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 21, 2021

Bangladesh self-reliant in RMG accessories

In the 1980s, local garment manufacturers used to export garment items in old and used cartons as there was no factory in Bangladesh at that time capable of producing the accessory. Even 15 years ago, local manufacturers had to buy button, a vital accessory for the apparel industry, mainly from China and Hong Kong to produce final goods for their international clients. Many of the garment manufacturers also failed to send the goods to the retailers and brands in Europe and the US maintaining the lead time because of the delay in carrying out the task amid the shortage of buttons and other accessories. The situation started improving after 1990 when local accessories makers started setting up factories to produce accessories. Entrepreneurs pumped in Tk 40,000 crore in the last 15 years, building a garment accessories and packaging industry that serves the country’s gigantic apparel industry, making Bangladesh the second-largest garment exporter in the world. Currently, the domestic market size of buttons is $160 million, which was almost nil 30 years ago, industry people say. Not only button, Bangladesh is also self-reliant in many other garment and packaging accessories. For instance, more than 30 vital accessories such as poly bags, hangers, zippers, buttons, cartons and packaging materials are needed to make a complete and exportable garment item. The sub-sector is capable of supplying almost all of the 30 items except some specialised components. Dekko Legacy Group is a major button producer. The total export of the group is $300 million, of which 15 per cent is accessories, mainly labels, buttons, hand tags, price tags, and printed labels.

Source: https://www.thedailystar.net/business/economy/news/bangladesh-self-reliant-rmg-accessories-2922206

Leather sector gets wider benefits

Export-oriented leather, footwear and tannery operators can now import the raw materials required by multiple production units based on a single bonded warehouse licence, according to a recent notification from the National Board of Revenue (NBR). Export proceeds rose to $456 million in the July-November period of the current fiscal year, up 27 per cent year-on-year from $358 million, according to data from the Export Promotion Bureau. Bangladesh fetched a total of $941 million in export earnings from the leather industry in fiscal 2020-21 with footwear and other products accounting for a bulk of this amount. Now though, the new measure will enable them to import the required amount of chemicals for production. Tanners process between 27 lakh to 30 lakh square feet of skins and hides each year.

Source: https://www.thedailystar.net/business/economy/industries/news/leather-sector-gets-wider-benefits-2922196

Remittance may exceed $25b this fiscal year

Finance Minister AHM Mustafa Kamal yesterday hoped that the country’s remittances might exceed $25 billion this fiscal year based on robust inflow from expatriate Bangladeshis in the next two Eid festivals. Remittance could stand at around $21 billion this fiscal year given the current pace of incoming funds, Kamal told reporters at a briefing after two cabinet committee meetings on government purchase and economic affairs. However, the pace will not be the same in the remaining months of this fiscal year as expatriates usually send a higher amount during the two major religious festivals — Eid-ul-Fitr and Eid-ul-Azha. Expatriate Bangladeshis sent remittances to the tune of $24.77 billion in fiscal 2020-21, shows data from Bangladesh Bank. Remittance, which plays a major role in strengthening the country’s foreign exchange reserves, fell 21 per cent year-on-year to $8.6 billion in the first five months of this fiscal year.

Source: https://www.thedailystar.net/business/economy/banks/news/remittance-may-exceed-25b-fiscal-year-kamal-2922186

Govt Sukuk auction Dec 29 to raise Tk 50b

The government will raise Tk 100 billion by issuing two Islamic bonds, the first one worth Tk 50 billion on December 29, to finance public-sector development projects. One auction is scheduled to be held on the day at the central bank for issuing the Shariah-based bond to eligible banks, non-banking financial institutions (NBFIs), insurance companies and individuals. The central bank, as a special-purpose vehicle (SPV) for the issuance of the upcoming government securities, has already completed all necessary preparations to issue the second set of Sukuk bonds. As per the BB criteria, Shariah-based Islamic banks, NBFIs and insurance companies will be eligible for getting 70-per cent Sukuk certificates while conventional banks and other financial institutions will be entitled to receive 15 per cent of the bonds. Besides, 10 per cent of the Bangladesh Government Investment Sukuk (BGIS), generally known as Ijarah Sukuk, will be sanctioned to Islamic branches and windows of conventional banks while individual investors will be eligible to get the remaining 5.0 per cent. A client will have to invest a minimum of Tk 10,000 in the security, and there is no upper limit. Banks, corporate institutions and individuals will be permitted to invest in securities. In FY’21, the government raised Tk 80 billion through issuing the first Sukuk for implementation of a water-supply project titled “Safe Water Supply for the Whole Country”.

Source: https://today.thefinancialexpress.com.bd/first-page/govt-sukuk-auction-dec-29-to-raise-tk-50b-1640019459

Upay teams up with Banglalink

Upay, the fastest-growing mobile financial service provider in the country, and mobile phone operator Banglalink have jointly brought an innovative solution allowing Banglalink customers to make financial transactions through the ‘upay’ app without incurring any mobile internet cost, says a press release. Besides, Banglalink customers will also avail cash rewards of up to Tk 50 and 1 GB internet data pack after successful self-registration through upay app. The app can be downloaded from the Google Play Store and the App Store. Moreover, Banglalink users can enjoy 1GB bonus internet data upon purchasing a special pack comprising of 1GB internet data and 25 minutes talk time at the cost of Tk 44 from upay app.

Source: https://today.thefinancialexpress.com.bd/trade-market/upay-teams-up-with-banglalink-1640017265

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 34,932.16
↓ 433.28↓ 1.23%
FTSE100$ 7,198.03↓ 71.89↓ 0.99 %
Nikkei 225$ 28,454.61↑ 516.80↑ 1.85 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 68.23↓ 2.63↓ 3.71 %
Crude Oil (Brent)$ 72.13↑ 0.61↑ 0.85 %
Gold Spot$ 1,791.56↑ 0.63↑ 0.04 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 85.8000
GBP 1BDT 113.6507
EUR 1BDT 96.4649





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