Dhaka, Bangladesh (BBN) – The BBN has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.

Bangladesh Bank to boost inspection against irregularities
The central bank of Bangladesh is going to expedite its drive against irregularities in the country’s banking system by using latest information technologies in inspection works, officials said. The decision was taken at a coordination meeting among the senior officials of different departments relating to inspection and supervision at the central bank headquarters in Dhaka on with Monday with Bangladesh Bank (BB) Governor Dr Atiur Rahman in the chair. The meeting was discussed different technique and strategies to check irregularities in the banking system through strengthening monitoring and supervision of the central bank.

BASIC Bank Scam: Blame lies mainly with the board
An external audit into the BASIC Bank scams has outright blamed the board led by its former chairman Abdul Hye Bacchu for presiding over a period of irregularities that cost the lender Tk 5,000 crore. Since the scams came to surface in 2012, several investigations have been carried out to find the culprits but those couldn’t identify the wrongdoers at the state-run bank. However, the recent functional audit by two private firms has accused more than 100 officials of irregularities. It has largely held responsible for the anomalies the bank board that supervised the lender from 2010 to 2013.

RMG exports to India plunge in July
The readymade garment export to India declined by 27.29 per cent in July, the first month of the current financial year 2015-16, as exporters were to some extent unwilling to increase business with the Indian buyers amid a fear of non-payment of export proceeds. RMG exporters said they witnessed non-payment from two Indian companies — Lilliput Kids Wear and Aldi. In 2011, a total of 22 small and medium exporters of Bangladesh supplied garment products worth $5 million to Lilliput of India but the company is yet to make full payments.

$1.74b WB soft loan likely this year
The World Bank (WB) is likely to provide nearly US$1.74 billion in soft loans this fiscal (2015-16) for development of Bangladesh’s infrastructure and cutting poverty, officials said Monday. Economic Relations Division (ERD) officials said they are expecting the WB funds for implementing at least 11 development projects.

Bangladesh Bank buys $26m more from 4 banks
The central bank of Bangladesh purchased US$26 million more from four commercial banks on Monday to help keep the inter-bank foreign exchange (forex) market stable, officials said. “We’ve bought the US currency from the bank directly at market rate to protect the interests of exporters and migrant workers by keeping the exchange rate of the local currency against the US dollar stable,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.

Bangladesh’s stocks end lower for 3rd day
Bangladesh’s stocks edged lower on Monday, extending the losing spell for the third sessions in a row, as late sale pressure wiped-out early gains. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down further by 15.79 points or 0.33 per cent to settle at 4,768, despite opening with upbeat note. The DS30 index, comprising blue chips, plunged 17.35 points or 0.94 percent to end at 1,827.92.

Soured loans decline as political climate improves
The banking system’s default loans dropped 3.91 percent to Tk 52,519 crore in the second quarter of the year, much to the relief of the central bank. Bad loans accounted for 9.67 percent of the total loans on June 30, compared to 10.47 percent in March. Bad loans rose slightly during the January-March period due to political turmoil, said a Bangladesh Bank official.

Bangladesh’s forex reserve crosses $26bn-mark
Bangladesh’s foreign exchange (forex) reserved crossed US$26 billion-mark for the first time on Monday following lower prices of commodities particularly fuel oils in the global market, officials said. The country’s foreign exchange reserve rose to $26.03 billion on Monday from $25.90 billion of the previous working day following the US dollar purchase. “Our forex reserve crosses $26 billion mainly due to lower import payment pressure,” a senior official of the Bangladesh Bank (BB) told the BBN in Dhaka.

BBN/SSR/AD