Rising deposit rates bring cheers to savers

The interest rates on deposits are on the rise in keeping with lending rates as banks look to woo funds to ride out the liquidity crunch following the withdrawal of the lending rate cap and the hike in the policy rates. Although the central bank initiatives, aimed at making loans costlier to fight the elevated level of inflation, have increased the cost of borrowing, it has started to yield better returns for savers. In September, the weighted average interest rate on deposits stood at 4.52 percent, up from 4.38 percent in June, figures from the central bank showed. It was 4.09 percent in September last year. The call money market has also seen a spike in the interest rate, leading to a rise in deposit rates. The average call money rate was 8.36 percent and the interest rate for the 14-day call money rate was 10.75 percent.

Source: https://www.thedailystar.net/business/news/rising-deposit-rates-bring-cheers-savers-3480521

Summit Communications to fund women’s empowerment project

Summit Communications and Amal Foundation have signed a Memorandum of Understanding (MoU) to introduce ‘Project Poripurna’, a women’s empowerment project aimed at uplifting communities in need. According to the MoU, Summit Communications will fund the project. Through this funding, Summit Communications aspires to catalyse positive change, fostering equality, and creating opportunities that will have a lasting impact on the lives of individuals and communities. Through Project Poripurna, the Amal Foundation aims to create income-generating opportunities for underprivileged women by offering skill development training. This endeavor will not solely be advantageous for the women directly engaged but will also yield positive outcomes for the broader community.

Source: https://today.thefinancialexpress.com.bd/trade-market/summit-communications-to-fund-womens-empowerment-project-1701107986

 Mahiul Islam, Ahmed Rashid promoted to DMD of BRAC Bank

Md Mahiul Islam, head of retail banking, and Ahmed Rashid Joy, head of credit risk management, have been promoted to deputy managing director at BRAC Bank. The promotions will be effective from December 1, 2023. Mr Mahiul Islam joined BRAC Bank as head of retail banking in December 2019. He is a graduate of the Independent University Bangladesh and has over 25 years of banking experience, with more than two decades at Standard Chartered Bank in Bangladesh. Mr Ahmed Rashid Joy joined BRAC Bank as head of credit risk management (CRM) in October 2019. Joy started his banking career as a management trainee with Eastern Bank and has also worked at the IFC, Mutual Trust Bank and IDLC Finance in his 25 years of career. He completed his Masters in Bank Management (MBM) from Bangladesh Institute of Bank Management (BIBM).

Source: https://today.thefinancialexpress.com.bd/stock-corporate/mahiul-islam-ahmed-rashid-promoted-to-dmd-of-brac-bank-1701108760