BB begins forex reporting as per IMF manual
Bangladesh Bank yesterday began publishing foreign currency reserves as per the International Monetary Fund’s BPM6 manual, in a move that will ensure that the country’s dollar stockpile is reported accurately.
13 July 2023, 18:00 PM
A new era dawns in trade with India
Bangladesh, India to begin bilateral trade in rupee from July 11
9 July 2023, 01:00 AM
Higher NPL burden for banking sector
The banking sector is burdened by a high non-performing loan (NPL) and will need to continue measures to beef up supervision and accelerate loan recovery, according to the Bangladesh Bank.
6 July 2023, 18:00 PM
Forex reserve rises past $31b
The country’s foreign exchange reserves rose past $31 billion yesterday after three multilateral lenders provided $925 million to Bangladesh.
26 June 2023, 18:00 PM
Extension of bank directors’ tenure: A huge blow to banking sector
Allowing directors to stay on for 12 years will deal a huge blow to the financial health of banks, which are already facing several crises, including a lack of corporate governance in recent years, say experts.
25 June 2023, 01:00 AM
Tight monetary policy, but is it enough?
On the surface, the monetary policy appears to be tuned to the need of the hour: bring down inflation and conserve reserves. But it comes caving down on careful reading.
19 June 2023, 01:00 AM
Can new monetary policy crush inflation?
The Bangladesh Bank may today raise its key interest rates to tame inflationary pressure but the attempt might go in vain since the monetary authority may not withdraw the interest rate cap on loans in a true sense.
17 June 2023, 18:00 PM
11 banks facing a capital shortfall of Tk 33,575cr
Eleven banks in Bangladesh faced a collective capital shortfall of Tk 33,575 crore in March, up 9.3 per cent from a quarter ago, in a reflection of their worsening financial health caused by persisting irregularities and lack of governance, central bank data showed.
16 June 2023, 02:00 AM
FAS Finance’s ex-MD barred from leaving Bangladesh
Bangladesh Immigration Police has barred FAS Finance and Investment’s former managing director, Pritish Kumar Sarker, from leaving the country because of his alleged involvement in financial scams.
15 September 2022, 13:05 PM
BB sells USD ignoring market rates
The Bangladesh Bank yesterday sold $40 million to banks at Tk 96 each, a rate that contradicts its own efforts aimed at embracing a floating exchange rate since it is far lower than the market rate.
15 September 2022, 02:20 AM
Floating exchange rate takes effect, finally
Bangladesh has finally embraced a floating exchange rate as the central bank adjusted its interbank foreign exchange rate yesterday in line with market realities.
14 September 2022, 02:10 AM
Taka falls against USD once again
The taka yesterday depreciated against the US dollar, hitting Tk 96 on the interbank platform as the central bank moved to allow the market forces to determine the exchange rate of the national currency.
13 September 2022, 02:50 AM
Banks finally fix uniform rates for dollar
Banks yesterday fixed the buying and selling rates of the US dollar in order to contain the volatility in the foreign exchange market resulting from higher imports than export and remittances earnings.
11 September 2022, 05:00 AM
‘Excessive profits’: BB serves notices to 6 more banks
Bangladesh Bank yesterday asked six more banks to explain why they made “excessive profits through purchase and sale of US dollars, ignoring banking norms during the volatile situation in the country’s foreign exchange market”.
7 September 2022, 18:00 PM
July trade deficit far below FY22’s monthly average
Bangladesh’s trade deficit widened by 46.4 per cent year-on-year to $1.98 billion in July, but it was far below than the monthly average recorded in the last fiscal year, an encouraging sign for the economy.
5 September 2022, 02:15 AM
Robust remittance, exports to ease pressure on external sector
Migrant workers and Bangladeshis living abroad sent more than $2 billion in each of the first two months of the current fiscal year, a promising sign for the economy.
2 September 2022, 02:10 AM
Forex reserve falls to $39.05b
Bangladesh’s foreign exchange reserve has started to decline once again as it stood at $39.05 billion yesterday in contrast to $39.21 billion the day before.
1 September 2022, 02:50 AM
Nagad Finance gets BB nod
Does the crowded, troubled non-bank financial sector need another player? The Bangladesh Bank deems so as it yesterday gave the primary licence to Nagad Finance plc, where Nagad Ltd Managing Director Tanvir A Mishuk and Executive Director Mohammad Aminul Haque are directors.
30 August 2022, 18:00 PM
Credit growth keeps rising
Private sector credit growth in Bangladesh rose further in July despite a contractionary monetary policy adopted by the Bangladesh Bank for the current fiscal year to tame higher inflation.
30 August 2022, 02:45 AM
Import bills stay at higher levels
Import bills rose 63 per cent year-on-year to $7.66 billion in July but it declined from a month ago, signalling the easing of international payment pressure thanks to the recent Bangladesh Bank efforts to cool down the volatile foreign exchange market.
26 August 2022, 02:15 AM
Bangladesh’s credit rating unchanged
Global rating agency Standard & Poor yesterday maintained its long-held credit score for Bangladesh despite the ongoing hiccups in the economy, in a development that will ward off fears of any financial crisis similar to South Asian neighbours.
25 August 2022, 18:00 PM
Majority of banks not maintaining Tk 1 spread
A majority of banks yesterday did not abide by Bangladesh Bank’s instruction to maintain a spread of Tk 1 when buying and selling the US dollar.
16 August 2022, 18:00 PM
Dozen banks hold about 60pc default loans
Twelve banks accounted for 58 per cent of the total default loans in Bangladesh in June as irregularities show no signs of abating while existing bad debts have remained unrecovered in the absence of strong action.
14 August 2022, 02:30 AM
Bad loans at record high
Defaulted loans in the country’s banks hit an all-time of high of Tk 125,257 crore by the end of June this year.
11 August 2022, 18:00 PM
Taka falls further
The currency of Bangladesh has depreciated further against the US dollar, hitting Tk 95 on the interbank platform yesterday.
9 August 2022, 03:15 AM
Forex Market Volatility: BB orders six banks to transfer treasury chiefs
Bangladesh Bank has ordered six banks to transfer their treasury heads to human resources departments over their role in the volatility in the country’s foreign exchange market, according to several BB officials with direct knowledge about the development.
8 August 2022, 18:00 PM
Card Payment: Foreign currency transactions hit all-time high
Foreign currency transactions through cards hit an all-time high of Tk 356 crore in May due to a rise in the number of travellers going abroad.
8 August 2022, 02:30 AM
‘Out-of-box’ solution will bring economy back on course
In a time of elevated inflation, the interest rate is the handiest tool in the box to restore order. And yet, the new Bangladesh Bank Governor Abdur Rouf Talukder, in his maiden press conference yesterday, remained defiant that it would not be used.
4 August 2022, 18:00 PM