PARIS, Aug 10: The French central bank said Friday that the nation's economy should get a considerable bump from the Olympic and Paralympic Games.
After having expanded by 0.3 percent in the second quarter, the Banque de France said it expects the French economy to grow by nearly 0.5 percent in July-September quarter.
The Olympic Games officially opened in late July and the Paralympic Games finish in September.
The central bank put up to 0.25 percentage points of that growth down to the impact of the Games.
Its forecast is broadly in line with that of France's statistics agency INSEE, which expects a 0.3 percent point increase in third quarter growth due to the Games, taking overall growth in the quarter to 0.5 percent.
There was considerable concern ahead of the world's largest sporting event that it may in fact be a drag on the French economy as many tourists who would normally visit Paris were staying away.
Hotels and airlines like Air France said they had seen a drop in bookings.
The Banque de France said there was still considerable uncertainty about its forecast, with the positive effect from the Games confronting a negative effect from the uncertain political situation after no clear winner emerged from parliamentary elections in June and July.
In any case the economic boost from the Games will be fleeting.
It will "mostly disappear in the fourth quarter," the central bank's chief economist, Olivier Garnier, told journalists. —AFP
Bank accounts will be seized on suspicious transactions: BFIU
Bangladesh Financial Intelligence Unit (BFIU), a wing of Bangladesh Bank, has instructed banks to take action and seize accounts immediately against suspicious transactions and money laundering.
To prevent corrupt government officials and politicians from diverting and laundering money from banks during the evolving situation of the country, the BFIU in an emergency meeting took the measure. The financial intelligence also said, "Strict action will be taken if concessions are made through acquaintance or nepotism."
The BFIU gave this warning in a meeting on Thursday with the Chief Anti-Money Laundering Officers of all state-owned and private banks in the country.
Before this, on Wednesday morning, the head of BFIU was attacked by the officers and employees of the central bank on charges of arbitrariness, irregularities, and corruption.
The BFIU sources said that many corrupt government officials and politicians are trying to withdraw money from their bank accounts. After the Awami League government's fall, on Wednesday, Islami Bank rejected a cheque for 548 crore from one of their institutions.
As a result, the BFIU has taken such measures to prevent money laundering and illegal transaction of money. —UNB
