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 24, 2023

Cash-strapped banks turn to Sonali for costly fund

Gripped with a severe liquidity crisis triggered by irregularities and corruption, private sector lenders Islami Bank, Al-Arafah Islami Bank and National Bank are borrowing money from state-owned Sonali Bank at 9% interest – the highest commercial lending rate at present. It is a normal practice that when a bank faces a liquidity crisis it borrows from another bank via the interbank money market – where the borrowing cost is lower than the commercial rate. But the liquidity situation in three private sector banks is so critical that they are forced to borrow from another bank at the highest commercial lending rate. According to the Bangladesh Bank’s guidelines, banks can charge a maximum of 9% interest on all types of loans other than consumer loans such as auto loans and personal loans – in which case the highest lending rate ceiling is 12%.

Source: https://www.tbsnews.net/economy/banking/cash-strapped-banks-turn-sonali-costly-fund-572842

World Bank a key partner of Bangladesh’s economic growth: Finance minister

Finance Minister AHM Mustafa Kamal on Sunday praised the World Bank for its continued support towards Bangladesh’s development. He said Bangladesh’s growth has increased by 74 times since 1972, and the World Bank had a role to play behind it. “After independence, the country’s GDP growth was only $6.3 billion, which has now increased to $465 billion,” he said. The finance minister came up with the statement while addressing a function as the chief guest marking the celebration of 50 years of partnership between Bangladesh and the World Bank held at the Bangabandhu International Conference Centre (BICC) in the capital, according to UNB and BSS. The finance minister also said that Bangladesh is currently the 35th largest economy, and the poverty rate has come down to 20 per cent, per capita income increased to $2,824 and average life expectancy increased to 73 years. Highlighting the future plans, the Finance Minister said, “Our next target will be to turn Bangladesh into an upper-middle income country by 2031, and a Smart Developed Bangladesh in 2041.” The finance minister reiterated his appeal to the development partners including the World Bank, to continue their support to Bangladesh to attain its various development goals. The finance minister noted that Prime Minister Sheikh Hasina has been the architect of modern Bangladesh. Visiting World Bank managing director (operations) Aaxel van Trotsenburg, Vice President for South Asia region Martin Raiser, World Bank country director Abdoulaye Seck and ERD Secretary Sharifa Khan spoke on the occasion. The World Bank managing director reaffirmed strong support for Bangladesh as he marked the 50thanniversary of fruitful partnership.

Source: https://thefinancialexpress.com.bd/economy/world-bank-a-key-partner-of-bangladeshs-economic-growth-finance-minister-1674401650

City Bank gets new DMD

City Bank has promoted a senior executive vice-president and head of credit risk management to the posts of deputy managing director and chief risk officer. The official, Mesbaul Asif Siddiqui, joined City Bank in 2015 as an executive vice-president in its corporate banking unit, said a press release. He started his career at Eastern Bank in 1999 as a management trainee officer and has also served at the Commercial Bank of Ceylon and HSBC Bank. He attained a Master of Business Administration degree in finance from the University of Dhaka and a Master of Business Management degree from the Bangladesh Institute of Bank Management. 

Source: https://www.thedailystar.net/business/economy/news/new-office-bearers-blfca-3228776

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
↑ 254.07↑ 0.76%
FTSE100$7,784.67↑ 14.08 ↑ 0.18%
Nikkei 225$27,330.99 ↑ 424.95↑ 1.58%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$81.61 ↓ 0.01↓ 0.01%
Crude Oil (Brent)$88.06 ↓ 0.13↓ 0.15%
Gold Spot$1,933.99 ↑ 2.95↑ 0.15%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 107.0000
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