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Banking

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...

Banks show mixed performance last year

The country’s scheduled banks in the just-concluded year showed a mixed performance as some banks posted healthy operating profit while other banks lost their profitability due to business stagnation amid political unrest. A BB official said on the last day of 2013 that the banking sector had faced different types of crisis in the concluded year as the private sector plunged in a debacle due to the frequent violence amid political disputes ahead of the general elections. Bangladesh-banking-sector

Governor for ensuring defense against banking malpractices

Bangladesh Bank (BB) Governor Dr Atiur Rahman has advised all banks to establish defense system against banking malpractices. “A good corporate governance system needs to be in place to reward the worthy and punish the habitual offender. This is the first line of defense against banking malpractices and derelictions of duty,” the governor said delivering his speech at the Nurul Matin Memorial Lecture on ‘Ethics in Banking’ in the capital city. BB governorThe Nurul Matin Memorial Lecture ...

Policy on loan rescheduling relaxed for 6 months

The central bank has relaxed the loan rescheduling policy on a limited scale for the next six months to facilitate financing for the businesses, affected by the ongoing political unrest. Under the relaxations, the Bangladesh Bank (BB) has allowed banks to reschedule loans by fixing their down payment and time limit for repayment on the basis of banker-customer relationship. bbThe commercial banks have also been empowered to restructure their unclassified loans through re-fixing repayment schedule at a reaso...
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