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 August 13, 2023

Net RMG export ratio at all-time high of 71.5%

Bangladesh’s readymade garment (RMG) net exports increased significantly in the April-June quarter, contributing positively to the country’s trade balance. Net exports – total exports minus raw material imports – surged to an all-time high of 71.5%, reaching $8.4 billion in that quarter, meaning that apparel makers added more local value to their export products. As a result, the country’s trade deficit narrowed by 48% in FY23 compared to a year ago. According to central bank data, the total export in the RMG sector in the final quarter of FY23 was $11.74 billion. Out of this amount, $3.35 billion was spent on the import of raw materials for these products, accounting for 28.5% of total earnings. That is, net exports or domestic garments added a value of $8.4 billion. This is about 39% higher than the same quarter of the previous fiscal year. According to the central bank report, in FY23, the RMG sector made a significant contribution of 10.35% to the country’s GDP. The sector has shown signs of recovery after the pandemic. However, challenges like the ongoing Russian-Ukraine war and its resultant impact on supply chain disruptions, the global inflation hike, and monetary policy tightening by the Fed may badly impact the progress of this sector.

Source: https://www.tbsnews.net/economy/rmg/net-rmg-export-ratio-all-time-high-715-680734

7 new industrial parks, centred on Padma Bridge, planned in southern districts

The Bangladesh Small and Cottage Industries Corporation (Bscic) plans to set up seven large industrial estates in the country’s southern region over the next three years, banking on the improved communication system made possible by the Padma Bridge. As part of the plan, between 2023 and 2026 the corporation will invest Tk8,000 crore from government funds to build these establishments on 2,000 acres of land in Faridpur, Jashore, Madaripur, Narail, Magura, Shariatpur and Pirojpur, with a target of creating 14-15 lakh fresh jobs. Currently, there are 21 industrial estates in 18 districts of the south-western region of the Padma Bridge, operating under the Bscic. But these estates are small in size and were built on a minimum of 10 acres of land to a maximum of 50 acres of land.

Source: https://www.tbsnews.net/bangladesh/infrastructure/7-new-industrial-parks-centred-padma-bridge-planned-southern-districts

Most banks in tight spot amid liquidity crunch

A majority of banks in Bangladesh are facing difficulties in running their day-to-day banking activities owing to a tightening liquidity caused by the dragging foreign currency crisis, slower deposit growth and lacklustre loan recovery. This has forced lenders to turn to the call money market, a short-term money market that allows large financial institutions to borrow and lend, to secure funds in order to meet their payment obligations. On Thursday, the transaction on the overnight interbank call money market stood at Tk 9,449 crore, the highest since August 11 last year when it amounted to Tk 9,706 crore. Multiple factors such as slower deposit growth, a weak pace of loan recovery and the purchase of dollars by banks from the Bangladesh Bank to clear import bills have brought about the current situation. Deposit growth decelerated to 8.40 percent in the last fiscal year of 2022-23 from 8.90 percent the previous year. Non-performing loans (NPLs) totalled Tk 131,620 crore in March, marking a 16.02 percent increase year-on-year, BB data showed. The volume was 8.80 percent of the total credits disbursed in the banking sector.

Source: https://www.thedailystar.net/business/economy/news/most-banks-tight-spot-amid-liquidity-crunch-3392836

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 35,281.40
↑ 105.25↑ 0.30 %
FTSE100$ 7,524.16↓ 94.44 ↓ 1.24 %
Nikkei 225$ 32,473.65↑ 269.32↑ 0.84 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 83.19↑ 0.37↑ 0.45 %
Crude Oil (Brent)$ 86.81↑ 0.41↑ 0.47 %
Gold Spot$ 1,913.76↓ 1.28↓ 0.07 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 109.5000
BDT 109.5000

*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