The New Nation - Internet Edition

Forex reserves to cross $10 billion in two years Bangladesh Bank Governor says

BUSINESS REPORT

Country's foreign exchange reserves will cross US$10 billion (1,000 crore) within the next two years, said Bangladesh Bank Governor Dr Salehuddin Ahmed.

He said huge number of manpower was exported abroad in the last one year. Since they have been sending remittances, reserve position is getting consolidated day by day. Bangladesh's reserve position is much better compared to those of neighbouring countries, including India and Pakistan.

The Governor was talking to journalists at his office at the Bangladesh Bank Thursday afternoon.

According to the statistics of the Foreign Exchange Department of Bangladesh Bank, foreign exchange reserves amounted to US$6.0137 billion (601.37 crore) till Thursday.

Responding to a criticism that the central bank is holding the reserves, Dr Salehuddin said Bangladesh Bank has constantly been releasing funds from the reserves to the market. Funds from the reserves are being used to import food and fuel oil. Even, Agrani Bank Limited was given Tk 38.49 crore on Thursday to import fuel oil.

The Governor said confidence in trade and investment comes back if the reserve position remains consolidated. It becomes possible to make international payment for import trade.

When asked why the foreign direct investment (FDI) was not coming to the country despite the existence of a good reserve position, the Bangladesh Bank Governor said excessive dependence on FDI is not right, because the money that comes through the FDI is repatriated by investors.

Dr Salehuddin said steps have been taken to attract the hard-earned foreign currency remitted by expatriate Bangladeshis to the productive sectors instead of unproductive sectors. "We want that the money received from remittances is invested in small and medium enterprises in rural areas," he said.

The Bangladesh Bank statistics shows that foreign exchange reserves amounted to US$4.8 billion (480 crore) in the first week of March last year. The reserves have increased by US$2.20 billion (220 crore) in one year. In February this year the expatriate Bangladeshis sent remittances worth US$68 crore to the country, while in the previous month of January remittances worth US$71.54 crore, which was a record amount in the country's history of remittance.

Economists think that foreign exchange reserve position is being strengthened because of the increase of overall remittance flow to the country.

In January 2007, average foreign exchange reserves amounted to US$3.73 billion. Since then the foreign exchange reserves have been rising. The foreign exchange reserves crossed US$4 billion mark in February this year. In June this year the reserves crossed US$5 billion.

Sources at Bangladesh Bank attributed the rising trend in foreign exchange reserves to the formulation of Money Laundering Act 2002 by the government. Since then the flow of remittances through the banking channel has been increasing.

Besides, the expatriate Bangladeshis are preferring to send remittances through legal channels as the rate of dollar has been rising against Bangladesh taka during the last one and a half years.

Keeping the Dhaka Heritage alive Unilever Garden in old Dhaka city

BUSINESS REPORT

From the traditional old Dhaka to a cosmopolitan--Dhaka is changing!

As a part of changing the face of the city, Unilever Bangladesh has initiated a nice landscaping, 'Unilever Garden' in Tanti Bazar, a heritage location of the older part of Dhaka city.

Designed and developed by Heritage, a local developer, this park now stands as a proud landmark in Old Dhaka City.

Dhaka City Corporation extended its full support in developing the site.

This site will be a nice memento from Unilever Bangladesh to the people of Old Dhaka to break away from the hustles and bustles of their daily lives.

Unilever Bangladesh's Chairman and Managing Director Rakesh Mohan visited the site on March 6 last. He was accompanied by Dr. K M Shahnewaz, Company Activation Manager, Mohammad Faruque, Activation Manager and Rafia Abedin Proprietor of Heritage.

Eye-See-the World Community Project : S’pore Airlines’ initiative for blinds in Bangladesh

BUSINESS REPORT

One year ago, Singapore Airlines initiated the idea of a community project to help the needy people with vision disabilities. Vision disabilities are common in Bangladesh affecting the young and old.

Bangladesh has the highest number of blind people compared to its population. There are 750,000 adults and 40,000 blind children, with cataract accounting for 80 per cent of the blindness.

Without proper vision, not only will it hamper a person's ability to have gainful employment, it will certainly impact on his quality of life. Further, he will also be a burden to his family members who have to give him full support.

Most cases of blindness are treatable but due to poverty, they are unable to seek treatment. The major challenge in eliminating blindness in Bangladesh is reaching the rural population as they are the ones who need help while most of the medical facilities are available only in major cities.

To progress this community project, Singapore Airlines is pleased to receive support from the following partners:

-Bangladesh Eye Hospital--Dr Mahbubur Rahman Chowdhury, Consultant Phaco Surgeon and Chairman of the hospital

-Alcon Bangladesh--Mr Khondaker M AI-Mamoon, Country Manager

-National Healthcare Group (Singapore)--National University Hospital (Singapore)-Dr.Gement Tan (Consultant Eye Surgeon & Team leader )--Dr Niaz Sharif, MD (MRO) and Steven Mok, Manager, National Healthcare Group Inetrnational

- Asiatic Marketing Communications Ltd--Aly Zaker, MD and CEO

-Popular Ophthalmics -Dr. Mostafizur Rahman, MD

A team of three specialist eye surgeons and a nurse from the National University Hospital of Singapore will be in Dhaka to conduct treatment and surgery on needy patients in a village hospital in Bhoirab, managed by the Bangladesh Eye Hospital, from March 7-8. Specialist surgeons including Dr Mahbubur Rahman Chowdhury and Dr Niaz Rahman from Bangladesh Eye Hospital will be performing operations together with the Singapore team.

During the two-day event, the Bangladesh and Singapore specialists will conduct surgery on about 50 patients using equipment provided by the Bangladesh Eye Hospital and Alcon.

The National Health Group (Singapore) will hold a medical seminar for post graduate students and doctors in ophthalmology today (Saturday).

This will provide a valuable opportunity to share knowledge and enable the Singapore specialists to answer any questions from local students and doctors.

The Singapore Airlines authorities thanked the Health Secretary for giving approval for the Singapore team to conduct operations in Bangladesh and to help the needy people.

With the support from local partners, Ministry of Health and the National Healthcare Group (Singapore), Singapore Airlines has expressed the hope of continuing this community project in the coming years.

Pubali Bank, Mir Akhter Hossain Ltd sign deal

BUSINESS REPORT

Pubali Bank Ltd. and construction firm M/s Mir Akhter Hossain Limited recently signed an agreement for modernisation of exterior elevation of 15 storied Pubali Bank Limited's own head office building.

Md. Rasul Amin, General Manager, Establishment Division of Pubali Bank Limited and Mir Zahir Hossain, Managing Director of M/s Mir Akhter Hossain Limited signed the agreement on behalf of their respective organisations at a simple ceremony.

Helal Ahmed Chowdhury, Managing Director of Pubali Bank Ltd was present.

Under the agreement M/s Mir Akhter Hossain Ltd will finish modernisation of exterior elevation of 15 storied Pubali Bank Limited own head office building within five months.

Chief Financial Officer of PBL A.T.M. Hasanuzzaman, General Manager of PBL Mizanur Rahman Molla, Mirza Ali Insaf, M. Mustafizur Rahman, AHM Badrul Alam, law consultant of PBL Kamal Uddin Miah, Executive Director of M/s. Mir Akhter Hossain Limited Azizul Haque and other executives of both the organisations were present on the occasion.

MoU signed between IFIC Bank and CRISL

BUSINESS REPORT

A MoU for credit rating was signed between IFIC Bank Limited and Credit Rating Information and Services Limited (CRISL) on March 3.. Under the MoU, CRISL will conduct credit rating on IFIC Bank Limited as per mandatory requirement.

Mashiur Rahman, Managing Director of IFIC Bank Limited and Muzaffar Ahmed, President & CEO of Credit Rating Information and Services Limited signed the MOU on behalf of their respective organisations.

Among others Deputy Managing Director of IFIC Bank Limited Mohammad Abdullah and Divisional Heads & Senior Executives of the Bank and the General Manager of CRISL were present at the signing ceremony.

Malaysian contribution of $163,388 given to IUT

BUSINESS REPORT

Dato' Abdul Malek Bin Abdul Aziz, High Commissioner of Malaysia in Bangladesh, handed over a cheque for US $ 163,388 to Prof Dr. M. Fazli Ilahi, Vice-Chancellor, Islamic University of Technology (IUT) while he called on him at his office on March 5 last as full settlement of the mandatory contribution of Malaysia to the budget of IUT, a subsidiary organ of the Organisation of the Islamic Conference (OIC) for the financial year 2008.

Vice-Chancellor Prof Dr M Fazli Ilahi thanked the High Commissioner and the Government of Malaysia for this as well as for previous contributions.

The Vice-Chancellor described the various academic and other activities and programmes of the university which are in progress and has the participation of students from different member states of the OIC.

The High Commissioner appreciated the role being played by IUT in the development of human resources and assured the vice-chancellor of continued help and assistance from the Government of Malaysia to this prestigious university of the OIC for its overall development.