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Economy

BB unveils 2-phase refund plan

Bangladesh Bank has laid out a clear two-phase mechanism for depositors of five merging Shariah-based banks to recover their funds, prioritising small savers and ensuring the security of all deposits as the banks are consolidated into a single new entity.
Governor Dr Ahsan H Mansur provided the assurance to UNB on Thursday, urging depositors to have ‘nothing to worry about’ as the central bank is committed to safeguarding their money.

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Five-bank merger to create strongest financial entity

Bangladesh Bank (BB) Governor Ahsan H Mansur today said that the central bank has officially initiated a significant resolution process involving five commercial banks, marking the commencement of a planned merger intended to strengthen the country's banking system.

“The five institutions in question have been deemed non-viable, having concluded that they can no longer function effectively or maintain capacity,” he said. Formal letters regarding the resolution were issued to the company secretaries of the respec...

Remittance rises by 7pc in October

Expatriate Bangladeshis sent US$2.56 billion in remittances in October, which was around 7 per cent higher than the corresponding month of the previous year.

The wage earners sent $2.39 billion in remittances to the country in October 2024.
Talking to BSS, industry insiders observed that Bangladesh has been witnessing a growing trend in remittance inflows since December of last year due to multiple factors. The factors include a narrowing gap between official and informal excha...

Govt to transform SME sector into key economic driver

The government has undertaken a series of initiatives to transform the country's Small and Medium Enterprise (SME) sector into a major driving force of the economy.
[caption id="attachment_34359" align="alignleft" width="1440"] The meetings were attended by Lutfey Siddiqi, CA's Special Envoy for International Affairs and Chair of the Committee, Dr Ahsan H. Mansur, Governor of Bangladesh Bank, Md Abdur Rahman Khan, Chairman of the NBR, on 9 October. Photo: GOB Facebook Page[/caption]
Over the past few m...

Sign of recovery in economy amid forex reserve rebound

Bangladesh’s economy is showing signs of steady recovery and growing confidence, marked by a significant rebound in foreign exchange reserves and an unprecedented surge in remittance inflows.
This consistent improvement suggests improved external sector stability, easing pressure on the balance of payments, and the effectiveness of central bank policies aimed at maintaining exchange rate stability.
Foreign exchange reserves, according to Bangladesh Bank data released Wednesday, currently stand at US$32.15 bil...

Audit uncovers Tk 1.55 lakh crore shortfall

Bangladesh’s banking sector is struggling with a deepening crisis, as the latest independent audit for the June quarter exposes a collective capital shortfall exceeding Tk 1.55 lakh crore. Experts warn that restoring stability and achieving a standardised balance will require significant time and concerted effort. This alarming deficit highlights a growing systemic crisis driven by a dramatic surge in non-performing loans (NPLs) across the industry.
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