CMSMEs get Tk 25,000cr

Bangladesh Bank yesterday unveiled a Tk 25,000 crore refinance scheme for cottage, micro, small and medium enterprises (CMSMEs) in order to increase their access to finances. Borrowers in the CMSME sector will get funds in the form of term loans, whose tenure is more than one year, from the scheme, according to a central bank notice. Considered the backbone of the economy, the CMSME sector is contributing to the country by generating jobs and manufacturing items, cutting Bangladesh’s reliance on imported items. There are 78 lakh such units across the country as per the latest data from the Bangladesh Bureau of Statistics. Under the new scheme, banks and non-bank financial institutions (NBFIs) will receive funds at 2 per cent from the central bank, while CMSME borrowers will get loans at a maximum interest rate of 7 per cent. Lenders will have to distribute at least 75 per cent of the loans among cottage, micro and small enterprises and a maximum of 25 per cent among medium-sized firms. Of the total loans, at least 70 per cent must go to the manufacturing and services sectors and the rest to the trading sector.

Source: https://www.thedailystar.net/business/economy/news/cmsmes-get-tk-25000cr-3074656

Bangladesh Bank instructs to export £20, £50 paper notes by 30 September

The Bangladesh Bank has instructed banks dealing in foreign currency to export £20 and £50 paper notes by 30 September. The Foreign Exchange Policy Department of the central bank issued a circular in this regard Tuesday (19 July). A senior official of Bangladesh Bank said that the decision was taken to export these notes out of the country as the UK central bank announced to withdraw these two notes from the market. Paper £20 and £50 banknotes of Bank of England will no longer be legal tender from September 30, 2022. Banks having stock of such paper notes are advised to export the currencies by the stipulated time frame without fail.

Source: https://www.tbsnews.net/economy/bangladesh-bank-instructs-export-ps20-ps50-paper-notes-30-sept-461166

Prime Bank teams up with Green Delta Insurance

Prime Bank has partnered with Green Delta Insurance Company Limited (GDIC), one of the leading insurance providers in the country, to provide insurance facilities for Prime Bank Car & Home Loan customers. With this partnership, Prime Bank’s Car & Home Loan customers can avail insurance policy to cover the risks of their vehicle or real estate property with ease. ANM Mahfuz, DMD & CBO, Consumer Banking Division, Prime Bank, and Syed Moinuddin Ahmed, Additional Managing Director, GDIC, signed a Memorandum of Understanding (MoU) to this end on behalf of their respective organisations recently.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/prime-bank-teams-up-with-green-delta-insurance-1658249390