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 January 02, 2023

A Tk 100b bet for boosting exports, forex earnings

A Tk100-billion bet is offered for boosting export and foreign-exchange earning as the central bank forms an export pre-finance scheme with the revolving fund under government drive for propping up reserves. People familiar with the development at the Bangladesh Bank told the FE Sunday that this opens up a new window for the exporters as the dollops of assistance from the existing EDF are dwindling day by day. The International Monetary Fund (IMF) has asked the central bank not to maintain the Export Development Fund or EDF with funds drawn from the foreign-exchange reserves, deemed under pressure amid the planet-wide financial crunch. The EDF is now worth US$ 7.0 billion. The central bank now pursues a policy wherein any inflow from the borrowers is not adding to the EDF further. It means that this way the EDF-fund size will be squeezing gradually. When contacted, Md. Mezbaul Hoque, an executive director and spokesperson for the central bank, told the FE: “The new scheme is just parallel to the EDF.” Exporters who have large value additions need extra funds and they can take additional resources from this new financing facility.

Source: https://thefinancialexpress.com.bd/economy/a-tk-100b-bet-for-boosting-exports-forex-earnings-1672627272

Remittance rises in December, record 11.25 lakh foreign jobs in 2022

Inward remittance maintained an upward trend in December for the second month in a row in the just-ended year that saw a seesaw movement in earnings from expatriates despite a record 11.25 lakh overseas jobs. Remittance inflow to the country increased by 4.23% year-on-year to $1.7 billion in December 2022 although full year earnings were lower than that of a year ago, Bangladesh Bank data show. However, the year ended with $21.29 billion sent home by workers abroad, down from $22.07 billion of the past year – a decline attributed to global economic slowdown and a surge in hundi transactions due to exchange rate mismatches. The figure is not commensurate with the whopping 82% growth in manpower export as overseas job market analysts believe it may take some more months for the newly-hired workers to be able to send money home. The record manpower export in 2022 was due to increased demand in some major destinations and opening of some new markets, according to the Bureau of Manpower, Employment and Training (BMET).

Source: https://www.tbsnews.net/economy/remittance-rises-december-record-1125-lakh-foreign-jobs-2022-561506

Tk102 per dollar for exporters

From Monday, businessmen will receive Tk102 per dollar for export proceeds, following a decision during a joint meeting of the Association of Bankers Bangladesh (ABB) and the Bangladesh Foreign Exchange Dealers’ Association (Bafeda) on Sunday. Managing directors of both public and private banks joined the meeting which finalised the new rate for exporters. However, the dollar rate for remittances has been left unchanged at Tk107.  “Banks will encash export proceeds at Tk102 from Monday,” Selim RF Hussain, ABB chairman and also the managing director of Brac Bank, told The Business Standard. On condition of anonymity, the managing director of a private bank told The Business Standard that the increase in the dollar price for export proceeds will also lead to an increase in the purchase price of dollars by banks. This is likely to cause a slight rise in the dollar price for import settlement. On 30 November 2022, the dollar rate for export proceeds was raised from Tk100 to Tk101, and was enforced from 4 December. Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), has praised the rise in the dollar rate for export proceeds. ”

Source: https://www.thedailystar.net/business/economy/news/malek-elahi-elected-mtb-chairman-vice-chairman-3209851

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 33,147.25
↓ 73.55 ↓ 0.22%
FTSE100$ 7,451.74 ↑ 60.98↑ 0.81%
Nikkei 225$ 26,094.50 ↑ 0.83 0.00%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 80.26 ↑ 1.86↑ 2.37%
Crude Oil (Brent)$ 85.91 ↑ 2.45 ↑ 2.94%
Gold Spot$ 1,824.02↑ 9.11↑ 0.50%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 102.7200
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