The government has kept borrowing a hefty amount of funds from the Bangladesh Bank as commercial banks are unable to meet the financing requirement of the state because of the liquidity crunch.
Fintech innovation, especially innovation in payments -a critical financial service most people use every day—is generating new challenges and often competing priorities for central banks.
Bangladesh Bank yesterday granted Sri Lanka’s request to be given six more months to repay a $200 million loan due to the prolonging of its economic crisis.
The Bangladesh Bank yesterday decided in principle to allow Nagad Finance PLC, a proposed non-bank financial institution (NBFI), to run mobile financial services.
The central bank’s inspection team did not perform properly to detect the irregularities at Bangladesh Industrial Finance Company (BIFC), a fact-finding committee found.
The government continues to borrow from Bangladesh Bank on a large scale as commercial banks are now unable to finance the state due to liquidity crunch.
Four more shariah-based banks have been found to have taken emergency funds, which are usually taken during extraordinary circumstances, in an attempt at dressing up their balance sheet for last year.
While the government is distracted by elections, the financial economy will suffer
Bangladesh does not have too many policy options other than reducing consumption of goods and services and making the exchange rate flexible in order to ensure macroeconomic stability, said a central bank report.
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.
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.
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,
The government should carry out further investigation to find out whether the suspected Bangladesh Bank officials were really involved in the $101 million cyber heist, says Mohammed Farashuddin, head of the three-member body that probed the theft.
Bangladesh's Criminal Investigation Department (CID) claims they found 20 foreigners involved in cyber heist of US$ 101 million from Bangladesh Bank's Federal Reserve Bank account, says they have found proof of negligence by central bank staff.
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.
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.
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.
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.
In Fiscal Year (FY) 2014-15, global sovereign rating agencies Moody's, Standard & Poor's and Fitch assigned Bangladesh a 'stable' sovereign credit outlook.