Bangladesh, World Bank sign $2.25 billion loan agreement for 5 projects

The World Bank will provide $2.25 billion as a loan to Bangladesh to develop various sectors, including regional trade and connectivity, disaster preparedness and environmental management. Sharifa Khan, secretary of the Economic Relations Division (ERD) and Abdoulaye Seck, Country Director, World Bank in Bangladesh signed the financing agreements on behalf of Bangladesh and the World Bank respectively.

Source: https://www.tbsnews.net/economy/bangladesh-world-bank-sign-225-billion-loan-agreement-5-projects-624898

Non-banks’ directors cannot appoint representative in other non-banks

The directors of non-bank financial institutions (NBFIs) will not be allowed to appoint their representatives as directors to boards of other non-banks, according to a Bangladesh Bank notice issued today. Similarly, the companies, which have already appointed directors at NBFIs, will not be permitted to appoint representative directors to more than one non-bank. In addition, the individuals and companies that have shares with a non-bank will not be able to appoint representative directors to more than one NBFI. A Bangladesh Bank official said some individuals and entities, who have directorship at a non-bank, are now appointing representative directors to several NBFIs in order to control the institutions.

Source: https://www.thedailystar.net/business/news/non-banks-directors-cannot-appoint-representative-other-non-banks-3304941

Dollar rates for remittance, export proceeds raised by Tk1

The exchange rate of dollars for both remitters and exporters has been increased by Tk1. Banks will offer Tk108 per dollar for remittance and Tk106 for export proceeds from Tuesday when the new rate will come into effect. The decision came at a meeting between the Association of Bankers Bangladesh (ABB) and the Bangladesh Foreign Exchange Dealers’ Association (BAFEDA) on Sunday (30 April). As of 21 April, remitters sent $1.27 billion indicating that the earnings may stand below $2 billion for the month.  However, if the rate was high, the remittances would have been as high as $2.5 billion, according to bankers. In September last year, the BAFEDA and ABB, in a joint meeting, decided to fix the dollar rate of remittance and export proceeds at Tk108 and Tk99 respectively.

Source: https://www.tbsnews.net/economy/banking/dollar-rates-remittance-export-proceeds-raised-tk1-624354