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Bangladesh Bank is the central bank of Bangladesh and the chief regulatory authority in the banking sector. According to the Bangladesh Bank Order, 1972 the Government of Bangladesh reorganized the Dhaka Branch of the State Bank of Pakistan as the central bank of the country and named it Bangladesh Bank with retrospective effect from 16 ...
The newly independent government immediately designated the Dhaka branch of the State Bank of Pakistan as the central bank and renamed it the Bangladesh Bank. [9] The bank was responsible for regulating currency, controlling credit and monetary policy, and administering exchange control and the official foreign exchange reserves. [9]
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.
It was established by Vanik Incorporation Limited of Sri Lanka with Bangladesh partners. [8] Sampath Bank and Chinkara Capital (Singapore) Pte Ltd were partners in the venture as well. [8] In September 2007, Bangladesh Bank warned One Bank Limited for hiring a former managing director of the bank as a consultant violating banking rules. [9]
BASIC Bank Limited is one of seven state owned banks in Bangladesh. [9] In 2016 the finance minister in a statement described the state of the bank as weak due to graft by top officials of the bank and would require some time for improvement. [10] Sonali Bank UK Ltd and other international banks had censured Basic bank over irregularities. [11]
In 2014, Bangladesh Bank rescheduled the payment plan of ICB Islamic Bank to the depositors' of Oriental Bank. [8] By 2018, ICB Islamic Bank had failed to return 4.44 billion taka to the depositors' of Oriental Bank, a condition set by Bangladesh bank, and sought a change in the repayment plan from the central bank. [6]
The Bank maintained a capital adequacy ratio at 11.46 percent as on December 31, 2011, against requirement of 10 percent set by Bangladesh Bank. Credit Rating Information and Services Limited (CRISL) rated the Bank AA− (Double A Minus) for the long term and ST-2 for the short term based on the financial statements of the Bank for the year 2010.
In 2021, Agrani Bank, Rupali, Sonali Bank Limited, and Janata Bank Limited, all state owned banks, paid the highest bonus to their employees despite poor performance and against the recommendation of Bangladesh Bank. [29] Dhaka Stock Exchange disclosed that Rupali Bank had insufficient capital to manage its risks in 2022. [30]