Bangladesh Bank has sold US dollar at Tk 101 each to banks for the first time, giving indication that it is likely to devalue the local currency to reflect the market reality.

The International Monetary Fund (IMF) has disbursed $476.27 million to Bangladesh as the first instalments of $4.7 billion loan it approved early this week.

Social Islami Bank Ltd (SIBL) today appointed Belal Ahmed as acting chairman for its board of directors after Md Mahbub Ul Alam resigned from the post on January 26.

Social Islami Bank’s Chairman Md Mahbub Ul Alam and Additional Managing Director Abu Reza Md Yeahia resigned from their respective posts last week.

Bangladeshi conglomerates counted Tk 65,000 crore in losses in the last one year because of the fall of the local currency against the US dollar, which made loans costlier amid global economic volatility, a noted economist said today.

The banking sector should go through holistic reforms to strengthen the country’s financial base in order to become an upper middle-income nation by 2031, Asian Development Bank’s Country Director Edimon Ginting said.

Leading non-governmental organisation Buro Bangladesh is going to raise funds of Tk 150 crore by issuing zero coupon bond.

The Bangladesh Securities and Exchange Commission today approved the initial public offering of Trust Islami Life Insurance to raise funds of Tk 16 crore.

The Dhaka Chamber of Commerce & Industry (DCCI) has called for substantial reforms to the Arbitration Act 2001, the Bankruptcy Act 1997 and the Companies Act 1994 in order to attract investments from both local and foreign investors. 

Leading mobile financial service provider bKash has once again been ranked as the number one ‘Employer of Choice’ across all sectors for the third consecutive year, according to the results of the ‘Campus Track Survey B-school: 2022’ conducted by NielsenIQ.

The Bangladesh Bank has ordered private-run National Bank not to disburse more than Tk 10 crore in loans as the lender is going through uncertainties after the resignation of its Managing Director Md Mehmood Husain. 

Reaching the financial inclusion goal would take 200 years for Bangladesh if the country keeps working at the current pace in the area, said Shah Md Ahsan Habib, a professor at the Bangladesh Institute of Bank Management (BIBM), today. 

At least 60 per cent of sub-branches will have to be in areas located outside city corporations and top-tier municipalities, according to a Bangladesh Bank notice today. 

The Bangladesh Bank will commence a campaign tomorrow to popularise an interoperable QR code across the capital city in a move to bring millions of small businesses such as street vendors and lower-income groups under the digital transaction system.

Finance Minister AHM Mustafa Kamal today requested China-led Asian Infrastructure Investment Bank (AIIB) to extend more budget support and ease loan conditions the way the World Bank has done for Bangladesh.

Brac Bank is going to get $100 million from Japan International Cooperation Agency (Jica) and Citibank NA as loan mainly to finance green factory, renewable energy, energy and resource efficiency and efficient waste management.

Sonali Bank has introduced new digital banking services with the aim of bringing technology-based modern banking services to the doorsteps of its clients, especially expatriate Bangladeshis living in any part of the world.

Dhaka Bank recently promoted Akhlaqur Rahman and Sheikh Abdul Bakir to the post of deputy managing directors.

Pubali Bank Limited and the Bangladesh Bank signed an agreement on disbursement of loans under a refinancing scheme worth Tk 5,000 crore for food security of the country.

The government should take proper, visible and fast actions to ensure good governance in the banking sector, said economists yesterday.