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$ 500m fund for manufacturing

The central bank will set up $500 million of funding for the country’s manufacturers, in an effort to stimulate economic growth, the head of the bank said on Thursday. The money will be split between two funds, one aimed at manufacturing in general, the second at textiles, including export-oriented ready-made garment factories. Garments are a key foreign-exchange earner for Bangladesh. The country’s low wages and duty-free access to Western markets have helped make it the world’s second-largest apparel exporter after China. bb-logo“Two new support...

Safety, sanitation crisis swell up girls’ dropout

Lack of social safety, sanitation, prevalence of child marriage and labour hinder children from continuing their education in Bangladesh. The observation came at the launching ceremony of policy briefs on child marriage, child marriage and out-of-school children in Dhaka on Wednesday. education2222The policy brief revealed that out-of-school children were found in almost all districts, with the highest concentration in Bandarban, Sunamganj, Bhola, Netrokona and Cox’s Bazar and the lowest in Jhalokati, Barguna, Pirojpur, Feni and Jessore. ...

BB to keep conventional, Islamic banks separate

Bangladesh will keep conventional and Islamic banks operating separately from each other because of concern about possible violations of sharia principles, although the decision is not permanent, the central bank’s deputy governor told Reuters. The central bank will not approve applications by conventional banks to convert themselves bb-logointo Islamic ones and is barring the use of Islamic windows, which let conventional banks offer Islamic financial services provided client money is segregated. “It is our observation that it created complications ...

Monetary policy kept unchanged

The monetary policy for the first half of the current fiscal year has been announced keeping its rates unchanged. The repo and reverse repo rates remain at 7.25 percent and 5.25 percent respectively as they were in the previous monetary policy. “[But] BB will have no hesitation in considering easing of the repo and reverse repo policy interest rates to appropriate extent immediately as headline point-to-point and core CPI taka-bundleinflation assume clear downward edging turn,” said Bangladesh Bank Governor Dr Atiur Rahman at a programme on the ...

Incredible $ 15.31b remittance in 2015 fiscal

A total of 9.4 million Bangladeshi migrants are toiling in various parts of the globe and sending their hard-earned money back home. The fruits of their hard-work are paying off as an incredible $15.31 billion in remittance was received in fiscal 2015 - the highest in the country’s history. BD-workforce in KSAAlthough total migration has declined by 30% in 2014 compared to 2012, the number of Bangladeshi female migrants has been on the rise despite global economic slump. One country which stands out in terms of employment of...

Banks’ profit eroded by bad loans

A Financial Stability Report for 2014 has been released by the Bangladesh Bank, the nation’s central bank, and a key outcome of it is that high non-performing loans (NPLs) eroded the earnings of banks last year. The report says that return on asset and return on equity, the two major indicators used to measure a bank’s profitability, decreased by 20 and 260 basis points to 0.7 and 8.1 percent respectively from a year ago. The rise in NPLs last year forced banks to set aside a major portion of their profits for bb-logoprovisioning, the Daily Star quot...
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