Dhaka Bank received ”Excellence in Mastercard Business (Innovation) 2022-23′ award

Mr. Emranul Huq, managing director & CEO of Dhaka Bank limited, received the ”Excellence in Mastercard Business (Innovation) 2022-23′ award at a ceremony recently held at Radisson Blu, Dhaka. The award ceremony was graced by Dr. Atiur Rahman, former governor of the Bangladesh Bank, and Helen LaFave, Charge D’Affairs at the US Embassy in Dhaka, among others. The Mastercard Excellence Award recognises partners across categories for their contribution to innovation and success in driving business growth.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/dhaka-bank-received-excellence-in-mastercard-business-innovation-2022-23-award-1701708803

Mattress money drops significantly

The volume of mattress money or currency outside banks plummeted significantly in the first four months of the current fiscal year as a much-needed respite to credit-starved lenders, according to bankers. Deposits worth over Tk 460 billion, which flew out of the banking system because of trust deficit amid some large-scale debt anomalies, returned into bank vaults in July-October 2023, riding on higher interest rates. Data available with the central bank revealed that the volume of currency outside banks stood at Tk 2.46 trillion at the end of October 2023. The deposit outflow from banks kept rising since September 2022 following reports of gross irregularities in some commercial banks. The amount rose to a record high of Tk 2.92 trillion in June 2023. As a result, the volume of deposit outflow from banks keeps declining with figures reaching Tk 2.66 trillion in July, Tk 2.58 trillion in August and Tk 2.53 trillion in September. Dhaka Bank managing director and CEO Emranul Huq said currency outside banks increased largely for trust deficit following debt anomalies in some shariah-based banks. Even depositors, driven by fears of losing their money, withdrew funds not only from the unconventional banks but also from banks having poor ratings, he cited. Good news is depositors have started returning to the banking system as they have started believing that banks are the safest place for investment as no bank fails to return funds on demand till today.

Source: https://today.thefinancialexpress.com.bd/last-page/mattress-money-drops-significantly-1701711844

Chinese company to invest $89m to set up first composite factory in Mongla EPZ

Chinese company Yun Sheng BD Co Ltd is going to establish a composite (textile, garments and accessories) factory in Mongla Export Processing Zone (Mongla EPZ). This would be the first such kind of factory in Mongla EPZ. The company will invest $89 million to produce fabrics, garments and garments accessories items. It would be the highest amount of proposed investment ever from a single company that signed agreements to establish factories in Mongla EPZ.  An agreement was signed between Bangladesh Export Processing Zones Authority (BEPZA) and Yun Sheng BD Co Ltd to this effect at BEPZA Complex in Dhaka on Monday (4 December).

Source: https://www.tbsnews.net/economy/chinese-company-invest-89m-set-first-composite-factory-mongla-epz-751566