Muhammad Ali, MD of SIBL, AMM Farhad, DMD and M Shams-Uddin Ahmed, EVP, Md Tahirul Islam, principal of the SIBL Training Institute pose for photograph at a function in the city recently

Social Islami Bank Limited (SIBL) Training Institute handed over certificates to the participants of ‘Foundation Course in Banking’.

Muhammad Ali, SIBL’s managing director (MD), distributed the certificates at a function at the Bank’s head office in Dhaka recently, says a press release.

AMM Farhad, deputy managing director (DMD) and M Shams-Uddin Ahmed, executive vice president (EVP), were also present at the function chaired by Md Tahirul Islam, principal of the SIBL Training Institute.

The Daily Sun/Bangladesh/ 9th Feb 2012

Bangladesh Bank yesterday refuted the media reports that claimed fake notes worth of Tk 5,000 enter the country's market every day, and one in every three to four notes is fake.

The BB issued a statement following the comments madeby analysts at a roundtable that said the circulation of fake currency is gradually increasing.

"It is not true as it is inconsistent with the reality,” the central bank said in the statement.

The country has a total of Tk 68,000 crore worth of authentic currency in the economy, the banking regulator said, adding that it would be fearful if Tk 5,000 crore worth of fake notes is in circulation out of Tk 68,000 crore.

The regulator yesterday checked the volts of four banks to identify the fake notes. It examined around 9.07 lakh pieces of Tk 100 and Tk 500 notes. But it did not find any fake note.

Prof Abul Barakat, chairman of Janata Bank, said on Monday, “Fake notes worth Tk 5,000 crore, in denomination of Tk 500, are coming into the market everyday and one third or fourth of those notes are fake.”

Abdul Jalil MP, chairman of Mercantile Bank, said the country's economy cannot be a middle-income country or self-reliant until fake notes are wiped out from the market.

The central bank is strictly monitoring to prevent the circulation of fake currencies in the economy, according to the statement.

It said the central bank has already taken a number of measures, including formation of taskforce, visiting volts of commercial banks, strengthening security features and arranging mass awareness against fake notes.

The Daily Sun/Bangladesh/ 9th Feb 2012

Bangladesh Bank yesterday refuted the media reports that claimed fake notes worth of Tk 5,000 enter the country's market every day, and one in every three to four notes is fake.

The BB issued a statement following the comments madeby analysts at a roundtable that said the circulation of fake currency is gradually increasing.

"It is not true as it is inconsistent with the reality,” the central bank said in the statement.

The country has a total of Tk 68,000 crore worth of authentic currency in the economy, the banking regulator said, adding that it would be fearful if Tk 5,000 crore worth of fake notes is in circulation out of Tk 68,000 crore.

The regulator yesterday checked the volts of four banks to identify the fake notes. It examined around 9.07 lakh pieces of Tk 100 and Tk 500 notes. But it did not find any fake note.

Prof Abul Barakat, chairman of Janata Bank, said on Monday, “Fake notes worth Tk 5,000 crore, in denomination of Tk 500, are coming into the market everyday and one third or fourth of those notes are fake.”

Abdul Jalil MP, chairman of Mercantile Bank, said the country's economy cannot be a middle-income country or self-reliant until fake notes are wiped out from the market.

The central bank is strictly monitoring to prevent the circulation of fake currencies in the economy, according to the statement.

It said the central bank has already taken a number of measures, including formation of taskforce, visiting volts of commercial banks, strengthening security features and arranging mass awareness against fake notes.

The Daily Star/Bangladesh/ 9th Feb 2012

Local officials of two leading foreign banks in Bangladesh -- Standard Chartered and HSBC -- were yesterday completely unaware of media claims that the former is in talks to acquire the latter's consumer banking operations in the country.

Bloomberg, a global financial news service provider, yesterday published an article that Standard Chartered is in talks to buy HSBC's consumer banking segment in Bangladesh, quoting three people with knowledge of the discussions.

Dhaka-based officials of both the British banks termed the news a mere speculation and declined to comment in details.

“It isn't appropriate to comment on rumours or speculations,” Talukdar Noman Anwar, head of marketing and communications of HSBC Bangladesh, told The Daily Star.

He said: “What we can say is that HSBC Bangladesh remains focused on building a strong and sustainable business in Bangladesh. We continue to operate business as usual in the country.”

Bitopi Das Chowdhury, corporate communications manager of Standard Chartered Bangladesh, said they do not know anything on the issue.

“We do not comment on market speculation,” she told The Daily Star.
Standard Chartered Bank is the oldest (over 100 years) and largest foreign bank in Bangladesh with 26 branches. It is a leader and pioneer in consumer banking segment and employs over 1,300 people.

The bank strengthened its foothold in Bangladesh with the acquisitions of Grindlays Bank in 2000 and the commercial banking business of American Express Bank six years later.

HSBC started its operations in 1996 and became a leader in commercial banking among foreign banks within a short time.

In 2010-11, HSBC handled around 8 percent of the country's export-import worth nearly $60 billion with 13 branches.

However, officials of HSBC said their chief executive Stuart Gulliver is reviewing the bank's businesses in all 87 countries it operates. Bangladesh is not out of the review, they said.

HSBC has already sold operations in Thailand, Costa Rica, El Salvador and Honduras.
“HSBC's focus is on the commercial banking in Bangladesh. Retail or consumer banking accounts for only 7 percent of the bank's business here,” said an official of the bank, requesting anonymity.

The Daily Sun/Bangladesh/ 9th Feb 2012

The World Bank yesterday launched a third-party monitoring system in Bangladesh as part of its move to give citizens a greater voice in ensuring the best use of public resources and holding local governments accountable for results.

Initially, the Washington based lender will pilot the monitoring system in four of its projects in the country to ensure feedback on progress from project beneficiaries, including vulnerable and disadvantaged people, said Ellen Goldstein, country director, World Bank Bangladesh.

“Project beneficiaries are the best judges of development results. Increasingly, we will be turning to grassroots in villages to help us track progress and provide real time advice to improve implementation,” she said.

"From initial piloting, we expect to expand the initiative and bring more than 25 projects under the radar of citizens' monitoring,” said Goldstein.

"The purpose is to improve quality of the local government projects and identify areas which are working and which are not."

The WB is currently implementing 34 development projects in Bangladesh involving US$5.9 billion.
The WB country chief spoke at the launch of the pilot project at Ruposhi Bangla Hotel in Dhaka.

The bank, in partnership with Manusher Jonno Foundation and the Affiliated Network for Social Accountability (ANSA), South Asia, organised the launching workshop of "Third Party Monitoring of the World Bank's Country Assistance Strategy for Bangladesh (2011 -2014)".

The WB has asked the Manusher Jonno Foundation to conduct an independent assessment of progress in achieving the results identified in the country assistance strategy.

Syed Ashraful Islam, local government, rural development and cooperatives minister, said transparency is a key to good governance.

“Through the initiative, our citizens will have a greater voice in ensuring the best use of public resources, and will hold local governments accountable for results," he said.

The minister admitted that corruption is widespread in the country and has become a disease. "We have become so used to it. We cannot stop trying otherwise change will not come."

The system will provide first-hand information to achieve better development results. Citizens will monitor the delivery and quality of services, and look for any anomalies in service provision.

Shaheen Anam, executive director of MJF, said she hopes the pioneering effort will contribute to strengthening government accountability towards citizens and improving the efficiency and sustainability of the projects.

"Citizen's effective participation in matters relating to public expenditure or in public service delivery has become a major determinant for improving governance. Demand for good governance calls for improved accountability and transparency mechanisms for public spending and resources," she said.

Anam said this is for the first time the WB in cooperation with the government is opening up a number of specific projects for public scrutiny.

She said the WB pilot projects include the Rural Transport Improvement Project, Rural Electrification and Renewable Energy Development Project, Emergency Cyclone Recovery and Restoration Project, Local Governance Support Project, Bangladesh Water Supply and Sanitation Project, National Agriculture Technology Project and Public Procurement Reform Project.

"Using various social accountability tools such as community card report, public hearing and social mapping, the community people will monitor the progress and share their findings at meetings with appropriate local authority."

Dr Ainun Nishat, vice chancellor of BRAC University, said monitoring should not be limited to the end of the project. "It should be continuous. However, it should not deter the progress of the project."

Muhammad Zamir, chief information commissioner, and Swapan Kumar Sarkar, national project director of Local Government Support Project, also spoke.

The Daily Star/Bangladesh/ 9th Feb 2012