Bank & Finance
Bank & Finance
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…
Read More »BB implements Tk25000 cr loan package for small sector
Staff Correspondent: The small entrepreneurs in the cluster-based manufacturing industries will get 5-year term loans with flexible conditions from the Tk25000 crore special refinance scheme of Bangladesh Bank.The central bank signed a loan deal with 46 banks on Wednesday to implement the scheme to help the cottage and small industries…
Read More »BB seeks to salvage 10 weak banks, start talks
Staff Correspondent: Bangladesh Bank (BB) has opened talks with the managing directors and the chief financial officers of 10 banks to try to finalise deals to save them from collapsing.The move got underway after the central bank’s inspection found severe irregularities, huge defaulted loans, liquidity shortage, mismanagement and distortion of…
Read More »Taka appreciated against dollar
Staff Correspondent: The value of the dollar fell by Tk 10 in the open market. As a result, the value of taka is increasing. The central bank set a maximum profit limit of Tk 1.5 per dollar for money changers. After that, the dollar, which was sold at the rate…
Read More »Money changers can’t profit more than Tk1.5 per dollar: BB
Staff Correspondent: After banks, Bangladesh Bank has set a profit limit for money exchanges in buying and selling dollars at Tk1.5.From now on, the money exchanges will be able to sell dollars at a price Tk1-1.5 higher than the price at which they will buy them.The Money Exchange Association was…
Read More »BB sought illegal money info from Swiss banks
Staff Correspondent: Bangladesh Financial Intelligence Unit (BFIU) repeatedly sought information from different countries including Switzerland about money laundered by Bangladeshis, said Bangladesh Bank (BB).In response to a query yesterday regarding the recent statement of the Swiss Ambassador, Md Serajul Islam, executive director and spokesperson of BB, said, “I have nothing…
Read More »Banks facing historic high default loans
Increased by Tk 26,000cr in a year Mahfuja Mukul: The period of discount given to businessmen in repayment of bank loans has not yet fully expired. In this, the customer is exempted from defaulting even without paying the loan installments. However, the amount of defaulted loans of the banking sector…
Read More »BB recommends using credit cards over cash abroad
Staff Correspondent: The Bangladesh Bank has recommended people to use credit cards instead of cash when travelling abroad in a move to save dollars.Central bank spokesperson Serajul Islam said, “The number of expatriates leaving the country this year, is higher than those coming in, resulting in a decrease in dollar…
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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 …
