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 26, 2023

Call money rate hits 7% for first time in over 6 years

Banks hiked interest rates on overnight loans by 25 basis points to a maximum of 7%. The hike was verbally instructed by the central bank, managing directors of several banks told The Business Standard. However, Bangladesh Bank Executive Director and Spokesperson Md Mezbaul Haque told TBS that he did not know about any such instruction, adding that the central bank has no role in hiking the call money market. He said the rate is increasing due to rising liquidity demand in the market. These rates tend to be slightly upward if there is inflationary pressure, which is what is happening here, he added. Before Tuesday, banks could lend money to other banks at a maximum rate of 6.75% as set by the central bank. With the latest hike, the Bangladesh Bank has increased the overnight lending rate by 125 basis points in two steps this month alone. The interest rate at which one bank lends money to another for a day is called call money rate. Banks treat loans for more than a day as short notice loans. The call money market comprises both day-long and more than a day-long loans.

Source: https://www.tbsnews.net/economy/banking/call-money-rate-hits-7-first-time-over-6-years-574082

Three more firms get land in economic zone

Bangladesh Economic Zones Authority (BEZA) has signed land lease agreements with three organisations. The organisations are: Bangladesh Industrial Technical Assistance Centre (BITAC), Swan International (Pvt) Ltd and Pinnacle Bicycle. BEZA Executive Member (Investment Development) Md Ali Ahsan, Swan International (Pvt) Ltd Managing Director Md Amzad Khan, Pinnacle Bicycle Md Iftekhar Khan and BITAC Director General Anwar Hossain Chowdhury signed the agreements on behalf of their respective organisations at a function at BEZA conference room in Dhaka. BEZA Executive Chairman Sheikh Yusuf Harun was present on the occasion, reports BSS citing a press release. According to BEZA, Swan International (Pvt) Ltd and Pinnacle Bicycle will set up tire and bicycle factories with an investment of US$35.14 million. On the other hand, BITAC will set up a technical training institute. Swan International placed an investment proposal of $13.18 million to set up a tire manufacturing plant on 10 acres of land in the Bangabandhu Sheikh Mujib Shilpa Nagar in Chattogram’s Mirsarai. The plant would create employment opportunities for around 1,000 people.

Source: https://thefinancialexpress.com.bd/economy/three-more-firms-get-land-in-economic-zone-1674651829

BD-Korea bilateral trade reaches record high

The bilateral trade volume between Korea and Bangladesh has reached another record high in 2022 exceeding 3.0 billion US dollars. According to the statistics of the Korea International Trade Association, the bilateral trade volume in 2022 recorded USD 3.035 billion, a 38.71 per cent increase from 2021 which was USD 2.188 billion. Bangladesh’s export to Korea increased by 22.9 per cent to USD 678 million in 2022 from USD 552 million in the previous year while Korea’s export to Bangladesh rose by 44.10 per cent with USD 2.357 billion in 2022 from USD 1.636 billion in 2021. Bangladesh’s export to Korea has been continuously increasing since it crossed for the first time USD 100 million in 2007 and reached USD 200 million in 2011 and USD 300 million in 2013. But it had remained stagnant for about a decade then after and shrunk by 2.9 per cent in 2020 recording USD 393 million due to the adverse impact of the COVID-19 pandemic. However, it witnessed a big rebound in 2021 to USD 552 million with a sharp increase of 40.40 per cent year-on-year and recorded another record high of USD 678 million in 2022 with a 22.9 per cent year-on-year increase. The main export items of Bangladesh to Korea are RMG, sports and leisure items and bronze scraps, etc. RMG which accounts for 83.20 per cent of total export to Korea recorded USD 564 million in 2022, increasing 25.8 per cent year-on-year, while paper products and favourite food skyrocketed by 168.60 per cent and 165 per cent with USD 3.6 million and USD 3.1 million respectively. The export of bronze scrap rose by 41.8 per cent with USD 17.76 million.

Source: https://thefinancialexpress.com.bd/trade/mrt-1-construction-groundbreaking-event-on-feb-02-1674443253

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 33,743.84
↑ 9.88↑ 0.03%
FTSE100$ 7,744.87↓ 12.49 ↓ 0.16%
Nikkei 225$27,326.37 ↓ 68.64↓ 0.25%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$80.24 ↑ 0.09 ↑ 0.11%
Crude Oil (Brent)$86.02 ↓ 0.10↓ 0.12%
Gold Spot$1,945.81 ↓ 0.30↓ 0.02%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 105.0300
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