BB allows banks to make drawing arrangements without prior permission
Banks will be allowed to make drawing arrangements with exchange houses abroad without prior permission from the Bangladesh Bank. In this context, banks shall make post facto reports to the Bangladesh Bank with detailed information on the arrangements, said a circular by the Foreign Exchange Policy Department of Bangladesh Bank issued a circular on Wednesday (10 August). In this case, banks need to be satisfied on the basis of licenses issued by competent authorities favoring relevant exchange houses, and conducting extended due diligence. Earlier, the Bangladesh Bank accords banks, on applications, to make drawing arrangements with exchange houses abroad as per policy guidelines of 2007. The new regulations can help banks to go for drawing arrangements without letters from the embassy or high commission and approval from the central bank.
Banks can give up to Tk5cr term loan from CMSME refinance scheme
Banks can now give medium enterprises up to Tk5 crore and Tk2 crore term loans in manufacturing and services sectors respectively from a Tk25,000 crore refinance scheme set up by the central bank. Apart from this, cottage and micro-entrepreneurs will avail of a maximum loan of Tk1 crore in the service sector. At the same time, small entrepreneurs will enjoy the loan facility to the tune of up to Tk3 crore in the manufacturing sector. In a circular on Wednesday, the Bangladesh Bank provided the Cottage, Micro, Small and Medium Enterprises (CMSMEs) with the term loan facility from the refinance scheme it had announced on 19 July for the sector. According to a circular of the central bank’s SME and Special Programmes Department, the three-year fund can be extended if necessary. Under the scheme, banks and financial institutions can charge a maximum of 7% interest from borrowers.
Mahtabur Rahman re-elected as NRB Bank chairman
Mohammed Mahtabur Rahman (Nasir) CIP has been re-elected as the chairman of the Board of Directors of NRB Bank Limited at its 142nd meeting held recently. Mr. Rahman, a seasoned businessman, hails from Sylhet. Born in 1958, he completed his education there itself and pursued with passion his traditional family-owned business, which was established in the holy city of Makkah, Kingdom of Saudi Arabia, in 1970. He is currently the Chairman & Managing Director of Al Haramain Perfumes Gr-oup of Companies.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↑ 535.10||↑ 1.63 %|
|FTSE100||$ 7,507.11||↑ 18.96||↑ 0.25 %|
|Nikkei 225||$ 27,819.33||↓ 180.63||↓ 0.65 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 91.81 ||↓ 0.12||↓ 0.13 %|
|Crude Oil (Brent)||$ 97.30||↓ 0.10||↓ 0.10 %|
|Gold Spot||$ 1,787.04||↓ 5.34||↓ 0.30 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 94.8000|
|GBP 1||BDT 114.7980|
|EUR 1||BDT 97.0425|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<