 2019
March 14, 2019

Bank scams happen when regulator sleeps

The chief of Anti-Corruption Commission has come down hard on the role the central bank has played over the last several years when it comes to tackling graft in banks.

December 5, 2017
December 5, 2017

Do we really need a central bank?

Pet doors are small portals at the bottom of doors to let pets move in and out of the house. Sir Isaac Newton once made one big hole for a cat and one small hole for its kittens in the same door.

November 16, 2017
November 16, 2017

Central Banks in the dock

On November 11, 1997, the Bank of England took a big step toward independence, courtesy of the second reading in the House of Commons of a bill amending the Bank Act of 1946. The bill gave legislative affirmation to the decision,

June 9, 2016
June 9, 2016

Farashuddin wants further probe

The government should carry out further investigation to find out whether the suspected Bangladesh Bank officials were really involved in the $101 million cyber heist, says Mohammed Farashuddin, head of the three-member body that probed the theft.

April 18, 2016
April 18, 2016

CID finds 20 foreigners’ link in BB cyber heist

Bangladesh's Criminal Investigation Department (CID) claims they found 20 foreigners involved in cyber heist of US$ 101 million from Bangladesh Bank's Federal Reserve Bank account, says they have found proof of negligence by central bank staff.

March 17, 2016
March 17, 2016

Confusion, panic order of the day

Confusion and panic was the order of the day at the Bangladesh Bank yesterday, a day after its governor Atiur Rahman stepped down and two deputy governors were removed hastily amid strong criticism over the central bank's handling of the $101 million cyber theft.

March 14, 2016
March 14, 2016

Muhith fumes at central bank

Finance Minister AMA Muhith yesterday said he would take action against Bangladesh Bank for keeping him in the dark for more than a month about the theft of $101 million from the BB account with the New York Federal Reserve Bank. The central bank came to know about the incident two days after cyber thieves stole the money from the BB account on February 4 midnight when all the BB staff went on the two-day weekly holiday, according to BB officials.

March 13, 2016
March 13, 2016

Dangerously exposed

The recent hacking of the Bangladesh Bank system to steal at least $100 million reveals the vulnerability of the central bank's IT infrastructure, weak operational architecture and probable insider link. The heist also puts to question what kind of network architecture and firewall it has in place. Everybody is talking about malware injection into the BB system but nobody is asking how the malware could enter the supposed-to-be most robust and secure system of a central bank in the first place.

March 11, 2016
March 11, 2016

Hackers bugged BB system in Jan

Hackers installed malicious software into the Bangladesh Bank system in January, which helped them gain knowledge of the central bank's working methods before stealing some $101 million. The forensic investigation by the BB, launched soon after the February 4 digital heist, detected the presence of the malware, said finance ministry and BB officials.