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 22, 2024

Income tax collection surges 16% in H1 FY24

The government’s income tax collection during the first six months (July-December) of the current fiscal year has exhibited a notable increase of 15.82% compared to the corresponding period in the previous fiscal year. According to sources within the National Board of Revenue (NBR), the collected income tax during this period amounted to Tk51,824 crore, surpassing the Tk44,742 crore recorded in the same duration of the preceding financial year. Despite the positive growth observed in tax collection, it is worth noting that tax collection for the first half of FY24 fell short of the set target by approximately Tk8,500 crore. The target for this period was Tk60,417 crore. The NBR has a target of collecting Tk1,54,800 crore from income tax and travel tax in the ongoing fiscal year. To meet the target, the income tax collection in the second half of FY24 has to be twice the amount collected so far. NBR sources said as of 18 January, some 18.82 lakh tax returns had been submitted, reflecting an increase of 4 lakh compared to the corresponding period last year.

Source: https://www.tbsnews.net/nbr/income-tax-collection-surges-16-h1-fy24-778962

Call money rate hits 5-yr high, ranges 8.0-10pc

The interbank call money rate hit its new high at 9.43 per cent on Sunday, indicating a persistent liquidity problem on the money market. The highest bid for the overnight borrowing rate on the day stood at 10 per cent and the lowest at 8.0 per cent, averaging 9.43 per cent. The day’s total transaction stood at Tk 34.18 billion in 72 deals. The sharp rise in the call-money rate indicates a higher cost of emergency funds for some banks, notwithstanding the prevalence of some liquidity surplus in the overall system. Banks extend overnight credit to one another for a day to fill the asset-liability mismatch or to meet the sudden demand for funds, comply with the statutory CRR and SLR requirements. Managing director and CEO of Dhaka Bank Emranul Huq told the FE that they have raised the deposit rates but there is hardly any expected result. “To attract liquidity, we have raised interest rates on FDRs, even around 10 per cent, but we are not getting expected responses from the depositors.” He thought it’s high time to identify the reason behind the liquidity shortage in the market. “Where has the liquidity gone?” he questioned. “We need to identify the reasons and take measures accordingly as such a liquidity crisis will pose a threat to the economy,” Mr. Huq said.

Source: https://today.thefinancialexpress.com.bd/first-page/call-money-rate-hits-5-yr-high-ranges-80-10pc-1705859823

Textile giant Badsha Group gets $86m foreign loan, sets ambitious $1.3b turnover target

While the readymade garment industry in the country is facing challenges amid the ongoing dollar crisis, Badsha Group of Industries, a prominent textile manufacturer, aims to achieve an annual turnover exceeding $1.3 billion by FY26, following the approval of around $86.83 million loan from three international financial institutions. Of the loan amount, $40 million has been approved by the International Finance Corporation (IFC), €25 million (approximately $27.29 million) by the Development Bank of Austria (OeEB), and €17.9 million (around $19.54 million) by the German Export Credit Agency (ECA) LBBW. In the fiscal year 2023, Bangladesh imported 9.24 lakh tonnes of yarn valued at Tk3,498.36 crore, with the majority consisting of cotton yarn.

Source: https://www.tbsnews.net/economy/rmg/textile-giant-badsha-group-gets-86m-foreign-loan-expand-business-778534

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 37,863.80
↑ 395.19↑ 1.05 %
FTSE100$ 7,461.93↑ 2.84↑ 0.04 %
Nikkei 225$ 36,391.73↑ 428.46↑ 1.19 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 73.52↑ 0.11↑ 0.15 %
Crude Oil (Brent)$ 78.39↓ 0.17↓ 0.22 %
Gold Spot$ 2,026.74↓ 2.75↓ 0.14 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 110.0000
BDT 110.0000

*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