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Banking

New instructions for existing bank credit

Bangladesh Bank (BB) on Wednesday issued new instructions for banks to avoid the increasing trend of lending rate. “Banks can’t increase the rate of interest if the rate is fixed. In case of flexible, variable or bbfloating interest rate, banks can increase the rate once in a year,” said a BB circular issued Wednesday. For increasing the interest rate, the circular said, banks will have to issue notice to the borrowers at least three months ago. In case of term loans, banks can increase the lending rate by 0.50 percent each time. But,...

Eid notes from June 3

Bangladesh Bank (BB) will release new currency notes for Taka 10, 20, 50 and Taka 100 in the market ahead of Eid-ul-Fitr from June 3. The new notes will be distributed from all branches of Bangladesh Bank across the country every day until June 14, said a press release here today. call moneyThe new notes distribution will remain closed in the government holidays, the release added. The notes will also be distributed from Jatrabari Branch of the National Bank, Abdul Ghoni Road Corporate Branch of the Janata Bank, Elep...

Bank Asia inks deal with Nathan Associate

Bank Asia and Nathan Associate London Limited, an authorized agent of Department for International Development (DFID) signed a grant contract to support the financial inclusion CHALLENGE FUNDwith capacity building of smallholders and the emergence of thriving communities in which farmers flourish with additional income, recycling it and capturing value added within the immediate and extended community under a project “Growing Together”. Mr. Md. Arfan Ali, President and Managing Director of Bank Asia and Mr. Bud...

BD eyes settlement in $ 66m cyber heist

An Ecuadorian bank and Wells Fargo have reached an out-of-court settlement over a 2015 cyber heist, providing a possible precedent for the Bangladesh central bank’s planned suit to recover $66 million still lost in one of the world’s biggest such cases. A suit by Ecuador’s Banco del Austro against Wells Fargo & Co (WFC.N) was quietly settled in February, less than a month before a trial date was set, and the U.S. district court in Manhattan sealed all discussions, according to court documents. No other major media has reported the settlement.

Challenges in achieving higher growth

Bangladesh faces formidable challenges in moving to a higher growth path of 8 percent plus GDP to become a middle income country. The foremost challenge lies with the stagnant private investment followed by weak institutional capacity to implement development projects. To achieve its goal of middle-income country status by 2021 and to accelerate inclusive growth as well as reduce poverty and income inequality, the country will require a substantial increase in yearly investments from 29.0% of GDP in FY2015 to 34.4% of GDP by FY2020, said ICC Bangladesh President Mahbubur Rahman while presenting the Executive Board Report at the ICC Bangladesh Annual Council held in Dhaka on Thursday (25 May). Bangladesh economy embraces 2017 with some other challenges that include declining remittanc...

WB forecasts 6.4pc growth in 2018 for Bangladesh

South Asia remains the fastest-growing region in the world with Bangladesh sustaining growth at 6.8 percent in 2017, gradually widening its lead relative to East Asia, according to a latest report of World Bank. Regional GDP growth of South Asia is expected to rise from 6.7 percent in 2016 to 6.8 percent in 2017, and 7.1 percent in 2018, according to the report. rmgbdThe economy of Bangladesh, the WB report said, has weathered global uncertainties well aided by strengthening investment and a recovery of exports. For Bangla...
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