The central bank has asked the banks to install fake note detecting machine in all the cattle markets approved by the Dhaka City Corporation (DCC).

This is for the second time that such a move has been taken in addition to deployment of adequate security forces in the cattle markets where sacrificial animals will be sold on the occasion of Eid-ul-Azha. The directive was issued to keep a check on the spread of fake notes as culprits dealing with counterfeit notes become active during the festivals every year.

All the commercial banks in assistance with the law enforcing agencies will render the free service round the clock in the city and also across the country, said a BB order issued on Wednesday.

Some 20 cattle markets would be set up in the DCC area for this Eid. The BB has provided 80 scanning machines to the Dhaka Metropolitan Police for cattle markets under the DCC area, 75 for other areas of the country and 25 for the Border Guard Bangladesh (BGB).

Last year, the BB gave 35 machines to police and Rapid Action Battalion (RAB).

Members of the intelligence agencies have already been asked to keep sharp watch on buyers to check payment of fake banknotes after purchasing sacrificial animals.

News: The Daily Independent/Bangladesh/18th-Oct-12

Country’s call money market stays stable ahead of Eid ul Azha and Durga Puja as commercial banks have taken short term measures and that Bangladesh Bank supplied liquid cash in to the market. “We have taken steps through our treasury bill purchase and other means to keep cash flow normal in the market,” said Mohammad Humayn Kabir, deputy director, debt management department of Bangladesh Bank.

The highest call money rate hit 12.50 per cent for non bank institutions on Tuesday. Most deals were settled in between 6 to 12.50 percent. However, weighted call money rates for the banks was 10.18 percent while the previous Tuesday it was 8.72 per cent, said the BB official.

Total turnover in the call money market was Tk 6,453.50 crore on Tuesday while the previous Tuesday it was Tk. 6,909 crore.

State owned commercial banks borrowed the highest amount of money from the call money market. On Tuesday, Agrani Bank’s borrowing stood at Tk. 1,043 crore while Sonali Bank’s Tk 926 crore.

Foreign commercial banks borrowed an amount of Tk 121 crore, while specialised banks 336 crore, private commercial banks Tk 6,408 crore and the non bank institutions borrowed Tk 783 crore respectively.

The banks have also taken steps to keep call money market stable ahead of two top festivals including Durga Puja. The short-term borrowings normally increase before the Eid as demand for cash rises. This year a substantial amount of fresh fund was injected by the BB in to the market, said Shymal Kumar Sadhu, executive of ONE Bank Ltd.

Besides, the central bank is also providing a substantial amount of Tk 200 million in fresh notes to avoid the crisis of funds during religious celebrations.

"The central bank has used different monetary instruments including re-selling agreement (repo) to keep call money market stable before the Eid and Durga Puja," said Md. Abdur Rahim, general manager of Bangladesh Bank, Motijheel Branch.

Moreover, BB has provided fresh fund by purchasing the US dollars from the commercial banks directly to keep the exchange rate of the Bangladesh Taka stable against the green back, Rahim also explained.

BB on Tuesday has provided liquidity supports for banks worth of Tk 10,897.32 crore.  Of the amount, it injected an amount of Tk. 1,863 crore against special repo and Tk 9,034.32 crore against Treasury bonds and bills.

News: The Daily Independent/Bangladesh/18th-Oct-12

AB Bank organised a five-day training programme on ‘international trade, foreign exchange and information technology’ for a visiting delegation of Myanma Economic Bank of Myanmar.

M Wahidul Haque, Chairman of AB Bank inaugurated the training programme which covered important topics on International Trade, Foreign Exchange and Information Technology.

Than Lwin Oo, General Manager, Ms. Tin Nwe Yee and San Aye, Assistant General Managers and Ms. The Su Hlaing, Assistant Manager of Myanma Economic Bank, Myanmar attended the training programme.

News: The Daily Sun/Bangladesh/18th-Oct-12

Md. Shirajul Islam Mollah, Chairman of Prime Bank Limited inaugurates the 124th branch of the bank in Brahmanbaria on Monday. M. Reazul Karim Additional Managing Director and Kanti Kumar Saha, Deputy Managing Director of the bank were also present.

The 124th branch of Prime Bank Limited was opened in Brahmanbaria on Monday.

Md. Shirajul Islam Mollah, Chairman of the bank inaugurated the branch as chief guest, said a press release.

M. Reazul Karim, Additional Managing Director presided over the ceremony, while Kanti Kumar Saha, Deputy Managing Director of the bank delivered the welcome address.

The chairman said Prime Bank has been delivering Islamic banking services along with conventional banking since inception of its operations.

He told the bank has been donating 4 percent of its profits to the Prime Bank Foundation as part of its corporate social responsibilities in the fields of education, health and sports.

News: The Daily Sun/Bangladesh/18th-Oct-12

Bangladesh Bank (BB) has asked the management of all commercial banks operating in the country to check validity and authenticity of IRC (Import Registration Certificate) submitted by businesses before accepting L/Cs .

The central bank authority Tuesday issued a circular in this regard.

“Banks must ensure validity and authenticity of IRC to prevent fraudulence,” reads the circular.

From now on, banks will need to send IRCs to the office of the Comptroller of Import and Export Directorate (CIED) for clearance before accepting L/Cs, according to the circular.

The central bank sources said all head offices, principal offices and authorised dealers of banks were served this circular separately.

Earlier, the office of the CIED had issued a public notice seeking cooperation of commercial banks and their authorised dealers to check IRCs to prevent fraudulence activities.

News: The Daily Sun/Bangladesh/18th-Oct-12