Regulatory mkt intervention ramped up for balancing exchange rate
A higher inflow of remittances prompts the central bank to scale up intervention in the foreign-exchange market to forestall any imbalance in dollar-taka exchange rates and avoid its economic domino effect.Officials say amid a steady rise inflow of remittances in recent days the Bangladesh Bank (BB) ramped up its US...
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Credit remittances into recipient account in real time
Banks have to ensure same-day or next-day crediting of inward remittances to reduce disbursement delays and improve efficiency in cross-border payment processing, says a binding regulatory order. Bangladesh Bank (BB) issued the firman Thursday through a circular with "immediate effect". However, banks have been given a transition period until March...
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China's Sinopec gets go-ahead to drill 5 hydrocarbon wells
China's state corporation Sinopec gets the go-ahead to drill five new hydrocarbon wells on the gas-rich Bhola island as Bangladesh moves to enhance output of the fuel to feed the energy-hungry economy.State-run Bangladesh Petroleum Exploration and Production Company Ltd (BAPEX) issued Wednesday notification of award (NOA) to the Chinese oil-...
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LPG traders call off strike after BERC assurance
Liquefied petroleum gas (LPG) traders Thursday called off their strike on an assurance from the energy regulator of fulfilling their demands, strikers said.LP Gas Traders' Cooperative Society Ltd held a discussion with Bangladesh Energy Regulatory Commission (BERC) on Thursday over the country's ongoing LPG crisis before calling off their strike...
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BB moves to speed up settlement of Tk 750.52 billion audit backlogs
The central bank has initiated a move to fast-track the settlement of long-standing audit backlogs involving more than Tk 750.52 billion, sources said.Such long-standing fund impasses regarding the 1,206 unsettlement audit objections at the Bangladesh Bank (BB) remain a big concern, officials said.Keeping this in view, a high-level meeting is...
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Trump backs 500pc tariffs on India, China over Russian oil
US President Donald Trump has backed a bipartisan bill that would allow Washington to impose tariffs of at least 500 percent on India and China over their imports of Russian oil, as part of efforts to pressure Moscow over the war in Ukraine.The proposed legislation, titled the Sanctioning of Russia...
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