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BANGLADESH : BRAC, Marico signed Range Forward Contract to avoid dollar fluctuation
Publish Date : 13-Jul-2011
BRAC Bank Ltd and Marico Bangladesh Ltd have signed a \"Range Forward Contract\" through which Marico Bangladesh Ltd will be able to cover of foreign exchange fluctuation risk with a price band. BRAC Bank has introduced country\'s first local currency \'Range Forward Contract\' to safeguard fluctuation risk of US dollar/Bangladeshi Taka for corporate houses engaged in international trade.
Syed Mahbubur Rahman, Managing Director and CEO of BRAC Bank and Rohit Jaiswal, Managing Director of Marico Bangladesh, signed the contract. Mohammed Rahmat Pasha, Head of Treasury and Financial Institutions of BRAC Bank, and Iqbal Chowdhury, Head - Corporate Affairs and Investor Relations and Company Secretary of Marico Bangladesh and senior officials were present.
Managing Director and CEO of BRAC Bank Ltd Syed Mahbubur Rahman said \"This innovative foreign exchange product will help the corporate houses to hedge their currency risk and save them from foreign currency fluctuation risk.\"
