BB eases rules on encashment of export proceeds
The Bangladesh Bank yesterday eased rules on the encashment of the value-added portion of repatriated export proceeds in order to bring flexibility to trade transactions. On May 29, the central bank asked banks to convert major export earnings of businesses into the taka immediately as it looks to increase the supply of US dollars in the economy. The value-added portion refers to the export proceeds that are available to exporters after their import bills for back-to-back letters of credit have been met.
AD banks can retain value-added amount for fifteen days
All authorized dealer (AD) banks can now retain value-added portion of export proceeds in foreign currency for 15 days, as the central bank bends rules to boost Bangladesh’s forex reserves. The Bangladesh Bank (BB) Wednesday issued a notification to this effect, as the government tries all the ways of propping up the reserves by raising internal funds and borrowing from external sources. Officials say the regulator relaxed its regulation on the encashment of the value-added portion of repatriated export proceeds aiming to bring flexibility to trade transactions. The cash dollar was traded at maximum Tk 108 on the day, unchanged from the previous level, a senior currency trader said. On the other hand, the BB continues to provide its foreign-currency support to scheduled banks for managing the forex-market volatility. It sold $40 million more directly to two stated-owned commercial banks at market rate on Wednesday to help them meet a growing demand for the greenback–as global price rises have led to import-cost escalation with its resultant pressures on reserves of Bangladesh, as also of many other countries.
Khairul Alam elected Chairman of AB Bank
The Board of Directors of AB Bank Limited has elected director Khairul Alam Choudhury as the bank’s Chairman with effect from August 02, 2022. Khairul Alam Choudhury, Barrister-at-Law, joined AB Bank as Director in 2018. He is a practicing lawyer of the Appellate Division of the Supreme Court of Bangladesh. He graduated from University of Wolver Hampton, UK in 2001. Thereafter, he obtained his post-graduation degree from the City University, UK in 2002 and was also called to the Bar from Lincoln’s Inn, London in 2002. Barrister Choudhury is involved in various social and charitable activities.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↑ 416.33||↑ 1.29 %|
|FTSE100||$ 7,445.68||↑ 36.57||↑ 0.49 %|
|Nikkei 225||$ 27,901.70||↑ 159.80||↑ 0.58 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 91.05||↑ 0.39||↑ 0.43 %|
|Crude Oil (Brent)||$ 97.08||↑ 0.30||↑ 0.31 %|
|Gold Spot||$ 1,771.05||↑ 5.76||↑ 0.33 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 94.7000|
|GBP 1||BDT 115.2973|
|EUR 1||BDT 96.2910|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<