Bangladesh expands offshore banking in hunt for forex

Offshore banking is increasingly becoming a key window for banks in Bangladesh to facilitate investments and international trade by attracting deposits in foreign currencies. Industry people say offshore banking can even play a crucial role in mitigating the persisting foreign currency crisis in the country by extending liquidity support and stabilising the local currency. The central bank has allowed domestic banking units to receive funds from OBOs up to 40 percent of their regulatory capital to settle payment obligations. Currently, about 40 banks have offshore units. At the end of September, the total outstanding loans of OBUs stood at Tk 83,826 crore.

Source: https://www.thedailystar.net/business/news/bangladesh-expands-offshore-banking-hunt-forex-3610946

Bangladesh targets $110b export by FY’27

The country’s semiconductor sector can be a $10 billion industry by 2041, State Minister for Posts, Telecommunications and Information Technology Zunaid Ahmed Palak said on 15th May. the year 2041 has been set as the target, keeping in line with the government’s commitment to transforming the nation into a developed and sustainable one, as outlined in its “Smart Bangladesh Vision 2041.”  The government also wants to position Bangladesh as an upper middle income country by 2031 and a developed country by 2041. The state minister said the government wants to produce some 50,000 chip designers in the country to let the design industry flourish. He also hoped for fiscal allocation for the potential sector.

Source: https://www.tbsnews.net/economy/semiconductor-sector-can-be-10b-industry-2041-palak-852111

EBL, US State Department to jointly work on climate change adaptation

Eastern Bank (EBL) and the US Department of State have signed an agreement to collaborate on the ‘EBL Climate Change Adaptation Award’. This annual award will recognise and celebrate best practices by Bangladeshi corporations, manufacturers, NGOs and climate activists for their leadership in implementing climate change adaptation projects and initiatives. The agreement was signed on Wednesday at the EMK Center in Dhaka by visiting Assistant Secretary of State for South and Central Asian Affairs Donald Lu and EBL’s Acting Managing Director Ahmed Shaheen. The award programme encompasses a wide range of sectors and themes, including renewable energy, water conservation, sustainable agriculture, urban resilience, biodiversity protection and disaster preparedness.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/ebl-us-state-dept-to-jointly-work-on-climate-change-adaptation-1715789183

Mr. K A R Mostafa Kamal new DMD of IFIC Bank

Mr. K A R M Mostafa Kamal has been appointed deputy managing director and chief human resources & logistics officer of IFIC Bank recently. Mr. Kamal previously served as the bank’s head of Human Resource Management. He joined IFIC Bank in June 2015 as senior executive vice president and head of HR. He began his professional career as a young officer in the Bangladesh Army, where he served for 34 years.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/mostafa-kamal-new-dmd-of-ific-bank-1715789205

Southeast Bank distributes special CSR fund

Southeast Bank distributed its special CSR fund to farmers for crop cultivation and the purchase of farming machinery. Mr. Nuruddin Md Sadeque Hossain, managing director of Southeast Bank, presented financial assistance to grassroots farmers from across the country at the bank’s head office. POPI, a non-governmental development organisation, facilitated the distribution of the funds to the farmers.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/southeast-bank-distributes-special-csr-fund-1715789287