Connect with us

Bank-Insurance

ADB Launches Pioneering Initiative to Tackle Heat Stress Impact on Women in Asia-Pacific

Published

on

ADB BAngladesh

The Asian Development Bank (ADB) has initiated a groundbreaking program aimed at comprehensively addressing the impact of heat stress on women and girls throughout Asia and the Pacific.

The newly launched technical assistance program will delve into the repercussions of escalating heat threats on women, identifying specific policies, actions, and investments that governments can implement to mitigate these effects. The initiative, set to be executed in Bangladesh, Cambodia, Pakistan, Sri Lanka, and Tajikistan, responds to the unprecedented strain placed on women in the region due to the escalating temperatures, impacting their economic productivity, role in food security, and essential infrastructure use.

ADB President Masatsugu Asakawa, speaking at the COP28, emphasized that development is inseparable from addressing climate change consequences, particularly extreme heat, with a focused lens on women. Extreme heat has been linked to significant global labor losses, disproportionately affecting women and leading to substantial socioeconomic setbacks.

In a panel discussion co-organized by ADB and the Arsht-Rockefeller Foundation Resilience Center, former US Secretary of State Hillary Rodham Clinton underscored the disproportionate impact of climate change on vulnerable women, applauding ADB’s initiative as a critical step toward rectifying gender imbalances. The initiative aligns with ADB’s commitment to integrate heat action planning in vulnerable regions, emphasizing women’s climate resilience and advocating for gender-responsive measures.

ADB’s broader ambition involves providing $100 billion in climate financing from 2019 to 2030, with a focus on adaptation. In 2022, ADB allocated $7.1 billion for climate finance, with a substantial portion dedicated to adaptation efforts. The bank also mobilized an additional $548 million in climate finance from the private sector last year, reflecting its commitment to fostering a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while eradicating extreme poverty.

Share this

Bank-Insurance

Top Bank Executives Ordered to Address Currency Exchange Scandal

Published

on

bank

The Bangladesh Bank has issued orders to the top executives of nine commercial banks, instructing them to transfer officials allegedly involved in foreign currency exchange irregularities at Hazrat Shahjalal International Airport. In a Thursday meeting, Deputy Governor Kazi Sayedur Rahman cautioned CEOs against the recurrence of such incidents, urging heightened oversight and security measures at airport booths.

Bangladeshi expatriate workers and travelers typically convert foreign currencies to Taka at bank booths and money exchangers upon returning to Bangladesh. However, some officials were found to be involved in exchanging foreign currencies directly without issuing proper vouchers or with fake vouchers, a practice considered money laundering.

The implicated banks include state-run Sonali, Janata, Agrani, and Probashi Kallyan, along with five private banks: Pubali, Jamuna, City, Mutual Trust, and Standard. The Anti-Corruption Commission (ACC) verified the allegations following a formal complaint, conducting a raid and investigation at Shahjalal Airport on Monday.

ACC officials discovered that foreign currency arriving at Shahjalal Airport, meant to be deposited through the banking channel, was being manipulated by unscrupulous officials. Some were purchasing dollars and selling them in the open market without proper documentation, and in certain cases, currencies were being smuggled abroad.

In-bound passengers frequently exchange US dollars, euros, riyals, ringgits, pounds, and dinars at the airport, according to ACC officials. The central bank’s directive aims to curb malpractices and ensure the proper handling of foreign currency transactions at the airport.

Share this
Continue Reading

Bank-Insurance

Cenbank Grants Approval to 8 Additional CA Firms for Auditing

Published

on

cenbank Monetary Policy bangladesh bank central imf reserve BB

Following a thorough assessment of appeals from various audit firms in alignment with the enlistment policy, Bangladesh Bank (BB) has opted to augment the existing roster by incorporating eight additional chartered accountant (CA) firms.

With this recent inclusion, a total of 39 audit firms now meet the criteria for auditing banks and finance companies, according to a circular issued by BB today.

This circular has been disseminated by Bangladesh Bank, exercising its authority as stipulated under section-39(1) of the Bank Company Act, 1991 (Amended up to 2023) and section-37(1) of the Finance Company Act, 2023.

As per the circular, a single firm is permitted to audit a maximum of six banks and finance companies within a financial year.

The enlisted audit firms (Chartered Accountants) are: Qasem & Co; Wahab & Co; ACNABIN; Ahmed Zaker & Co; Ahsan Manzur & Co; Anil Salam Idris & Co; Arun & Company; Aziz Halim Khair Choudhury; Basu Banerjee Nath & Co; Chowdhury Bhattacharjee & Co; Das Chowdhury Dutta & Co; Dewan Nazrul Islam & Co; G Kibria & Co; Hoda Vasi Chowdhury & Co; Hoque Bhattacharjee Das & Co; Howladar Yunus & Co; Hussain Farhad & Co; Islam Aftab Kamrul & Co; Islam Jahid & Co; K M Alam & Co; Kazi Zahir Khan & Co; Khan Wahab Shafique Rahman & Co; M J Abedin & Co; M M Rahman & Co; M Z Islam & Co; MABS & J Partners; Mahamud Sabuj & Co; Mahfel Huq & Co; Malek Siddiqui Wali; Masih Muhith Haque & Co; MRH Dey & Co; Nurul Faruk Hasan & Co; Pinaki & Company; Rahman Rahman Huq (KPMG); S. K. Barua & Co; Shafiq Basak & Co; Snehasish Mahmud & Co; Syful Shamsul Alam & Co; Zoha Zaman Kabir Rashid & Co.

Share this
Continue Reading

Bank-Insurance

Cenbank Unveils Roadmap to Slash Default Loans Below 8% by 2026

Published

on

cenbank Monetary Policy bangladesh bank central imf reserve BB

The Bangladesh Bank has unveiled a roadmap aiming to reduce default loans to below 8% by June 2026. As of September last year, default loans in the banking sector amounted to Tk1.55 lakh crore, approximately 10% of the total outstanding, according to Bangladesh Bank data.

he new roadmap is in line with the International Monetary Fund (IMF) conditions as part of a $4.7 billion loan package. It emphasizes the pivotal role of shareholder directors and managing directors in the recovery process. Furthermore, the central bank has modified the loan write-off policy, allowing banks to write off loans in two years instead of the previous three, potentially reducing default loans by 2.76%, equivalent to Tk43,300 crore.

Share this
Continue Reading