Four top officials of Bangladesh Bank (BB) resigned on Monday after they were found guilty of allowing Salman F Rahman to get USD 30 million from the Export Development Fund (EDF) just a day before former prime minister Sheikh Hasina stepped down and fled the country. One of the deputy governors,
Tag: Central bank
Economists call for budget cuts, central bank tightening
The government should re-examine its budget to trim the outlay by Tk 500 billion through expenditure-plan adjustments. Administrative costs, subsidies and other government spending could be reduced, while bank borrowing should be limited to less than Tk 900 billion, according to economist Dr Ahsan H Mansur. Dr Mansur, executive director of
BB formulates digital payment policies
The central bank has formulated policies to ensure the security of customers and businesses in the process of digital payments for online product and service sales, including procedures for refunds and penalties. If a customer cancels an order after making a digital payment, he or she must be refunded within a
Developing countries need monetary financing
Developing countries have long been told to avoid borrowing from central banks (CBs) to finance government spending. Many have even legislated against CB financing of fiscal expenditure. Central bank fiscal financing Such laws are supposedly needed to curb inflation – below 5%, if not 2% – to accelerate growth. These arrangements have
Stop worshiping central banks
Preoccupied with enhancing their own ‘credibility’ and reputations, central banks (CBs) are again driving the world economy into recession, financial turmoil and debt crises. Wall Street ‘cred’ Most CB governors believe ‘credibility’ is desirable and must be achieved by fighting inflation at any cost. To justify their own more harmful policies, they
SWIFT lays out blueprint for central bank digital currency network
Financial messaging system SWIFT has laid out its blueprint for a global central bank digital currency (CBDC) network following an 8-month experiment on different technologies and currencies. The trial, which involved France and Germany's national central banks as well as global lenders like HSBC, Standard Chartered and UBS, looked at how
Grameenphone, central bank renew agreement to expedite digitization
Aftermaintaining a partnership of thirteen years, Grameenphone, the connectivity partner to Digital Bangladesh, and Bangladesh Bank have renewed their agreement to accelerate digitization further. Under the agreement, Bangladesh Bank will utilize GP Mobility and its innovative ICT solutions while Grameenphone will ensure the best network support to the central bank. On
ShahjalalIslami Bank receives letter of appreciation from central bank
ShahjalalIslami Bank Limited hasreceived a letter of appreciation from Bangladesh Bank for successful loan disbursement under Refinancing Scheme. Abdul Aziz, managing director (Current Charge) of ShahjalalIslami Bank, received the letter from FazleKabir, governor of the Bangladesh Bank,at a ceremony in AN Hamidullah Conference Room in the central bank’s Head Office on
No central bank official involved in question leak: BB
No central bank employee is involved with the recent question paper leak in the recruitment tests for five state-owned banks, says the Bangladesh Bank. The central bank has clarified its stance on the matter through a statement, saying that the media reports on the matter were not entirely true. On November 6,
Banks to continue operating on limited scale until April 28
Banks will continue to opearte on limited scale until April 28 in compliances with the government’s decision to extend the ongoing strict lockdown for one week more, said a fresh circular issued by the central bank on Tuesday. Earlier, Bangladesh Bank directed the banks to operate general transactions from 10 am