Developmental central banking key to Bangladesh’s faster recovery



News Desk, Barta24.com, Dhaka
Photo: Collected

Photo: Collected

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The developmental central banking helped Bangladesh overcome both global financial crisis and the ongoing pandemic as it tried to pursue multiple targets with multiple instruments. Inflation targeting was not its only job. It touched the ground and worked for many. Dr. Atiur Rahman, former Governor of Bangladesh Bank said this at a special discussion meeting organized by the Nepal Rastra Bank at the hotel Marriot in Kathmandu yesterday (26 November). Chaired by NRB Governor Mr. Maha Prasad Adhikari the program was also participated by Dr. D. Subbarao, former Governor of Reserve Bank of India. This program was organized by Nepal Rastra Bank to share knowledge on central banking with its high officials including Deputy Governors, Board Members, Executive Directors and Directors.

Dr. Rahman in his presentation further said that the central banking in Bangladesh is well known for its innovative programs like financial inclusion, promotion of agriculture and SMEs, women empowerment through refinance, green finance and supporting the government with enough money by expanding its own balance. Its environment, social and governance risk management policy has been pioneering in the world to address climate change. While doing all this it never forgot its main job of inflation control as well. A strong financial sector also helped Bangladesh reach the bottom of the social pyramid to promote social protection and the real economy. The digital financial services through mobile financial services and agent banking proved critical in early recovery of Bangladesh from the pandemic. This policy worked for many and not a few.

The early policy moves including a huge stimulus package of nearly five percent of GDP helped distressed people cope with the crisis and provided cushion during the shocks. The sustainable finance policy of Bangladesh’s central bank will surely reinforce longer-term climate-friendly initiatives of the government, said Dr. Rahman. He said the central banking in Bangladesh has proved that developing countries must avoid the policy of ‘one size fits all’ and broaden its focus beyond inflation targeting to support broad-based development processes. For that matter the drive for digitization must continue along with remaining committed to ‘learning by doing approach’ which has been paying Bangladesh so well.

Dr. Subbarao said that Bangladesh central banking has been led by its leadership with heart and not only head in promoting innovations. While talking about his own experiences Dr. Subbarao emphasized on credible, down to earth and precise communication by the central bankers to give right signal to the markets.

He also favored financial inclusion and making central bank a knowledge institution. The Nepalese Central Bank Governor welcomed knowledge sharing among the central bankers particularly in the wake of the pandemic which has created so many challenges for the economy. He also called for more connectivity and bilateral cooperation in the subregion.

Amari Dhaka has won 2022 resort and retreat awards



News Desk, Barta24.com
Amari Dhaka has won 2022 resort and retreat awards

Amari Dhaka has won 2022 resort and retreat awards

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Located at the center of the business and diplomat districts of Dhaka; Amari Dhaka has received the "Resort and Retreat Awards 2022" from LUX Life Magazine.

LUX life launched the Resorts & Retreats Awards almost a decade ago to recognize those who have dedicated themselves to offering the finest experiences, products and services all over the globe. From established stalwarts, to up and coming newcomers, we endeavor to seek out the paragons who lead the pack and set the pace for all others to follow.

This award annually recognizes the Best Contemporary Business Hotel – Dhaka "for proven expertise, customer service and commitment to promoting excellence in the sector". After an exhaustive evaluation during the seventh edition of the annual ‘Resort and Retreat Awards 2022’, the international jury of LUX Life Magazine has awarded the prize in the category ‘Best Luxury Hotel Resort’ to Amari Dhaka "for its merit and contribution to the luxury industry, now and more than ever, in a time of uncertainty". Christopher Baker, General Manager of Amari Dhaka, has declared that "We are very happy and proud of our team. In times as difficult as these, our staff has kept the enthusiasm and the service quality we offer our clients. This recognition from LUX Life Magazine is an incentive that encourages and inspires us to continue improving and innovating in our value offer".

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Akasa Air gets flying licence from DGCA



News Desk, Barta24.com, Dhaka
ছবি: সংগৃহীত

ছবি: সংগৃহীত

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Rakesh Jhunjhunwala-owned Akasa Airlines on Thursday received its flying permit from DGCA.

The Air Operator Certificate (AOC) from the country’s aviation regulator will make it the eighth domestic airline, not counting regional airlines.

The airline services tweeted, We are pleased to announce the receipt of our Air Operator Certificate (AOC). This is a significant milestone, enabling us to open our flights for sale and leading to the start of commercial operations.

It will start commercial operations later this month. The grant of the AOC marks the satisfactory completion of all regulatory and compliance requirements for the airline's operational readiness, Akasa Air said in a statement.

The process concluded with the airline having successfully conducted a number of proving flights under the supervision of the DGCA (Directorate General of Civil Aviation), it added.

We are thankful to the Civil Aviation Ministry and the DGCA for their constructive guidance, active support and the highest levels of efficiency throughout the AOC process. We now look forward to opening our flights for sale, leading to the start of commercial operations by late July, Vinay Dube, Founder-Chief Executive Officer of Akasa Air, said.

We now look forward to opening our flights for sale, leading to the start of commercial operations by late July. This will begin our journ

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City Bank avails USD 45 million Syndicated Loan from Bank Muscat



Staff Correspondent, Barta24.com
photo: collected

photo: collected

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The City Bank has successfully closed a USD 45 million syndicated loan, which was arranged by Bank Muscat, the leading financial services provider in the Sultanate of Oman. The transaction, which was initially launched for USD 25 million with a Greenshoe option, received strong participation from reputed international banks across different geographical locations including Europe, Middle East and Africa. It was subsequently scaled up by 80%, finally closing at USD 45 million. Bank Muscat is a leading Syndicated loan arranger in Emerging Markets. This is the third successful syndicated loan facility arranged by Bank Muscat for City Bank, and the first one, which is SOFR-linked. In addition to being the arranger, Bank Muscat also acted as the book runner for this transaction.

With the world still recovering from the pandemic and economies impacted heavily by the current geo-political tension, this loan facility will provide crucial support to City Bank’s foreign currency liquidity. City Bank, which is one of the top banks in the trade sector of the country, will be able to use the loan to finance its trade transactions. This will in turn assist the country’s trade activities in the current world scenario, and support the growth of the economy.

Sheikh Mohammad Maroof, Additional Managing Director & Chief Business Officer expressed delight on the closure of the syndicated loan and said, “We are extremely happy to see the overwhelming response from global banks to City Bank’s syndication loan. Being oversubscribed by 80% portrays City Bank’s strength and acceptance in global financial markets. In the current global scenario, we have taken multiple initiatives including this loan to ensure strong liquidity for the bank and cater to increasing trade requirements of our clients. I would like to thank Bank Muscat for the longstanding relationship with City Bank and for helping us close this deal.”

It must be noted that City Bank availed the first syndicated loan of EUR 20 million from Bank Muscat in 2019, which was the first such loan by a Bangladeshi bank that was arranged by an Omani bank. In 2020, City Bank followed up its initial loan with a USD 30 million syndicated loan.

With assets worth over US$ 33 billion, Bank Muscat is the leading bank in the Sultanate of Oman with the largest banking network and a 35 per cent market share. The bank has an extensive network of correspondent banking relationships across the world, which is instrumental in channelising trade business and raising funds on favorable financing terms from lenders across the GCC, Europe, USA, Asia and Africa.

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Operation of Counterfeit Giordano products on the market!



Staff Correspondent, Barta24.com
Operation of Counterfeit Giordano products on the market!

Operation of Counterfeit Giordano products on the market!

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The Giordano Bangladesh team has launched an operation against the production and marketing of counterfeit Giordano products.

The operation was carried out on Monday (June 20) evening in several shopping malls in the capital.  During this time, a large number of counterfeit Giordano merchandise including counterfeit Lycra (LYCRA) tags, were recovered and destroyed.

It is to be noted that a case including GD is being processed at Dhanmondi Police Station against unscrupulous traders for preventing counterfeiting of world famous lifestyle brand Giordano.

Giordano's Bangladesh Country Manager and CEO Shah Eskander Ali Swapan was present there.

He said Giordano is an international quality brand.  Its sole distributor is Neera International.  But fake Giordano products are being sold in different shopping malls claiming Giordano,which is very sad.  We are against all kinds of counterfeit products.Bangladesh is at a forefront of development.Many international brands and companies and businesses are thriving.If we allow counterfeiters and imposters it will ruin the image of Bangladesh and hamper its progress as a proud nation with many untapped opportunities.So an operation was conducted today by Giordano team and further will be carried out against unauthorized online sellers.  At the time, counterfeit Giordano products were found in several shopping malls.

He said legal action would be taken if such counterfeit products were found in the future.

Meanwhile, all Giordano products are made in its own factory and sold in Giordano's own 6 stores in Bangladesh.  No wholesale or wholesalers are permitted.

Giordano's stores in Bangladesh are- Anam Rangs Plaza, Shat Masjid Road Dhanmondi.  Bashundhara City Shopping Mall, Shop-41, Block A Level- 1 panthapath.  Police Plaza Concord , Hatirjheel, Gulshan.  Road 11, House-54, Banani.  SKS Tower, VIP Road, DOHS, Mohakhali, and Bashundhara City Shopping Mall, Level 8, Block A, Panthapath.  Giordano products can also be ordered online by contacting GIORDANO Bangladesh page on Facebook.

Giordano's use of trademarks, symbols, logos and other words as such amount to is unauthorized and illegal and a civil and criminal offense.  Only Neera International reserves exclusive rights of Giordano in Bangladesh.  Giordano's operations in Bangladesh are conducted under a joint venture between Neera International, Giordano Middle East FZE, Dubai and Giordano International Limited, Kowloon, Hong Kong.  Only Giordano International Limited retains all rights relating to trademarks worldwide.

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