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The Foreign Exchange Regulation Act, 1947 (known as FERA) is a law enacted and was officially published by the Government of Pakistan and still applicable in Bangladesh, which was East Pakistan before independence, to regulate certain payments, dealings in foreign exchange and securities, and the import and export of currency and bullion.
Selling rate: Also known as the foreign exchange selling price, it refers to the exchange rate used by the bank to sell foreign exchange to customers. It indicates how much the country's currency needs to be recovered if the bank sells a certain amount of foreign exchange. Middle rate: The average of the bid price and the ask price.
The Karachi Interbank Offered Rate (KIBOR) is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the Karachi wholesale (or "interbank") money market. [1] The banks used it as a benchmark in their lending to corporate sector. [2]
In the context of currency trading, the New Zealand dollar is sometimes informally called the "Kiwi" or "Kiwi dollar", [3] since the flightless bird, the kiwi, is depicted on its one-dollar coin. It is the tenth most traded currency in the world, representing 2.1% of global foreign exchange market daily turnover in 2019. [4]
The bank was incorporated on 26 June 1983. The government owns shares in the bank. The bank was listed in the Dhaka Stock Exchange (DSE) by 1986 and Chittagong Stock Exchange (CSE) by 1995. [11] [14] On 8 April 1993, Humayun Zahir, the first chairman of the United Commercial Bank was murdered following a dispute with other bank directors. [15]
On 7 April 1972, after the Bangladesh Liberation War and the eventual independence of Bangladesh, the Government of Bangladesh passed the Bangladesh Bank Order, (P.O. No. 127 of 1972), reorganising the Dhaka branch of the State Bank of Pakistan as Bangladesh Bank, the country's central bank and apex regulatory body for the country's monetary and financial system.
Bilateral trade between the two countries has been growing slowly over the past years. During the eleven-year period between 2000–01 and 2010–11, Pakistan export to Bangladesh grew at an average annual rate of 27.6 percent and imports from Bangladesh grew at the rate of 9.2 percent.
NRBC Bank PLC. was established on 2 April 2013. [5] It was launched at Sonargaon Hotel and at the time was the first NRB bank of Bangladesh. [6]In April 2016, Farasath Ali was re-elected chairman of the bank and Toufique Rahman Chowdhury, founder of Metropolitan University, Sylhet, was reelected vice chairman of the bank.