BB Governor stresses on expert bankers to overcome crisis-568361 daily-sun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from daily-sun.com Daily Mail and Mail on Sunday newspapers.
They also mentioned that it is time to take initiative to reduce charges for MFS services. Multiply Tk 1.5 with the number of total transactions of a year, and see how much extra money is being taken, said Shyam Sunder Sikder, chairman of Bangladesh Telecommunication Regulatory Commission (BTRC).
Terming the extra Tk 1.5 charge as theft and fraud, he said: A monopoly business is going on here in the MFS sector. To prevent this, restrictions need to be imposed on significant market powers. We need to investigate how they [MFS providers)] are charging an additional Tk 1.5 for their services, said Abul Kashem, former deputy governor of Bangladesh Bank.
The government amended the Act in 2015, keeping a provision to punish money launderers.
According to the Act, the government would have to issue a notification to implement the measure. As part of the move, the ministry has now issued the circular.
The provision against the money launderers will be in place until December 2026.
The government is now drawing up a new law titled Foreign Exchange Management Act. The latest provision will be included in the new act. We have been requested the government for long to implement the provision of the law to refrain borrowers from trade-based money-laundering, said Mustafizur Rahman, a distinguished fellow of the Centre for Policy Dialogue.
BSEC dissolves 6th errant listed company’s board
Star Business Report
Star Business Report
The Bangladesh Securities and Exchange Commission (BSEC) yesterday dissolved the board of Emerald Oil and formed a new one in a bid to improve its performance.
The listed edible oil producer is the sixth company whose boards were created anew as per a decision taken by the regulator earlier.
The previous five companies were C&A Textiles, Ring Shine Textiles, United Airways, Familytex (BD) and Alhaj Textile Mills.
The BSEC last year decided to bring about the change if any company remained in losses for at least two years, or if company sponsors fail to hold at least 30 per cent of shares jointly.
BB in a quagmire as excess liquidity balloons
Funds soar 95pc year-on-year to Tk 204,700cr in Dec last year
Bangladesh Bank has fallen in a quagmire tackling an escalation of excess liquidity trending in banks, emerging from slow credit growth and implementation of stimulus packages and an upward trend in receiving remittance.
Excess liquidity in the banking sector escalated 95 per cent year-on-year to Tk 204,700 crore in December last year, which have largely been invested in treasury bills and bonds, showed data from the central bank.
There is no scope to mop up liquidity from banks at this moment as the excess fund has not had any impact on inflation because of suppressed demand among consumers and investors due to the economic hardship brought on by the coronavirus pandemic.