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Banking

New probe panel to review BB 2016 cyber heist

The Cabinet Division has established a six-member committee, led by Law Adviser Asif Nazrul, to reassess the 2016 cyber theft involving Bangladesh Bank’s reserves.

A gazette notification, signed by Mohammad Khaled Rahim, Additional Secretary of the Cabinet Division, was issued on Wednesday (12 March).

The committee comprises Muhammad Fouzul Kab...

Govt debt strategy reduces central bank borrowing by 40pc

Government borrowing from commercial banks has risen by 74% in the current financial year, driven largely by sluggish private sector credit growth and a strategic move to reduce its debt to the central bank under a contractionary monetary policy.

According to data from Bangladesh Bank, the government secured Tk78,832 crore from commercial banks through the issuance of Treasury bills and bonds between July and 20 February, compared to Tk45,231 crore in the same period the previous year. Currently, the government's total outstanding borrowing from commercial banks amounts to Tk3.97 lakh crore.

BB cuts daily CRR, month-end ratio unchanged

The central bank has decided to ease the daily cash reserve ratio (CRR) requirement for commercial banks, providing them with some relief amid ongoing liquidity constraints, according to officials.

Under this decision, Bangladesh Bank (BB), the country's central bank, has reduced the daily CRR maintenance requirement by 50 basis points, lowering it from the current 3.50 per cent to...

BB ready to ensure enhanced cash flow

Chief Adviser Dr Muhammad Yunus on Monday assured that Bangladesh Bank is fully prepared to ensure enhanced cash flow to banks across the country, enabling depositors to access their funds without hindrance. “No bank has been closed, and even the weakest institutions have been stabilised,” he said in his Victory Day address to the nation. Dr Yunus said that confidence and discipline are being steadily restored in the banking system, and announced that previous restrictions on cash withdrawals have been lifted, signalling a rob...

Restrictions on 6 S Alam-controlled banks in disbursing loans

Bangladesh Bank (BB) imposed restrictions on six banks under the control of the S Alam Group in giving loans and prohibited opening Letter of Credits (LCs) for import. Now the banks will have to take permission from BB in case of distributing loans amounting over Tk 50 million. The banks are - Islami Bank, Social Islami Bank, First Security Islami Bank, Union Bank, Global Islami Bank and Bangladesh Commerce Bank.

Cash withdrawal raises to Tk 3 lakh daily limit

Bangladesh Bank (BB) has ordered commercial banks not to allow cash withdrawals of more than Tk 3 lakh per account daily. Earlier, the limit was Tk 2 lakh. The central bank also instructed banks to monitor transactions through cheques and block any suspicious transfer of funds. "Due to security problems in transporting cash to bank branches, please do not allow withdrawals more than Tk 3 lakh in cash during the upcoming week," the Bangladesh Bank informed banks through an SMS on Saturday.
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