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 04, 2023

Cenbank goes for printing money to support budget

Bangladesh Bank created fresh money of more than Tk50,000 crore in the July-December period for budget support, the highest in recent history. The interest rate on long-term government bonds shot up to 8.95% in the last auction called by the Bangladesh Bank on 28 December – at a time when the lending rate cap was 9%. The question then arises why banks would lend at 9% to the private sector when they can instead get the same rate by investing in government bonds. The climbing rate on government bonds is symptomatic of a liquidity crisis, a source at the central bank told The Business Standard. Normally, the government borrows money from commercial banks, but in this situation, the Bangladesh Bank has started to print taka to supply money to the government. The over Tk50,000 crore printed so far was the highest amount of freshly minted money in a single year in recent history. In the latest development, the central bank provided Tk500 crore to the government through a 20-year bond auction on 28 December when the bidding rate was 8.95%. Of the amount, Tk152.81 crore was collected from banks and the remaining Tk347.19 crore was supplied through fresh money printing.

Source: https://www.tbsnews.net/economy/banking/cenbank-goes-printing-money-support-budget-562466

China to fund potential Mongla port project

A major development it is being billed as China finally agrees to fund a $400-million project for upgrading the Mongla seaport that holds potential to promote sub-regional cooperation. Officials say in a letter sent to the Bangladesh government recently the Chinese side said in response to Bangladesh’s request, they decided to fund the ‘Expansion and Modernisation of Mongla Port Facilities’ through government concessional loan (GCL) as their feasibility study found the project “crucial to development of Bangladesh”. The project-funding GCL framework stipulates that the project will be implemented by a Chinese enterprise or by a consortium of Chinese companies selected by them. “The Bangladeshi side has kindly requested to fulfill the relevant business procedures in accordance with Chinese GCL policy including the selection of Chinese enterprises or a consortium led by Chinese enterprises as the implementing enterprise according to the procedures stipulated by the Bangladeshi laws, signing the business contract…,” the letter sent by the Chinese government reads. Under GCL, a framework agreement will be signed between the Exim Bank of China and the ERD of Bangladesh before the final loan agreement, which will last three years.

Source: https://thefinancialexpress.com.bd/economy/china-to-fund-potential-mongla-port-project-1672800136

Oil price falls

Oil prices edged lower on Tuesday in volatile trade as weak demand data from China and a gloomy economic outlook weighed. Brent crude futures fell 46 cents, or 0.54 per cent, to $85.45 a barrel by 1017 GMT. US West Texas Intermediate crude was down 38 cents, or 0.47 per cent, at $79.88. Both contracts rose by over $1, and Brent dropped $1 in earlier trading. “Brent and WTI have recovered almost 15 per cent from the lows a few weeks ago as traders continue to price in stronger Chinese demand,” Craig Erlam, senior market analyst at OANDA, said. “The outlook remains highly uncertain though which should ensure oil prices remain highly volatile,” Erlam added. The Chinese government has raised export quotas for refined oil products in the first batch for 2023. Traders attributed the increase to expectations of poor domestic demand, as the world’s largest crude importer continued to battle waves of Covid-19 infections. In further bearish news, China’s factory activity shrank in December as surging Covid-19 infections disrupted production and weighed on demand after Beijing largely removed anti-virus curbs.

Source: https://www.thedailystar.net/business/global-economy/news/oil-price-falls-3212046

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 33,136.37
↓ 10.88 ↓ 0.03%
FTSE100$ 7,554.09 ↑ 102.35↑ 1.37%
Nikkei 225$ 25,761.37 ↓ 333.13 ↓ 1.28%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 76.69 ↓ 0.24↓ 0.31%
Crude Oil (Brent)$ 81.95 ↓ 0.15 ↓ 0.18%
Gold Spot$ 1,846.33↑ 6.85 ↑ 0.37%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 105.5000
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