Prof. Abu Nasser Muhammad Abduz Zaher, chairman of Islami Bank Bangladesh Limited, addressing the inaugural session of Annual Business Development Conference of the Bank at a city hotel yesterday.

Islami Bank Bangladesh Limited has maintained the leading position in banking as its deposit, investment and foreign exchange business showed remarkable growth over a period of one year.

The investment of the Bank reached at Tk 341.03 billion during last year, showing a rise by Tk 48.94 billion.

The Bank transferred total of Tk 716.06 billion foreign exchange during the year, rising by Tk 106.73 billion from that in the previous year.

The Bank operated import business worth Tk 301.21 billion, export of Tk 178.24 billion and transferred remittance worth Tk 236.61 billion during the year, rising by Tk 54.93 billion, Tk 29.82 billion and Tk 21.98 billion respectively, the Bank sources said. The deposits with the Bank reached at Tk 341.36 billion up to 31 December 2011, increasing by Tk 50.07 billion from that in the last year. Meanwhile, the Bank yesterday launched a two-day Annual Business Development Conference at a city hotel in the city.

Prof Abu Nasser Muhammad Abduz Zaher, chairman of the Bank was present at the inaugural function as chief guest while Engr Mustafa Anwar, vice chairman of the Bank inaugurated the conference in the morning. Mohammad Abdul Mannan, managing director of the Bank presided over the function, said a press release.

Engr Md Eskander Ali Khan, chairman, Executive Committee, Md Shahidul Islam, chairman, Audit Committee, Mominul Islam Patwary, Mohammad Abdullah Al Jalahma, Engr Muhammad Dawood Khan, Prof Mohammed Nazrul Islam, Humayun Bokhteyar, ACPA, FCA, Prof Dr NRM Borhan Uddin, directors of the Bank, Prof Dr Abu Bakr Rafique, member secretary, Shariah Supervisory Committee, top executives, zonal heads and 266 branch managers of the Bank were present in the conference.

The Daily Sun/Bangladesh/ 17th Jan 2012

Banks' deposits with the European Central Bank have hit yet another record, data showed Monday, suggesting ongoing tension in the financial system despite unprecedented liquidity injections.

Banks in the eurozone put 493.3 billion euros ($623.7 billion) on deposit for 24 hours at the ECB overnight Sunday, topping the record set Friday of 489 billion euros.

Since December new records for deposits have regularly been set, seen by some as a possible sign of market tensions since the money deposited earns interest of 0.25 per cent, much less than the rate available on the interbank market.

The Daily Sun/Bangladesh/ 17th Jan 2012

Bangladesh Bank will print 200,000 more commemorative notes of Taka 40 along with the portrait of the Father of the Nation Bangabandhu Sheikh Mujibur Rahman.

General Manager of Currency Department of the central bank Saiful Islam told BSS that the BB is going to print the notes to meet the growing demand of the people.

He said due to huge demand of the 40 Taka note among the people , its stock has been finished within 20 days of the release. Bangladesh Bank printed earlier one lakh fifty thousand notes of the same category.

The central bank released the note on December 26 last year on the occasion of 40th anniversary of country’s Victory Day.

The Daily Sun/Bangladesh/ 17th Jan 2012

Bangladesh Bank (BB) should take conscious steps in preparing the forthcoming monetary policy as it has to continuously deal with some challenging issues such as escalating inflation, depreciation of taka and ensuring credit flow to productive sector against rising public borrowing.

As the next monetary policy covers the last six months of the current fiscal, it warrants some assertive steps by the BB to help the government keep inflation and borrowing within the budget limits of 6.7 per cent and 5 per cent respectively with achieving 7 per cent economic growth.

Economists made these suggestions when requested for their opinions about the January-June monetary policy, to be announced later this month.

Under the existing economic situation, BB has no option but to choose a contractionary monetary policy, they said, adding that special attention must be taken to inject credit into productive sector to increase employment opportunities. BB’s constant monitoring on credit is essential to maintain a balance, they opined.

If needed, the central bank should go beyond its normal practice of preparing the monetary policy alone and sit especially with the finance ministry and the National Board of Revenue (NBR) to make the monetary management more effective and achieve the targets of the policy, they said.

“As the inflation, depreciation of taka, public borrowing are major challenges for the government, the central bank should take these issues into active consideration while finalising the next monetary policy,” said former governor of Bangladesh Bank Dr Salehuddin Ahmed.

He said focus on the issues was made in the July-December monetary policy, but those were not achieved. Special attention should be given on growth-driving sectors, and BB must ensure credit for the expansion of these sectors, he added.

“Public borrowing needs to be reduced but it depends on finance ministry,” he said.

Salehuddin said BB must sit with finance ministry and other agencies, including NBR.

He said the central bank must tighten its supervision and monitoring to stop credit flow to unproductive sector and check letter of credit opening for luxurious goods.

Dr Mustafizur Rahman, executive director of Centre for Policy Dialogue (CPD), a civil society think-tank, said achieving the targets of the next monetary policy is important because BB could not properly implement its July-December monetary policy.

He said the forthcoming policy should be contractionary and BB should lay emphasis on achieving the targets.

About government’s borrowing from banking system, he said BB cannot deny the government if it wants to borrow from banking system. But it should give the government a strong signal about the consequences of such borrowing.

The Daily Sun/Bangladesh/ 17th Jan 2012

Prime Bank Limited opened a medical camp at Ijtema premises for the devotees of Biswa Ijtema as part of its corporate social responsibility that started on January13, says a press release. Md Shirajul Islam Mollah , chairman of the board of directors of the Bank inaugurated the medical camp. Isbahul Bar Chowdhury, deputy managing director of the Bank was present .
Medical facilities were provided to the devotees of Biswa Ijtema free of cost from this medical camp during Ijtema.
With the management of Prime Bank, medicare facilities with medicines were rendered to all, 24 hours a day through professional physician.

The Daily Independent/Bangladesh/ 16th Jan 2012