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BB steps in to cool down onion prices
The central bank has now taken a step after the Trading Corporation of Bangladesh to arrest the spiralling onion price, instructing banks to keep the interest rate within 11 percent for import financing of the ingredient.
In a letter yesterday, Bangladesh Bank also advised banks to keep the rate of margin at the lowest level when opening letters of credit for onion imports.
Onion prices went up as much as 50 percent on Tuesday from a week ago after India, a major source of the key cooking ingredient, raised the minimum export price by $275 a tonne.
India increased the minimum export price of onion to $700 a tonne from $425 earlier this week to discourage exports and increase supply in its domestic market to offset the escalating prices.
Unfavourable weather affected the production of the crop in India.
Onions are now selling at Tk 90 a kilogram in the capital's kitchen markets, up from Tk 60 a week ago, according to TCB.
To cool down prices, TCB has decided to run open-market sales next month and has already floated tenders to buy 400 tonnes of the vegetable locally, with more to follow in the coming days.
We want to ensure that people get the cooking ingredient at reasonable prices,” said TCB spokesman Md Humayun Kabir.
The state-run agency though is yet to decide on the price at which it will resell the onions to consumers, Kabir said, adding that it will be lower than the current average market price.
Bangladesh consumes nearly 21 lakh tonnes of onion a year, of which 5-8 lakh tonnes are imported, mainly from India, according to data from Bangladesh Bureau of Statistics and National Board of Revenue. Domestic production meets the rest of the demand.
News:The Daily Star/28-Aug-2015
Bangladesh Krishi Bank
Managing Director of Bangladesh Krishi Bank M A Yousoof addressing a Branch Managers' and Field Staff Conference-2015 of Munshigonj main zone held in the district recently.
News:Financial Express/21-Aug-2015BB deputy governor Kashem gets extension for 1 year
The government has extended the contract of Abul Kashem as Bangladesh Bank deputy governor for one more year. The public administration ministry issued a circular on Wednesday saying that the tenure of Abul Kashem was extended in continuation of his previous agreement with the government. The government appointed Abul Kashem as deputy governor of the BB on July 7, 2011 for four years on contractual basis. The contract ended on July 7, this year.
News:New Age/21-Aug-2015MasterCard encourages electronic payments in Bangladesh
Announces Winners of ‘Card-Start-Go!’ Campaign in association with BRAC Bank
MasterCard in association with BRAC Bank announced the winners of its unique ‘Card-Start-Go!’ campaign for its Debit cardholders. The campaign was designed to encourage cardholders to use their Debit cards for payment-related purposes instead of using them only as an ATM Card. Mr. Mohammad Tanvir Alam Chowdhury, Ms. Masuma Rahman and Mr. Redwan Rashid were announced as the top three winners of the campaign who received a holiday package of 2 nights and 3 days in Malaysia including air tickets. In addition, more than 24 winners received consolidation prizes including mobile phones and gift vouchers. Present at the prize giving ceremony was Mr. Syed Mohammad Kamal, Country Manager from MasterCard and Firoz Ahmed Khan, Head of Retail Banking from BRAC Bank along with other senior representatives.
‘Card-Start-Go’ was a nationwide campaign, through which MasterCard cardholders earned points by using their Debit Card for personal consumption and a transaction of minimum BDT 1,000. To be eligible for participating in this Campaign, a MasterCard Debit Cardholders needed to do at least four (4) transactions of minimum BDT 1,000 each during the campaign period. The campaign ran from March 22, 2015 to May 31st, 2015.
A significant part of the transaction volume in Bangladesh still accounts for only cash withdrawals through ATMs. MasterCard’s ‘Card-Start-Go’ campaign is aimed to bring a change in this practice and digitize payments for the ease and benefit of its cardholders.
Speaking on the occasion, Mr. Syed Mohammad Kamal, Country Manager, MasterCard Bangladesh said, “We are delighted to introduce ‘Card-Start-Go’ campaign for our Debit cardholders in partnership with BRAC Bank. This campaign has been specially designed to digitize payments for our customers and help them move towards debit card payments. We are committed to providing safe, secure and convenient payment options to our consumers and we are confident that this campaign will further promote electronic payments in the country.”
Mr. Firoz Ahmed Khan, Head of Retail Banking, from BRAC Bank said, “We are pleased to be a part of the ‘Card-Start-Go’ campaign in association with MasterCard and in bringing the best in class features and facilities for our cardholders in Bangladesh.”
News:Daily Sun/21-Aug-2015