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

Click to Close

Rate last updated: 02/01/2014 11:15:04 AM

Daily Business News Flash February 14, 2023

Govt forms body to run universal pension scheme

The government has formed a National Pension Authority to administer universal pension scheme which aims to support country’s growing elderly population by providing annuity. The ministry of finance published Sunday a notification stating that the authority has been formed under the section 4 (1) of Universal Pension Management Act 2023. Earlier, the government on January 31 published a gazette notification of the Universal Pension Management Act 2023 which was passed in the parliament on January 24 this year. The act mentioned that all Bangladeshi nationals aged between 18 and 50 years are eligible to participate in this pension scheme and get pension each month when they reaches at 60 years. However, people aged over 50 also can participate in the scheme but they will be eligible to receive pension until their death, only after providing premium for at least 10 years uninterruptedly. The act mentioned that government will soon establish a National Pension Authority to run the scheme headed by an executive chairman and four more members. A 16-member governing body, headed by finance minister, will be formed to oversee the activities of the pension authority.

Source: https://thefinancialexpress.com.bd/economy/govt-forms-body-to-run-universal-pension-scheme-1676343058

Liquidity crunch in banks begins easing

Liquidity crunch in Bangladesh’s banking system shows signs of improvement as key indicators are showing positive signs, largely following monetary interventions, officials and bankers said. Such a tangible turnaround is giving a little respite to the country’s financial sector that has been passing through tough times because of panic withdrawal of money riding on rumours of severe liquidity shortfalls. Rumours stemmed from alleged massive-scale loan forgeries in some banks, apart from the global crisis caused by pandemic and war. After those unwarranted developments, the rate of treasury bills, inter-bank repo rate and call-money rate were moving up. But, in recent days, these overheated barometers are showing a downturn. According to Bangladesh Bank data, the average rate of treasury bills in January was 7.34 per cent. Starting from this month, it is going down to reach 6.84 per cent as of February 12. The interbank repo rate overheated to 7.45 per cent on January 24 last but now it declined to 6.42 per cent, as of February 12, while the call- money rate dropped to 6.09 per cent last Sunday from 7.0 per cent recorded on January 25, 2023. “These key indicators are, now, showing positive signs after days of concern and it shows that the liquidity situation in the banking system has started improving,” said a BB official.

Source: https://thefinancialexpress.com.bd/economy/liquidity-crunch-in-banks-begins-easing-1676342276

Steel industry businesses seek govt support

Steel industry businesses on Monday sought the government’s support on an urgent basis, saying that increased prices of raw materials on the global market and shortage of electricity and gas in their factories posed a threat to their sustenance. In the second meeting of Federation of Bangladesh Chambers of Commerce and Industry’s standing committee, the businesses said that the prices of raw materials, including steel, rods, and cement, increased on the world market. Because of the shortage of electricity and gas in the factories, production has also decreased, they said. They said that low production made it difficult for them to repay bank loans, creating a risk of default. The businesspeople called for the government’s support to sustain the steel, rod, and cement industries of the country. FBCCI president Md Jashim Uddin said, ‘It is very important to turn this sector around to continue industrialisation and other development progress of the country.’ He said, ‘A dollar fund for the import of raw materials should be created and uninterrupted electricity and gas supply to factories must be ensured.’ He urged banks to cooperate businesses in opening letters of credit.

Source: https://www.newagebd.net/article/194373/steel-industry-businesses-seek-govt-support

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 34,245.93
↑ 376.66↑ 1.11%
FTSE100$ 7,947.60 ↑ 65.15 ↑ 0.83%
Nikkei 225$ 27,596.53↑ 169.21↑ 0.62%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$79.21 ↓ 0.93↓ 1.16%
Crude Oil (Brent)$85.93↓ 0.68↓ 0.79%
Gold Spot$1,858.53↑ 5.04↑ 0.27%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 104.0100
BDT 107.0000

*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