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 December 18, 2023

Forex reserves go past $20 billion mark after loans from IMF, ADB

Bangladesh’s foreign currency reserves rose to $20.41 billion today after $1.09 billion in loans from two global lenders were added to the central bank’s account. Before the loans from the International Monetary Fund (IMF) and the Asian Development Bank (ADB) were credited to the BB account on Thursday, the reserves stood at $19.17 billion. Of the sum, $689 million came from the IMF and $400 million from the ADB. Amid higher import bills against moderate remittance and export receipts, the gross international reserves of Bangladesh slipped to $24.3 billion in 2022-23 from $36 billion in 2019-20. It stood at $46.4 billion in 2020-21, the highest on record. The World Bank is considering a $500 million budget support in the current fiscal year under two programmes.

Source: https://www.thedailystar.net/business/economy/news/forex-reserves-go-past-20-billion-mark-after-loans-imf-adb-3496491

Bangladesh eyes $1b in wool garments export with Australia partnership

Bangladesh aims to boost its annual high-end woollen garment exports tenfold to $1 billion in the next five years as Australia, one of the world’s largest wool producers, is considering Bangladesh as a potential alternative to China for its wool processing. According to entrepreneurs, Bangladesh currently imports a minimal quantity of woollen fabric from China, Italy or England and produces high-value suits, shirts, pants, and knitwear sweaters for export. However, due to the absence of domestic sources of raw materials – yarn and fabric, the country is unable to fully tap into its potential in the $17 billion market, dominated mainly by Australia and China. According to BTMA sources, the current global wool fibre market size is over $30 billion. However, various international research sites suggest a market size of $17 billion, with predictions that it may reach close to $25 billion by 2030, driven by a compound annual growth rate (CAGR) of 5.5%.

Source: https://www.tbsnews.net/economy/rmg/bangladesh-eyes-1b-wool-garments-export-australia-partnership-757918

NBR reduces tax on provident fund to 15%

The National Board of Revenue (NBR) has reduced the tax on the income generated by provident and other pension funds to 15% from 27.5% in the current financial year. The tax administration issued a notification to this effect on 15th December. Earlier on 6 December, the NBR issued a Statutory Regulatory Order (SRO), which was published on 14th December. According to the order, tax on income from provident fund, gratuity fund, superannuation fund, and pension fund has been reduced to 15%. Budget of the current fiscal imposed a 27.5% tax on the income generated by these funds, sparking debate among job holders across the country, according to industry insiders.

Source: https://www.tbsnews.net/economy/nbr-reduces-tax-provident-fund-15-757830

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 37,305.16
↑ 56.81↑ 0.15 %
FTSE100$ 7,576.36↓ 72.62 ↓ 0.95 %
Nikkei 225$ 32,727.33↓ 243.22↓ 0.74 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 71.83↑ 0.40↑ 0.56 %
Crude Oil (Brent)$ 76.97↑ 0.42↑ 0.55 %
Gold Spot$ 2,023.32↑ 3.70↑ 0.18 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 110.0000
BDT 110.0000

*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