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economy

AML guidelines for co-operative societies

Bangladesh Bank (BB) has issued an anti-money laundering (AML) guidelines for co-operative societies to help combat money laundering and terror financing. Issuing the guidelines on October 7, the central bank asked all the co-operative societies to follow it accordingly to keep their activities and services protected from the risks of money laundering and terror financing. bangladesh_bankThe guidelines suggested all the co-operative societies to set up a central compliance unit or contact point under the direct supervision of the head o...

No loans for packaging sans using jute sacks

Producers and traders of six essential goods will not get loans from bank if they fail to use jute sacks as directed by the government, Bangladesh Bank (BB) said today. The central bank in a circular said before approving fresh loan or renew the existing ones all bbbanks should make sure that their clients who produce or trade paddy, rice, sugar, wheat, maze and fertilizers use jute sacks for packaging. BB said that the directive was issued in-line with the government's decision of making use of jute sacks and bags mandatory to package paddy, rice, sugar, wheat...

Cabinet endorses partisan local govt polls

The Cabinet on Monday approved drafts seeking amendments to four laws and framing of an ordinance, aiming at holding local government elections on partisan basis, through party nomination and symbol. The decision, subject to the vetting of the law ministry, was taken at the regular weekly meeting gov1of the Cabinet held at Bangladesh Secretariat with prime minister Sheikh Hasina in the chair. With such proposed amendments to the laws, the nominated candidates of different political parties registered with the Election Commission or independent candidates wi...

Navy-Air force seeks permission to set up commercial bank

Bangladesh Navy and Air Force have sought permission from the government to start a commercial bank. Navy chief Vice Admiral Muhammad Farid Habib in a letter to the Prime Minister has asked for approval for the proposed Maritime Bank Ltd. BN-450x251He also said this is expected to ‘further facilitate’ financial services for those serving the Navy and the Air Force. The Air Force and Navy will be partners in the venture. The Navy wants to operate the bank through its commercial arm Nou Kalyan Foundation. A formal proposal will be submitt...

WB to scale up funding in Bangladesh

The World Bank (WB) most likely will scale up its funding to Bangladesh, with pleading new financing commitments amounting to $1.9 billion for the current 2015-16 financial year (FY16). Referring to a meeting between finance minister Abul Maal Abdul Muhith and WB senior vice wbpresident Kyle Peters, the multi-donor agency in a press release issued here today (Sunday) said the agenda of the meeting included discussion on the WB's growing portfolio in Bangladesh. The meeting was held on the sidelines of the IMF-WB annual meeting held in Lima, Peru on Saturday where...

UK alerts possibility of more attacks on Westerners

The United Kingdom (UK) has alerted Bangladesh on the possibility of more attacks on westerners, and added that these attacks could be ‘indiscriminate’ in nature. [caption id="attachment_20006" align="alignright" width="540"]Cesare Tavella, the Italian national was shot thrice, post-mortem report says. Photo: Collected Cesare Tavella, the Italian national was shot thrice, post-mortem report says. Photo: Collected[/caption] The Bangladesh Government has, meanwhile, assured Dhaka-based diplomats about their safety. Home Minister Asaduzzaman Khan Kamal was qu...
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