Four New Members Join IDRA

Companies linked to the S Alam Group took out 56% of the total loans disbursed by First Security Islami Bank (FSIB), amounting to Tk 33,791 crore out of Tk 60,272 crore as of September. An internal inspection revealed significant irregularities in loan disbursement, including excessive investment, overvalued collateral, and improper loan rescheduling.

Inward remittances through Mobile Financial Services (MFS) like Nagad, bKash, Rocket, and Upay have surged, reflecting their growing popularity. In October 2024, Tk. 11.02 billion in remittances were processed through MFS platforms, with an e-money balance of Tk. 139.22 billion. This marked a 9.37% increase from September.

Unsettled insurance claims worth Tk 62.15 billion have accumulated with companies in Bangladesh, prompting government instructions for the Insurance Development and Regulatory Authority (IDRA) to expedite claim settlements.

Corporate external borrowing continues to decline, with Bangladesh’s short-term overseas debt falling to $10.52 billion in October 2024 from $13.95 billion in May 2023, according to Bangladesh Bank. Analysts attribute this trend to domestic economic instability following the Sheikh Hasina government’s fall in August, the ongoing energy crisis, and currency depreciation.

Bangladesh Bank (BB) has asked 13 banks, including BRAC Bank, Islami Bank Bangladesh, and Shahjalal Islami Bank, to explain by December 22 why they are offering unusually high US dollar rates to foreign exchange houses, with rates reaching Tk 127–128 against the official interbank rate of Tk 120.

Bangladesh Krishi Bank has been honored with the "Remittance Award 2024" by the Ministry of Expatriates' Welfare and Overseas Employment for its significant contribution to remittance inflows during the fiscal year 2023-24.