Buyers’ credit rises to USD 4.45 billion

The buyers’ credit in the country’s business sector increased by 17.8% to USD 4.45 billion as of June 30, 2016 from USD 3.78 billion as of June 30, 2015 as the local importers are allowed to take the foreign loans with a lower rate of interest. Bangladesh Bank officials and an economist said that the increased trend in the buyers’ credit would create a risky situation in the financial sector as it would become a burden for the country. Besides, the country has to pay a large amount of interest to the foreign banks and offshore banking units of Bangladeshi banks against the buyers’ credit taken by the local importers. According to the BB rules, the importers are now allowed to take buyers’ credit to import capital machinery and industrial raw materials. The importers usually take the external credit within the range of 5.0% interest rate. The BB data showed that the buyers’ credit increased almost in every month in last one year as it stood at USD 4.22 billion in May, USD 3.89 billion in April, USD 3.81 billion in March, USD 3.70 billion in February, USD 3.80 billion in January of 2016, USD 3.85 billion in December, USD 3.73 billion in November, USD 3.76 billion in October, USD 3.63 billion in September, USD 3.56 billion in August and USD 3.55 billion in July of 2015. The overdue position in the buyers’ credit in last three months stood at USD 10.22 million in June, USD 9.04 million in May and USD 10.11 million in April.

Source: http://newagebd.net/244256/buyers-credit-rises-4-45b/c

BSEC hands over BDT 610.0 million to public exchequer

The Bangladesh Securities and Exchange Commission (BSEC) on Wednesday handed over BDT 610.4 million to the public exchequer as government share of beneficiary account maintenance fee for the fiscal year 2015-16. The commission got the money from the Central Depository Bangladesh Ltd (CDBL), says a press release. Commission chairman Dr M Khairul Hossain handed over the money through three challans to finance minister AMA Muhith at latter’s secretariat office.

Source: http://print.thefinancialexpress-bd.com/2016/08/04/148120

Citi named best bank for transaction services in Asia

Citi on Wednesday announced that it has been named “Best Bank for Transaction Services” in Asia by Euromoney magazine in the 25th edition of their Awards for Excellence program. In their citation for the award, Euromoney commended Citi for its “enthusiastic tide of innovation and ideas”. It singled out the Treasury and Trade Solutions’ innovation lab in Singapore for demonstrating that “its brainy ideas can hit critical mass” and pointed out that “the staid world of cash and trade is enlivened now by discussions of robotics, predictive analytics, distributed ledger technologies and digital identity solutions”. Euromoney also highlighted that Citi is doing the basics right – “Greenwich surveys put Citi in front for domestic and international cash management in the region, while from a bottom-line perspective an impressive level of cross-selling success has helped the transaction services business hit nine consecutive quarters of year-on-year revenue growth, and 10 of margin growth.” Some of the other achievements highlighted by Euromoney include the CitiDirect BE mobile solution, which saw $425 billion transactions in Asia and $130 billion in India, as well as the liquidity management team growing cross-border structures by 180% year-on-year during the review period.

Source: http://www.daily-sun.com/post/156334

UCB, bKash sign agreement on collection and payment service

United Commercial Bank Limited (UCB) recently signed an agreement with bKash Limited at the Corporate Office of UCB, Dhaka. Under this agreement, UCB will facilitate bKash for their Dristributor’s collection and payment service through UCB branch network under supervision of Corporate Cash Management & Marketing Division of UCB and transmit real time collection information to bKash through online link. Additional Managing Director of UCB M. Shahidul Islam and Chief Financial Officer of bKash Moinuddin Mohammed Rahgir signed the agreement on behalf of their respective organizations.

Source: http://www.daily-sun.com/post/156332

MTB, Well Group sign deal on Payroll banking solution

Mutual Trust Bank Ltd. (MTB) has signed an agreement with Well Group for Payroll Banking solution for the employees of Well Group at MTB Centre in city’s Gulshan Avenue recently. Syed Rafiqul Haq, Deputy Managing Director & Chief Business Officer of Mutual Trust Bank Ltd. (MTB) and Syed Nurul Islam, Chief Executive Officer of Well Group signed the deal on behalf of their organisation. Md. Ikbal Hossan, Assistant General Manager, Accounts & Finance, Abdur Rahman Mahbub, Manager, Corporate Communication of Well Group, Tarek Reaz Khan, Head of SME & Retail Banking, Irfan Islam, Head of Privilege Banking, Sultana Shikder Ahona, Head of Payroll Banking of MTB, and other officials of the both the organisations were also present at the occasion.

Source: http://www.daily-sun.com/post/156332