Bangladesh Bank Headquarters

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

BB launches spl inspection of troubled Farmers Bank
The central bank has launched a special inspection of the problem-ridden Farmers Bank Limited (FBL) to assess its real financial health, after heads rolled over a crisis of the trouble-hit fourth-generation private commercial bank. “We’re investigating different branches to know actual financial position of the bank,” a senior official of the Bangladesh Bank (BB) told the FE Tuesday, without elaborating.

BASIC Bank Loan Scam: Transfer of Tk 20cr raises questions
Around Tk 20 crore was transferred to bank accounts of two firms, owned by Sheikh Abdul Hye Bacchu’s younger brother, from several companies that got loans from BASIC Bank through scams when Bacchu was its chairman. This came to light through the findings of an investigation conducted by Bangladesh Financial Intelligence Unit (BFIU), the anti-money laundering unit of the central bank, in 2014. The BFIU sent its report to the Anti-Corruption Commission the same year.

BB moves to remove NRBC Bank MD
Bangladesh Bank has started the process for removal of NRB Commercial Bank managing director Dewan Mujibur Rahman following a number of loan scandals in the bank, said officials on Tuesday. BB officials said that the central bank took the move as it did not find satisfactory the explanations Dewan gave in the recent BB hearings on the scams.

Biman set to purchase 3 Bombardier Dash 8 aircraft
The Biman Bangladesh Airlines has decided to add three Bombardier Dash 8 aircraft to its fleet to operate flights on both domestic and international routes, according to sources. To this end, the national flag carrier will place a government-to-government purchase proposal before the Cabinet Committee on Economic Affairs on Wednesday.

Bangladesh Bank sells $28m more to two banks
The central bank of Bangladesh has provided its foreign exchange support continuously through selling the US dollar to the banks for settlement of import bills, officials said. As part of the move, the central bank sold US$28 million at market rate to two banks state-owned commercial banks directly on Tuesday to meet the growing demand for the greenback in the market.

Import orders hit record high
The value of letters of credit opened in November recorded an all-time high of $16.33 billion riding on huge import orders by Bangladesh Atomic Energy Commission for the Rooppur Nuclear Power Plant. Bangladesh Bank data showed that the BAEC alone opened LCs worth $11.38 billion last month through state-owned Sonali Bank to set up the power plant, the first of its kind in the country.

BD-Bhutan transit deal stalls over validity, bank guarantee issues
Bilateral transit between Bangladesh and Bhutan looks way off as they couldn’t agree on terms of bank guarantee and validity of the treaty in their latest meeting, officials said. A meeting of the Bangladesh-Bhutan Joint Working Group on Transit and Protocol in Dhaka last week could not finalise the text as officials from Thimphu said they needed further consultation with stakeholders to give a decision, they added.

Govt asked to pay PDB’s deficit as grant
Bangladesh Energy Regulatory Commission has asked the government to provide fund to the state-run Power Development Board in grants to offset deficit it incurs mainly due to power purchase from rental plants at high cost and selling at lower rates to the distribution utilities. The BERC order published on Sunday will ultimately result in writing off more than Tk 44,000 crore the government had lent to PDB in last 11 years with a three per cent interest until June 2017, said commission officials.

BBN/SSR/AD