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 31, 2022

Bangladesh eyes $35b slice of Saudi market

Bangladesh looks to gain a foothold in the Kingdom of Saudi Arabia (KSA) with seven potential products, including food and beverage, apparel, and jute and leather, products which are now sourced from the global market for $35 billion annually. Ceramic, pharmaceutical, and plastics also have good demand in this market – where Dhaka currently has a stake of less than $300 million. According to the International Trade Centre (ITC) data, Saudi Arabia’s imports stood at $152.34 billion in 2021. China is the KSA’s largest export source, $31.07 billion, followed by the USA, UAE, India and Germany. On the other hand, Bangladesh exported only $290 million in FY2022, of which apparel shipments amounted to about $144million, according to the EPB.  Saudi Arabia is the country’s 24th largest export partner out of 202 destinations, while the country is also the 26th largest destination for apparel shipments. Pran-RFL exported goods worth $532 million in FY22, while it also set a target to export products worth $1 billion by 2025. According to the International Trade Centre data, in 2020, the UAE sourced about $4.40 billion worth of apparel items from global markets.

Source: https://www.tbsnews.net/economy/bangladesh-eyes-35b-slice-saudi-market-487054

Reserves drop to $39.04b as dollar sales continue

The country’s foreign exchange reserves dropped to $39.04 billion on Tuesday after the Bangladesh Bank sold $153 million to banks for import bill payments. In the current fiscal year starting in July, the central bank has so far sold around $2.44 billion. It had sold a record $7.62 billion from reserves in the last fiscal year. According to the central bank, it sold more than $150 million for the second consecutive day. On Monday, $164 million was sold from the reserves. At the end of July, the reserves stood at $39.60 billion. If the dollar sale continues in this pace, the reserves may fall below $39 billion within a short period. State-owned banks have expressed relief at increasing dollar support from the central bank. According to them, this results in less dependence on the market for dollars. On Tuesday, state-owned banks sold dollars in import LC settlements at a maximum Tk108. The highest rate of Tk109 was charged on Monday. But private banks have been charging slightly lower for dollars in LC settlements for the last few days. Despite a slight drop in banks, dollar rates have gone up in the open market. On Tuesday, money changers sold the greenback at Tk112, up from Tk111 on the previous day. The cash dollar was sold for Tk109 in on Thursday.

Source: https://www.tbsnews.net/economy/reserves-drop-3904b-dollar-sales-continue-487038

BRAC Bank, upay sign deal on fund transfer

BRAC Bank has signed an agreement with mobile financial service provider upay recently, allowing BRAC Bank customers to transfer funds from Mobile App ‘ASTHA’ to their upay accounts. Users can transfer up to Tk 50,000 to upay account in a day. Soon, upay customers will be able to transfer fund to BRAC Bank account from their upay account as well.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/brac-bank-upay-sign-deal-on-fund-transfer-1661876703

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 31,790.87
↓ 308.12↓ 0.96 %
FTSE100$ 7,361.63↓ 65.68↓ 0.88 %
Nikkei 225$ 28,039.91↓ 155.67 ↓ 0.55 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 92.54 ↑ 0.90↑ 0.98 %
Crude Oil (Brent)$ 100.01↑ 0.70↑ 0.70 %
Gold Spot$ 1,723.24↓ 0.78↓ 0.05 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 95.0000
GBP 1BDT 111.2640
EUR 1BDT 94.9905

*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