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VOLATILE MONEY MARKET

BB warns banks for irresponsible fund management

STAFF CORRESPONDENT
The central bank yesterday warned a section of commercial banks of punitive measures including reducing their scope of business for 'irresponsible' fund management resulting in a destabilised money market.
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for indefinite time. It needs to follow the monetary policy," he noted.
Central bank officials at the meeting severely censured the profiteering by certain commercial banks, who ask as high as 40 to 60 percent interest for call money. They said charging such high interest calls the standard and efficiency of their fund management into question.
However, the meeting admitted that a slight rise in call money rates was expected under the circumstance.
The market has become volatile due to the inefficiency of a section of banks in asset and liability management, observed Bankers Association President and National Bank Managing Director M Aminuzzaman. But he expressed the hope that the situation would return to normal soon.
The yesterday's meeting also discussed inter-bank forex dealing, classified loans and interest rates.
There is a crisis in the local forex market due to higher import cost, excessive import of capital machinery and tendency to hold on to excessive foreign currency, central bank officials pointed out. They advised the bankers to adopt deferred payment system in case of letters of credit (LCs) to reduce the pressure on foreign currency.
But, "deferred payments often increase the cost of LCs," the chief executive of a private bank told The Daily Star separately.
There has been a pressure on foreign currency supply, as import
payments in the last six months increased by 23 percent while the export-earning rose by 15 percent, Huda said.
However, the central bank governor termed the increases "healthy and good for growth," meeting sources said.
According to central bank statistics, import bill payment against rice and wheat increased by 107 percent, capital machinery 67 percent, petroleum products 50 percent and scrap vessels 524 percent in the last half-year, compared to the figures in the corresponding six months of the previous fiscal year.
CLASSIFIED LOAN
The net classified loan with the banks remained below 10 percent at the end of calendar year 2004, compared to the figure at the end of previous year. Over the year loan interest rates decreased by an average of 2 percent.
Total classified loan stood at Tk 18,726 crore at end-2004, Tk 1,593 crore less than Tk 20,319 crore at end-2003.
Dr Ahmed expressed satisfaction over the banks' performance in dealing with classified loans and urged them to continue the trend.
At end-2004, the amount of total classified loans with nationalised commercial banks came down by Tk 713 crore to Tk 9,955 crore from Tk 10,668 crore at end-2003, and that with the private commercial banks decreased by Tk 667 crore.