Economy improving, say two ministers
While Bangladesh Bank was seeing various challenges looming over the country’s economy, two ministers yesterday said the condition of the economy was improving. “Due to the ongoing global crisis, the foreign exchange reserves are under pressure for legitimate reasons but we have gradually managed to deal with it,” Planning Minister MA Mannan said. “The country seems to have handled the fluctuations of inflation well,” he said while delivering a speech at a meeting of the Executive Committee of the National Economic Council (Ecnec). In its latest policy statement, Bangladesh Bank said the near-term economic outlook seemed to be quite stable but was critically dependent on three external issues. A bumper yield of the current Aman season paddy and the abundance of winter vegetables in the market have played a major role in controlling inflation, according to Mannan. “We hope that the level of inflation will come down further in the near future,” said the minister.
BB raises rates on LTFF loans
Bangladesh Bank has raised the interest rate regarding Long Term Financing Facility (LTFF) under Financial Sector Support Project (FSSP). Foreign Exchange Policy Department of the central bank issued a circular to this effect on Monday. According to the circular, an indicative pricing range of 3.0 to 4.0 per cent would be applicable to the Participating Financial Institutions (PFIs) until further notice. With the enhancement, the following matrix will be applicable: the interest rates at 3.0 per cent, 3.25 per cent and 3.50 per cent will be applicable for banks having CAMELS Rating of 1 (One) for five, seven and ten years respectively. The rates for banks having CAMELS Rating of 2 (Two) will be 3.25 per cent 3.50 per cent and 3.75 per cent for five, seven and ten years respectively. On the other hand, the rates will be 3.50 per cent 3.75 per cent and 4.0 per cent for banks having CAMELS Rating of 3 (Three) for the same periods of time.The revised rates will come into effect from January 01, 2023, and will be applicable for all the existing loans of the LTFF, according to the circular.
Meghna Bank gets new vice-chairman
Imrana Zaman Chowdhury, an entrepreneur, has been elected as vice-chairman of Meghna Bank. Chowdhury, a director of the bank, is also a director of Navana Pharmaceuticals and Lighthouse Navigation, a press release said. She completed her graduation in finance from the Independent University of Bangladesh. Mohammed Mamun Salam, an industrialist, has been elected as chairman of the bank’s executive committee. Salam is a sponsor director and member of the audit committee of the bank. She is also managing director of Salim & Brothers, Salam Apparel, Fashion Craft, Reliance Apparel, Reliance Denim Industries, Reliance Box Industries, Reliance Washing Industries and Four Seasons Resorts.