Dhaka's achievement feted by three banks
Friday, 7 May 2010
FE report
Finance Minister AMA Muhith has termed the sovereign credit rating a 'big challenge' for Bnagladesh, saying it had necessiated the country to sustain the status.
"A better credit raing has meant that we have to be more responsible in future in dealing with all matters in an efficient manner," Mr Muhith said.
He was speaking as the chief guest at the concluding session of the function celebrating the first-ever sovereign credit rating awarded to Bangladesh jointly organised by Citibank, HSBC and Standard Chartered Bank Thursday night.
The global positioning of "Brand Bangladesh" received a major boost with the achievement of the first-ever sovereign ratings for the country from Standard & Poor's (S&P) and Moody's. A BB-/B (long-term/short-term) rating by S&P's and Ba3/B1 (long-term/short-term) by Moody's marked a breakthrough for the international image for Bangladesh.
HSBC and Standard Chartered Bank have been the advisers to Bangladesh Government for the credit rating process of S&P's, while Citibank has been the adviser to the Bangladesh Government for Moody's rating.
The three international banks organised the celebration dinner on achieving this international milestone by Bangladesh at a city hotel.
Officials of different government agencies including ministers, dignitaries from the private sector and development institutions, executives from the three banks involved in the process and others attended the ceremony.
Governor of Bangladesh Bank Dr Atiur Rahman, Deputy Governor of Bangladesh Bank Ziaul Hassan Siddique, Citibank country officer for Bangladesh Mamun Rashid, CEO of HSBC Bangladesh Sanjoy Prakash and CEO of Standard Chartered Bank - Bangladesh Jim McCabe were also present at the function.
Speakers at the function pointed out that the sovereign ratings will offer stronger confidence in and better understanding of the Bangladesh economy to potential foreign investors, partners, donors and international financial institutions. The ratings took into account the macroeconomic fundamentals, strong external liquidity, supported by resilience in apparel exports and remittance as well as external donor funding and an improving foreign exchange reserve.
BB governor Atiur Rahman, however, urged all government and private stakeholders concerned to work in the highest form of coordination to sustain the country's rating.
"We need to be more active from now on to sustain what we have achieved," he said laying emphasis on greater inter-departmental communication among different government offices.
Private companies are going to enjoy maximum benefits by the rating, the governor said. He suggested that everyone play their role in achieving even better ratings in the coming years.
Finance Minister AMA Muhith has termed the sovereign credit rating a 'big challenge' for Bnagladesh, saying it had necessiated the country to sustain the status.
"A better credit raing has meant that we have to be more responsible in future in dealing with all matters in an efficient manner," Mr Muhith said.
He was speaking as the chief guest at the concluding session of the function celebrating the first-ever sovereign credit rating awarded to Bangladesh jointly organised by Citibank, HSBC and Standard Chartered Bank Thursday night.
The global positioning of "Brand Bangladesh" received a major boost with the achievement of the first-ever sovereign ratings for the country from Standard & Poor's (S&P) and Moody's. A BB-/B (long-term/short-term) rating by S&P's and Ba3/B1 (long-term/short-term) by Moody's marked a breakthrough for the international image for Bangladesh.
HSBC and Standard Chartered Bank have been the advisers to Bangladesh Government for the credit rating process of S&P's, while Citibank has been the adviser to the Bangladesh Government for Moody's rating.
The three international banks organised the celebration dinner on achieving this international milestone by Bangladesh at a city hotel.
Officials of different government agencies including ministers, dignitaries from the private sector and development institutions, executives from the three banks involved in the process and others attended the ceremony.
Governor of Bangladesh Bank Dr Atiur Rahman, Deputy Governor of Bangladesh Bank Ziaul Hassan Siddique, Citibank country officer for Bangladesh Mamun Rashid, CEO of HSBC Bangladesh Sanjoy Prakash and CEO of Standard Chartered Bank - Bangladesh Jim McCabe were also present at the function.
Speakers at the function pointed out that the sovereign ratings will offer stronger confidence in and better understanding of the Bangladesh economy to potential foreign investors, partners, donors and international financial institutions. The ratings took into account the macroeconomic fundamentals, strong external liquidity, supported by resilience in apparel exports and remittance as well as external donor funding and an improving foreign exchange reserve.
BB governor Atiur Rahman, however, urged all government and private stakeholders concerned to work in the highest form of coordination to sustain the country's rating.
"We need to be more active from now on to sustain what we have achieved," he said laying emphasis on greater inter-departmental communication among different government offices.
Private companies are going to enjoy maximum benefits by the rating, the governor said. He suggested that everyone play their role in achieving even better ratings in the coming years.