Economic Reporter :
Sonali Bank Limited has formed special funds for the stock market as part of a central bank move to form such funds to support the ailing market.
The bank set up a special fund worth Tk 200 crore with the bank’s own money, said in statement revealed on Tuesday. It also said that the bank has already informed the Bangladesh Bank about the special fund on Sunday.
Apart from the bank, several other banks, including Dhaka Bank, Rupali Bank, Agrani Bank, Janata Bank and The City Bank were undergoing the process to set up the special fund.
The City Bank has already renewed Tk 50 crore in REPO facility, previously taken for the purpose of investment on the stock market.
The Bangladesh Bank on February 10 this year allowed each bank to form a Tk 200-crore special fund by taking low-interest loans from the central bank to invest in the stock market. The BB came up with the decision in a bid to stabilise the ailing capital market.
