A workshop on ‘money laundering prevention’ was organised at the Narayanganj Club recently for the officials of commercial banks operating in Narayanganj.

In partnership with the Money Laundering Preven -tion unit of Bangladesh Bank, HSBC Bangladesh organised the programme, said a press release.

Source: Daily Sun/Bangladesh/ Jan-09-2011

Analysts held the central bank's lack of control for the stock market's crash.

The Dhaka Stock Exchange fell by 555 points during the first week's trade in the year. But on Sunday the stocks came tumbling down with a record fall of 600 points, which is 7.75 percent.

The analysts indicated that the Bangladesh Bank should have contained the exposure of commercial banks in the stock market.

"This fall was imminent," said Zaid Bakht, research director of Bangladesh Institute of Development Studies.

According to him excess liquidity in the market coupled with the 'over exposure' of banks in the market compounded the problem making it overheated.

"And now there is a credit crunch in the market as the central bank has asked banks to limit their stock investment."

The central bank should have acted when the banks started to pour their funds into the market, said Bakht.

"Where were they (central bank) when the banks were investing heavily?"

Former DSE chief executive Salahuddin Ahmed echoed him.

"They [banks] had forgotten their responsibilities," he told bdnews24.com on Sunday.

It would have been effective if it was controlled beforehand, according to Ahmed, a finance professor of Dhaka University.

Regarding the crash, he said that it shouldn't have happened because all the sectors are not overpriced.

"I would say it's an abrupt correction."

He was echoed by a former chairman of the capital market regulator Securities and Exchange Commission, A B Mirza Azizul Islam.

"The fall is normal, but the extent in a single day is quite unnatural," he said while speaking to bdnews24.com on Sunday.

Also a former caretaker government adviser for finance and commerce, Islam, however, said that the index was still rather high.

"An index between 6000 and 6500 is reasonable."

Source: bdnews24.com/Bangladesh/ Jan-09-2011

Bangladesh Bank has urged the people not to invest in multilevel marketing companies that offer abnormal profit in a short period of time.

In a statement issued on Sunday, the central bank warned that investors can get deceived by these companies that come up with schemes offering 10 percent or more profit on monthly basis upon investments in gold markets abroad or foreign exchanges.

The anti-money laundering act deems such investments as offences, the statement added.

Source: bdnews24.com/ Bangladesh/ Jan-09-2011

Bangladesh Bank (BB) Governor Dr Atiur Rahman has said the fates of the farmers should be changed first for attaining the country's sustainable development.

Terming the farmers a lifeline of the country's economy, Rahman called upon all for coming forward to ensure and preserve interests and rights of the farmers in building a developed Bangladesh.

He was addressing a farmers' gathering and loan distribution ceremony on Friday night, jointly arranged by National Bank and Manoharpur Integrated Crop Management (ICM) Club at Manoharpur High School ground here.

Chaired by Tauhidul Islam Tuhin, president of Manoharpur ICM Club, the occasion was addressed by farmers Fazlur Rahman and Gulshan Ara Begum and Gangachara Upazila Chairman Majibar Rahman Pramanik.

Illias Sikder, general manager of BB's Rangpur branch, and Bodiul Alam, National Bank's additional managing director, and Hasanur Rahman, deputy director of Rangpur DAE, also spoke.

The speakers put emphasis on providing adequate easy and soft-term farm loans and latest technologies to the farmers to raise farm output.

Later, the central bank chief distributed checks for agri-loans and cows among 10 member- farmers of Manoharpur ICM Club under the initiative of Rangpur branch of National Bank.

Source: Bss, Rangpur

Top executives of Islami Bank Bangladesh Ltd on Friday expressed hope that the bank will be a bank of 10 million customers by the end of this year.

These commitments were expressed in the ‘Business Development Conference’ of the bank held at a city hotel, said a press release.

The bank will take initiative to take their services to the doorsteps of the 150 million people of the country, the press release said.

Prof Abu Nasser Muhammad Abduz Zaher, Chairman, of the bank was present at the conference as the chief guest.

Presided over by Mohammad Abdul Mannan, managing director of the bank, the conference was addressed as special guests by Engr. Mustafa Anwar, vice chairman, Engr Md Eskander Ali Khan, chairman of the Executive Committee, Md Shahidul Islam, chairman of Audit Committee and Engr. Md Dawood Khan, director and Mohd. Shamsul Haque, deputy managing director of the bank.

Source: daily-sun, Bangladesh/9th Jan 2011