The Economy of Bangladesh is characterised as a developing market economy. It is the 33rd largest in the world in nominal terms, and 31st largest by purchasing power parity. It is classified among the Next Eleven emerging market middle income economies and a frontier market. In the first quarter of 2019, Bangladesh's was the world's seventh fastest-growing economy with a rate of 8.3% real GDP annual growth. Dhaka and Chittagong are the principal financial centres of the country, being home to the Dhaka Stock Exchange and the Chittagong Stock Exchange. The financial sector of Bangladesh is the third largest in the Indian subcontinent. Bangladesh is one of the fastest growing economies in the world as well as the fastest growing economy in South Asia.
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual managers, and some government-sponsored enterprises.
Bangladesh Bank is the central bank of Bangladesh and is a member of the Asian Clearing Union. It is fully owned by the Government of Bangladesh.
A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Workers' remittances are a significant part of international capital flows, especially with regard to labor-exporting countries.
Prime Bank Limited is a private commercial bank in Bangladesh with its headquarters in Dhaka. With 146 branches and 170 ATM the bank has operation in corporate, consumer, MSME and sustainable banking.Prime Exchange Co. Pte Ltd., Singapore, PBL Exchange (UK) Limited, PBL Finance Limited, Prime Bank Foundation and Prime Bank Securities Limited are subsidiaries of the bank.
Atiur Rahman is a Bangladeshi development economist, writer and banker. He served as the 10th Governor of Bangladesh Bank, which is the central bank of Bangladesh. He has also been called "the banker of the poor" for his contributions in developing the economy of Bangladesh. Atiur Rahman is credited for instituting changes in the banking industry of Bangladesh that greatly increased the foreign exchange reserves of the country and brought massive automation and digitization in the banking sector of Bangladesh. Achievements during his tenure include the creation of the National Payment Switch of Bangladesh; introducing automated check clearing for banks in Bangladesh using local currency cheques; starting mobile banking, which lets people carry out banking transactions via SMS or apps; establishing the Bangladesh Electronic Funds Transfer Network (BEFTN), which is a system of transferring money from one bank account directly to another bank without paper money ever changing hands; and installing the Bangladesh Automated Clearing House (BACH), which permits rapid electronic inter-bank transfers within the country with automatic adjustment of accounts. On 15 March 2016, he resigned as the governor of the central bank after the cyber hacking and theft of US$101 million in foreign reserves from the Bangladesh Bank account held at the Federal Reserve Bank of New York.
Eastern Bank Limited is a private commercial bank headquartered in Dhaka, Bangladesh. It was established on August 8, 1992, as a public limited company with limited liability under the Bank Companies Act of 1991. Its share are listed in the Dhaka Stock Exchange and the Chittagong Stock Exchange. The bank provides products and services in retail banking, corporate finance, asset management, equity brokerage and security. It has 85 branches and 214 ATMs in Bangladesh and employs around 3000 employees.
Dhaka Bank Limited is a private limited commercial bank in Bangladesh. Its headquarters are situated in Dhaka. Currently the bank has 100 branches and 3 SME Service Centers around the country.
Bangladesh is a developing country with an impoverished banking system, particularly in terms of the services and customer care provided by the government run banks. In recent times, private banks are trying to imitate the banking structure of the more developed countries, but this attempt is often foiled by inexpert or politically motivated government policies executed by the central bank of Bangladesh, Bangladesh Bank. The outcome is a banking system fostering corruption and illegal monetary activities/laundering etc. by the politically powerful and criminals, while at the same time making the attainment of services or the performance of international transactions difficult for the ordinary citizens, students studying abroad or through distance learning, general customers etc.
The Bangladeshi diaspora consists of people of Bangladeshi descent who have immigrated to or were born in another country. First-generation migrants may have moved abroad from Bangladesh for various reasons including better living conditions, to escape poverty, to support their financial condition, or to send money back to families there. With a total of thirteen million Bangladeshis living abroad, the country has ranked fourth among the top 20 countries of origin for international migrants. Annual remittances received in Bangladesh were $13.4 million in 2017.
BRAC Bank is a private commercial bank in Bangladesh, operated by the BRAC development organisation, focused on Small and Medium Enterprises (SME). The bank has its head office in Dhaka, Bangladesh. It has 187 branches, 18 Premium Banking lounges, 457 SME Unit Offices, 481 agent banking outlets, 375 ATMs, and 96 CDMs.
Islami Bank Bangladesh Ltd. (IBBL) is an Islamic banking company based in Bangladesh. It became incorporated on 13 March 1983 as a public limited company under the Companies Act 1913. It has 36.91% local and 63.09% foreign shareholders. As of November 2019, IBBL has 350 branches including 59 AD Branches & 03 Offshore Banking Units as well as has more than 13,500 staffs. In addition to that, IBBL maintains its own 621 ATM Booths and 33 IDM, along with 6,000 shared ATM network across the country. IBBL mobilizes around 29% of the country remittance. In 2015, it serves US$3,903.21 million out of US$15,316.75 million of total country remittance. As such, IBBL is the largest private banking network in Bangladesh. When IBBL was established, it was the first bank in Southeast Asia to provide banking service based on Shariah. The bank is listed with both Dhaka Stock Exchange Ltd. and Chittagong Stock Exchange Ltd.
Jamuna Bank Limited is a commercial bank in Bangladesh registered under the Companies Act 1994. It was established on June 3, 2001. Jamuna Bank had 149 branches as of February 2021. Its head office is located at Jamuna Bank Tower,Plot# 14, Bir Uttam A. K. Khandaker Road, Block# C, Gulshan-1,Dhaka, Bangladesh.Jamuna Bank Ltd,a third generation private commercial bank, was established by a group of local entrepreneurs. The bank, aside from conventional, also provides Islamic banking through designated branches. The Bank has real-time online banking branches network to provide online banking.
Southeast Bank Limited is a private commercial bank in Bangladesh.
Export Import Bank of Bangladesh Limited is one of the leading private commercial banks in Bangladesh. The Bank came into operation as a commercial bank on 3 August 1999 as per rules and regulations of Bangladesh Bank. From its establishment the bank was known as BEXIM Bank Limited. But due to legal constraints, the bank was renamed as EXIM Bank, which stood for Export Import Bank of Bangladesh Limited.
NRB Bank is one of the third generation private banks in Bangladesh.
The City Bank Limited is a Bangladeshi private commercial bank headquartered in Dhaka.
The Bangladesh Financial Intelligence Unit is a Bangladesh government agency responsible for investigating money laundering, suspicious transactions, and cash transaction reports. The unit works under Bangladesh bank. Abu Hena Mohammad Razee Hassan is the chief of Bangladesh Financial Intelligence Unit.
Mohammed Matiul Islam is a Bangladeshi government servant and entrepreneur. He is known for serving as the first Finance Secretary of Bangladesh. He was Bangladesh's envoy to the World Bank and later the United Nations for 8 and 11 years, respectively. He has started 4 companies, and is currently chairman of Industrial and Infrastructure Development Finance Company (IIDFC), a Bangladeshi financial services firm.
