Feb 24
Daily News Head Line
Satellite launch deferred to March PDF Print E-mail


The launch of Bangladesh's first commercial satellite Bangabandhu-1 has been pushed to March, although its construction has been completed by the French manufacturer, owing to the packed schedule of the US launching station.

Initially, the government had planned to inaugurate the much talked about satellite in December so that it coincides with the 46th Victory Day celebrations.

An expert team from Bangladesh Telecommuni-cation Regulatory Commission (BTRC) led by its Chairman Shahjahan Mahmood recently visited Thales Alenia Space's factory in France and saw the complete structure of the satellite.

Banks move to curb dollar's rally PDF Print E-mail


Foreign exchange dealers yesterday decided not to sell US dollar at rates higher than Tk 83, in a bid to stem the recent appreciation of the greenback.

The decision came at a meeting of the Bangladesh Foreign Exchange Dealers' Association, which was attended by senior treasury officials of 20 banks.

The move comes after the central bank on Tuesday served show-cause notice to the 20 banks for misreporting their Bills for Collection selling rate, which is the rate at which banks make import payments.

3G internet finally gets momentum PDF Print E-mail


Internet usage by way of the faster third generation mobile telephony technology data has finally got the traction befitting of the investment made by the operators as people are progressively becoming habituated to digital services.

As of June, the total active 3G SIMs stood at 4.97 crore, up 72.60 percent year-on-year, according to the draft of the Bangladesh Telecommunication Regulatory Commission's annual report, which will be published shortly.

Nonperforming loans on the rise PDF Print E-mail

Nonperforming loans in the banking sector are on the rise this year on the back of increasing tendency of habitual defaulters to file writ petitions, which stall the loan recovery process.

At the end of last year, the sector's NPL ratio stood at 9.23 percent, which crept up to 10.53 percent at the end of March.

The ratio dipped to 10.13 percent over the following three months, only for it to shoot up to 10.67 percent at the end of September.

BB data shows the defaulted loans increased by Tk 6,159 crore to Tk 80,307 crore in September compared to the figure a quarter ago.

Ailing Farmers Bank gets Tk 96cr from BB PDF Print E-mail

Cash-strapped Farmers Bank yesterday got a shot in the arm after the Bangladesh Bank agreed to provide short-term loan amounting to Tk 96 crore by way of repo to meet its instant liquidity demands.

Repo is a short-term loan from the central bank of a country to a commercial bank in the event of any shortfall of funds. A bank has to count 6.75 percent interest if it takes loans through the repo from the Bangladesh Bank.

The last time the instrument was used by the Bangladesh Bank was back in August 8 last year, when a bank took out a loan for Tk 47.50 crore.

“Farmers Bank had to take the loan because of acute liquidity crunch,” said a BB official. For instance, on Monday, the bank had just Tk 65 lakh in its current account with the central bank, according to BB.


Page 5 of 199