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  • Bank News Media Monitoring Report On September 04, 2023

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    Bank news media monitoring report on September 04 , 2023

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    7 views24 pages

    Bank News Media Monitoring Report On September 04, 2023

    Uploaded by

    Mohammad Wakeel Hossain Siam

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
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    The Baily Star Page-b1,Pos-14, Date: 04-09-2023 Rules relaxed for hiring ex- bankers as directors REPORT. AR BUSIN Bangladesh Bank (BB) yestertay relaxed rules for banks regarding appointment of former bankers as directors. of the lenders, according to a circular. The central bank. said bankers, who are appointed on a regular or contractual basis, will not be eligible to become a director of a bank within five years of their retirement or the end of their contract. Prior to the directive, bankers were not allowed to become directors. of the same bank alter their retirement or theend of the contract. ‘The move comes more than two years after it restricted appointment of former bankers as. board ‘members of the same bank where they worked. “We have eased the rule tobring similarity In READ MOREON 83 Rules relaxed oMPNGEL regarding the appointment of directors with non-bank financial institutions,” said a senior official of the central bank. In August last year, the BB restricted appointment of external auditors, ‘Tegal adviser, ‘adviser, Consultant of officials who. have worked in a financial institution in the previous five years as a board member of thesame organisation. The Daily Star Page-B1, Pos-1-6, Date: 04-09-2023 Investors barely show interest in bank, NBFI stocks High NPL, poor outlook to blame Remittance dips 21.5pc in August Last month’s receipts mark: steepest drop since April 2020 Remittance dips 21.5pe in August The Daily Star Page-B2, Pos-1-6, Date: 04-09-2023 Prime Bank, Grand Sylhet Hotel sign MoU ‘ae cn, py ag nen Bp ne a en ‘rer andreas res acy eG Stal esa echrge st cents ‘tater ast formers ee Daa acre) The Daily Star Page-B2, Pos-1-4, Date: 04-09-2023 at ‘AZM Shofiuddin Shamim, chairman of South Bangla Agriculture & Commerce (SBAC) Bank Ltd, presides over the 170th meeting of its board of directors at the lender's head office in Dhaka yesterday. Mohammed Ayub, vice- chairman of the bank, and Habibur Rahman, managing director and CEO, along with directors were present. Oe Bally Bat Bank Asia Dis Managers’ Meet 2023 The Baily Star Page-B2, Pos-1-6, Date: 04-09-2023 Standard Bank launches four deposit products ec Stand nk tnd te lameding amon depot arabe, manag ‘hemes bk ts bao n Dak ee corn nae Ivinson “ a Page-08, Pos-1-2, Date: 04-09-2023 Banks must put more capitals in technology to protect money [BANKS continue to ignore securty issues that they need to seriously attend 1, especially ata time when cyber aitacks neve become commonplace. Most of the banks are Teported not to Nave the resources, strategies anc comouter| Infrastructure to head off yer threats such 2s hacking. phishing. malware. onetime password bypass and the risk ‘Sf exposure of banking data to dark web, where privates Computer networks can communicate and conduct business ‘anonymously without divulging identifying informetion, Banks also tack human resources required to take care of cyber Security issues. ll this. n tum, leaves the banking sector \ulnerable. Amidst threats of cyber attacis. the Bangladesh Eank had kept some web-based services offine for 36 hours ‘beginning from &:0pm on August 14, causing inconveniences to individual and institutional service Seekers. The etudy of the e-government Computer Incident Resnorse Team of 2022 ays that almost all banks run one or more vulnerable services land have Weak authentication ystems, which could lead to potential cyber attacks, noting that financial services are at 300. times higher risk of falling victim to oyber attacks. An Institute ‘of Bank Management study of 2022 shows thet 52 per cent of ‘he banks are at high cybersecurity risks, ‘The thett of $81 milion of the Bangladesh Bani from its ‘account with the Federal Reserve Bank in New Yorkin Feoruaty 2016 largely spawned of diseussions on cyber secur in the banking sector but there has harcly been ary desirable progreasin effectively securing the systema that the benks use ‘cyber secutty firm managing ditecter says thatthe installaton, ‘of security operstions cerives wes an important instruction fof the Bangladesh Bank as hackers are found to steal money by using malware ang ransomware. Such a centre an in- house oy outsourced team of information technology secuty professions to monitor an organisation's entire IT infrastructure Found the lock to detect cyber securty events in realtime and ‘deress the issues as quickly and effectively 2s pessibe, But ‘most of the banks have yetto set up such centres, resulting |inan increase in cyber attack. Computer Inedent Respanee ‘Team data show that the Bangladesh Bank and ther financial Institutions had 31 oyber threat alerts in 2021. which incressed 12 48 in 2022. Experts say that such risks are integrally ‘Desocited with low investments in technology. A police offic ‘involved Inthe investigation of the central bark reserve ther ‘says that while banks are unmiling to Invest in securty system land shlled human resources, they ae also Lnwiling to divuige Incidents of cyber attacks they faced in fesrof losing their ‘reputation. The police sa) that a poor securty system at times. entices insiders to get Involved In manipulating the system to ‘windle money. Banks must keep putting capitals into technology to stave off ‘evolving hacking pattems an they must be proactive n this, ot waiting forthe attacks to take place. And, the central benk {as pert of is regulatory responsiblity must keep a constant Watch on the securty systems and force banks to Improve ways toprotect money, a Banks’ lending rate limit goes up to 10.14pc Staff Correspondent THE coilmg on tending fate rose fo 10,14 per cent for September as the six: month moving average interest rate of 182day treasury bill (SMART) im. creased ta 7.14 per cont from 7.10 per cand in Av. gust a1 Bangladesh has recently adopted a now interest rato regime, introducing mar Ket-alriven lending rates starting from July 2. per recommendations made by the International Monetary’ Fund. Bangladesh Bank gov- emnor Abdur Rouf Taluk: der. diring the unveiling of the monetary policy statement for July-Decem: ber of the financial year 2023-24 ou June 1B, an: nounced the adoption of the new interest rate te gime in Bangladesh. te moving the previously im posed 9-per cent fending rate ceiling, Under the nay frame- work, the lending rate for banks is determined by incorporating a 3-per cant ridot with six-month moving average interest tate (SMART) of {82-day treastiry bill, Similarly, for! non- bank financial institu: flows, the rate Js deter mined by incorporating the SMART rats with a S:por cent corridor, as per the now monetary policy statement, Given the six-month moving average ate. of treasury bill (SMART) of 7.14 por cant, the highest huunt for bank lending rate would be 10.L4 per cent for September Fiowsver, lending ac- tivities for CMSMEs and consumer loans may’ be subject to.an adsliticnal fos of up to 1 pet cant lo caver supervision costs “There will be no chang es in the interest. rates applicable to credit card Teans, “The BB had imposed 9 per cant ceiling an Tencling. rate in April 2020, which was formally remaved on fly Although the central bank stated that lending rates would be determined by market forces, the ref erence rate with 3 margin would restrict banks from fending beyond the inter- fest tnte margin. daily sun Date: 04-09-2023 Page-B1, Pos-1-: BB Raids Money Exchange Dollar goes off kerb market aed de money exchange hoses am aegatons proche ye iar eerargs Total tka Weats eectangorae oF ‘e'US dey tne ero open mart ‘echo KL 018 per doa tn TL ‘rer ned ererent exchange oases 2 ‘Uren aeser cata tovais ted ‘at ed a oe Wend. Daring tise aye eens were ‘sry mstrucea toca eo usratee TRIN 8 But ncn the Mest working dy ts no emer at on he ee Money eccanges be ete door ‘Sokespersn ‘Hoque MUN at fe datas beng ta (tut mateuryone sng Ony ae ohare dtsevareseing acting the ‘omen. zaman otra eon Far ainney ecturgeteuseinthe See re Bib Dollar goes off kerb market rem page Bit ‘Motel een td UNH on Sunday tat foy cannot iy oon at Tu, now can Nospasineta ol dolar ave 12503, ‘he questonsd ‘Many other money exchange houses ‘and macula raers 0 BSUS (Gollan were seen passing fe dime oo Sundey'sue to supply ers of he ‘ota ‘Ths em pcture was ten visting ‘monoy exchanges in Note, Pallan, ‘Seto aura ao ct lan, aac Mb, ‘Sod Farmgste too wh ak sa sf aoe At te at fat, the money change 10 Be ‘Money cangets get ona tno one ‘hs dollars bow Ty012 Trase cat SEI ir be doer get Gare oNey ‘Sanger pain ow" aa Aga me fs bee ote In ar eag r these years “ora vax cam to Noe o Duy ols as ho bs to Toland ot Septet aorerat ante 0 ‘uy drs or empenses Dt nt w= a "af came fo te money changes no ‘cnars ere eter cated an acqual {ancom Gutsnan to manage 900, wen ‘Stain pr oe “Ash Why be Would amo to Day usm step Fates Omar pace ou egariae of te price BOW cas #29 sree without dolare™ daily sun Page-B4, Pos-1-5, Dat (04-09-2023 HSBC launches 3rd business ‘Stat Correspondent ‘be turd ca os sess ‘Sete aa arco ‘englacesn for Sspperting ect somiearow "HSBC as teen present In nangudea ince tm amu {he alba ha entary on Ary Baaosh hs aod feenndos gromth oer eat ‘aan Wo want teat io ‘Noman Anvar were alo present {he press most om Poe ‘Sonar i he spa ‘The Bish Moneylenser excellence award pretears can nominate tenses eight engores of export ex Tepe resaynide garments, sep Dy eta ant ack In, ntedtone a energie for. mport suite noun Seven. ssetabs mons fon and emnog, and ect ‘sotieonment aes Ta is specch, Manoub ur ‘Rahman mentioned ths sles (are gag throu naan ‘Sad rnorestion ve eye "in Al we awarded (ba best cexpervarined companies ANSE ‘ae pan to expand th rena ‘rogaine ea tases (tat relucenpae depen. ney We Induced te Busnes re i ay aoe oe tite eas Se ae Seem ienus scones ead Scena Saar, en eens soe er es Epeeaeee Sn ae ste ee Stes Scan eee a are Se Seem serge pn mee Sma etsepeoes Bere pew tt caesar ficorer men Sea SERS ity mete cot mt st sgehiteatearise ig nat ea en went bees ico PSE Shanes ee aes Sen coer panei an ipo ae G Financial Express Former bankers allowed to become bank directors FE REPORT Former bankers could be appointed as the directors of the same bank after five years of their retirement or at the end of their con- tracts, according to a circu- jar issued by Bangladesh Bank on Sunday. Earlier in a circular in 2021, the bankers were barred from being appoint- ed as the directors of the same bank. However, other condi- tions of the previous circu- lar will remain the same. DhakaTribune Page-09, Pos--, Date: 04-09-2023 Remittance in August nosedives to a six-month low Frrtbune Desi Remittance inflow to Bangladesh shot down by 21.47% year-on-year {05159 billion in August. ‘The amount of funds sent by Bangladeshi migrant workers was $2.03billon in the same month last year according to Bangladesh Bank Gata released on Sunday. ‘Onamonth-on-month basis the remittance inflow slumped 19% in August from $1.57 billion in the previous month. The last time the inflow was low was back in Feb- ruary, when Bangladesh received $1.56 illion in remittances, aecord- Ing to central bank data. ‘The Bangladesh Foreign Ex- change Dealers’ Association (Bafe da) and the Association of Bankers, Bangladesh (ABB) recently adjust fed the exchange rate ofthe US dol lar at Tk109.50 for both the export proceeds and remittances. ‘Asa result, remittances and ex: port proceeds will be bought at the same price after almost a year. In a meeting of the two organi zationslast week, the dolar rate for remittance was raised by Tk0.50 and export proceeds by Tit. ‘Bankers said the remi tance inflow has fallen in recent ‘months mainly due tothe huge gap between formal and informal ex change rates, meaning a portion of the remittance earnings comes to Bangladesh through illegal chan- nels. Banks now offer Tk109.50 per Gollar for remitters while the ex change rate in the informal market isbetween Tia7 and Tki18 per dot lar, they sai. ‘As per the Bangladesh Bank, the country received $2.19 billion in remittances in June this year and in July last year, the amount was 3209billion. «| DhakaTribune Page-09, Pos‘, Date: 08-09-2023 Bankers, money changers raise dollar rates for export earnings, remittance Tiribune desk The Bangladesh Foreign Exchange Dealers’ Association (Bafeda) and the Association of Bankers, Bang: ladesh (ABB) recently adjusted the exchange rate of the US dollar at Tia09 50 for both the export pro: coeds and remittances, ‘As a result, remittances and ex port proceeds will be bought at the same price after almost a year. Ina meeting of the two organi- zations last week, the dollar rate For remittance was raised by Tk0.50 and export proceeds by Tki. Earlier, on July 31 the dollarrates for export proceeds and remittance were set at TkIO8.50 and Tk109 re- spectively. ‘The new rate will be implement: ed from 3 September, said Bafeda officials. ‘According to the decision taken inthe meeting, banks will sll dol lars at Tka10 for impor settlement, increased from Tk109.50. ‘According to Bangladesh Bank data, Bangladesh received $1.22bi- lion in remittances through bank. ing channels in the fist 25 days of August this yea, In July, remittance receipts stood at $1.97 billion, Remittances totalled $21.61 bil lion in F¥23, up by 275% over the previous fiscal year (On 12 September last year, the dollar price For remittances was set at Tk108, while it was Tk99 for ex- porters ‘Since then, Bafeda and ABB have increased the dollar price for exporters 13 times and changed the exchange rate for remittances sev- enttimes. « ‘The ae Business Post Page-01, Pos-6-6, Date: 04-09-2023 Bank officers can become directors after retirement Staff Correspondent . Bank officers can also become dlrectors of /EWE MAY the same bank after managing director o chief executive officer to low-ranking officer wil ge this opportunity, But they have to wait fr five years after their retirement or discharge from banking service or expiry of his/her job contrat with the banks. Farin, they had no chance to become director of the same bank To this end, Banking Regulation and Policy Department (BRPD) of Bangla desh Bank issued a crcuar on Sunday. It said that a regular or contractual officer of a hank or financial institution shall not be eligible tobe appointed asa Girectorof the same bancunles ive years have elapsed after retirementor discharge or expt ofthe ob contract petiod Ina crclaristed on May 12,2021, Bangladesh Bank published the rules and regulations for the appointment PAGE COLUMNS Bank officers can CONTINUED FROM PAGE of bank directors, contractual advisers, and consultants. There was a provision that bank officers should not be ap- pointed to the same bank as directors. In the case of non-bank financial in- stitutions, Bangladesh Bank withdrew itfrom this provision last year. To main- tain balance, similar provisions have been introduced in the case of banks, according to central bank sources. NewNation Page-05, Pos-1-2, Date: 04-09-2023 Authorities concerned must strengthen banks financial security EVBER seat nwa major ae of once forthe banking testy, wih repented ac ing. attempts” phishing alta, malware tila, OTP bypssing sd exponen gated aa wah ween Ts ae trp baning sector at rak em resting tnidene of eyber threat and hacking ‘tempts a most banks operating the coun tao le eee eg at th thn sn lad sled anpowet tnd the montoring sytem needed To prevent Soh aia ue to lower investments In tcholoy vanks in Baga were igher ako per atic’ Acoding toa yt 202 by Tawa itlignce tl ofthe Bangladesh ovement Computer indent Response Tom (OGD e-) WAR aera CF TES, Fer 31 Saas WE ale FH e FARICG GIT Steet AT THY Scere Tae | UAE oF fee sqag

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