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Economy

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 ...

Rana Plaza in world’s top 10 business stories in 2013

Cheap jeans and T-shirts can impose a human cost. That was driven home in April, when a building namely Rana Plaza in Bangladesh that housed garment factories collapsed and killed more than 1,100 people. 

It was an easy year to emulate Warren Buffett even as Congress almost wrecked the economy. U.S. stocks rocketed to new heights, and markets in Japan and Europe jumped, too. The gains enriched investors and defied a still-subpar economic rebound from the Great Recession. Budget fights closed much of the U.S. government for 16 days. Leaked classified documents showed that the National Security Agency collected private onlin...

$ 40m fund for Bangladesh building collapse victims

Prominent retailers and labor groups has created a $40 million fund to aid the families of victims of the garment factory building collapse in Bangaldesh that killed 1,100 people, officials said. The Bangladeshi government, several prominent retailers and labor groups joined together to create the fund to compensate the families of those killed and those injured in the April 24 collapse, the New York Times reported Monday. RMG Rana PlazaThe accident was the deadliest disa...

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...

November exports rise 25pc on garment sales

The country’s exports rose 25 percent in November from a year earlier to $2.2 billion, boosted by stronger clothing sales, an export body said on Sunday, though political unrest ahead next month's election has severely hit manufacturing. In the first five months of the financial year, beginning July 1, exports totaled $11.96 billion, up 18 percent on the same period a year ago, the Export Promotion Bureau said. Garments exports soared 21 percent to $9.65 billion for the five months. [caption id="attachment_2090" align="alignleft" width="300"]Workers sort clothes at a garment factory near the collapsed Rana Plaza... </div><!-- .entry-content --> </article><!-- #post-## --> <div class=

Inter-bank Transaction Matrix to oversee liquidity management

Bangladesh Bank will introduce a monitoring tool named Inter-bank Transaction Matrix from January 2014 to supervise liquidity management of banks and non-bank financial institutions. To this end, the BB issued a circular to managing directors and chief executive officers of all scheduled banks and NBFIs saying that the central bank would give early warning signals to the crises institutions about their liquidity crisis by using the new tool. bbThe BB circular said, ‘Interconnectedness among the ban...
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