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 03, 2024

Net reserve now $16.77b surpassing IMF target

The country’s net foreign exchange reserves increased to $16.77 billion at the end of June, surpassing the $14.7 billion target set by the International Monetary Fund (IMF) as a condition of the $4.7 billion loan package. The net reserve amount, which had dipped to $12.8 billion in April, now meets the international threshold of three months of prospective imports. Meanwhile, the gross reserve as of 30 June was $21.83 billion, up from $19.4 billion on 26 June, according to the Balance of Payments and International Investment Position Manual (BPM6). Net reserve, which represents readily available cash from the gross reserves, is calculated excluding short-term liabilities from the gross reserve as per the IMF formula based on BPM6. The Bangladesh Bank, for the first time, disclosed the net reserve figure. Though the IMF set a net reserve target to meet as per BPM6 calculation, the Bangladesh Bank has been publishing gross figures on its website since June 2023. The country’s imports declined by 15.42% in the first nine months of the outgoing fiscal year. Additionally, the inflow of $2 billion in loans, of which $1.15 billion came from the IMF and $900 million from other sources as budget support, helped the country cross the net reserve target.

Source: https://www.tbsnews.net/economy/net-reserve-now-16-billion-surpassing-imf-target-bb-889791

Three Shariah-based banks account for 36% of FY24 remittances

newsThree Sharia-compliant banks played a key role in remittance growth in the just-concluded fiscal year, contributing a significant 36.13% ($8.64 billion) of the total remittances received, according to central bank data. Among these banks, Islami Bank Bangladesh facilitated a whopping $6.12 billion in remittances, Social Islami Bank $1.66 billion and Al-Arafah Islami Bank $844 million. Bangladesh received $23.91 billion in remittances channelled by 61 commercial banks in FY24, marking a 10.66% increase from FY23. Similar to the last fiscal year, Islamic banks played a significant role in the year before that. During FY23, total remittances through the country’s banks reached $21.61 billion. Remittances through the said Shariah-based banks amounted to $6.41 billion, representing 29.68% of the total remittances received that fiscal year. In FY24, remittances through 10 banks totalled $14.91 billion, accounting for 62.35% of the entire banking sector’s total remittance collection. These banks saw a collective remittance growth of 32% in FY24 compared to the previous fiscal year. In FY23, remittances through these banks amounted to $11.29 billion. According to central bank data, among these banks, Social Islami Bank showed the highest growth in remittance collection at 150%, followed by National Bank at 101%, BRAC Bank at 94%, Janata Bank at 57%, and Islami Bank at 30%.

Source: https://www.tbsnews.net/bangladesh/three-shariah-based-banks-account-36-fy24-s-890376

Bangladesh Bank injected $12.79b into banks in FY24

The Bangladesh Bank injected $12.79 billion into banks from its reserves in the just-concluded 2023-24 fiscal year as banks combatted a severe US dollar crisis which hampered import payments. Since FY22, the central bank has continued to pump dollars into banks from the forex reserves, which caused the reserves to come down to risky levels. The central bank pumped $7.62 billion into banks in FY22, a record $13.58 billion in FY23 and $12.79 billion in FY24. As per the IMF calculation method (BPM6), gross forex reserves stood at $21.83 billion as of June 30 while net international reserves stood at $16.03 billion, according to BB data. As a result of those measures, the settlement of letters of credit (LCs), which reflects actual import payment, stood at $49.34 billion during July to March of FY24, down 12.59 percent year-on-year.

Source: https://www.thedailystar.net/business/news/bb-injected-1279b-banks-fy24-3647671

Digitisation to cut costs and enhance efficiency of businesses

Digitisation will significantly cut costs and enhance efficiency of businesses, which is a requisite for Bangladesh’s graduation from the LDC status. Bangladesh has so far made good progress but will lose some benefits when graduating from its LDC (least-developed country) status in 2026. Syed Ershad Ahmed, president of American Chamber of Commerce in Bangladesh (AmCham), made the observations at a monthly luncheon meeting on Tuesday. To overcome challenges, he suggested that RMG and all other exports focus more on reducing management as well as running costs and increasing efficiency. Every year, 2.0-million graduates further aggravate the persistent employable skill shortages amid AI (artificial intelligence) and automation threats. Citing inflation as one of the major challenges in Bangladesh, the AmCham chief said inflation management in fiscal year 2024-25 would be crucial for achieving a ‘Smart Bangladesh’. By 2025, 30 per cent of transactions are targeted to be cashless, with a goal of reaching 100 per cent by 2031, as discussed in the first Smart Bangladesh Taskforce Meeting in August 2023.

Source: https://today.thefinancialexpress.com.bd/trade-market/digitisation-to-cut-costs-and-enhance-efficiency-of-businesses-1719936723

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 39,331.85
↑ 162.33↑ 0.41 %
FTSE100$ 8,121.20 ↓ 45.56↓ 0.56 %
Nikkei 225$ 40,506.39 ↑ 431.70↑ 1.08 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 83.17↑ 0.36↑ 0.43 %
Crude Oil (Brent)$ 86.66↑ 0.42↑ 0.49 %
Gold Spot$ 2,334.33↑ 4.87↑ 0.21 %

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