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

Click to Close

Rate last updated: 02/01/2014 11:15:04 AM

Daily Business News Flash Jun 03, 2024

Global economic rebound to drive up BD goods’ demand

Hopes underpin new budget outlook as the government eyes a boost in Bangladeshi goods on the international market in the upcoming fiscal year on gradual global economic rebound. Also, as the economic conditions in major economies like Euro Zone and the United States showing potential of becoming well compared to the previous year, the government expects a rebound in both import and export in the next year. However, finance officials involved in the budget preparation do not discount downside risks stemming from the high policy interest rates in the large economies, depreciation of currencies, and balance-of-payments pressures on macroeconomic stability of many countries. Bangladesh’s economy is also undergoing such volatile situation as may — like many other countries — generate further uncertainty as fallout from geopolitical conflicts, commodity-price volatility, and impacts of climate change, the finance officials predict. The export growth may increase 4.0 per cent in the rising and developing economies, and Bangladesh may be able to grab a slice of the bigger trade cake. The targets of the UN-designated sustainable development goals (SDGs) have been inlaid in the 8th Five Year Plan and in the second Perspective Plan 2021-2041.

Source: https://today.thefinancialexpress.com.bd/first-page/global-economic-rebound-to-drive-up-bd-goods-demand-1717352944

Bangladesh’s trade with Saarc countries falls in FY23


According to a Bangladesh Bank report published yesterday, total export earnings from Saarc countries decreased from $1.93 billion in FY22 to $1.91 billion in FY23, indicating an almost 1% decrease. Saarc countries include Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan, and Sri Lanka.

In FY23, Saarc countries accounted for 3.44% of Bangladesh’s total exports, with Europe and the United States being the major destinations, according to central bank data. The total import payments in these countries decreased from $14.93 billion in FY22 to $10.34 billion in FY23, reflecting a decline of 31% during the period. Due to various restrictions imposed by the central bank to tackle the dollar shortage, overall imports declined by 15.76%. This means the imports from Saarc countries fall at a faster pace than the overall performance.

Source: https://www.tbsnews.net/economy/bangladeshs-trade-saarc-countries-falls-fy23-867061

 VAT likely to go up on 13 items – from fruit juice to LED bulbs to home appliances

The government plans to increase the value-added tax (VAT) on more than 13 goods and services, including LED bulbs and tube lights, various juices, mango bars, rolling paper, security services, auction services, refrigerators, and air conditioners. Finance ministry officials said most of these items may face a 15% VAT at the manufacturing stage. Additionally, the VAT exemption for air conditioner manufacturing is likely to be phased out this fiscal year ending on 30 June, potentially subjecting it to a new 5% VAT in FY25. For refrigerator manufacturing, the VAT rate is expected to increase from the existing 5% to 10%. Conversely, increasing the VAT rate from 5% to 15% on mango bars and juice, tamarind juice, guava juice, pineapple juice, and mango bar manufacturing could limit access to nutritious products for people. In FY21, the government exempted about Tk3.18 lakh crore in taxes, including Tk1.5 lakh crore from VAT and Tk1.25 lakh crore from income tax. These exemptions are categorised as tax expenditures.

Source: https://www.tbsnews.net/economy/vat-likely-go-13-items-fruit-juice-led-bulbs-home-appliances-867006

TK Group expands into shipping, plans to carry own edible oil imports

TK Group, a major player in the country’s consumer goods and industrial sectors, has initiated massive investments with the goal of transporting its own edible oil imports by using its own vessels. As part of this initiative, Samuda Shipping Limited, a subsidiary of the Chattogram-based conglomerate, purchased a vessel earlier this year, according to the company. Procured at a cost of Tk157 crore, the ship named MT Samuda has a capacity of 24,025 tonnes of oil and employs a total of 40 people, including 22 sailors. According to TK Group data, it imports eight lakh tonnes of edible oil annually. Shipping charges are around $40 per tonne. As a result, TK Group spends $32 million annually on the transportation of edible oil.

Source: https://www.tbsnews.net/economy/tk-group-expands-shipping-plans-carry-own-edible-oil-imports-866266

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 38,686.32
↑ 574.84↑ 1.51 %
FTSE100$ 8,275.38↑ 44.33↑ 0.54 %
Nikkei 225$ 38,923.03↑ 435.13↑ 1.13 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 76.73↓ 0.26↓ 0.34 %
Crude Oil (Brent)$ 80.81 ↓ 0.30↓ 0.37 %
Gold Spot$ 2,315.64↓ 11.69↓ 0.50 %

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