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 July 02, 2024

Remittance hit $24b in FY24, highest in three years

After hovering around the $21-billion mark for the previous two fiscal years, total remittances sent home by Bangladesh’s migrant workers reached nearly $24 billion in the just concluded fiscal year of 2023-24, providing some breathing space amid the forex crunch. As per the latest data from the Bangladesh Bank, remittance inflow stood at $23.91 billion in FY24, rising by 10.66 percent compared to the year prior. On May 8, the central bank introduced the crawling peg exchange rate system, allowing banks to buy and sell US dollars within a fixed band at around Tk 117. The inter-bank exchange rate stood at Tk 118 per dollar yesterday. In June, the last month of FY24, remittance inflow stood at $2.54 billion, up 15.59 percent year-on-year. Remittance inflow stood at $2.25 billion in May and $2.04 billion in April. Until May of FY24, around 11.42 lakh people left Bangladesh for work compared to 11.37 lakh in FY23, according to data from the Bureau of Manpower, Employment and Training (BMET). In FY22, around 9.88 lakh individuals went abroad.

Source: https://www.thedailystar.net/business/news/remittance-hit-24b-fy24-highest-three-years-3646901

Central bank stops daily repo lending to banks

Starting 1 July, the Bangladesh Bank ceased its daily repo lending to banks to strengthen the country’s currency market and improve currency management. Banks use repurchase agreements (repo) for short-term borrowing from the central bank. The open-market operations involve the central bank buying and selling government securities to regulate money supply and credit conditions. In cases where these days coincide with a holiday, repo lending will be conducted on the subsequent working day. However, the Standing Lending Facility and the Standing Deposit Facility will continue at prevailing rates on a daily basis. The Standing Lending Facility (SLF), previously known as the Special Repo, is used by banks for contingency fund management. Currently, the interest rate for SLF is 10%, compared to 8.5% for repo. The Standing Deposit Facility (SDF), formerly called Reverse Repo, has an interest rate of 7%. Banks can utilise the SDF to deposit their excess liquidity with the central bank.

Source: https://www.tbsnews.net/economy/banking/cenbank-stops-daily-repo-lending-banks-889221

Further cuts in export incentives, RMG fears rise in costs

Apparel sector – the single largest export earner, also the biggest beneficiary of generous support – is going to lose the most as incentives for all export items have been reduced for the second time in five months under the government’s plan to prepare the private sector for LDC graduation in 2026. According to a central bank circular issued today (30 June), the special incentive for the readymade garment sector – the most incentivised sector in terms of amount in the economy – has been cut from 0.5% to 0.3%. A senior central bank official said the government spent around Tk8,000 crore on incentives in the fiscal 2022-23, which is expected to fall in FY24 due to the reduction in the incentive rate. Additionally, incentives for venturing into new markets have been reduced by 1 percentage point to 2%. This reduction applies to various sectors, including jute and jute goods, leather and leather products, frozen fish, agro products, and more.

Source: https://www.tbsnews.net/economy/banking/incentives-exports-cut-50-43-products-tomorrow-888401

Gas crisis cripples ceramic industry

newsA crippling gas shortage exceeding a month has plunged the ceramic industry into crisis, with many factories being forced to keep their machinery idle and teetering on the brink of closure. Gas-based industries have been facing gas shortages for a long time, but the situation has worsened over the past month as one of the two floating LNG terminals in the Bay of Bengal suffered damage from Cyclone Remal that hit the coastal areas on 26 May. The damaged unit is under repair and it may take until mid-July for it to return to service. The Bangladesh Ceramic Manufacturers and Exporters Association sent a letter on 26 June to various offices, including the ministers and state ministers of industry, commerce, and power, the prime minister’s adviser for private industry and investment, and the Energy Regulatory Commission, to address the gas crisis immediately to save the ceramic industry.

Source: https://www.tbsnews.net/economy/industry/gas-crisis-cripples-ceramic-industry-888751

Bangladesh an ideal investment destination

Bangladesh is an ideal investment destination, exemplified by the fact that it is the second-largest garment exporter globally, said Maj Gen Abul Kalam Mohammad Ziaur Rahman, executive chairman of Bangladesh Export Processing Zones Authority (Bepza). The Chinese delegation visited the Chattogram EPZ and Bepza Economic Zone on June 30 to understand operational procedures, infrastructural facilities, wage structures, customs processes, and the tariffs for land and utilities.

Source: https://www.thedailystar.net/business/news/bangladesh-ideal-investment-destination-3646816

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 39,169.52
↑ 50.66↑ 0.13 %
FTSE100$ 8,166.76 ↑ 2.64↑ 0.03 %
Nikkei 225$ 40,100.49 ↑ 469.43↑ 1.18 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 83.53↑ 0.14↑ 0.17 %
Crude Oil (Brent)$ 86.81↑ 0.21↑ 0.24 %
Gold Spot$ 2,328.64↓ 3.26↓ 0.14 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Inter-Bank Exchange Rates
CurrencyLowestHighestCurrent WAR

*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