Bank & Finance
Bank & Finance
Pound sinks as UK economic uncertainty rises
International Desk: The pound fell against the dollar on Friday as new figures showed a gloomy picture for the UK economy.Sterling slipped to $1.11, after rallying on Thursday as Prime Minister Liz Truss resigned, reports BBC.However, it clawed back losses on Friday evening and was back up to around $1.12…
Read More »Bond market getting popular
Staff Correspondent: Prime Minister’s Private Industry and Investment Adviser Salman F Rahman yesterday underscored the need for making the bond market popular to facilitate long-term finance to the industry.“Stock market in Bangladesh was only composed of equity transactions. However, the bond market is an integral part of a country’s capital…
Read More »Govt bond trading starts in stock market
Industry Desk: Bangladesh has started trading in government bonds and bills in the Dhaka and Chattogram stock exchanges.Earlier, the trading of 250 government bonds had started on Monday for the first time on the new platform on a trial basis. Sources said, two 5-year bonds were traded in the Dhaka…
Read More »Most new life insurance cos struggle to survive
Mahfuja Mukul: The number of insurance companies in the country is more than the demand, the government has approved new insurance companies one after another. Most of these insurance companies are not doing well due to political considerations. Also, the companies are not obeying the law.The companies are recklessly spending…
Read More »Loans to get costlier as BB hikes lending rate
Staff Correspondent: The Bangladesh Bank has increased the repo rate – the interest rate at which banks borrow short-term funds – by 25 basis points to 5.75% in a move to dampen inflation in the country.In its 56th meeting yesterday, the Monetary Policy Committee of the central bank took the…
Read More »Interest waivers by private banks rise 12-fold
Industry Desk: Private banks seem to be waiving interests too generously, which bankers say, to ease recovery of loans that remained unpaid for a long time.In April-June this year, the waived loan interests registered a 12-fold jump to Tk 2,557 crore from only Tk191 crore in the previous quarter, according…
Read More »Bangladesh yet to allow Rupee in foreign trade: BB
Staff Correspondent: Bangladeshi businesses won’t be able to use Indian Rupee for foreign trade as Bangladesh Bank (BB) is yet to enlist Rupee to settle letters of credit (LC).BB spokesperson and executive director Md Serajul Islam said that the central bank is yet enlisted Rupee for foreign trade.He said that…
Read More »BTMA voice concern over banks avoid LC opening
Industry Desk: Bangladesh Textile Mills Association (BTMA) recently expressed worry that most commercial banks avoid opening letter of credit (LC) under Export Development Fund (EDF), UPAS (Usance Payable at Sight) and deferred-payment systems for US$ scarcities which, textile spinners dread, may harm and lead to production holdup of basic readymade…
Read More »Tk 75,000cr laundered by hundi in a year: CID
Staff Correspondent: Police’s Criminal Investigation Department (CID) has arrested 16 people using mobile banking or mobile financial service (MFS) bKash, Nagad, Rocket and upay in digital hundi transactions worth billions of dollars.According to the CID, the agency started the investigation due to the increase in the price of the dollar…
Read More »BB sends show cause notices to another 6 banks
Dollar scandal issue Staff Correspondent: The Bangladesh Bank (BB) has issued show-cause notices to managing directors (MDs) of another six banks for their involvement in destabilizing the country’s foreign exchange market. The show-cause notices were sent on Wednesday asking the banks to explain reasons within next seven working days.The six…
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Hotels to be converted for Covid hospitals
Hospitals overwhelmed Staff Correspondent: The government is going to rent hotels for providing treatment …
