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 6, 2023

No tax on foreign loan interest till February: NBR

The National Board of Revenue (NBR) has announced that the 20% tax imposed on the interest of foreign loans taken by businesses will not be applicable till February 2024. According to a gazette notification issued by the NBR yesterday, the exemption will not be applicable in case of advance payment of loan interest. Businesses said the tax exemption will reduce their interest cost by 1.5%-2%. The Secured Overnight Financing Rate already surged to 5.35% from as low as 0.25% during the Covid-19 pandemic and below 1% even in early 2022. Consequently, the interest rates for loans on the international market have experienced a corresponding spike. Foreign loans are subject to an added interest (margin) of up to 3.5%. Along with the rise of the global interest rate, a 20% “withholding tax” imposed in the current budget on interest payments has made foreign loans costlier. The cost of borrowing was shot up to around 11%. According to the central bank, the short-term private sector foreign debt stood at $12.13 billion at the end of October. It was $13.66 billion at the end of June.

Source: https://www.tbsnews.net/economy/no-tax-foreign-loan-interest-till-february-nbr-752354

Exports up 27% in Nov as peak festival sales begin in West

November’s overall export earnings of $4.78 billion were, however, 6% less compared to the same period of last year. Exports grew 27% in November compared to October on the back of higher demands for apparels in the West as the festival season has already set in Bangladesh’s major export destinations. Apparel exports were $4.05 billion in November, 28% higher than October’s $3.16 billion, according to the Export Promotion Bureau (EPB) data released on Monday. The data of positive export trend came a day after the central bank figures showing a 2.4% decline in remittance inflow in November than the previous month. Total exports in November this year were $4.78 billion, 6.05% lower than $5.09 billion in the same period of last fiscal. In the July-November period of FY24, the export earnings from agricultural and jute products also experienced negative growth, along with engineering products, compared with a year-ago period.

Source: https://www.tbsnews.net/economy/rmg/garment-exports-decline-745-nov-751374

Nagad emerges as top VAT payer

Nagad, the fastest-growing mobile financial service provider, has once again emerged as a top VAT depositor. As in previous years, the revenue board will honour top nine VAT-paying companies at the national level in three categories — production, service, and business. Nagad’s inclusion in the top VAT payers’ list is attributed to its rapid customer growth, fuelled by innovative service offerings that have led to an upswing in transactions. Since its launch by Prime Minister Sheikh Hasina, Nagad has garnered over 85 million customers and revolutionised the disbursements of social safety net allowances, education stipends, and even distributed cash aid to underprivileged families during the pandemic times.

Source: https://today.thefinancialexpress.com.bd/trade-market/nagad-emerges-as-top-vat-payer-1701792685

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 36,124.56
↓ 79.88↓ 0.22 %
FTSE100$ 7,489.84↓ 23.12↓ 0.31 %
Nikkei 225$ 33,356.00↑ 580.18↑ 1.77 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 72.27↓ 0.05 ↓ 0.07 %
Crude Oil (Brent)$ 77.19 ↓ 0.01↓ 0.01 %
Gold Spot$ 2,022.27↑ 2.91↑ 0.14 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 110.2500
BDT 110.2500

*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