Latest news with #AhsanHMansur
Time of India
02-06-2025
- Business
- Time of India
Bangladesh currency drops Bangabandhu's image, new notes without Sheikh Mujibur Rahman's picture are out
DHAKA: Ahead of Eid-ul-Adha, Bangladesh central bank on Sunday introduced new currency notes of Taka 1,000, Taka 50 and Taka 20, dropping the image of the country's founding father, Bangabandhu Sheikh Mujibur Rahman. Tired of too many ads? go ad free now The new notes, which will be available in banks in the capital from Monday, will have images of various nationally important establishments and scenic places. The bank's Motijheel office started distributing the new notes on a limited scale from Sunday. The notes will be available at other places later. Last week, Bangladesh Bank governor Ahsan H Mansur had said the newly designed notes will not feature any human portraits but showcase natural landscapes and traditional landmarks.
India.com
14-05-2025
- Business
- India.com
BIG relief for Anti-India Bangladesh leader Yunus as cash-strapped Bangladesh gets IMF loan worth Rs...
Bangladesh shaking with fear after India's strong action against Pakistan, Yunus govt orders on Hindus for... In a major development, Bangladesh has secured an IMF loan, providing much-needed financial relief to the cash-strapped nation. Bangladesh on Wednesday agreed to the International Monetary Fund's (IMF) condition of adopting a market-determined exchange rate to unlock stalled loan disbursements. According to a PTI report, Bangladesh Bank Governor Ahsan H Mansur on Wednesday announced the adoption of a managed floating exchange rate with immediate effect to comply with IMF conditions, paving the way for the release of the stalled loan. 'Bangladesh will receive a total USD 3.5 billion by June from different multi-donor agencies, including the WB (World Bank), ADB (Asian Development Bank) and IMF,' Bangladesh Bank Governor Ahsan H Mansur was quoted as saying by news agency PTI in a virtual press conference from Dubai. The report further mentioned that the central bank governor expected the 'managed exchange rate' to be around the existing rate due to available dollar liquidity. Central bank officials said the IMF has agreed to release the stalled fourth and fifth tranches of the loan by June, following the resolution of a prolonged disagreement over exchange rate flexibility. They noted that the announcement signaled the shift to a 'market-based' exchange rate regime, marking the end of the partially flexible system that had been in place until now. Under the new system, the exchange rate will operate within a specified band. However, the Bangladesh Bank did not provide further details about the mechanism. It did confirm the creation of a USD 500 million stabilisation fund, intended to help maintain stability in the exchange rate.
Hindustan Times
14-05-2025
- Business
- Hindustan Times
Bangladesh to secure $1.3 billion from IMF in June after new exchange rate deal
Bangladesh on Wednesday agreed to the International Monitory Fund's (IMF) condition of market-determined exchange rate to secure stalled loans. Bangladesh Bank Governor Ahsan H Mansur announced a managed floating exchange rate with immediate effect to meet the IMF conditions, helping secure the loan confirmation. Also Read: India backs early elections in Bangladesh, expresses concern at ban on Awami League "Bangladesh will receive a total USD 3.5 billion by June from different multi-donor agencies, including the WB (World Bank), ADB (Asian Development Bank) and IMF," he said in a virtual press conference from Dubai. The central bank governor expected the "managed exchange rate" to be around the existing rate due to available dollar liquidity. The central bank officials said IMF agreed to release its stalled fourth and fifth tranches of the loan by June as the disagreement over exchange rate flexibility was resolved after months of negotiations. Also Read: Bangladesh interim govt bans former PM Sheikh Hasina's Awami League They said the announcement meant adoption of a "market-based" exchange rate regime, abandoning the partially flexible system that had been in place until now. Under the new system, there will be a band through which the exchange rate will move. However, the Bangladesh Bank did not elaborate on the system but said a stabilisation fund of USD 500 million was developed to be used in stabilising the exchange rate. The central bank chief said banks were already informed about market-based exchange rates but added that Bangladesh Bank will intervene in case of large foreign payments to keep the rate stable. Also Read: Man held near north Bengal military station admits being Bangladeshi spy: Cops The announcement came a day after the Bangladesh Bank finally reached an agreement with the IMF over the implementation of greater exchange rate flexibility after a series of meetings. The IMF agreed to release USD 1.3 billion of the USD 4.7 billion loan package in June, which was so far withheld due to disagreement over the implementation of greater exchange rate flexibility through a crawling peg. According to media reports, the IMF remained insistent on implementing a truly flexible exchange rate -- one that goes beyond minor corridor adjustments and eliminates multiple exchange rate windows. The central bank was reluctant to agree to the IMF's proposal citing risks of inflationary shocks and political pushback. In 2023, the IMF had approved a USD 4.7-billion loan for Bangladesh and so far, the South Asian country has received three installments totaling USD 2.3 billion.
