Daily Banking News Links 10.01.2019
Streamlining banking sector top priority, says Kamal Banks asked to build business centre vaults on their own WB retains lower GDP growth forecast of 7pc for FY19 Stocks advance further as buying mood sets in BB extends deferred payment facility for unprocessed yarn import BB allows EPZ, EZ units to invest in cos in Bangladesh from FC accounts Bank Company Act to be amended to nab defaulters: minister BB report suggests better watch, risk management
Streamlining banking sector top priority says Kamal
‘NPL recovery at any cost’
Finance Minister AHM Mustafa Kamal said Wednesday one of his priorities would be to straighten out the problems of the country’s banking sector as early as possible.”The sector is getting high priority compared to other sectors under finance ministry. We’re working on to resolve the problems and strengthen the sector,” he said………..
Banks asked to build business centre vaults on their own
Bangladesh Bank has asked banks to ensure foolproof security of vaults at their business centres in rented houses by building vaults on their own instead of engaging owners of the houses in the process.
The central bank issued the instruction on Tuesday as it came to know that many of the banks were asking owners of the rented houses to build vaults, raising fear that there might be lapse in maintaining security benchmarks………
WB retains lower GDP growth forecast of 7pc for FY19
World Bank has retained economic growth projection at 7 per cent for Bangladesh for the current fiscal year (2018-2019) although the new finance minister hoped that the rate would reach near 8.5 per cent.
The multilateral lending agency made the projection in its flagship report ‘Global Economic Prospects: Darkening Skies’ released on Wednesday……………
Stocks advance further as buying mood sets in
Dhaka stocks advanced further on Wednesday with an increased turnover as investors kept injecting funds in the capital market amid calm on the political front after the December 30 national polls, market operators said.
DSEX, the key index of Dhaka Stock Exchange, added 0.48 per cent, or 27.81 points, to close at 5,798.59 points on Wednesday after gaining 115.58 points in the previous session…….
BB extends deferred payment facility for unprocessed yarn import
Bangladesh Bank on Wednesday extended policy facility for the import of unprocessed year to facilitate backward linkage industries by enhancing the deferred payment facility.
At present, industrial raw materials can be imported on six months’ deferred payment for the importers’ own use as per the buyer’s credit facility outlined in paragraph 33(b) of the Guidelines on Foreign Exchange Transaction……
BB allows EPZ, EZ units to invest in cos in Bangladesh from FC accounts
Bangladesh Bank on Wednesday said that type A industrial enterprises operating in export processing zones and economic zones could use the balances held in their foreign currency accounts for purchase of shares of companies in zone areas and outside zone areas in the country…………….
Bank Company Act to be amended to nab defaulters: minister
The government will amend the bank company act to recover the bulging default loans, said Finance Minister AHM Mustafa Kamal.At the end of September, banks’ non-performing loans almost grazed Tk 1 lakh crore — the largest yet in Bangladesh’s 48-year history — raising criticisms that the government has failed to run the financial sector effectively in the past 10 years…………..
BB report suggests better watch, risk management
ABB wants judicial support to lower default loans
The central bank has emphasised improving financial intermediation efficiency by reducing the amount of classified loans in the banking system through better supervision and risk management.
“….improving financial intermediation efficiency by reducing stressed asset in the banking system would require continued improvement in supervision and risk management,” the Bangladesh Bank (BB) said in its latest Bangladesh Bank Quarterly (BBQ) for July-September 2018………….
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