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Regulators

Dollar purchase spree goes in vain

The dollar again started to depreciate against the taka from February 26 this year, after a steady run in the previous nine months, despite the fact that Bangladesh Bank in a frantic effort to keep the price of the dollar stable purchased greenbacks worth $3.63 billion from the local banks in this fiscal year. bbThe BB data showed that the dollar depreciated frequently in the month of March as it was quoted at Tk 77.68 to Tk 77.70 on March 20 while it was quoted Tk 77.75 to Tk 77.75 on February 26 this year, reports the New Ag...

IMF too optimistic on growth before big bailouts: Auditor

The International Monetary Fund (IMF) tended to offer overly rosy growth scenarios for countries that were lining up for big loans from the organization, independent auditors said on Tuesday. Optimistic forecasts could allow the IMF to lend billions of dollars to countries such as Greece and Ukraine while still letting the organization comply with its strict standards for debt sustainability, or targets for the ratio of debt to gross domestic product, reports The Daily Star. IMFThe IMF’s biase...

Technology can help reducing financial frauds

The quality of system-generated information affects management’s ability to make appropriate decisions in managing and controlling the entity’s activities and to prepare reliable financial reports. Technology is often the most important enabler of business processes and could help to enhance the credibility of the information in the financial reports. Emphasizing  on technology based business information of the companies, speakers said this at a seminar on ‘Conducting Audit in an Automated Environment’ organized by the Institute of Chartered Accountants of Bangladesh at its auditorium on Wednesday.

All banks to go for real-time settlement next year

Banks will be able to make instant settlement of foreign currency and government securities-related transactions as well as local currency transactions when Bangladesh Bank will introduce the ‘real-time gross settlement’ system by July next year. According to a BB report, the RTGS system will replace the existing deferred net settlement system under which banks settle transactions in 1-2 days. bbThe RTGS is an electronic settlement system where transfer of funds or securities takes place from one bank to another on a real-t...

BB revises forex quota for businessmen

Bangladesh Bank (BB) on Monday revised up the foreign exchange quota for businessmen.  The central bank in a circular said exporters, importers and producers for the local market would be entitled to foreign exchange quota for travel abroad at $400 per diem, subject to limits of $4,000 per trip and $10,000 over a calendar year. bbBesides, exporters will also be entitled to use balances in their foreign currency retention quota account for their business visits abroad. Top two tiers senior level expatriate foreign nationals ...

Exports up 6pc in Feb on garment sales

Bangladesh's exports rose 6.36 percent in February from a year earlier to $2.39 billion, boosted by stronger garment sales, the Export Promotion Bureau said on Monday, as political turmoil eased after an election in January. In the first eight months of the financial year beginning July 1, exports totalled $19.83 billion, up nearly 14 percent from the same period a year ago, the export bureau said. rmgGarment exports rose 9 percent on year to $1.96 billion in February and were up 16.7 percent to $16.7 billion for the eight months. Garmen...
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