Japan’s central bank held fire on expanding its monetary easing programme Tuesday and its chief said the economy was expanding, but economists warned more stimuli could be needed to boost the sagging economy. A series of weak data had strengthened pressure on the central bank to expand its 80 trillion yen ($665 billion) annual asset-buying scheme to stimulate the economy, which contracted in the second quarter. The Bank of Japan said in a statement that while Japan ‘has continued to recover moderately… exports and productions are affected by the slowdown in emerging economies’. The yen gained against the dollar after the decision, with the US unit buying 119.76 yen compared to 120.65 yen before the announcement. Analysts had expected the BoJ to sit on its hands this time to see whether the US Federal Reserve decides to raise its key interest rate for the first time in almost a decade, a move that could hit emerging markets. But concern about decelerating growth in China, the world’s number two economy and a key trade partner, had fuelled fears about Japan’s economy as its exports have begun to stall. Facing a deflated mood in the markets, which saw Tokyo’s benchmark Nikkei give up strong early gains to close only 0.34 per cent higher, BoJ governor Haruhiko Kuroda struck an upbeat note at an afternoon press conference. He predicted Japan’s economy, the world’s third-largest, would return to growth in the current quarter, arguing that the 0.3 per cent shrinkage in April-June was a ‘one-off’ case. The central bank chief also expressed confidence that Beijing has enough firepower to boost growth and said a US rate rise would only prove that the world’s top economy is in good health. ‘China has shown its resolve to support the economy from the fiscal and monetary viewpoints. I believe there is a significant room for policy space,’ Kuroda said. ‘I believe the Chinese economy will continue gradual growth in light of policy steps and other factors,’ he said. Japan’s economy remains in the doldrums more than two years after Prime Minister Shinzo Abe launched his ‘Abenomics’ policy blitz to kickstart the economy and conquer deflation, and the odds are growing that the bank may act next month. Slowing exports to China — which sparked a bloodbath in global markets last month after it devalued the yuan — have heightened concerns the BoJ is fighting a losing battle. ‘The Bank of Japan’s more cautious assessment of economic conditions suggests that policymakers will announce additional monetary stimulus before too long,’ said Marcel Thieliant of Capital Economics in a client note.

News:New Age/16-Sep-2015

Bangladesh Bank on Tuesday said law enforcement agencies would remain active with 450 counterfeit currency detector machines across the country to tackle the use of forged notes at sacrificial animal markets on the occasion of forthcoming Eid-ul-Azha. Besides, the BB will release new notes of various denominations worth Tk 25,000 crore to meet up the Eid-time demand for fresh currencies across the country, said BB deputy governor Nazneen Sultana at a press conference at the central bank headquarters in the capital. The central bank said it had provided the law enforcement agencies with the counterfeit note detection machines. Of the counterfeit detector machines, 170 will be used for the Dhaka region and the others will be for rest of the country. The BB handed over the machines to Dhaka Metropolitan Police, Rapid Action Battalion and Border Guard Bangladesh in accordance with their demand. The BB has also asked 39 banks to set up counterfeit detector machines on their own management at 20 sacrificial animal markets of the Dhaka region, she said. The central bank’s inspection teams will monitor at the sacrificial animal markets to see whether the responsible banks will conduct their job accurately, Nazneen said. The branch offices of the BB will also work with other banks so that they could set up counterfeit detector machines on cluster basis outside the Dhaka city. The BB asked the scheduled banks to set up TV monitors in all their branches across the country so that the clients will be able to detect the counterfeit notes. The BB issued a letter to the information ministry requesting it to take initiative to air advertisement in different television channels to create awareness among the people so that they differentiate the genuine notes with the counterfeit ones. The BB requested the information ministry to issue a letter to the Association of Television Channel Owners to air advertisement in this regard. The BB also requested the information ministry to set up TV monitors at important rail stations, bus and launch terminals of the country to aware the people about the counterfeit notes as huge number of people usually gather there on their way to home to celebrate Eid-ul-Azha. Nazneen said the BB would release new notes of denomination between Tk 2 and Tk 20 through 20 branches of 20 banks in the capital from September 17 till September 23. The clients, however, will be able to collect new notes of any denomination from the central bank cash counter, she said. A person will not be allowed to receive new notes for a number of times, Nazneen said. BB executive director Subhankar Saha said that the businessmen should purchase the counterfeit detector machines as the price of a machine is below Tk 2,000. - 

Staff Reporter :The 223rd meeting of the board of directors of Shahjalal Islami Bank Limited (SJIBL) held at its boardroom recently, says a press release.The meeting was presided over by the chairman of the board of directors AK Azad. The board approved a number of investment proposals and discussed various issues relate to policy matter of the bank. Vice-Chairman of the Board Alhaj Mohammad Younus and Directors Alhaj Alhaj Akkasuddin Mollah, Alhaj Engr Md Towhidur Rahman, Alhaj Anwer Hossain Khan, Alhaj Md Sanaullah Shahid, Alhaj Mohiuddin Ahmed, Alhaj Khandoker Sakib Ahmed presented the meeting.2nd AGM of MMBL heldStaff Reporter2nd Annual General Meeting (AGM) of Modhumoti Bank Ltd held at a city hotel on Monday, says a press release.The AGM was presided over by the Chairman of the Bank Humayun Kabir. Director of MMBL, Barrister Sheikh Fazle Noor Taposh also took part the AGM.

Abu Sazzad :Bangladesh Bank urged the information ministry, law enforcement agencies and the banks to take preventive measurements against fake currencies with a view to detecting  cattle markets across the country ahead of Eid-ul-Azha.The central bank has sent letter to the Information Ministry for asking all media to broadcast the video footage of fake currency. Bangladesh Bank also urged all media to broadcast their programme on fake notes in the prime time, so that people can easily detect fake currency in the cattle market, said Bangladesh Bank Executive Director M Mahfuzur Rahman to the New Nation.The central bank initiatives for detecting fake notes is not enough, a coordinated effort can help to sort out fake notes from the cattle market", said the BB Executive.Meanwhile, the Central Bank urged the law enforcement agencies to come forward to take strong initiatives against the vested group who are involving with fake notes business.Bangladesh Bank also asked all commercial banks to check the inflow of fake notes in all cattle markets across the country ahead of Eid-ul-Azha.Moreover, the central bank urged the national and district level committees to prevent the circulation of fake notes in the markets. In the letter, the central bank has asked them to take adequate measures to detect counterfeit notes in the markets. "We fear exchange of fake note in the cattle markets ahead of Eid-ul-Azha as large amount of money is exchanged throughout days and night to buy cows ahead of the festival", Said Mahfuzur Rahman.This year Bangladesh Bank has taken more proactive role for detecting fake notes. In this regard, the central bank is going to set some 460 fake note detective machines in the cattle market across the country to protect general people from the counterfeit.The central bank officials will monitor the market in the areas they have offices, informed Mahfuzur Rahman. The BB has also plans to run an awareness campaign to differentiate between a counterfeit and an original currency.According to the sources, more than 40 gangs of counterfeit currency makers are now active in the capital and on its outskirts, targeting the coming Eid-ul-Azha, the second largest religious festival of the Muslims.Detective sources said, these gangs produce huge fake currencies ahead of big festivals like Eid-ul-Fitr and Eid-ul-Azha as demand for money increases on such occasions.Like every year, they have targeted sacrificial cattle markets in the capital to release their counterfeit notes on the occasion of coming Eid-ul-Azha festival, the sources said.In the last few months, law enforcers arrested over 60 persons and seized huge fake notes of Tk 4 crore in the city, according to Dhaka Metropolitan Police (DMP) and Rapid Action Battalion (RAB).A DB official said, "We have strengthened our monitoring team in different areas of the capital to arrest the gangs. Besides, special patrol will be arranged at every market of sacrificial animals in the city," he added.He also said, DMP is working to create awareness about the activities of counterfeit money-making gangs, ogyan party, molom party in bus terminals and launch terminal as well the cattle market in the capital.

Staff Reporter :The 32nd Annual General Meeting (AGM) of National Bank Limited held on Monday at a city hotel, says a press release.Chairman of the Bank presided over the AGM. The Chairman in his inaugural speech said, the bank has achieved a remarkable success in the last year 2014 because of timely implementation of policy directives of the board of directors, good advices of shareholders and concerted efforts of bank's employees of all level.The Shareholders approved 10 per cent stock dividend for the year ended 31st December, 2014.Besides a large number of shareholders, Monowara Sikder, Parveen Haque Sikder, Alhaj Khalilur Rahman, Moazzam Hossain, Rick Haque Sikder, Ron Haque Sikder and Mabroor Hossain took part the AGM.  Directors of the bank Md Mahabubur Rahman Khan  and AKM Enamul Haque Shameem also presented the AGM.