Business
BFIU suspends 21,725 MFS accounts over online gambling, hundi
Bangladesh Financial Intelligence Unit (BFIU) has suspended 21,725 accounts belonging to different Mobile Financial Services (MFS) for their alleged involvement in online gambling and hundi.
Deputy Chief Officer AFM Shahinul Islam of BFIU briefed reporters about the decision on Wednesday.
Most of these accounts are from Bkash, Nagad, and Rocket and MFS operators have also been warned not to engage in such transactions future, he said.
MFS transaction decreased by Tk34 thousand crore in July: BB
BFIU collected information from 371 online gaming and betting transactions, 91 transactions related to online forex trading and 413 transactions related to cryptocurrency in nine months of this year. These data are being analyzed and sent to the law enforcement agencies.
Besides, BFIU has sent a list of 814 websites, 159 apps, and 442 social media pages and links related to illegal hundi, gaming and betting to law enforcement agencies for action and investigation.
The BFIU has sent details of 21 money changers and their 39 bank accounts to the Criminal Investigation Department of the police.
MFS transactions record breached again in April; number of accounts now 26.5 crore
BFIU presented these facts in a meeting with anti-money laundering compliance officers of commercial banks held at Bangladesh Bank headquarters in Motijheel on Tuesday.
The head of BFIU Masud Biswas presided over the meeting, Deputy Chief Officer AFM Shahinul Islam, the Director of BFIU, chief of anti-money laundering enforcement officers of all commercial banks were present.
Head of BFIU,Masud Biswas said that criminals and money launderers should be aware that they cannot use the banking system to commit any crime.
Daily transaction of MFS crosses Tk3200 crore: BB
Self-learning for Career Growth: Know the Pros and Cons
In today’s rapidly-evolving professional landscape, achieving continuous career growth is a crucial objective for individuals across various industries. One powerful strategy to propel one’s professional career forward is self-learning. This is an approach where individuals take charge of their learning journey. This article delves into self-learning, exploring its advantages and limitations in the context of career advancement.
How Self-learning Strategy Can Help Career Growth
Tailored Learning Experience
Self-learning allows individuals to personalise their learning path according to their unique learning styles, pace, and preferences. In contrast, traditional classroom education often follows a standardised curriculum. Sometimes it might not align perfectly with an individual's specific career goals.
Flexibility and Convenience
Self-learning offers flexibility in terms of when and where one can learn. It accommodates busy professionals who may not have the time to attend regular classes. On the other hand, formal education often requires a fixed schedule and physical presence. This procedure makes it less convenient for those with full-time jobs or other commitments.
Read more: Effective Self-marketing Tips for Job Candidates
Cost-effectiveness
Self-learning can be a cost-effective alternative to formal education. Many online resources and courses are available for free or at a significantly lower cost compared to tuition fees and other expenses associated with traditional education.
Speed of Learning
Self-learners have the freedom to progress at their own pace. They can dive deeper into subjects they find challenging or swiftly move through material they already understand well. In a traditional classroom setting, the pace of learning is determined by the instructor and the class as a whole.
Diverse Learning Resources
The internet provides an abundance of learning resources in various formats. It includes videos, articles, forums, and interactive platforms. Self-learners can access a vast array of materials that cater to different learning preferences. This ensures a comprehensive understanding of the topic at hand.
Read more: Uber Driver Account in Bangladesh: How to Activate, Delete, and Reactivate
BAPA FoodPro Int’l Expo to kick off Thursday
The largest show on food processing sector in Bangladesh “9th BAPA FoodPro International Expo 2023” will take place from September 28-30.
The three-day long fair will be held at International Convention City Bashundhara (ICCB) in Dhaka.
It was announced through a press conference held at the capital’s Economic Reporters Forum (ERF) office on Tuesday.
Bangladesh Agro-Processors’ Association (BAPA) and Rainbow Exhibition and Event Management Services (REEMS) are jointly organizing the expo with the support of the Ministry of Agriculture.
The expo will remain open for all from 10 AM to 7 PM. More than 200 companies from 20 countries including Bangladesh, India, Thailand, South Korea, Taiwan, China, Germany, Singapore, Japan, Netherlands, Spain, Turkey, Malaysia, Italy, USA, UEA and Switzerland will display their products and services at the fair.
In addition to this fair, two other co-located Expo named "11th Agro Bangladesh Expo 2023" and "Food Ingredient Expo 2023" will also be held at same time. This is known to be the most prominent platform for the organizations who are involved in this sector to exhibit their products and service to the Bangladeshi market and to expand their businesses.
“The agro-processing sector of the country is doing well. This sector is one hand, working on food security of our country, on the other hand it also enriched our economy by earing foreign currency through exporting the products. The agro-processing sector can represent itself of their capability to the world through this international fair,” said Ahsan Khan Chowdhury, chairperson of the fair committee and chairman and CEO at PRAN-RFL Group, at the press meet.
BAPA has been working relentlessly for the development of the food processing sector since its inception. BAPA’s aim is to ensure the growing development of the sector and move forward in keeping pace with the international level. In the age of globalization, development is not possible without the use of technologies. So BAPA is working relentlessly so that Bangladesh does not fall behind in this sector under any circumstances, said Md Iqtadul Hoque, BAPA general secretary.
“We got huge response from the previous fair where many leading national and international food and beverage company exhibited their products and services and visitors came here to gather their knowledge on food sector. I hope, 9th BAPA Foodpro is going to get good response,” said Chanmohan Saha, Managing Director at REEMS.
BAPA Vice President Abdul Majed, Executive committee Members Nazmul Haque, Mustafizur Rahman, Mohammad Al Imran, Moin Uddin, Syed Md. Mustafa, Nur A Alam Dewan and other members of the organization were also present at the program.
Fitch revises outlook on Bangladesh’s foreign debt to negative in the long term
Fitch Ratings has revised its outlook on Bangladesh's Long-Term Foreign-Currency Issuer Default Rating (IDR) to Negative from Stable, and affirmed the IDR at 'BB-'
An IDR represents an assessment of an issuer's (such as a company or government) relative likelihood of defaulting on its financial obligations. A Long Term Foreign Currency IDR indicates its ability to meet its financial obligations in foreign currency in the long term.
Also read: Fitch downgrades US credit rating to AA+ from AAA, cites rising debt and ‘decline’ in standards of governance
Fitch’s rating action today means the reputed credit rating agency is particularly concerned over Bangladesh’s ability to repay its foreign currency debts, although the situation for now remains ‘manageable’.
The downgrade was driven in large part by the country’s dwindling foreign exchange reserves, and the fact that it has been met with an inadequate response.
Also read: 'Liquidity challenges' persist in Islamic banking sector in Bangladesh: Fitch Ratings
“The Negative Outlook reflects a deterioration in external buffers, which has increased vulnerability to shocks. It also reflects our view that the country's incremental policy response, including exchange-rate system changes, and continued support from external official creditors, has been insufficient to stem the fall in foreign reserves and resolve domestic US-dollar liquidity strains,” Fitch said.
“We forecast foreign-exchange reserves to stay under pressure, driven by rising imports and foreign-currency intervention by the central bank. We estimate that gross reserves fell by 19% in 9M23 (first 9 months of 2023) to USD27.3 billion, or USD21.5 billion excluding the portion allocated to the Export Development Fund and Bangladesh Investment Development Fund,” it added.
Also read: Moody's downgrades Bangladesh's sovereign credit rating one notch; outlook 'stable'
Fitch also said the country’s foreign-exchange reserve outlook is challenging, amid a still-managed exchange rate, elevated oil prices and a further relaxation of import restrictions, which it expects will widen the current-account deficit through to 2025.
However, Fitch had better things to say while affirming the IDR.
“Ratings are affirmed, reflecting Bangladesh's manageable external-debt repayment profile, still-favourable growth prospects and government debt that is below that of peers. This is balanced by low government revenue and per capita income as well as a weak banking sector and deficient governance indicators,” said Fitch.
Despite the lower external buffers, Fitch said Bangladesh should be able to meet its external debt obligations over 2024-2025, since external debt service remains low relative to peers.
Analysts and bankers said if a country's outlook is revised negatively, it may face higher borrowing costs when it seeks to raise funds in international financial markets.
This can make it more expensive for the government and businesses in the country to access international capital, they said.
Another impact may be on foreign investment as a negative credit rating outlook may mean less willingness for foreigners to invest in a country with a deteriorating credit profile.
Nagad offers World Cup tickets on Mastercard add-money, bill pay
Nagad, a mobile financial service provider in Bangladesh, has brought in an offer for its customers to take their cricket experiences to the next level in the upcoming ICC Cricket World Cup 2023.
Customers will be able to grab World Cup match tickets by making an add-money of Tk 3,450 to their Nagad wallets from Mastercard or by settling their credit card bill of the same amount using this MFS platform, said a media release.
The highest transacting customer will get an opportunity to participate in the “Flag Bearer Program” every week during this campaign. If the customer’s kid is between 12 and 18 years old, he or she will have the honor of holding the team’s flag during the national anthem. Besides, the winner will enjoy the game in ultimate comfort from the “Mastercard Sofa”.
Read: Nagad wins Visa Excellence award-2023
The highest Mastercard credit card bill payer during the campaign period will have a chance to take a picture with the coveted World Cup trophy right on the ground.
On the other hand, the person making the highest add-money transactions during the campaign will take a selfie with the Player of the Match.
Md Shihab Uddin Chowdhury, chief marketing officer of Nagad Ltd., said, “Nagad and Mastercard have come up with an exciting offer for customers ahead of the ICC Cricket World Cup-2023. Avid cricket fans will have opportunities to watch live matches of their favourite teams at the stadium through this campaign.”
Read: PM Hasina visits Nagad’s technology partner Paytm's stall at G-20 Summit in India
Beginning this campaign on September 22, it will continue till October 16. To participate in this campaign, a customer must have an active and full profile ‘Nagad’ account.
Besides, they will have to comply with all the terms and conditions of the campaign. To learn more customers are requested to visit Nagad’s Facebook page or its website.
Read more: Nagad partners with TerraPay for faster remittance inflows
Bangladesh Bank introduces dollar booking policy for max 1 year
Bangladesh Bank has introduced a US dollar booking policy for maximum 1 year, at a higher rate, to meet future requirements.
According to the new rules, after one year, the bank will be able to charge a maximum of 5 percent more than the current dollar price with a 'SMART' rate.
The central bank issued a circular in this regard on Sunday.
Despite Bangladesh Bank Governor’s decision to not raise exchange rate before election, dollar rate hiked again
Under the new rules, dollars can be kept with bookings for up to one year. For this, the buyer has to pay extra. It will be determined by the method with which loan interest rate is determined now.
Currently, the dollar price for import is fixed at Tk 110.5. If anyone wants to book a dollar for future, he/she will have to pay Tk 123 per dollar after one year.
Selling dollars at higher prices: What is Bangladesh Bank’s action against treasury heads of 10 banks?
Despite Bangladesh Bank Governor’s decision to not raise exchange rate before election, dollar rate hiked again
Bangladesh Bank decided not to bring major changes in the US dollar exchange rate before the upcoming national election. The central bank’s Governor Abdur Rouf Talukder informed of this decision at a meeting with managing directors and CEOs of banks recently.
At that meeting, the governor said that Bangladesh Bank will not make any policy changes regarding the dollar market or the foreign currency market before the national election.
Despite this decision, the dollar rate has been raised by Tk .50 or 50 paisa in all cases. The price of the dollar has increased to Tk 110 in case of export and expatriates’ income, and to Tk 110.50 in case of import.
Read: Selling dollars at higher prices: What is Bangladesh Bank’s action against treasury heads of 10 banks?The dollar rate was hiked again yesterday, which is effective from today.
The dollar crisis in the country has become evident since March 2023, following the downturn caused by the Russia-Ukraine war.
To deal with this crisis, Bangladesh Bank fixed the dollar price at the beginning. This worsened the crisis. Later, last September, Bangladesh Bank withdrew from determining the price of the dollar.
Read: Bangladesh Bank seeks explanations from 13 banks for selling dollars at higher prices
This responsibility has been given to the Association of Bankers, Bangladesh (ABB) and Bangladesh Foreign Exchange Dealers’ Association (BAFEDA).
Since then the two organizations have been jointly setting the dollar price for export, remittance earnings, and payment of import liabilities.
Read more: Dollar goes off kerb market after central bank-led raids of money exchanges
UBL appoinst Syeda Durdana Kabir as HR Director
Unilever Bangladesh Limited (UBL), the country’s leading Fast-Moving Consumer Goods (FMCG) company, has appointed Syeda Durdana Kabir as their new Human Resources (HR) Director.
With this appointment, Durdana has joined the Management Committee of Unilever Bangladesh and South Asia HR Leadership Team, said a press release.
With over 25 years of experience in the industry, Syeda Durdana Kabir possesses extensive expertise in various HR business partnering and leadership roles. Her extensive background equips her with profound knowledge in collaborating with global, regional, and local stakeholders within complex matrix structures.
Prior to joining UBL, Durdana served in diverse capacities at Nestle, including being the first female HR Director in 2015. She has also worked as Regional Head of Talent and Organizational Development for Nestle Malaysia & Singapore Region, and later for Central and West Africa Region. She commenced her illustrious career at British Airways.
Syeda Durdana Kabir completed her MA in English Literature from the University of Dhaka and obtained EMBA from North South University.
Zaved Akhtar, chairman and MD of Unilever Bangladesh Limited, expressed his enthusiasm, saying, "I warmly welcome Syeda Durdana Kabir as our HR Director and as a valuable addition to the Management Committee of UBL. Our company is committed to fostering a culture where everyone can thrive, where all individuals are treated fairly and respectfully, and where their unique qualities are celebrated. People are at the core of our business, and Unilever Bangladesh has been recognized for decades as the School of Leaders, and we have been the top employer of choice. I believe that Durdana's extensive experience in both global and local markets will significantly contribute to Unilever's commitment to pioneering the future of the workplace and propelling the company to new heights.
Shopowners’ Association seeks immediate withdrawal of 1% supervision charge in CMSME loans
Bangladesh Dokan Malik Samity, an association of shopowners, has demanded withdrawal of 1 percent supervision charged in CMSME loans.
The association made the announcement today in a press conference held at its office in Mogbazar, Dhaka.
Leaders of the association, in a written note, at the press conference said that Bangladesh Bank raised interest from 9 percent to 10.10 percent and the interest rate will be hiked further, as indicated by high-ups.
Read: Emirates, SriLankan Airlines ink interline agreement to boost connectivity
“Shopowners are running their businesses with marginal profits, at times counting losses, due to raised VAT, tax and utility charges, and fall in sale volume. The central bank’s 1 percent supervision charge, in addition to the interest rate, is illogical and should be withdrawn immediately,” said Helal Uddin, president of Dokan Malik Samity.
He said if the supervision charge is not withdrawn and the money taken already is not returned by October 15, shopowners will move against it across the country.
Read: Walton brings new models of single door all-rounder fridge
Helal Uddin said, “We have sent a letter on behalf of Bangladesh Shopowners’ Association to the Governor of Bangladesh Bank on August 27, requesting him to withdraw the circular and take necessary measures to return the deducted money to the accounts of all traders.”
The association is not aware of any action taken in this regard so far. Such a decision during a prolonged downturn in sales is a serious threat to entrepreneurs in the CMSME sector, he said.
Read: IBCF Task Committee’s 40th meeting held
Leaders of shopowners’ association and 23 other bodies from different sectors were present at the press conference.
Banglalink signs agreement with Palli Sanchay Bank to provide high quality digital solutions
Banglalink has signed an agreement with Palli Sanchay Bank aiming to provide the employees of the state-owned bank with a range of advanced digital services including corporate connections, data connectivity, 4G internet, SMS broadcast and other high quality digital solutions.
The agreement was signed by Banglalink’s Enterprise Business Director Rubaiyat A. Tanzeen Palli Sanchay Bank (PSB) MD Sheikh Md. Jaminur Rahman at Banglalink's office in Dhaka, according to an official press release.
The signing ceremony was also attended by Banglalink CEO Erik Aas.
Also read: Banglalink wins Ookla Award for the 7th consecutive time
“We look forward to providing Palli Sanchay Bank employees across Bangladesh with Banglalink's fastest 4G network and diverse range of digital services,” Banglalink CEO Erik Aas said. “As a Digital Operator, we are committed to delivering superior network quality and innovative digital solutions to our customers and partner organizations across the nation.”
PSB’s Managing Director Sheikh Md. Jaminur Rahman said: Through this strategic partnership, Palli Sanchay Bank reaffirms its dedication to tech-driven innovation in business. We have come a long way since our inception, embracing innovation to accelerate our business and we are thrilled to welcome Banglalink as our official communication partner.”
“We firmly believe that this collaboration will drive our growth, bolstered by best-in-class digital transformation,” he added.
Also read: Banglalink app offers free healthcare for dengue treatment
Also present at the signing ceremony were Deputy Managing Director Khan Iqbal Hasan, General Manager Deepankar Roy, General Manager Md. Ala Uddin, Senior Systems Analyst Md. Shahed Alamgir, and System Analyst Allama Mohammad Yahya Tanhar from Palli Sanchay Bank along with Banglalink’s Commercial Transformation & B2B Marketing Director Muhammad Abdul Hai, Head of Strategic Business SM Shamsur Rahman, Head of Enterprise Operations Mohammad Ahasun Habib, and Corporate Account Manager Tanvir Ahmed.
Also read: Banglalink, a2i team up to 'accelerate' Smart Bangladesh Vision