Six Troubled Banks Receive Tk 5,000 Crore in Liquidity Aid

Pubali Bank PLC has been recognized at the Mastercard Excellence Awards 2023 for its efforts in promoting financial inclusion and strengthening the digital economy. The bank won in two categories: "Excellence in Mastercard Debit Business (International) 2023-24" and "Excellence in Mastercard Business Growth (Acquiring) 2023-24."

Following the dissolution of its previous board on August 5, 2024, Social Islami Bank PLC, now led by an independent director and chairman, is undergoing significant reforms to address a liquidity crisis and restore stability. The Shariah-based lender has a total deposit of Tk 32,272.45 crore and investments of Tk 37,534.59 crore as of November 17, 2024

Global rating agency Moody’s has downgraded the long-term local and foreign currency deposit ratings of BRAC Bank, Mercantile Bank, and Premier Bank due to Bangladesh's recent sovereign downgrade to B2 on November 18, 2023. This marks the first downgrade in 14 years, reflecting heightened economic risks.

Monno Ceramic Industries Ltd, a prominent tableware manufacturer in Bangladesh, reported a steep 89% drop in profits for the first quarter (July-September) of FY 2024-25. The company’s earnings fell to Tk 30.17 lakh during this period, significantly lower than Tk 2.66 crore recorded in the same quarter of the previous year.

Bangladesh Bank (BB) has raised the foreign currency endorsement limit at money exchange houses for travelers to $2,000, doubling the previous cap of $1,000. The new policy, announced on November 19, 2024, aims to ease currency access for Bangladeshis traveling abroad. A senior BB official stated that travelers could now purchase up to $2,000 in cash from money changers, increasing convenience.

Doreen Power Generations and Systems faced a profit drop of over 17% in Q1 FY 2024-25 due to plant shutdowns and rising operational costs. The company's profit for July-September stood at Tk 26.95 crore, down from Tk 32.52 crore a year earlier. Earnings per share (EPS) fell to Tk 1.48 from Tk 1.80, according to unaudited financial statements released on November 20, 2024.