Tag Archives: Bangladesh Bank

MNA Business Desk: Fazle Kabir has been reappointed as the governor of Bangladesh Bank for two more years. Ministry of Finance issued a notification in this regard on Wednesday. According to the notification, Fazle Kabir has been reappointed as per article 13(3) and 10(5) of the Bangladesh Bank (Amendment) Act 2020. His present tenure will end on July 3, 2022. He is the 11th Governor of Bangladesh Bank, the central bank of Bangladesh. Prior to this position, he served as the Finance Secretary to the government and chairman of the state-owned Sonali Bank. He also served as a director of ...

MNA Business Desk: The central bank is set to announce a long-term comprehensive plan this week aiming to support sustainable development of the country’s capital market. Under the plan, the Bangladesh Bank (BB) will provide both liquidity and policy supports to the banks along with other capital market intermediaries, according to officials. The central bank is working on such liquidity supports to all the share market-related financial institutions at an ‘affordable cost’ through the scheduled banks in the form of repo (repurchase agreement), they explained. As part of the move, BB Governor Fazle Kabir heard from the leaders of Bangladesh ...

MNA Business Desk: The Bangladesh Bank will file a suit against Rizal Commercial Banking Corp and several undisclosed individuals over the heist of $81 million from its account at the New York Federal Reserve. The suit will be filed with a New York court on Wednesday, with the aim of retrieving the stolen reserve, said central bank governor Fazle Kabir. All preparations for the case against the Manila-based bank and others are completed and a legal team representing the central bank is already in New York, he said at a media briefing in Dhaka, reports bdnews24. “The purpose of the ...

MNA Business Desk: Bangladesh Bank (BB) has recently launched a new credit rating system -ICRR to ensure more transparency and accuracy in analyzing the loan proposals. BB Governor Fazle Kabir awarded Certificate of Appreciation to members of the committee for their contribution in formulation of ICRR guidelines at a ceremony at Bangladesh Institute of Bank Management auditorium (BIBM) in the city’s Mirpur area, said a press release. Mercantile Bank Limited (MBL) Audit Committee Chairman Dr Mahmud Osman Imam received the Certificate of Appreciation as one of the members of the committee. BB Deputy Governor Ahmed Jamal, Secretary for Financial Institution ...

MNA Business Desk: Bangladesh will lodge case in New York within this month to get back the money stolen from the central bank (BB) reserve, said Finance Minister AHM Mustafa Kamal. “We’ve taken preparation to file the case. It would be filed in New York by this month as the theft happened there,” said the Finance Minister. Mustafa Kamal made the disclosure to the reporters after a three-hour meeting with officials concerned, including the BB Governor Fazle Kabir, on the reserve theft at the Secretariat on Sunday. “A lawyer from Bangladesh and another from New York to look after the ...

MNA Business Desk: Bangladesh Bank warned Dutch-Bangla Bank, Dhaka Bank, Trust Bank, BASIC Bank, Mutual Trust Bank, City Bank, Prime Bank, NCC Bank and Exim Bank on rigged dollar sale. The central bank said those banks have reported less than what they have charged importers for dollars. Regulators now seek explanations on why they would not be penalized for giving false information by hiding the actual data. The banks face a three-day deadline to respond to the notice issued on Sunday. If a bank fails to respond properly, it will be fined under the existing law. “The banks have taken ...

MNA Editorial Desk: Bangladesh Bank, the central bank and apex regulatory body for the country’s monetary and financial system, is turning out to be a mysterious organization day by day. In recent years, this esteemed organization of the country has been under severe question due to its relation to several scams. We have even seen removal of its governor based on some allegations of negligence towards his duty. But still its image is under serious threats due to more and more wrong incidents. Being one of the controlling and regulatory authority of the whole banking and financial sectors of Bangladesh, ...

MNA Business Desk: Gold weighing almost 1000 kilograms kept in Bangladesh Bank’s vault has been adulterated, reveals an investigation by the customs intelligence. The 22-carat gold has turned into 18-carat gold as other metals were mixed with it after the central bank received gold discs and rings over a period of time, investigators believe. The customs intelligence and investigation directorate of the National Board of Revenue dug out serious discrepancies in gold management, as the investigators examined 963 kg of gold out of huge quantity kept at the central bank’s vault, on the basis of random sampling. This is another ...

MNA Business Desk: Bangladesh Bank (BB) will release new currency notes of Taka 10, 20, 50 and Taka 100 denominations in the market from June 3 ahead of Eid-ul-Fitr. The new notes will be distributed from all branches of Bangladesh Bank across the country every day until June 14, said a press release. The notes will also be distributed from Jatrabari Branch of the National Bank, Abdul Ghoni Road Corporate Branch of the Janata Bank, Elephant Road Branch of Agrani Bank, Mirpur Branch of the City Bank, Kawran Bazar Branch of the South East Bank, Bashundhara City (Panthapath) Branch of ...

MNA Business Desk: Net inflow of Foreign Direct Investment or FDI from the United States of America (USA) to Bangladesh dropped by 23.50 per cent in 2017. Latest statistics, released by Bangladesh Bank, showed that net inflow of FDI from the US declined to $166.66 million in the past year, which was $217.74 million in 2016. Disinvestment, repayments of loans and losses of the current multination entities have been deducted from the gross inflow of FDI to calculate the net FDI. Gross inflow of FDI from the US also declined by around 26 per cent to $181.49 million in the ...

MNA Business Desk: The Bangladesh Bank has asked the banks to take effective measures to bring down the interest rate on lending to single digit from the existing level, reported news agency. The advice was made at two separate meetings of senior bankers held at the central bank headquarters in Dhaka on Monday with Bangladesh Bank (BB) governor Fazle Kabir in the chair. The meeting also discussed interest rates, charged by the six state-owned commercial banks (SoCBs), on term deposits to other banks, the sources added. On the other hand, the BB’s high-ups advised the senior representatives of Association of ...

MNA Business Desk: Bangladesh Bank (BB) directs all scheduled commercial banks to keep open their branches in Chittagong port area for round the clock and seven days a week for facilitating international trade, reported news agency. The central bank in this regard issued a circular on Sunday and sent letters to chief executive officers (CEO) of all the commercial banks’. Earlier, the Prime Minister’s Office (PMO) directed the BB to issue circular regarding opening all banks’ branches round the clock for seven days a week. The central bank circular said, “As per PMO’s directive all scheduled banks must take necessary ...

MNA Business Desk: A day after Bangladesh confirmed that it would sue a Philippines bank in US for damages over the 2016 cyber heist, Manila-based Rizal Commercial Bank Corp or RCBC has threatened counter measures. In a media statement on Thursday, RCBC said it was considering legal actions against Bangladesh Bank officials, reports The Philippine Daily Inquirer. It alleged Dhaka officials of maligning the bank and using it as a “scapegoat” over one of the world’s biggest cyber heists. The Bangladesh Bank said it has decided to start a lawsuit in New York against RCBC over its role in the ...

MNA Business Desk: Bangladesh Bank has decided to sue a Philippines bank in a US court for damages over the 2016 heist of its central bank’s reserve. Unidentified hackers stole $81 million from Bangladesh Bank’s account at the New York Fed, using fraudulent orders on the SWIFT payments system. The fund was sent to Manila-based Rizal Commercial Banking Corp or RCBC and then disappeared into the casino industry in the Philippines. Finance Minister AMA Muhith on Wednesday first confirmed Bangladesh’s move to start the lawsuit. The Bangladesh Bank provided details in a media briefing later in the day. The case ...

MNA Business Desk: The Bangladesh Bank issued a directive to banks to bring down their advance deposit ratio or ADR to highest 83.50 per cent down from over 85 per cent now, by 30 June. This will be applicable for the conventional banks while such limit for the Islamic banks and the Islamic branches of the conventional banks will be highest 89 per cent, down from over 90 per cent now, where it is termed as IDR. As per the circular, until the next directive, the conventional banks will have to maintain their ADR at 83.50 per cent (80.50 per ...

MNA Education Desk: The Bankers’ Selection Committee of Bangladesh Bank has scrapped professional recruitment tests for eight state-owned banks. The tests were held on Friday. The decision on cancellation of the test was made at a top level meeting at the central bank presided over by its Governor Fazle Kabir. Officials said after getting the inquiry report, Bangladesh Bank will take decision on fixing a new date for exam. Earlier, the Bangladesh Bank had decided to retake the recruitment test following the mismanagement at two exam centres at Mirpur where over 6000 applicants missed to sit for their test. But ...

MNA Business Desk: The NRB Commercial Bank has fired Farasath Ali as its chairman in a major shake-up of the board of directors after Bangladesh Bank flagged it for gross irregularities in releasing loans. NRBC Bank Director Tamal SM Parvez has been elected as the replacement of Farasath Ali, following an emergency Board meeting of the bank held in Dhaka’s Gulshan area. The board also issued a three-month leave for the bank’s managing director Dewan Mujibur Rahman, who was removed by Bangladesh Bank under Section 46 of Bank Company Act. The High Court on Thursday stayed a Bangladesh Bank order ...

MNA Business Desk: Bangladesh Bank (BB) deputy governor SK Sur Chowdhury on Saturday said the matter of the issuance of crypto-currency by the central bank in the country still needs lots of study as it has both good and bad sides. The deputy governor said central bank’s issuing cryptocurrency is still in the stage of study and observation. He, however, added that, ‘We are seriously thinking on it.’ Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Lots ...

MNA Business Desk: The country has received $566.57 million in remittances in the first 13 days of the current month of October, reported news agency. Bangladesh Bank statistics show maximum remittance came through private commercial banks as they received $413.29 million while the nine foreign banks $4.68 million. The 6 state-owned commercial banks – Agrani, Janata, Rupali, Sonali, BASIC and BDBL – brought in $143.21 million from Bangladeshi expatriates while two state-owned specialised banks got $5.39 million. Of the private commercial banks, highest $117.34 million entered the country through Islami Bank Bangladesh Limited (IBBL) followed by Dutch-Bangla Bank’s $32.51 million. ...

MNA Business Desk: The central bank has decided to strengthen monitoring of commercial banks’ exposure to share market with a view to avoiding recurrence of an unwanted situation, reported news agency. Under the latest move, the banks will have to submit their reports on fresh investment in the capital market to the Bangladesh Bank (BB) on weekly basis, mentioning daily transactions separately. Currently, the banks are eligible to submit such weekly reports to the Department of Off-site Supervision (DOS) of the central bank on gross transactions basis without mentioning daily transactions separately. The report must be submitted to the central ...

MNA Education Desk: The government will hire some 2,246 cash officers in four state-run banking institutions in the country. The Bangladesh Bank (BB) floated a circular on Saturday in this regard. The circular is available on the central bank website: <https://erecruitment.bb.org.bd/onlineapp/joblist.php> The state-run banks are Sonali Bank Limited, Janata Bank Limited, Bangladesh Development Bank Limited, and Bangladesh Krishi Bank. Earlier on 29 August, the central bank published another circular to recruit 3,463 officers (general grade) for seven state-run banks. In total, 7,372 officers (general grade and cash) will be recruited and the Bankers Selection Committee has begun the recruitment process. ...

MNA Business Desk: Bangladesh Bank further relaxed rice import rules by allowing private importers to open LCs on deferred or usance basis or under buyer’s credit for up to 90 days term until December 31 this year. On June 10, the central bank instructed banks to allow private traders to import rice without any deposit against letters of credit or LC margin. Through a new circular issued by Foreign Exchange Policy Department, on July 20, said, “It has now been decided that LCs against deferred or usance basis or under buyer’s credit up to 90 days term for import of ...

MNA Business Desk: Bangladesh Bank (BB) on Wednesday asked all banks and non-bank financial institutions (NBFIs) to extend their help for rehabilitating flood affected people under the corporate social responsibility (CSR) programme. The central bank issued a circular to all banks and NBFIs in this regard. The BB requested the banks and NBFIs to provide food, clothes, potable water, emergency medicines, portable improved cook stoves, portable solar lanterns, Portable Pico Home Systems (Small solar home systems under 20 watt) for the flood affected people across the country, including northern region, the circular said. However, continuous downpours coupled with swelling in ...

MNA Business Desk: Through the auction of 2-Year Bangladesh Government Treasury Bond (BGTB) on Tuesday, the government has borrowed Tk 10 billion, reported news agency. Bangladesh bank conducted the auction where 69 bids amounting to Tk 24.85 billion were offered against a pre-targeted amount of Tk 10 billion. Of those, 30 bids amounting to Tk 10 billion were accepted. The cut of price of the accepted bids was 99.0599 (Per Tk 100.00, according to a press statement of the central bank.  At another auction of 7-Day Bangladesh Bank Bill, also held on Tuesday, 12 bids amounting to Tk 55.17 billion ...

MNA Business Desk: Bangladesh Bank has issued cotton-paper new bank notes of Tk 100 and Tk 500 which will be available in the market from June 11. The new bank notes will be cent percent coated cotton-paper printed instead of existing paper notes, said a BB press release on Tuesday. The central bank said Tk 100 note will be 140mm by 62mm in size with 4mm width and Tk 500 will be 152mm by 65mm in size with same the width having Kinetic StarChrome Thread and containing the signature of Bangladesh Bank Governor Fazle Kabir. The new bank notes, however, ...

MNA Editorial Desk: North Korea was involved in last year’s $81 million cyber heist of the Bangladesh central bank’s account at the Federal Reserve Bank of New York, Cyber security firm Kaspersky Lab on Monday said as it had obtained digital evidence that bolsters suspicions by some researchers. Russian-based Kaspersky released a 58-page report on Lazarus, a group linked to the heist in Bangladesh and the 2014 attack on Sony’s Hollywood studio, which the US government blamed on North Korea. North Korea’s hacking operations are growing and getting bolder and increasingly targeting financial institutions worldwide. North Korea is now being ...

MNA Business Desk: Bangladesh Bank has directed banks to provide Tk25 lakh loan to a woman entrepreneur without any collateral. Bangladesh Bank delivered a circular on Sunday to ease the procedure of the SME loans to the women and new entrepreneurs. Bangladesh Bank data showed that the local banks and financial institutions are going to disburse Tk23,500 crore loans to create new entrepreneurs to encourage sustainable development. New women entrepreneurs are going to get Tk1,657 crore as SME loans this year as the women entrepreneurs have to face various unnecessary queries while taking loan from the banks. Besides, there are ...