TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK


TT-Clean: 77.1 | TK BC-Selling: 78.1
TK OD-Sight: 76.88 TK | TC-Selling: 78.1 TK

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Rate last updated: 02/01/2014 11:15:04 AM

Daily Business News Flash April 10, 2023

BB raises ceiling of shifting funds from OBUs to DBUs

In a latest move to ease import settlements, the central bank has increased the ceiling of shifting funds from OBUs (offshore banking units) to DBUs (domestic banking units) with immediate effect. Under the latest development, the DBUs can receive 40 per cent of the funds from the OBUs of a bank, up from the existing 25 per cent, according to a circular – issued by the Bangladesh Bank (BB) on Sunday. At the same time, the BB also extended the time of availing the facility for six more months from June 2023 to December 2023. The circular said the OBUs are allowed to place funds to their DBUs with a limit not exceeding 25 per cent of the respective bank’s total regulatory capital – to settle the import payments of capital machinery and industrial raw materials as well as the government imports. To bring further flexibility in external transactions, the DBUs may receive funds from the OBUs – amounting up to 40 per cent of their total regulatory capital – to settle permissible payment obligations as per the prevailing foreign exchange rules and regulations. Seeking anonymity, a BB official said many banks are facing difficulties in settling import payments because of the US dollar shortfall and as securing short-term loans from external sources is becoming harder now.

Source: https://thefinancialexpress.com.bd/economy/bangladesh/bb-raises-ceiling-of-shifting-funds-from-obus-to-dbus

Industrial loan increases by Tk1 lakh crore in 2022 amid crisis

Industrial loans in 2022 amid the Ukraine-Russia war and the liquidity crisis in the banking sector have increased by Tk1 lakh crore due to the increase in import cost of raw materials, capital equipment and low interest rates on bank loans. According to a report of the Central Bank, the banks have disbursed Tk5,31,000 crore loans to the sector in 2022, while in 2021 the figure was Tk4,29,000 crore. In other words, the loan amount has increased by Tk1,01,321 crore. Bankers say prices of all products including oil and gas have increased significantly since February last year after the Russia-Ukraine war began. The price of a dollar against the taka increased by at least 25% over the last year, due to which the overall industrial loan has increased. Since August 2022, private sector credit growth has been slowing as imports dropped. In February 2023, private sector credit growth was 12.14%, which was the lowest in 11 months. While the private sector credit growth has declined, industrial sector credit growth increased.

Source: https://www.tbsnews.net/economy/banking/industrial-loan-increases-tk1-lakh-crore-2022-amid-crisis-613922

Bangladesh eyes to earn $10b in leather-product export

Bangladesh’s leather sector holds all the potential to earn US$10 billion in the next five years but appears to be hamstrung by the flawed central effluent-treatment plant (CETP) in its potential hub. The absence of properly functional CETP deprives the country of having the certification from the Leather Working Group (LWG) which is mandatory for exporting leather products to top global brands, sector entrepreneurs said. And thus, despite having all the ingredients like high-quality raw leather, expertise and cheap labour for producing world-class finished products, the industry is virtually forced to limit its export earning to around one-billion dollars. The government has devised a ten-year perspective plan that includes a target to increase the leather sector’s export earnings to $10-$12 billion by 2030 but getting to the goal without addressing the compliance issue would be impossible, experts and the entrepreneurs forewarn.Industry-insiders told the FE that the global leather-goods market is estimated to grow to $424 billion by 2025 and they have the expertise to take a chunk of it if the compliance issue can be solved.

Source: https://thefinancialexpress.com.bd/economy/bangladesh/bangladesh-eyes-to-earn-10b-in-leather-product-export

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
Nikkei 225$27,518.31↑45.68↑0.17%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$80.70↑0.09↑0.11%
Crude Oil (Brent)$85.12↑0.13↑0.15%
Gold Spot$2,007.91↓12.82↓0.63%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 106.9000
BDT 107.4500

*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<

* Exchange Rates are taken from BB website, as on latest update.<




Dear Valued Patrons,

At the very onset, let me express my heartiest gratitude for allowing us to serve you and I also wanted to reach out to you directly with an assurance that Dhaka Bank is fully equipped to support you during this difficult time.

Last couple of weeks ago we all were living in a peaceful condition, performing our daily tasks freely and perfectly. Entire economy and business environment was also in a good shape, until COVID-19 put a forceful stoppage to the overall life style and economy of the world. We all know that social distancing and cleanliness are the keys to prevent this pandemic. Hence, we urge your conscious effort to limiting public interaction and suspending wherever possible.

In this current situation, Dhaka Bank and its employees are beside you where we are fully online, either working from home or at our offices under a robust Business Continuity Plan (BCP) to serve you with limited branch banking and a full-fledged alternate delivery channel services.

Our state of the art Mobile App, Dhaka Bank GO (Click https://bit.ly/2WVfieu) and Internet Banking - Dhaka Bank Direct gives you the freedom of banking online anytime from anywhere. You can check the balance and transfer money to any designated Banks including any Dhaka Bank or bKash Account, make utility bill payments and mobile top-up through our Mobile App and Internet Banking Services. Our ATMs are also running efficiently with availability of sufficient cash for your convenience where you can make cash withdrawals whenever the need arises. Mentionable, the withdrawal of cash from any ATMs within Bangladesh with Dhaka Bank Debit Cards are absolutely free of charges up till April 30, 2020 (Dhaka Bank will bear the cost). Our corporate customers can also use our completely safe and secured online platform Dhaka Bank C-Solution for Payments, Inter Bank Fund Transfers, etc.

Moreover, to fulfill your urgent requirement, we have a limited no. of branches up and running by ensuring all kinds of precautionary and safety measures for you.

In case of extreme emergency and facing difficulties in conducting banking transactions, please let us know through our 24/7 Contact Center number 16474 (or, dial +8809678016474 for ISD/Overseas Calls). We are always with you to combat your difficulties.

As you know we are going through a critical phase and the situation is novel to all of us. We are getting lot of new information from various sources everyday about COVID-19 which will be shared at www.dhakabankltd.com.

Thank you for your trust and continued support to us. I firmly believe that jointly we will be able to combat this situation and win against all the odds.

Please stay home, stay safe and take care of yourself and family.

Best regards,

Emranul Huq
Managing Director & CEO
Dhaka Bank Limited