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 29, 2023

Trade-based money laundering threat to economy

Trade-based money laundering (TBML) is a silent killer that is undermining the very foundations of Bangladesh’s economic growth. As an emerging economy and, more so, an expanding trading nation that is going through LDC graduation, Bangladesh is particularly vulnerable to TBML. This illicit activity is weakening financial institutions, eroding foreign currency reserves, and undermining international trade, leaving the country’s economy in shambles and stakeholders in despair. TBML, also known as trade mis-invoicing, has become rampant primarily to evade taxes and hide the source of illicit funds. By using over-invoicing technique, the value of goods or services is artificially inflated, allowing the launderer to move more money out of the country than would otherwise be possible. The opposite of this trade involves artificially deflating the cost of goods or services on invoices, thereby evading tax. Mis-invoicing is also largely used where goods or services are misclassified on invoices to avoid customs duties or taxes. For example, declaring a shipment of machinery as “machinery parts” instead of “machinery”.

Source: https://www.thedailystar.net/business/economy/news/trade-based-money-laundering-threat-economy-3233201

Shipping ministry to implement 35 projects involving Tk 70.75b

The Ministry of Shipping will implement 35 projects during the ongoing fiscal year of 2022-23 (FY 23) involving a cost of over Tk 70.75 billion. Of the total projects, 31 are under annual development programme (ADP) while three are managed by the ministry’s own finance. The remaining one is a scheme project. Out of the total allocation, over Tk 63.02 billion is being allocated under ADP while over Tk 7.72 billion is allocated from the ministry’s own fund. Of the total 31 projects under ADP, 13 projects belong to Bangladesh Inland Water Transport Authority (BIWTA) while five for Bangladesh Land Port Authority, one for the National Maritime Authority, one for the National River Conservation Commission, one for the Chittagong Port Authority, two for the Payra Port Authority, one for Bangladesh Inland Water Transport Corporation (BIWTC), one for the Department of Shipping, one for Bangladesh Marine Academy and five for the Mongla Port Authority. A high official of the shipping ministry said the ministry at a meeting on Thursday discussed the progress of the projects taken for FY 23.

Source: https://thefinancialexpress.com.bd/economy/shipping-ministry-to-implement-35-projects-involving-tk-7075b-1674788702

Stock market gained over Tk 101.85b capital last week

The stock market has passed the fourth week of the current month (January) with a capital gain of Tk 101.85 billion in four days, according to the capital market’s data analysis on Saturday. The capital of Dhaka Stock Exchange (DSE) was Tk 7.56 trillion at the beginning of trading on the first working day of last week. On the last day, after the transaction on Thursday, the capital stood at Tk 7.67 trillion, an increase of Tk 101.85 billion. The capital gain of the stock market in the previous week was Tk 21.49 billion in the previous week, says a UNB report. The investors’ capital increased in the market for two consecutive weeks. In the past week (January 22 to 26), trading was done on five working days. The first trading day marked a fall in the index, followed by a rise in the index in the next four consecutive days. During this period, a total of 387 shares and units were traded in DSE. Among them, 63 companies’ share prices increased, 119 decreased and 205 unchanged. Among the companies traded in the previous week, 114 rose, 68 fell and 205 remained unchanged. The number of companies reducing prices has increased compared to the previous week.

Source: https://thefinancialexpress.com.bd/stock/stock-market-gained-over-tk-10185b-capital-last-week-1674906440

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 33,978.08
↑ 28.67↑ 0.08%
FTSE100$ 7,765.15↑ 4.04 ↑ 0.05%
Nikkei 225$27,382.56 ↑ 19.81↑ 0.07%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$79.68 ↓ 1.33 ↓ 1.64%
Crude Oil (Brent)$86.66 ↓ 0.81↓ 0.93%
Gold Spot$1,928.04 ↓ 1.17↓ 0.06%

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