Bangladesh Krishi Bank (BKB) on Thursday disbursed credit among Monipuri women entrepreneurs in Moulavibazar.

Bangladesh Bank govornor Dr Atiur Rahman disbursed credits among the Monipuri community as the chief guest, said a press release.

Krishi Bank managing director Mohammad Mukter Hussain delivered inaugural speech at the function.

Among others, BB Executive Director Md Jahangir Alam, general manager of bank’s Sylhet division Nitai Chand Das and local elites were present.

Source: Daily Sun

President of the Federation of Bangladesh Chembers of Commerce and Industry (FBCCI) AK Azad said that the economy of a country is much stronger whose banking industry has been strengthened enough.

Businessman and people of all walks of a country are directly linked with the banks, he said adding the bankers and employees of a bank can help turn any weak economy as a stronger one.

Azad, also a director of Shahjalal Islami Bank said this while inaugurating the 60th branch of the bank in Faridpur on Thursday, according to a press release.

Managing director of the bank Abdul Rahman Sarker presided over the inaugural ceremony.

Chairman of the bank Al-haj Mohammad Solaiman , deputy commissioner of Faridpur Helaluddin Ahmad and police super Md Aulad Ali Fakir were present at the function.

“Shahjalal Islami Bank would help boost the businesses in Faridpur district,” Azad expected adding: “The people of the region would be benefited a lot through the services of the branch of the bank.”

The chairman of the bank said that the ordinary people do not have access to banking system, but the of Shahjalal Bank would ensure better banking scopes for the people in the region through its modern banking system.

Md Abdul Rahman Sarker highlighted about banks deposit and investment schemes. Through this branch, the people of Faridpur will get the facility of daily banking investment in the promising sectors, he added.

Source: Daily Sun

The country’s foreign exchange reserves stood at US$ 10.949 billion on December 22 this year compared with $10.32 billion a year ago, showing a 6.09 percent rise.

But the reserves were lower by $211 million or 1.89 percent compared with $11.16 billion recorded in October, 2010.

The gross foreign exchange reserves in October this year, without ACU (Asian Clearing Union) liability is equivalent to import payments of 5.22 months. The imports were worth $ 2.14 billion per month based on the previous 12 months average.

The gross foreign exchange balances held abroad by commercial banks stood at $ 583.21 million by end October, 2010 against $ 508.90 million in September, 2010. The figure was $460.06 million in October, 2009.

Meanwhile, the remittances receipts during July-November of fiscal 2010-11 totaled $4.529 billion, lower from $ 4.659 billion during the same period of last fiscal, showing a decline by $130 million or 2.79 percent.

The inflow of remittances during July-October, 2010 fell by $32.63 million or 0.90 percent to $3.576 billion against $3.609 billion during July-October, 2009.

The remittances sent by the non-resident Bangladeshis during November this year was $ 945.99 million against $1.051 billion in the same month last year.

The remittances during fiscal 2009-10) was recorded at $10.973 billion, the central bank’s statistics showed.

The exports receipts of the country during July-October, 2010 increased by $1.828 billion or 37.35 percent to $ 6.721 billion compared with $ 4.894 billion during July-October, last fiscal.

The import payments of the country during July-October period of fiscal 2010-11 amounted to $9.547 billion against $7.159 billion during the same period of last fiscal year, indicating a rise by $ 2.388 billion or 33.36 percent.

In October this year, the country had to make import payments worth $ 2.526 billion against $2.032 billion in the same month of last fiscal, up by $494 million or 24.31 percent.

During July-September, 2010, the import payments of the country increased by US$1.897 billion or 37.02 percent to $7.022 billion compared with $ 5.125 billion during the corresponding period of last fiscal.

Meanwhile, the settlement of import LCs (Letter of Credits) during July-September, 2010 increased by $2.068 billion or 42.66 percent to $6.915 billion against $4.847 billion during the same period of last fiscal year.

Fresh opening of import LCs during July-September, 2010 increased by $ 2.527 billion or 39.25 percent to $ 8.965 billion against $6.438 billion during July - September, 2009.

Source: Daily Sun

Dhaka, Dec 23 (bdnews24.com)—A parliamentary watchdog has sought explanation why Grameen Bank is not yet being operated under the Microcredit Regulatory Act 2006.

"We've sought an explanation for Grameen Bank's operations from the finance ministry's banks and non-bank financial institution division," chairman of the standing committee on finance ministry A N H Mostafa Kamal told reporters on Thursday after a meeting of the committee.

He, however, refused to comment on the recent controversies over fund management saying that the government would probe the matter.

"The committee has been informed that a high-powered committee will investigate the matter and we'll comment only after the committee submits its report."

Replying to a query, Kamal said the committee would be formed within a few days.

He said the standing committee feels that microcredit operation in the country should be regulated properly. "The committee also believes that rules and regulations of the MRA [Microcredit Regulatory Authority] are weak to regulate the sector."

He added that the regulatory body's manpower should also be increased for strong monitoring activities. "The MRA needs to work at the country's grassroots-level."

Source:biz.bdnews24.com

Standard Chartered Bank and MicroSave have launched a risk management toolkit for micro-finance institutions in partnership with Credit and Development Forum (CDF).

The toolkit aims to sup-port microfinance in Bangladesh and strengthen relationship with stakeholders, StanChart said in a statement yesterday.

The toolkit will be gradually disseminated to MFIs across the globe and cover the management of credit, operational, financial and strategic risks. It comprises 'ready-to-use' training material.

Rozina Razzak, director and head of development organisations for StanChart, and Mosharrof Hossain, chairman of CDF, emphasised the importance of the toolkit and the reasons for supporting such activity.

Shafiqual Haque Choudhury, president of ASA, was present as the chief guest and formally declared the launch of the toolkit, followed by a panel discussion. Joseph Silvanus, regional head for development organisations in Southern Asia of StanChart, moderated the discussion.

“We have spent a lot of time and resources and engaged MicroSave, a leading technical assistance agency to develop this toolkit,” said Tanveer Ahmed, associate director of Standard Chartered.

This is part of a series of efforts that have been made by StanChart to strengthen the development organisations sector globally, he added.

Source: The Daily Star