IDRA Directs Non-Life Insurers to Launch New Schemes

As of June 2034, foreign exchange holdings in Bangladesh's commercial banks surged to a record high, primarily due to rising remittance receipts and lower import payments, alongside new incentives. The increase provides relief to the economy, which has faced significant challenges from dwindling forex reserves. The recently enacted Offshore Banking Act 2024, which offers attractive terms such as 9% interest and flexible withdrawals, has also contributed to this boost.

The securities regulator instructed 57 stock brokers and dealers of the Dhaka Stock Exchange to return Tk 4 billion to their core business within three months. The funds had been diverted to real estate, violating the Securities and Exchange Rules 2020. The core business involves trading securities from their own dealer accounts.

A five-day internet outage in Bangladesh caused a sharp decline in digital banking transactions, revealing the sector's heavy reliance on stable internet connectivity. Following the launch of 4G and the Covid-19 pandemic, cashless transactions had surged.

Banks and NBFIs have been instructed by the central bank to waive fees and interest on delayed repayments for loans, savings schemes, and credit card bills from July 18 to July 25 due to recent country-wide unrest. This directive aims to support clients who may have missed payments amidst internet shutdowns and curfews.

NRB Bank has launched an offshore banking unit (OBU) with the slogan "Banking Beyond Boundary", inaugurated by chairman Mohammed Mahtabur Rahman at the bank's corporate head office in Dhaka, attended by vice-chairmen Golam Kabir and Mohammed Jamil Iqbal.

NRB Bank reported a profit of Tk 850 million in Q2 2021, up from a loss of Tk 28.5 million in the same quarter the previous year. The bank's foreign exchange gain and operational efficiency contributed to the turnaround. The bank's half-yearly results also showed positive results, with a profit of Tk 100 million in January-June 2021.