The rising trend of remittance remained in February this year thanks to the depreciation of the taka against the dollar and various initiatives taken by the Bangladesh Bank (BB).

The Bangladeshi migrant workers remitted US$1130.90 million, up by 14.58 percent than that of the same month of last year. In February 2011, the remittance was US$986.97 million, according to the central bank statistics.

“Higher manpower export, increase of overseas exchange houses of commercial banks, simplifying the process of opening foreign currency account and making the foreign currency exchange policy flexible contributed to boost the inflow of remittance,” a BB press release signed by AFM Asaduzzaman, General Managing of BB, said. However, remittance narrowly declined compared to the previous month. Over US$1.21 billion was remitted in January this year by the overseas Bangladeshi workforce that is the highest ever monthly inflow.

The Daily Sun/Bangladesh/ 5th March 2012

Taka gets firmer against the US dollar as the exchange rate of the local currency is increasing with high export earnings as well as increased remittance inflows.

The upward inflow of foreign exchange from these two heads was seen during last few months, banking sources said.

Taka has been appreciating during last two weeks after it suffered continuous fall for several months.

The exchange rate of the greenback ranged between Tk 81 and Tk 82 at the inter-bank money market yesterday. On Sunday, the rate in Bangladesh Bank was Tk. 81.70 while it varied in other commercial banks.

In Agrani Bank, the rate was Tk 81.75, while it was Tk 81.85 in NCC Bank, Tk 81 in Janata Bank, Tk 81.60 in Rupali Bank, Tk 81.80 in Uttara Bank and Tk 81.97 in IFIC Bank. Meanwhile, the pressure on the foreign exchange reserve decreased due to higher inward remittance sent by the expatriates.

The present foreign exchange reserve with Bangladesh Bank stands at over US dollar 10 billion.

By January this year, the inward remittance was Tk 1215.80 million which was Tk 1147.22 million in December last year.

Bangladesh Bank sources said the reserve at the central bank came down at US dollar 9 billion in last September, and later the amount crossed US dollar 10 billion in October fell to about US dollar 9 billion from November to December. Meanwhile, the central bank stopped selling US dollar without emergency reasons but it was selling the greenback considering the type of products is being imported.

The Daily Sun/Bangladesh/ 5th March 2012

AKM Abdul Malek Chowdhury and Md Mahbub-ul-Alam have recently been promoted as deputy managing directors of Islami Bank Bangladesh Ltd (IBBL), the Bank said in a statement yesterday.

Prior to the promotion, Chowdhury was the head of risk management unit of the Bank where Mahbub-ul-Alam was the head of treasury division for the international banking wing, according to the statement.

A postgraduate in economics from Jahangirnagar University, Chowdhury started his career with Bangladesh Shilpa Bank as an economist in 1979, and joined IBBL as a principal officer in 1985.

Mahbub-ul-Alam joined IBBL as a probationary officer in 1984. He is a postgraduate in marketing from Dhaka University.

The Daily Star/Bangladesh/ 5th March 2012

Prime Minister Sheikh Hasina, in presence of Chairman of EXIM Bank Md. Nazrul Islam Mazumder and Director Mohammed Abdullah, handing over a cheque of Tk 38 lac 40 thousand as yearly contribution of the fourth year out of ten years financial assistance to 8 families affected by BDR carnage in 2009 at a function held at Gono Bhaban recently.

Financial Express/Bangladesh/ 4th March 2012

Bank Alfalah Ltd will intensify its brand activities in Bangladesh's growing market in testimony to the Bank's strong commitment.

"I am happy to see the economic development of Bangladesh and we are ready to strengthen our brand operation here aiming to satisfy Bangladesh clients in a more focused way," Hamid M Mirza, head of marketing of Bank Alfalah Ltd told the FE in an interview recently.

Mr Mirza arrived Bangladesh from Karachi on a three-day visit last week.

"Our Bank is a great supporter of cricket and we will definitely consider any sponsorship offer from the Bangladesh authority to finance the development of cricket in the country," Mr Mirza replied to a question on the recently held Bangladesh Premier League (BPL).

Bank Alfalah is a patron of prestigious cricket tournaments in Sharjah and Dubai for years.

Market insiders said the BPL has paved the way for the corporate entities of Bangladesh to be familiarized with the huge 'cash-provoked franchising method' of renowned cricket players.

S A A Masrur, country head of Bangladesh operations of Bank Alfalah said the Bank will widen its branch network in the country subject to the approval of Bangladesh Bank.

The Bank has now five branches operating in Bangladesh.

The Bank also remains active in CSR activities in Bangladesh specially in education and conservation of natural resources.

Bank Alfalah Limited was incorporated on June 21st, 1992 as a public limited company under the Companies Ordinance 1984. Its banking operations commenced from November 1st ,1997. The Bank is engaged in commercial banking and related services as defined in the Banking companies ordinance, 1962. The Bank is currently operating through various branches in Pakistan, Bahrain, Bangladesh & Afghanistan, with the registered office at B.A.Building, I.I.Chundrigar, Karachi.

Since its inception, as the new identity of H.C.E.B after the privatization in 1997, the management of the Bank has implemented strategies and policies to carve a distinct position for the Bank in the market place.

Strengthened with the banking of the Abu Dhabi Group and driven by the strategic goals set out by its board of management, the Bank has invested in revolutionary technology to have an extensive range of products and services.

The Bank has branches in Pakistan, Bangladesh, Afghanistan and Bahrain.

Financial Express/Bangladesh/ 4th March 2012