Bangladesh Bank has continued to mop up liquidity from the money market through its 30-day bills although the central bank took the monetary policy for the January-June period, slightly easing money supply.

According to the latest BB data, the central bank mopped up Tk 8,784 crore through the BB bills in 36 auctions between November 21, 2012 and February 19, 2013.

‘It is a contradictory stance as the BB announced a slightly expansionary monetary policy to attain the expected GDP growth,’ a BB official told New Age on Thursday.

In support of the monetary policy, the BB on January 31 cut all repo rates by 50 basis points lowering the repurchase rate to 7.25 per cent from 7.75 per cent, reverse repo to 5.25 per cent from 5.75 per cent,

special repo to 10.25 from 10.75 per cent and liquidity support facility to 7.25 per cent from 7.25 per cent.

The BB lowered the policy rates so that commercial banks could get money from the central bank at a cheaper rate and accelerate investment to achieve higher economic growth, the BB official said.

Besides, the target of credit growth in the private sector for the six months has been set at 18.5 per cent from its earlier projection of 18 per cent.
‘But, the private sector is deprived of getting expected loans due to banks’ reluctance to disburse loans,’ the official said.
A number of banks are now holding excess liquidity in their accounts of cash reserve ratio with the BB, he said.
The BB data showed that the excess liquidity in the CRR accounts of the banks stood at Tk 1,820 crore on February 19, Tk 1,600 crore on February 18 and Tk 600 crore on February 17.

The BB official said that the central bank should take measures in this regard; otherwise the cuts in the BB policy rates would not bring any significant change in the existing stagnant situation in the private sector.
The BB should encourage the banks to invest their funds in the private sector, he said

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The BB resumed the auction of the BB bills to check inflation and now inflation is indicating to a downward move, he said.
Before November 12, 2012, the last auction of the 30-day BB bill was held on November 29, 2010. 
Another BB official said that the central bank had failed to achieve the targeted 18.30 per cent credit growth in the private sector at the end of 2012.

The BB data showed that the credit growth in the private sector stood at 16.61 per cent in December 2012.
The private sector will face the same problem this year if the BB fails to take proper measures, he said.

Officials and employees of Brac Bank Limited, recite poems to pay respect to the language heroes at a function at its office in Dhaka recently.

 Officials and employees of BRAC Bank paid homage to language martyrs at a function on the occasion of Amar Ekushey and International Mother Language Day.

The employees placed wreaths at the Shaheed Minar, said a press release.

Every year, BRAC Bank employees organise similar programme to pay deep respect to the language heroes who sacrificed their lives for the sake of the mother tongue.

Sohail RK Hossain, Additional Managing Director and CBO of City Bank and Amr Gawish, Finance Director of Orascom Telecom Bangladesh, sign an MoU in Dhaka recently.

City Bank signed an MOU with Orascom Telecom Bangladesh Limited (Banglalink) to facilitate the payment of the nationwide distributors of the telco giants.

Sohail RK Hossain, Additional Managing Director and CBO of City Bank and Amr Gawish, Finance Director of Orascom Telecom Bangladesh, signed the MoU in Dhaka recently, said a press release.

Shiekh Md Maroof, Deputy Managing Director, MM Ziaul Hasan, Senior Vice President and Head of Cash Management of City Bank, KM Zakaria, Senior General Manager of Orascom and senior officials from both the organisations attended the signing ceremony.

Alhaj Syed Nurul Arefeen, Chairman of the board of Audit Committee of Shahjalal Islami Bank presides over a meeting at the bank's head office in Dhaka recently.

The 137th meeting of the board of Audit Committee of Shahjalal Islami Bank Limited (SJIBL) was held at the bank's head office in Dhaka recently.

Alhaj Syed Nurul Arefeen, Chairman of the board Audit Committee of the bank, presided over the meeting, said a press release.

Alhaj Abdul Halim, Director, Md Abdur Rahman Sarker, Managing Director and Md Abdul Jabber Chowdhury and Md Setaur Rahman, Deputy Managing Directors of the bank, attended the meeting.

Md. Abdus Salam FCA, Managing Director of Bangladesh Krishi Bank speaks at the managers’ conference organised for Narayangonj, Narsingdi and Munshigonj regions recently.

Bangladesh Krishi Bank organized a conference for the managers of Narayangonj, Narsingdi and Munshigonj regions.

Md. Abdus Salam FCA, Managing Director of the bank attended the conference held at Narayangonj Chief Regional Office Sunday as chief guest, said a press release.

He also attended a separate conference in Munshigonj region on the same day.