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 February 03, 2021

Govt plans university-based tech innovation hubs

University-going students aspiring to be tech-entrepreneurs are set to get a shot in the arm as the government is planning to create innovation hubs at both public and private universities to develop digital entrepreneurship and innovation ecosystems. Primarily seven universities will be selected as the hubs where interested students will be shortlisted, selected and trained and then facilitated with funds and office space to start their own business. The implementing agency, Bangladesh Hi-Tech Park Authority, already received names of 19 universities from the University Grants Commission of Bangladesh. Universities which can facilitate spaces of 3,000 sq ft to 5,000 sq ft will be eligible for the innovation hub, a high official of the authority told The Daily Star. The Tk 353.06 crore project will also take up initiatives such as establishment of an environmentally friendly “Janata Tower Software Technology Park-2” in the vicinity of Software Technology Park in Janata Tower at Karwan Bazar in the capital. Of the cost, Tk 98.06 crore will come from government sources and the rest Tk 255 crore from World Bank as a loan.

Source: https://www.thedailystar.net/business/news/govt-plans-university-based-tech-innovation-hubs-2038329

Export drops 5pc in January

Earnings from merchandise exports fell 4.99 per cent year-on-year to $3.43 billion in January because of slower recovery of garment shipment from the pandemic-induced business slowdown, official data showed yesterday. January’s receipts were 9.58 per cent lower than the monthly target of $3.80 billion, according to data from the Export Promotion Bureau (EPB). Between July and January, the first seven months of the fiscal year, the shipment of garment, which typically contributes more than 80 per cent to the national export, declined 3.44 per cent year-on-year to $18.40 billion. Of the earnings from the apparel export, $9.98 billion came from the knitwear shipment, which was up 3.84 per cent. The export of woven items declined 10.85 per cent to $8.41 billion. The latest export data published by the EPB shows that garment export in January declined 7.01 per cent year-over-year and woven export dropped 13.89 per cent. Kazi Belayet Hossain, president of the Bangladesh Frozen Foods Exporters Association, said frozen fish was sold for $12 to $12.5 per pound before the pandemic. Now the same quantity of frozen fish is being sold for $9 to $9.5 per pound. Jute and jute goods shipment rose 27.08 per cent year-on-year to $765.63 million between July and January. Home textile export was up 44.34 per cent to $638.96 million. Shipment of leather and leather goods declined 5.78 per cent to $526.58 million, terry towel shipment slipped by 2.79 per cent to $23.31 million, frozen and live fish export fell 8.62 per cent to $308.26 million, and agricultural product shipment went down 2.06 per cent to $591.49 million.

Source: https://www.thedailystar.net/business/news/export-drops-5pc-january-2038337

BB warns of some inflationary pressure

Bangladesh may face some inflationary pressure in the coming months as general prices rise globally, said the central bank. The monetary policy committee (MPC) of the central bank analysed the trend of commodity and food price indexes of the World Bank and the Food and Agriculture Organisation. The MPC expects that inflation will remain with the target, which is 5.4 per cent for the current fiscal year. The central bank has revised monetary policy for the second half of the fiscal year by taking an expansionary stance is consistent with its previous programme. The MPC kept the private sector credit growth unchanged at 14.8 per cent for 2020-21. It was 8.37 per cent in December. The central bank has not changed its policy rate, keeping it at 4.75 per cent. The central bank has decided not to change the private sector credit growth as the economy may get normalcy from the ongoing slowdown in the near future. The public sector credit growth target revised down to 31.7 per cent from 44.4 per cent. The MPC came up with the decision at a meeting on January 31 at the central bank headquarters. The target of the reserve money (RM), which was set at 13.5 per cent in July last year when the BB announced the monetary policy, did not see any change. RM is also called central bank money, monetary base, base money, or high-powered money. It is the base level for the money supply or the high-powered component of the money supply. The growth of RM stood at 21.3 per cent in December. The central bank purchased American greenback worth a record $5.49 billion in the first half of the current fiscal year to keep stable the exchange rate of the local currency. The central bank has lowered the growth of broad money to 15 per cent in contrast to its previous target of 15.6 per cent. Board money growth stood at 14.3 per cent in December. Broad money is a category for measuring the amount of money circulating in an economy. The government has recently revised its GDP growth to 7.4 per cent for FY21 from 8.2 per cent. Excess liquidity in the banking sector surged 95 per cent year-on-year to Tk 204,700 crore in December, data from the central bank showed.

Source: https://www.thedailystar.net/business/news/bb-warns-some-inflationary-pressure-2038325

Stocks keep losing amid lackluster trading

Stocks witnessed yet another bearish session on Tuesday as risk-averse investors continued their sell-offs on major sector issues amid persistently lackluster trading. DSEX, the key index of the Dhaka Stock Exchange (DSE), slumped further by 35.10 points or 0.62 per cent to settle at 5,564. The prime index lost more than 160 points in the past three consecutive sessions. The daily trade turnover on the DSE remained below Tk 8.0 billion-mark, hitting two months low to Tk 7.02 billion, as investors were reluctant to take fresh exposure in the market. It was the lowest single-day transaction since December 1, 2020, when the turnover totalled a record Tk 6.63 billion. Two other indices also ended lower. The DSE 30 Index comprising blue chips shed 16.03 points to finish at 2,109 and the DSE Shariah Index (DSES) fell 8.04 points to close at 1,246. The Chittagong Stock Exchange (CSE) also fell sharply with the CSE All Share Price Index – CASPI -losing by 99 points to settle at 16,197 and the Selective Categories Index – CSCX shedding 61 points to close at 9,771. Of the issues traded, 105 declined, 71 advanced and 64 remained unchanged on the CSE.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/stocks-keep-losing-amid-lackluster-trading-1612278884

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 30,687.48
↑ 475.57↑ 1.57 %
FTSE100$ 6,516.65↑ 50.23↑ 0.78 %
Nikkei 225$ 28,522.57↑ 160.40↑ 0.57 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 54.95 ↑ 0.19↑ 0.35 %
Crude Oil (Brent)$ 57.67↑ 0.21↑ 0.37 %
Gold Spot$ 1,841.84↑ 3.81↑ 0.21 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 84.8050
GBP 1BDT 115.8860
EUR 1BDT 102.2833
INR 1BDT 1.1524





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