Mamun Rashid

Capital flight, a growing concern for Bangladesh over the past few decades, refers to the outflow of financial assets from a country. While usual outflow may also be foreign direct investment, the problem arises when the fund transferred from a country does not have proper documentation of source and there is no intend of repatriation of the fund. This leads to loss of government revenue and depletion of foreign currency reserves.

According to a 2021 study of the International Organisation for Migration, there could be an estimated 2.4 million Bangladeshi diaspora members in the UK and the US alone. Therefore, it can be assumed that the total number of Bangladeshis living abroad is huge. Even if a small portion of them contribute their skills, expertise and capital back to Bangladesh, it could make a huge difference.

Sovereign credit ratings (SCR), determined based on a country’s willingness and ability to pay its principal and interest obligations on time, are qualitative indicators that determine a nation’s likelihood of default. Countries’ borrowing costs from international financial markets depend on their SCR. A better SCR means more favourable cost of borrowing and lower SCR means higher cost of borrowing.

The government is consistently failing to meet its tax collection targets. In 2022-23, its target fell short by Tk 44,728 crore. This phenomenon has been going on for the last 11 consecutive fiscal years. Clearly, our existing taxation system is not efficient enough, so something needs to change and change fast.

Non-performing loan (NPL) has been a concern for the banking sector in Bangladesh for quite some time. According to the World Bank, Bangladesh had the second-highest NPL ratio of 9.4 per cent in South Asia in 2022, right after Sri Lanka.

Banking has become relationship manager (RM)-driven in Bangladesh over the last three decades whether it is corporate, commercial, or retail banking. Large clients in corporate or wealth management segments demand very personalised or structured product support backed by world-class service.

Fiscal transparency can be defined as the wide availability and easy access of government financial information to encourage accountability and trust. It refers to the extent to which a government publishes and delivers accurate information about its financial activities and obligations.

The role and duties of a chief executive officer have changed a lot over the last 15 to 20 years. Becoming highly knowledgeable about technology is now a job requirement. Both internal and external stakeholders have become much more demanding too.

I am sure all young professionals aspire to advance in their career. If so, they are not alone. Many determined professionals share this desire, but the path to success can be daunting and difficult to navigate.

Perhaps one of the most fundamental duties of a leader at a professional business enterprise is to help their people feel purposeful, motivated, and energised so that they can bring their best selves to work. Even if one is fortunate enough to truly attain a meaningful position of leadership in an organisation but can’t bring the best out of their colleagues, they would be deemed to be ineffective. Unfortunately, too many leaders lose focus on this aspect.

In an era defined by rapid technological advancements, the role of technology in the government sector is undergoing a profound transformation. Merging government and technology holds the promise of streamlining operations, enhancing citizen engagement, and ultimately transforming the way in which governments function.

The finance minister last Thursday presented a budget of Tk 761,785 crore, which is 15.33 percent higher than this fiscal’s revised budget. Like any other usual ones, it has been portrayed as expansionary and future-oriented. However, one could barely see any reflection of the current challenges being faced by most in the country.

In this rapidly evolving digital landscape, the banking industry is undergoing a significant transformation. With the goal of staying competitive and enhancing customer experiences, banks are modernising their operations and customer service through the implementation of cutting-edge technologies. 

As the world evolves, so does the way we work. The concept of working from home (WFH), once a luxury reserved for the self-employed, has become a necessity for many people during the Covid-19 pandemic.

Today’s companies are moving into a renewed focus on driving growth and during such times the focus of the CFO will also need to shift beyond accounting and finance.

In our international business course, we were taught to differentiate between truly global, multinational, foreign and regional companies.

I was one of the few Bangladeshis who worked with three global banks at home and abroad. I was also the youngest CEO of a commercial bank in Bangladesh. My laurels and recognition would anytime make anyone jealous.

Recently, there has been too much discussion about ethics. At the same time, we get to see individuals getting into too much public relations (PR) too.

 Last week the cabinet of Bangladesh okayed the draft Bank Company Act 2023 with an expressed intention to improve financial governance in our country. It was desired that if implemented properly, it could have major consequences for popularly known willful loan defaulters as well as the way our bank boards are formed and run.

All major strategic and operational decisions of highly successful financial institutions across the world are executed by their management upon proper vetting, review, and due diligence by the board of directors.