Tag: Bangladesh Bank
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Salehuddin Ahmed criticises Bangladesh's increasing reliance on defaulted loans as a business model
Commenting on there being nothing new in the proposed budget, Salehuddin Ahmed said, “The budget has been presented in challenging times. But I don't see anything new in it. The figures from the previous budget have just been shuffled around. It is being said that the budget is contractionary, but if you look at the…
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Banks to remain open on June 14-16 for Eid-ul-Azha in industrial areas: Bangladesh Bank notification
The holy Eid-ul-Azha will be celebrated in Bangladesh on Monday, June 17. Before Eid, Friday-Saturday is a weekly holiday and Sunday is closed for Eid, there are three consecutive holidays on June 14, 15 and 16. Banks will remain closed during this period. However, Bangladesh Bank (BB) said in a notification that banks have been…
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Congratulations on the success of the default loan “Obesity” program
So it is clear that the amount embezzled by loan defaulters living a life of comfort and luxury is equal to the tax burden falling on the shoulders of people struggling to survive throughout the year. A common man has to pay 15 percent VAT, and these loan defaulters can pay 15 percent tax to…
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Rising default loans in public sector banks: Challenges and solutions
The central bank had in June asked four state-run banks to bring down default loans to within 12 per cent as part of their loan conditions from the International Monetary Fund (IMF). The banks are – Sonali Bank, Agrani Bank, Janata Bank and Rupali Bank. However, none of the banks have been able to bring…
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Whose fault is it that one dollar is now equal to 117 taka?
After a lot of trials, tests and moves, Bangladesh Bank finally accepted the IMF's conditions and adopted a new foreign exchange system. The crawling peg is not completely market-based. The dollar will remain at a moderate rate, like currently 117 taka. The exchange rate will remain around this. It is not that this will solve…
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Mustakur Rahman promoted as director of Bangladesh Bank
Mustaqur Rahman completed his MBA in Finance and MCom in Banking from Dhaka University. Besides this, he also completed his B.Com. (Hons) degree in Finance and Banking from the same university. He also holds a Diploma in Banking from the Institute of Bankers of Bangladesh (DAIBB). Since joining the central bank in 1999, he has…
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Two-thirds of foreign direct investment coming from Bangladesh in 2023 will be invested in India
According to Bangladesh Bank data, total investment by Bangladeshis abroad increased last year, but net investment decreased. This is because a large amount of foreign investment was withdrawn last year. For example, Bangladeshis invested $22.2 million in Hong Kong last year. In comparison, $2.8 million was withdrawn from existing investments in the country. As a…
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The third tranche of IMF loan is likely to come after June 23
Earlier, IMF Executive Director Krishnamurthy V Subramanian held a meeting with Finance Minister Abul Hassan Mahmud Ali at the Secretariat on May 26. After the meeting, the minister quoted the IMF official as saying that Bangladesh is now on track and the third tranche will be disbursed by June. Earlier, Chris Papageorgiou, head of the…
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Finance Minister warns of possible action by Army against former Army Chief for alleged wrongdoings
Speaking about the steps taken by the Bangladesh Bank governor to control inflation, Abul Hasan Mahmud Ali said that the governor is not a separate person but a part of the government. Earlier, he was in the post of finance secretary. Some newspapers said that he is irresponsible, he did not know anything. Did he…
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Bangladesh Bank's new initiative to encourage timely repatriation of export earnings
The regulatory body announced this decision by issuing a notification in this regard on Monday. As a result, if one now brings his old income back to the country, he will receive payment at the current dollar exchange rate of Tk 117.5. Although Bangladesh Bank has taken several initiatives to bring export earnings to the…
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Bangladesh Bank's ban on journalists: Obaidul Quader's argument
Bangladesh Bank said they have three objectives: 1. To reduce total bank default loans, now slightly below 10 percent, to below 8 percent. 2. Reducing the default loan of government banks to 10 percent and the default loan of private banks to 5 percent, which are currently 22 percent and 7 percent respectively. 3. To…
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Where in the world is the central bank open to all: Quader
As journalists reported that the Governor of Bangladesh Bank (BB) told them that the actual reserves (usable) are now US$13 billion, the AL Secretary General said, “Then, it would be better if you ask the Governor how much this (reserves) is.” Why did it come so low? This is not what we know. As far…
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MDs of 30 banks will visit America this month
During the visit, the MD will encourage expatriates to deposit dollars in offshore banking accounts under local banks. In addition, they also have to participate in an anti-money laundering program. An event is scheduled to be held at a New York hotel on May 24 to promote offshore banking fixed deposits for expatriates. Bangladesh Ambassador…
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Reserve is decreasing Prothom Namaste
According to Bangladesh Bank, the country received remittances worth US$900 million in the first 12 days of this month. Under the crawling peg method, the price of the dollar has been increased to 117 taka per dollar. Officials are expecting an increase in foreign income inflows as a result of this initiative. Moreover, he believes…
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Usable foreign exchange reserves fell below $13 billion
Bangladesh Bank spokesperson Mezbaul Haq attributed the decline in reserves to payment of import bills for the past two months. Looking ahead, the spokesperson noted the disbursement of the IMF loan tranche next month and the estimated receipt of more than $2 billion from migrants this month. This will increase the flow of dollars and…