The country’s foreign exchange reserves are in rapid decline, with growing import payments being one of the main drivers behind this declining trend. Bangladesh Bank sold $3.75 billion from reserves in the first quarter (July-September) of the 2023-24 fiscal, mostly for the purpose of meeting the country’s import liabilities. At the end
Tag: Exchange
Hong Kong halts trading, closes schools post-typhoon
Asian finance hub Hong Kong halted trading at its stock exchange on Monday and closed schools, after Typhoon Koinu generated torrential rainfall overnight. Koinu -- which caused one death in Taiwan last week -- had weakened into a severe tropical storm by Monday, said the Hong Kong Observatory, as it moved
SJIBL relocates its foreign exchange branch
Shahjalal Islami Bank Limited (SJIBL) has relocated its foreign exchange branch at Humayun Court, 21 Mitijheel C/A, Dhaka-1000, a press release said Thursday. Chairman of the Board of Directors of the Bank Mohammed Younus formally inaugurated the relocated Branch as Chief Guest. MD and CEO of the bank M. Shahidul
BB reverts to floating exchange rate as remittances fall
Bangladesh Bank on Thursday withdrew the fixed exchange rate of US dollar for banks allowing the market to decide the rate based on demand and supply. The central bank on Thursday backtracked on its earlier decision after the remittance from expatriates marked a fall and exporters failed to convert their bills