Islami Bank violates Shariah rules to borrow from BB

The Islami Bank Bangladesh Ltd. (IBBL) has borrowed Tk 8,000 crore from Bangladesh Bank (BB) violating the Shariah rules to tackle liquidity crisis. BB sources said the IBBL has been suffering from liquidity crisis for quite few months after dubious lending to some ghost companies with fake addresses. The bank also failed

BB creates Tk 10,000cr export facilitation fund

Bangladesh Bank (BB) has created an export facilitation fund of Taka 10,000 crore to support export-oriented firms. Under the fund, an exporter will be allowed to take a loan of a maximum of Taka 200 crore from the fund, which is a pre-finance scheme by nature, according to a BB circular. As

BB asks for actions by BASIC Bank to recover default loans

Bangladesh Bank has asked troubled BASIC Bank to make an action plan for the recovery of default loans and the funds that went out through lending irregularities. Central bank spokesman Mezbaul Haque said on Wednesday that Governor Abdur Rouf Talukder sat with the chairman, the managing director and other top executives

BB cuts banks’ power to waive interest on loans

Bangladesh Bank (BB) has curtailed the powers of the banks' board of directors to waive interest on loans without consultations with the relevant departments, while allowing mobile financial service (MFS) providers to repatriate export income and inward remittances. The central bank's directive came through two circulars issued separately by the

Forex rate stable as BB tightens grip

Bangladesh Bank's move to curb foreign currency spending has resulted in stability in the market after a jump in hiking exchange rate over the last four months.   Through several regulatory measures against some banks and money exchange houses, the volatile forex market is seemingly stable now. Banks' and kerb market's

Default loans of NBFIs rise 54.29pc

Default loans of Non-Bank Financial Institutions (NBFIs) rose 54.29 percent to Tk 15.936.42 crore in three months to June, 2022 compared to the same period last year, official sources said.   The total amount of default loans of NBFIs was 23 percent of the total loans disbursed, according to the latest

bKash honoured by BB, DNCC

Bangladesh Bank (BB) and Dhaka North City Corporation (DNCC) have honored bKash for contribution as payment partner to the ‘Smart Bangladesh, Smart Haat’ during Eid-ul-Azha in six cattle markets of DNCC area, a press release said Thursday.  DNCC Mayor Atiqul Islam handed over a crest to Major General Sheikh Md.

Banks miss disbursement target for CMSMEs stimulus loans

Despite the central bank's priority, banks have failed to achieve the stimulus loans (phase-2) disbursement target among cottage, micro, small and medium entrepreneurs (CMSMEs).   According to the latest report of BB, banks have disbursed Tk14,746 crore against the target of Tk 19,340 crore for FY22, which is 73.77 per cent

BB raises agri-lending target by 8.88pc

Bangladesh Bank (BB) has raised the agriculture and rural loan disbursement target by 8.88 percent to Tk 30,911 crore for the current 2022-23 financial year (FY23). The disbursement target for the immediate past 2021-22 fiscal year (FY22) was Tk 28,391 crore, said a BB press release issued Thursday. Considering the increased demand