Bank & Finance
Bank & Finance
BB sells $3.75bin 3-month
Dollar erosion continuing Mahfuja Mukul: The country’s foreign exchange reserves are continuously declining. However, the sale of dollars from the reserve does not stop. Bangladesh Bank has sold $3.75 billion from reserves in the first three months and eight days of the current fiscal year (2023-24) to meet import liabilities.…
Read More »PK Halder gets 22 yrs jail
Staff Correspondent: A Dhaka court on Sunday sentenced disgraced director of International Leasing and Finance Service Ltd (ILFSL) Proshanto Kumar Halder, also known as PK Halder to 22 years of imprisonment in a case over amassing wealth and money laundering.Thirteen other accused in the case were sentenced to seven years’…
Read More »Default loans of 42 banks increased
Bangladesh Bank report Syed Nasir Hossain: Defaulted loans of the banking sector have increased abnormally. Bangladesh Bank has not been successful in reducing defaulted loans despite various concessions. In the last three months (April-June), out of 61 banks in the country, 42 banks have increased their defaulted loans. In three…
Read More »Reserves falling due to lack of market based dollar rate
Loan interest rate increased again Mahfuz Emran: The International Monetary Fund (IMF) has expressed extreme displeasure over the non-fulfillment of market-based dollar rate conditions. The agency sees it as unrealistic to fix different rates especially for remittances, exports and importers.Even the rate at which Bangladesh Bank sells dollars from reserves…
Read More »Capital market lost Tk 2000cr capital
Since starting US visa ban Staff Correspondent: The stock market has been falling since the news of the US visa ban. The market capitalization of Dhaka Stock Exchange (DSE), the main stock exchange, has decreased by more than Tk 600 crore as the share prices of most companies fell over…
Read More »Tk 23,000 cr returned to banks in two months
Rafiqul Islam Azad The amount of money in people’s hands decreased by about Tk 33,000 crore in the first two months (July-August) of the current fiscal year, while approximately Tk 23,000 crore was deposited in bank accounts during the same period, according to the latest report from the Bangladesh Bank.…
Read More »BB seeks exemption from net reserve condition
Getting 2nd installment of IMF loan Staff Correspondent: Bangladesh Bank officials have sought regulatory relax of the condition for improving the net reserves of foreign currency at $24.46 billion by the end of June 2023. The actual reserve stood at about $18 billion.The International Monetary Fund (IMF) approved a $4.7…
Read More »Taka lost 30pc value in 2-yr against dollar
Mahfuz Emran: A major foreign exchange crunch has emerged in the country, including non-expected product exports, reduced remittance flows and pressure to repay foreign loans.By this, the US currency dollar is continuously strengthening.On the contrary, the value of local currency is weakening.The taka has depreciated by more than 16 percent…
Read More »2nd installment of IMF loan uncertain
Some conditions not fulfilled Zarif Mahmud: The second installment of $4.7 billion IMF loan becomes uncertain due to not compliance of some of the pre-conditions set by the donor agency including the development of forex reserve at $ 24.46 billion, adjustment of fuel oil and power tariff. In the real…
Read More »Hundi or manipulation?
Reasons behind the collapse of remittance Mahfuz Emran: When the country’s dollar crisis is at its peak, expatriate income has collapsed. In the recently departed month of September, the expatriate income came to $134.37 million. In Bangladeshi currency (one dollar is equal to Tk 109.50), the amount is Tk 14,712…
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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 …
