Banking & Commodity

The government has asked the Directorate of National Consumer Rights Protection to take stringent actions against the edible oil refineries in case of violation of the existing government order. To this effect, the commerce ministry has recently instructed the agency to take necessary legal steps on the spot using the …

Bangladesh Bank yesterday revised its policy for post-import financing (PIF) to ease the process for importers to get finance smoothly. As per the previous guidelines on PIF released in June last year, Bangladesh Bank mentioned two sectors — essential commodities and industrial raw materials — where banks could finance importers. …

The edible oil market has become more volatile after wholesalers and millers cut supplies in anticipation of increased prices of the essential cooking ingredient in the wake of the export ban by Indonesia, the world’s biggest supplier of vegetable oil. Yesterday, the wholesale prices of palm oil rose by Tk …

Bankers at a school banking camp have stressed on popularising the School Banking System among young students to create their savings practice since childhood. They said this at the camp organised by Kakina Bazar Branch of Sonali Bank Limited (SBL) at Kakina Mahima Ranjan Smriti High School auditorium in Kaliganj …

Bangladesh Bank yesterday asked banks to track shipments of goods which are exported with a view to tackling trade-based money laundering. Banks have to hire third parties with experience in operating the tracking system on vessels laden with exports, according to a Bangladesh Bank notice. The central bank will allow …

While salt production has been growing steadily over the years, the farmers in the coastal districts of Chattogram and Cox’s Bazar are apprehensive over whether their meagre profits would get any better. Their primary concern is the presence of middlemen or brokers who purchase crude salt from them and then …

Bangladesh Bank (BB) has asked all non-bank financial institutions (NBFIs) to fix maximum 7 percent interest rate on deposit and maximum 9 percent interest rate on loan. The instruction will come into effect from July 1 this year, according to a BB circular issued today. Some NBFIs have recently offered …

The Bangladesh Bank yesterday said that the New York County Supreme Court has not given any judgement in a case filed against the three prime accused in connection with the 2016 reserves heist. The three accused are Rizal Commercial Banking Corporation (RCBC), Lorenzo V Tan, who was president of RCBC …

Speakers at a webinar have praised the role of Bangladesh Bank (BB) for enhancing financial inclusion and women’s access to finance in Bangladesh in different dimensions. They said that the central bank has brought non-government organizations (NGOs), Financial Institutions (FIs) which are working in the rural areas with the marginal …

Although onion prices were excessively high just one month ago, farmers in Pabna are now struggling to recover production costs due to a supply glut following this year’s harvest. Onions previously cost Tk 60-65 per kilogramme (kg) in Dhaka but prices quickly dropped to Tk 25-35 per kg as of …