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BB launches instant fund transfer system

Bangladesh Bank (BB) launched Real Time Gross Settlement (RTGS) with 55 banks today. “Introduction of RTGS would enable instant transfer of funds between banks and institutions,” said Governor Atiur Rahman at the inauguration of the service at the BB headquarters in Dhaka. bbInitially 5,000 branches of 55 banks will be able to render the service to its customers. Rahman said the system will have a substantial impact on current operations in the banks, particularly in the area of treasury, payment division, corporate banking and cash management. RTGS facil...

Doing business in Bangladesh slips 2 notches

Getting electricity, registering property and enforcing contracts are the worst issues in doing business in Bangladesh, according to the World Bank’s ranking. Its latest report on doing business has placed Bangladesh at 174th position among 189 economies around the world. The country is at the bottom in accessing electricity (189th) and enforcing contract (188th) and also ranks poorly at 185th position in registering property, said the global agency’s “Doing Business-DirectoryBusiness 2...

China close to join IMF’s Reserve Currency Basket

Special Drawing Rights (SDR) plays an important role in the global financial system. Technically it constitutes an international reserve asset that helps maintain balance between countries with big external liabilities and those flush with cash. In practice, they are more marginal, as countries largely rely on capital markets and hard currencies to cover their obligations, according to the editorial of the current (July-September 2015 issue) News Bulletin of International Chamber of Commerce-Bangladesh (ICCB) released today. The International Monetary Fund (IMF) will consider including China’s currency (known alternately as the Yuan/ Renminbi/ RMB) in the basket of currencies that make up its Special

Cheap, off-the-shelf tech cuts climate losses in BD

Every day without fail Munsheer Suleiman, 69, follows the same ritual. He dips a small cup into the stream that flows through his village of Chenchuri, about 300 kilometers (186 miles) southwest of Dhaka, Bangladesh, and uses a light blue salinity monitor to measure the salt level in the water. If Suleiman, who heads the village water-operating committee, is unable to take the measurements, he makes sure someone does it on his behalf. The reading is essential to the health of Chenchuri’s crops, telling the community if the water is safe to use that day. [caption id="attachment_20482" align="alignleft" width="650"]

BB signs MoU with RBI on information exchange

Bangladesh Bank (BB) has signed a memorandum of understanding (MoU) with the Reserve Bank of India (RBI) for exchange of supervisory information. “The Reserve Bank of India, today, signed the Memorandum of Understanding (MoU) on bbSupervisory Cooperation and Exchange of Supervisory Information with the Bangladesh Bank, Peoples Republic of Bangladesh,” RBI said in a release. RBI has entered into Memorandam of Understanding, Letter for Supervisory Co-operation and Statement of Co-operation with supervisors of a few countries to promote greater cooperation and sha...

Inclusive polls required for effective parliament

Transparency International Bangladesh (TIB) on Sunday emphasised holding an inclusive and credible election to make parliament effective as the last parliamentary election was a “controversial one”. “Definitely, the January-5 election was a controversial one. When a fresh election will be held without controversy, then no one will say the election is controversial,” TIB executive director Iftekharuzzaman told a press conference at his office. TIBTIB organised the press conference to unveil Parliament Watch report on 10th national parliament (2...
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