Bangladesh Bank on Monday said authorised dealer branches of the scheduled banks would not need to take prior approval from the central bank to remit foreign exchange as maintenance fees for proprietary and specialised software to service providers abroad.
To this end, the BB issued a circular to the AD branches of all banks saying that they (AD) would have to take approval from the central bank when they would remit foreign exchange to purchase software but no prior approval would be required in case of maintenance fees.
A BB official told New Age on Monday that the central bank had taken the initiative as part of its liberalisation programme of the country’s foreign exchange regulation.
Due to the latest initiative, the AD branches would not be required to take prior approval from the BB to remit foreign exchange abroad against maintenance fees for their clients’ software.
Bank of England warns on house price ‘correction’
Bank of England has given a stark warning that the recent surge in house prices could end in a crash, reports BBC.
Sir Jon Cunliffe, one of the Bank’s deputy governors, said it would be “dangerous to ignore the momentum that has built up in the housing market”.
He also warned about a possible “sharp correction, with negative equity and an overhang of debt for many households”.
His comments came amid reports that the UK’s most expensive flat ever has been sold for £140m.
Sir Jon, who has responsibility for financial stability, predicted that house prices would continue to rise for some time.
Earlier this week the Nationwide Building Society said prices had grown by 10.9% over the past year, the highest inflation rate for seven years.
Sir Jon suggested that the Bank’s Financial Policy Committee (FPC) may have to recommend action within the next couple of months.
“Whether and how to act further if, following the pause of the last couple of months, momentum continues to build, will be the most challenging judgement the FPC will have to take in the coming months,” he told an audience in London.
He said the recent new rules on mortgage lending – known as the Mortgage Market Review- may help to constrain house prices, but “they have not yet been tested”.
Options the Bank could now consider include limiting borrowing ratios, or forcing banks to hold more capital as security against loans.
Support for mortgages through the government’s Funding for Lending Scheme (FLS) was already withdrawn in January.
BB asks NBFIs to follow HC order on Bangla
Bangladesh Bank on Monday asked non-bank financial institutions to follow Bangladesh Supreme Court order to ensure use of the state language Bangla in all its advertisements, vehicles registration plates and signboards.
To this end, the BB issued a circular to managing directors and
chief executive officers of all the NBFIs asking them to implement the Supreme Court order regarding use of Bangla.
On February 17, 2014, the High Court directed the government to take necessary steps on using the
state language in all the advertisements of electronic media, vehicles
registration plates and signboards of the country.
A BB official told New Age on Monday that the central bank would issue the same direction for the scheduled banks in the next few days.
MAINTENANCE FEE FOR SOFTWARE: Banks require no prior BB nod to send forex to service
BB allows students going abroad to carry $500
Bangladesh Bank on Monday decided to increase the limit of foreign currency a student can carry while going abroad for studying to $500 from $200.
The BB raised the amount by $300 for every foreign trip by students studying overseas institutions.
To this end, the BB issued a circular to authorised dealer branches of all scheduled banks saying that the students would be able to bear $500 in every foreign tour if he or she conducts his or her study with a foreign educational institution.
A central bank official told
New Age on Monday that the central bank had revised the transit
expenses for students as the previous amount was very tiny in the present context.
The BB in 2009 set the forex limit for students at $200.
The BB earlier doubled foreign exchange quota to $10,000 a year for business travel.
UCB reelects chairman
MA Hashem has recently been reelected as the chairman of United Commercial Bank, the bank said in a statement yesterday.
He is also the chairman of Partex Group, founder life member of NSU Trust and member of NSU Board of Trustees, member of IBAIS university trustee board and former member of the parliament.
He is also an advisor of Janata Insurance Company Ltd and the founder of MA Hashem Degree College, kazirhat, Noakhali.