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BB

IMF lauds reserve build-up by BB

The International Monetary Fund (IMF) has welcomed the increase in foreign exchange reserves by the Bangladesh Bank (BB). "The accumulation of reserves is considered a central objective of the IMF-supported programme, particularly given that the country continues to face balance of payments pressures," said Thomas Helbling, deputy director of the IMF's Asia and Pacific Department. Responding to a question at a press briefing in Hong Kong on Friday on Asia-Pacific economic developments, he said that the goal ...

BB issues public advisory following media reports

The Bangladesh Bank (BB) has issued a comprehensive public advisory in response to recent reports concerning the intrusion of a huge quantity of counterfeit notes into the country. To this end, the central bank today issued a circular urging the public to exercise greater caution during cash transactions and adhere to guidelines designed to prevent the use of fake currency.
According to the circular, when receiving notes, individuals must properly verify all security characteristics. These features i...

BB scraps mandatory 10pc advance of export earnings

Bangladesh Bank has scrapped the mandatory requirement for exporters to retain 10 per cent of their advance export earnings received from foreign buyers, a move aimed at boosting cash flow and simplifying business operations.
The central bank issued a circular on Thursday, lifting the retention obligation to facilitate the procurement of raw materials, streamline production activities, and simplify the supply of goods.
The new directive, however, includes several safeguards to ensure genuine transactions. ...

Reserve reaches to $25b with record remittance

Foreign currency reserves have crossed US$25 billion mark before the end of March, thanks to a record inflow of remittances this month.

The country's gross reserves have risen to $25.44 billion, according to data released by the Bangladesh Bank (BB) Thursday night.

The surge came after a significant increase in remittance inflows, which reached $2.94 billion in the first 26 days of March, the highest for any month in the country's history. However, as ...

BB sets 27pc loan target for CMSMEs to boost employment

Bangladesh Bank (BB) has introduced a significant policy change to enhance business growth and employment in the Cottage, Micro, Small, and Medium Enterprises (CMSME) sector. Under the new policy, the central bank has mandated that 27 per cent of loans be allocated to the CMSME sector for the next five years.

This initiative was announced during a press conference held at Bangladesh Bank’s headquarters in Motijheel on Monday.

Mustafizur Rahman, Executive Di...

US overtakes UAE as largest source of remittances to B’desh

Bangladeshi expatriates in the United States (US) sent home the highest amount of remittances in February, totalling US$491.26 million, according to data from Bangladesh Bank (BB).

Following the political transition in August, remittance inflows from the US have significantly increased, enabling the country to surpass the United Arab Emirates (UAE), which had long been the leading source of expatriate income.

The UAE ranked second, with expatriates send...
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