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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.
Offshore Banking Operation (OBO) was first introduced by Bangladesh Bank in 1985 through a circular for allowing active foreign financing at Export Processing Zones (EPZs). Banks operated the services with Bangladesh Bank approval without any separate law for an offshore banking system until the enactment of the Offshore Banking Act, 2024.
The bank currently provides a diverse range of services, categorized as follows: 1. Commercial Banking 2. Foreign Trade The bank offers comprehensive foreign trade financing solutions, including: - Export Cash Credit - Packing Credit - Purchase of Documentary Bills (Local and Foreign) - Payment Against Bills - Import Trade Loans - Loans Against Trust Receipts - Foreign Exchange Business ...
In August 2007, Bangladesh Bank found irregularities with the purchase of IFIC Bank shares by Mosaddak Ali Falu, former member of parliament of the Bangladesh Nationalist Party. [8] He had violated Foreign Exchange Regulation Act and Money Laundering Prevention Act by purchasing shares under a Malaysia registered company, Bel Construction SDN ...
Bangladesh Bank performs all the functions that a central bank in any country is expected to perform. Such functions include maintaining price stability through economic and monetary policy measures, managing the country's foreign exchange and gold reserve, and regulating the banking sector of the country. Like all other central banks ...
There are three types of financial markets in Bangladesh. They are: Money Market : Banks, Non-bank Financial Institutions, and Primary Dealers; Capital Market : Investment Banks, Credit Rating Companies, and Stock Exchanges; Foreign Exchange Market : Authorized Dealers.
The Institute of Bankers was registered on the 6 February 1973 as an association under the Societies Registration Act, 1660 (Act No. XXI of 1660). [2] Before that some eminent bankers and other professionals decided, in a meeting held on 26 July 1972, to establish the institute as a professional body of banks and financial institutions in Bangladesh.
In 2021, Bangladesh Securities and Exchange Commission announced it is investigating Padma Bank following a complaint by Mohiuddin Khan Alamgir, founding chairman of the bank, and letter against him from the bank. [13] Bangladesh Securities and Exchange Commission approved Bashundhara Group's request to purchase a 25 percent stake in the ...