Bangladesh Bank moves to reshape troubled banks

Initiatives are underway to enhance Bangladesh Bank's authority in resolving troubled banks and stabilising the financial sector, officials said. Several weak banks are deteriorating further due to liquidity being tied up with industries linked to the S Alam Group, which has almost defaulted. Bangladesh Bank, the country's central bank, recently disclosed that

Individuals can purchase saving certificates worth Tk45 lakh

Bangladesh Bank (BB) Debt Management Department (DMD) on Tuesday issued a circular clarifying the amendment of the family saving certificate policy. The following paragraph has been substituted for Article 3 of the Family Savings Certificate Policy, 2009: Eligibility for purchasing savings certificates: The central bank said that any Bangladeshi aged 18 and above,

MDs of Bangladesh’s 5 crisis-hit banks sent on forced leave

The Managing Directors (MDs) of five crisis-hit banks have been placed on compulsory leave to facilitate an international audit, as instructed by Bangladesh Bank (BB), officials said. The directive is aimed at shariah-based banks owned by S Alam Group. First Security Islami Bank (FSIB) has already acted on this instruction, sending its

BB acknowledges failures, achievements in financial sector

Bangladesh Bank Governor Dr Ahsan H Mansur said on Sunday that Bangladesh has made significant progress in the development of its financial sector though there have been numerous shortcomings that necessitate a thorough self-assessment. "The banking sector of Bangladesh has progressed a lot. There is no doubt about it. On the

BB lifts 100pc LC margin requirement at 6 banks

Bangladesh Bank has removed the 100 percent margin requirement for opening letters of credit, or LCs, in five Shariah-based banks and one commercial bank. However, other restrictions remain in effect. The central bank announced the decision in a letter sent to the banks on Thursday. The banks include Islami Bank Bangladesh, Social

Bangladesh Bank Governor has assured liquidity crisis resolution for pvt banks: Abdul Awal Mintoo

Prominent businessman Abdul Awal Mintoo today said that Bangladesh Bank Governor has assured private commercial banks of resolving their ongoing liquidity crisis within a short time. “There are various problems in the banking sector. We have discussed these with the central bank governor and sought cooperation. The governor has assured us

BB won’t print new notes to fix financial crisis: Governor

Bangladesh Bank (BB) Governor Dr Ahsan H Mansur today said the central bank will not print any fresh money to lend to the government for solving financial crisis. “Moreover, we will no longer sell dollars from the country's foreign exchange reserves to address the problems in the financial sector. Inflation will