Bangladesh Bank yesterday took more initiatives, including raising the interest rate on its Export Development Fund (EDF), to ease the ongoing pressure in the country’s foreign exchange market.

The Bangladesh Bank today asked banks to provide clients with required financial services related to the investment of savings bonds and instruments as fast as possible.

The Bangladesh Bank yesterday extended the increased borrowing limit from the Export Development Fund (EDF) for textile millers and garment makers to December 31 this year. 

Bangladesh Bank yesterday substantially relaxed the policy for rescheduling defaulted loans, allowing defaulters to repay term loans over a maximum period of eight years whereas it was previously two years.

The Bangladesh Bank today relaxed the policy for loan rescheduling of defaulted loans grossly, as the defaulters will now get a maximum of eight years to repay term loans instead of the previous two years.

Mutual Trust Bank (MTB) and Trust Axiata Pay (TAP), a mobile financial service of Trust Axiata Digital, recently struck a collaboration agreement under which they launched three services at the former’s head office in Dhaka.

Bangladesh Bank yesterday withdrew the interest rate ceiling on non-resident foreign currency deposits in order to increase supply of the US dollar and arrest the ongoing volatility in the foreign exchange market. 

If media reports are followed closely, it can then be concluded that our banking industry is battling a persisting malady: capital shortfall.     

Eastern Bank Ltd (EBL) was yet again named Bangladesh’s Best Bank by Euromoney, a UK-based monthly magazine focused on business and finance, in its Awards for Excellence 2022 for its timely intra-banking model.

The central bank yesterday beefed up its efforts to increase the supply of US dollars as the foreign exchange market of Bangladesh is facing acute shortages of American greenback amid the yawning gap between imports and exports.   

Bangladesh Commerce Bank recently appointed Md Abdul Kader as its deputy managing director.

The Bangladesh Bank has allowed, for the first time, the domestic banks to borrow from their offshore banking operations, to settle the import payments of capital machinery, industrial raw materials and imports made by the government.

Bangladesh Bank has asked banks to encash 50 per cent of the balance held in exporters’ retention quota (ERQ) accounts immediately and revised downwards the limit.

The exchange rate of the taka stood at Tk 93.95 per dollar today in contrast to Tk 92.45 on Tuesday.

Meghna Bank Limited recently signed an agreement with Nagad so that the bank’s customers can directly send money from their accounts to a beneficiary account of the mobile financial service brand operating under Bangladesh Post Office.

United Commercial Bank formed a new board of directors through a meeting at its corporate office on Wednesday.  

The ongoing strain on Bangladesh’s foreign exchange market and the growing demand for cash ahead of Eid-ul-Azha sent the inter-bank call money rate to at least a six-year high yesterday. 

In an effort to keep the foreign exchange reserves stable, the Bangladesh Bank yesterday asked banks to take up to 100 per cent of import payments in advances from businesses while opening letters of credit (LCs) for luxury and non-essential items. 

The Bangladesh Bank today asked banks to take up to 100 per cent of import payments in advances from businesses while opening letters of credit (LCs) for luxury and non-essential items, in an effort to keep the foreign exchange reserves stable.

IPDC Finance Limited has recently been recognised in the “Sustainability Rating” by Bangladesh Bank for 2021.