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- 41.3% of Bangladeshis ‘dislike’ India
- 4 barriers to export disaster
- Israeli strikes on Gaza refugee camp and hospital area leave dozens dead
4 barriers to export disaster
Despite the potential for growth in sectors beyond ready-made garments (RMG), many industries remain underdeveloped. Analysts cite policy challenges, funding constraints, lack of infrastructure, and the weak bargaining power of non-garment exporters as key obstacles. As a result, ready-made...
Bangladesh Bank set to unveil new notes with fresh designs
The long-awaited launch of new currency notes in Bangladesh is set to take place within the next six months, with denominations of Tk 20, Tk 100, Tk 500, and Tk 1,000 expected to be released into circulation. Bangladesh Bank revealed the news, sparking widespread curiosity about the design...
Govt aims to pull down inflation to 4-5%: BB Governor
Bangladesh Bank Governor Dr Ahsan H Mansur on Wednesday said the government has planned to bring down inflation to 4-5 percent. Our aims are to bring inflation down to 7 percent by next June. We will bring it down to 5 percent by the next fiscal year 2025-26. The main goal is to bring inflation...
BDT 2.34 trillion stashed in the pockets of bank directors
The banking sector of the country suffered the most during the tenure of the previous government, a fact highlighted in the White Paper Committees report. Allegations have been made regarding the involvement of several bank chairmen in undermining the sector, including claims of collusion....
Nearly 5 lakh vacant positions in government jobs
Currently, the number of vacant positions in government jobs stands at 4,73,001. The Ministry of Public Administration on Monday sent a letter to the governor of Bangladesh Bank, all secretaries, and relevant authorities regarding filling these vacancies. The letter states that according to the...
Maximum interest rate on credit cards increased to 25%
Bangladesh Bank (BB) has fixed the maximum interest rate on credit cards at 25 percent from 20 percent after banks insisted the central bank raise the rate to recover operation costs. According to the BB, banks will be able to charge a maximum interest of 25 percent from credit card customers....
Bangladesh Bank sticks out machinery import loans
Bangladesh Bank has extended the loan tenure for foreign exchange loans under buyers and suppliers credit for importing capital machinery. Industrial entrepreneurs can now secure loans for up to three years, up from the previous one-year limit, reports UNB. In addition, the central bank has...
Entrepreneurs concerned as NPLs likely to increase
The revised loan classification regulations have deepened concerns among entrepreneurs. Over the past six months, the private sector has seen no new investments, while instability continues to grip the financial sector. In this context, the International Monetary Funds (IMF) latest directives have...
Bangladesh bank extends Tk 22,500cr support to several liquidity-crisis hit banks
Bangladesh Bank (BB) has extended Taka 22,500 crore as liquidity support to several crisis-hit bank, said BB governor Dr Ahsan H Mansur on Thursday. He said, We are providing liquidity support to address the temporary cash shortages in banks, enabling customers to withdraw the required funds. We...
BB to aid weak banks without increasing money supply
Bangladesh Bank (BB) has introduced a strategy to offer liquidity support to struggling private banks without resorting to money printing. Bangladesh Bank plans to withdraw excess liquidity from the interbank currency market by issuing its own bills, redirecting the funds to support weaker...
Leveraging Yunus's reputation to recover laundered funds
The first thing I would like to say about money laundering is that there is no opportunity to take large sums of money out of Bangladesh. I know this firsthand from my experience at the Bangladesh Bank. While I am aware of what I have observed as a consultant or economist, the individuals directly...
Bangladesh Bank criticizes Moody’s downgrade rating
Bangladesh Bank (BB) has challenged Moodys recent downgrade of the countrys sovereign credit rating, stating it fails to reflect the significant political and economic advancements since July 2024. On November 19, Moodys lowered Bangladeshs sovereign rating from B1 to B2, maintaining a...
BB issues guidelines for operations of business in country by JVCA
Bangladesh Bank (BB) has issued guidelines for operations of business in Bangladesh by Joint Ventures or Consortiums or Associations (JVCA) having foreign partner (s) in order to make the process more transparent and more accountable, reports BSS. The central bank in a circular issued on...
Bangladesh receives $1.25bn remittance in 1st 16 days of Nov
Some $1.25 billion in remittances has been received during the first 16 days of November. At an exchange rate of Tk 120 per dollar, this amounts to approximately Tk 15,062 crore in Bangladeshi currency. Bangladesh Bank (BB) released a report on this matter on Sunday. According to the central...
Receiver appointments deepen industry crisis
There are numerous precedents for appointing receivers in industrial establishments in the country in the aftermath of various events. However, unfortunately, in almost every case, the outcome has been unfavorable. Many once-established industrial groups have turned into moribund enterprises after...
Country's default loans stand at Tk 2,85,000 crores
Non-performing loans (NPLs) in Bangladeshs banking sector stood at Tk 2 lakh 84 thousand 977 crores at the end of September this year, which is 16.93 percent of the total disbursed loans. Indeed, this is the highest ratio of disbursed loans to bad loans in the last 16 years. An updated report of...
Businesses scuffle amid rising interest rates
The business sector in Bangladesh is grappling with a crisis due to successive increases in loan interest rates. Rising costs have stalled investments, creating widespread challenges. Business leaders point out that while consumer loan rates are typically raised globally to curb inflation, in...
Govt's bank loans reach Tk 59516 crore in first quarter of fiscal year
To cover the budget deficit, the government borrowed Tk 59,516 crore from the banking system in the first four months of FY 2024-25, with a significant portion directed to repaying debt to Bangladesh Bank. A confidential report from Bangladesh Bank reveals that the Ministry of Finance raised Tk...
Interim government confirms no plans to shut down businesses
The interim government has assured the public that no business establishments in the country will be closed, emphasizing that businesses will remain operational. Government officials have reiterated their commitment to supporting the economy by fostering investment and creating job opportunities....
Bangladesh Bank restructures board
Bangladesh Bank (BB) has restructured its Boardof Directors by adding three new members. The development came through a board meeting held today at the BBheadquarters in the city, said Husne Ara Shikha, BB Executive Director andspokesperson, after the meeting, reports UNB. The three new...
Entrepreneurs targeted by resentment
The Bangladesh Bank or the Financial Intelligence Unit (BFIU) cannot appoint a receiver to any business entity on its own. If a receiver needs to be appointed, it requires a lengthy process. However, in recent days, several media outlets have reported that receivers have been appointed to 10...
No liquidity crisis, Tk 5,585cr infused to 7 banks: Bangladesh Bank
Bangladesh Bank has reassured the public, stating that there is no liquidity crisis in the banking sector and that depositors funds remain safe and secure. At a press briefing on Wednesday at the central bank headquarters, Husneara Shikha, Executive Director and Spokesperson of Bangladesh Bank,...
Decline in LC opening and settlement
In the latest quarterly report, Bangladesh Bank (BB) has revealed a decline in the opening and settlement of letters of credit (LCs) during the first quarter of the current financial year, spanning July to September. The report indicates that the total number of LCs opened fell by approximately 7...
Cyber attacks on banks rise: Bangladesh Bank
Bangladesh Bank has reported a troubling rise in the incidence of cyber attacks on the countrys banks. In light of this, banks and financial institutions have been urged to implement various precautionary measures. In a letter, S.M. Tofayel Ahmad, Additional Director of the Information and...
Governor takes chair of the SAARC Finance Network
Ahsan H. Mansur, the Governor of Bangladesh Bank, has assumed the role of Chairperson of the SAARC Finance Network. He was appointed to this position during the 46th SAARC Finance Governors Group Meeting held in Washington, D.C. on October 24, for a term of one year. He takes over as Chair...
Summit launders millions of dollars under Faruk Khan’s patronage
Summit Group founder Muhammed Aziz Khan allegedly smuggled millions of dollars out of Bangladesh under the patronage of his brother Awami League presidium member Muhammad Faruk Khan over the last 15 years. Aziz Khan has become Singapores 41st richest man with wealth worth $1.12 billion amassed...
BB finds irregularities at NRBC Bank, imposes Tk5 lakh fine
Bangladesh Bank (BB), the central bank of the country, has found serious irregularities at NRB Commercial (NRBC) Bank PLC, including suspicious transactions, misleading information about an entrepreneur directors identity and discrepancies in shareholding. Following that BB has fined the private...
Tk 111 crore on paper, Tk 500 crore in reality
The Anti-Corruption Commission (ACC) is investigating former Finance Minister AHM Mustafa Kamal, also known as Lotus Kamal, over discrepancies in reported assets. The ACC has identified Tk 111 crore in assets on paper, but believes the true value could reach Tk 500 crore. To support its inquiry,...