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 28, 2021

BB in a fix with next monetary policy

The Bangladesh Bank faces a complex situation as it draws up its monetary policy statement for the current fiscal year in the wake of escalating excess liquidity and ongoing business slowdown. The central bank has followed an unconventional monetary policy since March last year when the coronavirus arrived on the shore of the country. It cut both the policy rates and the cash reserve ratio (CRR) in phases to inject liquidity into the market to make the economy vibrant.The expansionary monetary policy has made money cheaper than ever as the BB has also supplied a large volume of funds to implement the massive stimulus packages of the government to counter the impacts of the pandemic.Excess liquidity in the banking sector stood at Tk 231,462 crore as of June, up 66 per cent year-on-year and 9 per cent a month ago. This has primarily happened due to the weak private sector credit growth, which stood at 8.40 per cent last fiscal year against the central bank target of 14.80 per cent. Experts say the central bank should maintain its expansionary monetary policy. At the same time, it should also mop up the excess liquidity to protect the financial sector from downside risks.The benchmark index of the Dhaka Stock Exchange has surged in recent months riding on the excess liquidity. The DSEX stood at 6,389 points yesterday, up 54 per cent one year ago.A senior official of the central bank said that the policy would emphasise attaining the GDP growth of 7.2 per cent and contain the inflation at 5.3 per cent as per the government target for the current fiscal year.

Source: https://www.thedailystar.net/business/economy/banks/news/bb-fix-next-monetary-policy-2138661

City Bank enrolls to IFC’s Global Trade Finance Prog

City Bank has entered into an agreement with IFC to participate in the Global Trade Finance Programme (GTFP) as a confirming bank. With this, City Bank has become the first bank in Bangladesh to participate in the programme as a confirming bank. Sheikh Mohammad Maroof, Additional Managing Director of City Bank, and Rosy Khanna, IFC Regional Industry Director, Financial Institutions Group – Asia and Pacific, signed this agreement. IFC launched the GTFP in 2005 to support the development of trade involving emerging economies. Under this program, IFC offers full or partial guarantees to the confirming banks participating in the GTFP, effectively taking on their payment risks. City Bank joined the GTFP program in 2012 as an issuing bank. Sheikh Mohammad Maroof, Additional Managing Director of City Bank, has expressed his delight adding that the arrangement with IFC is a testament to City Bank’s strength and capabilities. This arrangement will further strengthen City Bank’s ability in facilitating country’s trade business. Through this agreement, as a first Bangladeshi private commercial bank, City Bank will emerge as a LC confirming bank in the arena of international trade finance, which is a matter of great pride for Bangladeshi bank.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/city-bank-enrolls-to-ifcs-global-trade-finance-prog-1627404637

Standard Chartered BD wins Best Bank in Covid -19 Initiatives

Standard Chartered Bangladesh has recently been recognised as the Best Bank in Covid -19 Initiatives and Best CSR Bank in Bangladesh at the BT Banking Award 2021. The Bank’s commitment to support Bangladesh’s continued journey of prosperity even in the face of the Covid-19 challenge saw the bank secure 25 major international awards in the past year, said a statement. The bank was also recognised as the international bank with the highest CSR spend in 2020 by Bangladesh Bank. For 2021, Standard Chartered Bangladesh has announced a BDT 135 Million (USD 1.6 million) strategic Covid-19 response action plan that supports healthcare and immediate assistance, regenerate livelihood and catalyse long-term growth.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/standard-chartered-bd-wins-best-bank-in-covid-19-initiatives-best-csr-bank-awards-1627404577

 Nagad to issue Tk 5.0b zero-coupon bond

Nagad, the mobile financial services arm of Bangladesh Postal Department, plans to issue zero-coupon bonds worth Tk 5 billion, which will have a face value of Tk 7.5 billion at the end of its five-year maturity, reports bdnews24.com.The initiative is a first for a mobile money company in Bangladesh and was announced during an investor roadshow in New York on Monday. Nagad, one of the key partners of the roadshow, has already received the initial approval from the Bangladesh Securities and Exchange Commission (BSEC) for the bond sale. Nagad said in a statement on Tuesday that several foreign investors had expressed their interest in the bonds. Kiu Global, a US-based digital services company, may invest up to $30 million in the bonds.

Source: https://today.thefinancialexpress.com.bd/trade-market/nagad-to-issue-tk-50b-zero-coupon-bond-1627404002

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 35,058.52
↓85.79↓ 0.24%
FTSE100$ 6,996.08↓29.35↓0.42%
Nikkei 225$ 27,601.39↓368.83↓1.32 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 72.11↑0.46↑0.64%
Crude Oil (Brent)$ 74.89↑0.41↑0.55%
Gold Spot$ 1,805.76↑6.67↑0.37%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 84.8010
GBP 1BDT 116.8219
EUR 1BDT 100.1415





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