BRAC Bank has introduced a local currency 'range-forward contract', the first in Bangladesh, to safeguard companies against fluctuation risks of the dollar-taka exchange rate.

The range forward is a fresh derivative which helps corporate houses, engaged in international trade, to save their money through staying in a price band.

The bank has recently signed a forward contract with Marico Bangladesh in Dhaka. The deal will enable Marico to cover foreign-exchange fluctuation risks with a price band, the bank said in a statement yesterday.

The first L/C opened under the contract was about $200,000.

“This innovative foreign exchange product will help corporate houses hedge their currency risk and safeguard themselves from foreign currency fluctuation risks,” said Syed Mahbubur Rahman, managing director of the bank.

“With this, the bank has covered a new area of foreign exchange derivatives previously absent in the market,” he added.

Rahmat Pasha, head of treasury of the bank, said, “It will be a milestone product for the market through which corporate houses will keep safe in the rainy days, when the currency market goes through upheavals.”

News: The Daily Star/ Bangladesh/ July-11-2011

Bangladesh Bank Governor Dr Atiur Rahman on Saturday asked all central bank branches across the country to set up ‘Help Desk’ for better service to the people. He also requested all commercial banks of the country irrespective of local and foreign to set up such ‘Help Desk’ in their branches.
The decision was taken at a meeting as the central bank chief has spent his holiday in the office from 11 am. He also held meeting with the officials of the ‘Help Desk’ of the central bank that would help their customers a lot to get better services. Dr Atiur told the meeting that the central bank should act more pro-people and expand its services further for the betterment of the people.
He also emphasized to increase the standard of the service of the central bank and asked the officials to change their mind set.
He said that mobile service should be included to expedite the service of the ‘help desk’.
The government said all banks to give new notes to the customers. He requested all people to lodge their complaints to the Bangladesh bank if they did not get new bank notes from now on.

News: The Independent/ Bangladesh/ July-10-2011

Rajshahi Krishi Unnayan Bank (RAKUB) has disbursed Taka 1010.42 crore as loan for boosting rural economy as well as create employment through enhancing agricultural and non-agricultural production everywhere in the country’s 16 northwest districts during the last 2010-11 fiscal. Side by side with the disbursement, the bank has also realized Taka 1190.91 crore including Taka 320.04 crore classified and other outstanding loans.
RAKUB Managing Director Pradip Kumar Dutta said the bank had set a target of disbursing Taka 1140 crore as crop loan and recovery of Taka 1090 crore including Taka 657.66 crore classified loan through 365 branches in the Rajshahi and Rangpur divisions.
To build a poverty-free Bangladesh, he said the bank has enhanced its lending activities in multipurpose potential fields for boosting agriculture production, intensifying food security and flourishing poultry and dairy sectors to reduce protein deficiency.
Pradip Dutta said Taka 444.59 crore for crops, Taka 18.26 crore for fisheries, Taka 56.64 crore for livestock, Taka 13.49 crore for farm and irrigation machinery, Taka 22.76 crore for small and medium enterprise, Taka 271.69 for trading, Taka 45.57 for agro-based industry and Taka 31.27 crore for poverty alleviation were also disbursed during the same period.
Besides, Taka 4.73 crore has been disbursed at two per cent subsidized interest rate for boosting the production of import alternative cash crops like pulse, spice and maize.
The bank has also been disbursing loan for establishing solar power, biogas and waste refinement plants on a priority basis for the greater interest of public health conservation and maintaining ecological balance together with addressing the power and gas deficiency through using the eco-friendly alternative fuel.
For the last couple of years, special credit is being disbursed among the share-croppers and marginal farmers at open places with the main thrust of enhancing credit-flow towards the potential crop production sector. Emphasis is being given to bringing all the landless, marginal and small share-croppers, who are unable for supportive deposit, under its credit facilities in phases.
Dutta said the landless farmers and share-croppers cultivate significant portion of the total farming field.
As the largest development partner in agriculture as well as agro-based industry sector of the northwest region, currently the bank has adopted multipurpose development programs, which are being implemented at the grassroots to make the credit programs easier. “We are giving highest emphasis on enhancing credit flow towards exploring the potential sectors of the region,” Pradip Datta said adding that the level best efforts are on to ensure transparency and accountability in all the banking activities.
Side by side with implementing various credit programmes, he said, the bank has been arranging different kinds of grassroots level motivation programs including farmers training aimed at enhancing consciousness among the rural farmers and the masses regarding procurement of agricultural loan along with repaying those on due time.
Importance has been given to increasing relations between the bankers and the customers especially the rural farmers for boosting farm production, he added.
As the largest development partner in the agricultural sector of the northwest Bangladesh, the amount of bank’s credit balance and deposit has been cumulated to Taka 3530.11 crore and Taka 1939.12 crore respectively at present.

News: The Independent/ Bangladesh/ July-10-2011

Eastern Bank Ltd has launched EBL Visa Signature Credit Card in Bangladesh.
Ali Reza Iftekhar, managing director and  CEO of the bank launched the card at press conference, organised at a city hotel on Friday, says a press release. The Visa Signature card, EBL has become the first bank in Bangladesh to introduce a premium credit card, which is way above the current premium cards available in the Bangladesh. Positioned above the Platinum class credit card – EBL Visa Signature offers the card holder to experience the very best of lifestyle and financial benefits all across the world.

News: The Independent/ Bangladesh/ July-10-2011

Dutch-Bangla Bank Limited has opened its 97th branch at Matuail Konapara Main Road, Jatrabari, in the city on July 4, says a press release. Like the other DBBL branch network, this branch also provides truly On-line banking facilities to the c1ients from the opening day of the branch. K. S. Tabrez, managing director of the bank formally inaugurated the Matuail branch.
K. S. Tabrez, managing director of the bank in his address of welcome informed that DBBL provides a wide array of banking products and financial services including card services to its retail-and corporate customers and newly launched mobile banking facility to ensure "financial inclusion" in the country.
It has a wide variety of delivery channels like ATMs, Fast Tracks besides branch networks at important places of the country. DBBL serves over 1.7 million customers throughout the country.
He called upon the local people and business community to avail the most up-to-date on-line- banking facilities
by maintaining, a bank account with DBBL.

News: The independent/ Bangladesh/ July-10-2011