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Banking

Decline marked in bank deposit growth in 2013

Growth rate of bank deposits marked nearly 4.0 per cent decline until November in the last calendar year over the corresponding period in the previous year taking its toll on the banks' operating profits, sources said. Bankers and experts, however, have attributed such a fall to a slowdown in trade and business activities amid the prevailing political turmoil. Most of the banks' operating profits dropped in 2013 compared to that of the previous year. Bangladesh BankFresh investment i...

Remittances nearly $ 7b in fiscal first half

The country’s overall remittance reached nearly $7 billion during the first half of the current fiscal (July 2013-June 2014), a central bank official said Monday. remmitanceQuoting provisional data, the Bangladesh Bank (BB) official, who preferred to be unnamed, said "inflow of remittances from Bangladeshis fell by about 9 percent year on year to $6,778.57 million in the first half of 2013-14 fiscal year," Xinhua reported. The official said the flow of inward remittances in the last month was 5.50...

BB opposes proposal to allow PKB for commercial banking

Bangladesh Bank (BB) has rejected a proposal of finance minister AMA Muhith on giving Probashi Kallayan Bank approval to open exchange houses abroad and allowing it to operate partial commercial banking activities to enable the bank serve the Bangladeshi diaspora. The central bank in its opinion said the specialised bank does not comply with the mandatory standards stipulated in the banking company act on matters like capital requirement and banking nature to become eligible for commercial banking and banking through exchange houses. The BB last week in a letter to finance ministry cleared its position that cited specific provisions lying in the bank company act on specific issues, a source in the finance ministry said, rep...

Current account surplus dwindling due to remittance fall

The country’s current account surplus is decreasing which, economists believe, is the result of a fall in the inflow of remittance earnings. The current account balance - a broad measure of trade, services and investment flows - recorded a surplus of US$701 million during July-October in 2013, down by $20 million from that of the corresponding period of last fiscal year. current accntMany economists said it might deteriorate further in the days ahead due to restive politics...

National Bank of Pakistan facing heavy losses in Bangladesh

The National Bank of Pakistan is feared in its Bangladesh operation as the bank has sustained Rs 12 billion in losses, which, according to initial findings of bank’s Board of Directors (BoD), is a result of “lax management”, forcing the BoD to order an inquiry as it tries to minimise the damages. After administrative and financial deterioration in the state-owned bank, the State Bank of Pakistan has also sought an action plan including measures to handle credit losses in Bangladesh from the newly constituted BoD, according to official documents. NBPThrough its...

Forex reserves hit record $ 18.07b in December

The forex reserves of the country rose to a record $18.07 billion at the end of December from $17.11 billion in November, the central bank said on Wednesday, thanks to rising garment exports. The reserves are enough to cover six months of imports, and were up from $12.75 billion a year earlier. Rising exports, a slow pace of imports and steady remittances from Bangladeshis working overseas have helped build reserves, the central bank said. rmg Bangladesh’s exports from July to November, the first five months of the financial year, rose an annual 18 percent to $11.96 billion, boosted by stronger clothing sales, figures f...