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 09, 2023

Trade in rupee to save at least Tk 1 per dollar

Trade settlement in rupee between India and Bangladesh would reduce pressure on US dollars and save at least Tk 1 on the exchange cost of each greenback. Bangladesh’s foreign exchange reserve, which was $41.8 billion a year ago, stood at $29.97 billion on July 6 as its payments for import bills continued to outpace receipts from exports and remittance. With this backdrop and demands from some chambers, Bangladesh Bank earlier allowed EBL and Sonali Bank to open “vostro accounts” with the State Bank of India (SBI) and ICIC Bank in India to facilitate trading in INR. Later, the Reserve Bank of India also gave permission to facilitate trade in INR between the two neighbouring countries that trade around $16 billion yearly. Bangladesh’s exports account for nearly $2 billion of this amount while imports make up the rest. The use of the INR in India-Bangladesh trade provides a convenient and cost-effective mechanism for conducting cross-border transactions, contributing to the strengthening of economic ties between the two nations.

Source: https://www.thedailystar.net/business/economy/news/trade-rupee-save-least-tk-1-dollar-3364331

Forex reserve falls below $30bn again after ACU payment

After clearing the import bills of $1.1 billion to the Asian Clearing Union (ACU), the foreign currency reserve of the country once again fell below the $30 billion mark. The ACU payment gateway covers monetary transactions by its nine member countries – Bangladesh, Bhutan, India, Iran, the Maldives, Myanmar, Nepal, Pakistan and Sri Lanka – for regional imports. The bills are cleared every two months. Acting Spokesperson and Executive Director of the Bangladesh Bank Md Zakir Hossain Chowdhury told The Business Standard that $1,096 million ACU payments have been made. Earlier in May, the Bangladesh Bank cleared $1.18 billion in import bills to the Union, which brought down the reserves to the $29 billion mark. In August 2021, the country’s reserves hit a record high of $48 billion. According to the central bank, LC openings fell by more than 25% to $62.4 billion in the eleven months (July-May) of FY23, which was $83.58 billion in the same period of the last year.

Source: https://www.tbsnews.net/economy/forex-reserve-falls-below-30bn-again-after-acu-payment-661126

Mr. Faruq Mayeenuddin elected vice chairperson of BRAC Bank

Faruq Mayeenuddin, an independent director of the BRAC Bank Limited, has been elected the vice chairperson of the bank. He was appointed independent director to the Board in December 2021 and also serves as the Chair of the Board Executive Committee of the bank. Mr Mayeenuddin, a career banker with over 37 years of experience, held key management positions in different leading private commercial banks of Bangladesh. He served Trust Bank Limited as the managing director and CEO till February 2021. Before joining Trust Bank, Mr Mayeenuddin served as the additional managing director, chief risk officer and CAMLCO of the City Bank Limited. He also worked as deputy managing director with Mercantile Bank and AB Bank. In his career, he held the position of country manager at AB Bank Mumbai Office for five years facilitating correspondent and reimbursement banking services to different Bangladeshi banks.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/mayeenuddin-elected-vice-chairperson-of-brac-bank-1688832305

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 33,734.88
↓ 187.38↓ 0.55 %
FTSE100$ 7,256.94↓ 23.56↓ 0.32 %
Nikkei 225$ 32,388.42↓ 384.60↓ 1.17 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 73.86↑ 2.06↑ 2.87 %
Crude Oil (Brent)$ 78.47↑ 1.95↑ 2.55 %
Gold Spot$ 1,925.05↑ 14.15↑ 0.74 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 108.3500
BDT 108.3500

*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