The central bank has opened in-depth analyses of the financial health of all branches of the four state-owned commercial banks, to delve into fraudulent loan sanctions, officials said on Thursday. The drastic move by the Bangladesh Bank (BB) came after its investigation team had found irregularities in loans, of up to Tk. 2,638 crore, extended ... Read more
Business
Pay as you talk
Mobile phone users will now pay as much as they talk, according to a new directive from Bangladesh Telecommunication Regulatory Commission (BTRC). From August 15, there will be a 10-second pulse applicable to all networks. For example, for call duration of 1 minute and 6 seconds, the charge
StanChart launches Islamic banking for corporate clients
Standard Chartered Bank yesterday launched its Shariah-based product Saadiq for its corporate clients in Bangladesh. Earlier the product was for retail customers only. The Saadiq brand will offer a core comprehensive suite of products related to cash management, trade, term and working capital financing for corporate clients to fulfil their banking
Bangladesh improving safety standards for NY flights
Bangladesh’s aviation regulator is now working to comply with the requirements of United States Federal Aviation Administration (FAA) that will allow the country to resume its Dhaka-New York flights. Recently, Bangladesh has cleared its name off the list of countries with unsafe civil aviation system. The FAA had earlier raised objections in 61 areas in ... Read more
Global recession hits RMG exports
No sign of early recovery The RMG sector, which contributes about 75 per cent to the country’s export earnings, has been hard hit by global recession with a considerable fall in orders across the world. According to experts, the situation is not likely to improve in near future. Recently, the export orders have declined by ... Read more
80 lakh bank accounts of farmers remain inactive
Around 80 lakh farmers’ bank accounts out of a total 95.86 lakh, which were opened with Tk 10 initial deposit, remained inactive in the just concluded financial year of 2011-12, according to Bangladesh Bank data. Among the 16 lakh active farmers’ accounts in FY2012, farm loans were disbursed through 5.41 lakh accounts while 10.01 lakh ... Read more
Shrimp exporters in gloom as global crisis lingers
Shrimp exporters continue to face difficult times due to declining demand for the expensive food items in the crisis-hit developed world. Industry-people said they fear a further drop in overseas sales as people in Bangladesh’s export destinations are cutting back on their consumption
Merchant banks seek funds to compensate retail investors
Merchant bankers have sought financial help from the government to pay compensations to the retailers affected in the last year’s stock market debacle. They demanded credit worth Tk 9.0 billion at 10 per cent interest from the central bank to implement the compensation package. “We need loan to implement the package,” said MA Hafiz, president ... Read more
Qubee gets new chief
Faisal Hyder has been appointed as the acting chief executive officer of wireless broadband operator Qubee Bangladesh replacing founding CEO Jerry Mobbs, the company said in a statement yesterday. “It has been a pleasure living and working in Bangladesh with such a talented group of people, and is a source of great pride to hand ... Read more
Nepal’s 100 items may get duty-free entry to Bangladesh
Bangladesh may give Nepal a duty-free access for 100 of its products, especially vegetables and agricultural ones, as those have a higher demand in Bangladesh, said an official of the commerce ministry of Bangladesh yesterday. On the other hand, Bangladesh sought from Nepal a duty cut on exports of electronics goods, pharmaceuticals and agro-processed food items, said
BB restricts banks’ land, floor space purchase
The Bangladesh Bank has decided that commercial banks will not be allowed to purchase or lease for 10 years or more any lands, buildings and floor space for any purpose other than use by their head offices. However, in areas under the jurisdiction of city corporations, they can buy or lease office space for their ... Read more
Chittagong boutiques all set for Eid
Name the latest trend going for salwar kameez, sari and panjabi — and you are likely to find them in the boutiques in Chittagong. They are trying to attract as many Eid shoppers as possible. To avoid the mad dash that invariably occurs closer to Eid, many have started with their Eid shopping from the ... Read more
Export to India drops in FY12
Bangladesh’s exports to India declined to $498.41 million in the just concluded financial year of 2011-12 from $512.51 million in the financial year 2010-11 despite slight increase in apparel exports. Export Promotion Bureau officials said that exports to the neighbouring country declined by 2.75 per cent in FY12, after year-on-year growth in two previous years, ... Read more
BB asks banks to take measures against fake notes
Bangladesh Bank on Sunday asked commercial banks to take necessary measures against fake currencies so that the counterfeiters cannot operate ahead of Eid-ul-Fitr. The BB issued a circular to managing directors and chief executive officers of all commercial banks asking them to guard against counterfeit notes as significant amount of money would be
FBCCI wants fish export ban
The Federation of Bangladesh Chambers of Commerce and Industry on Sunday requested the government to ban export of fishes till the end of Ramadan. The apex trade body in a press release said that its monitoring cell had observed that prices of all kind of fishes had increased and gone beyond the purchasing capacity of ... Read more
Implementation jumps to 92pc in unusual spending spree in June
ADP in FY 2011-2012 Implementation jumps to 92pc in unusual spending spree in June The implementation of annual development programme got an unusual extra pace in June, the last month of the just concluded fiscal year 2011-2012, and jumped to 92 per cent at the year end from 70 per cent in 11 months. The 54 ... Read more
2 new BB depts to promote digital banking, client service
Bangladesh Bank has introduced two new departments — payment systems department and financial integrity and customer services department — to promote digital banking and to enhance the clients’ interest protection, said central bank officials. The central bank issued two circulars on the launching of the departments
Duty-free access for RMG hinges on good ties with US: Mozena
US Ambassador Dan W Mozena yesterday said Bangladesh should create a good climate in relationship with the US to get duty-free access for its readymade garment items to the US market. Mozena also said getting such an access and the benefit of Generalised System of Preferences (GSP) from the US is a political process
Green Delta to sell 10pc stake to IFC
Local insurance giant Green Delta has reached final stages to sell its 10 percent share to the International Finance Corporation (IFC), a wing of the World Bank Group, a top official of the insurer said. Green Delta’s board approved the proposed subscription of the IFC on Thursday last. “We’ll issue new shares for the IFC ... Read more
SCBs keep borrowing from call money market
The state-owned commercial banks continued to borrow from the call money market in the first seven months of the current year though liquidity pressure in the market eased. An official of the debt management department of the central bank told New Age that private and foreign commercial banks and non-bank financial institutions had reduced