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 Jun 26, 2024

IMF sets 33 conditions for next two loan instalments

newsBangladesh will have to comply with 33 new conditions by June next year in order to receive the next two instalments under the International Monetary Fund’s $4.7 billion loan programme. It came as the lender approved the third tranche of $1.15 billion yesterday in a boost to Bangladesh’s foreign exchange reserves. The fresh conditions are aimed at helping Bangladesh overcome four persisting challenges: depleting foreign currency reserves, rising inflation rate, lower revenue earnings, and a lack of governance in the banking sector. IMF’s loan programme contains two types of conditions: seven are linked to performance criteria and the rest are related to structural benchmarks. Of the seven, the country will have to increase its net international reserve (NIR) to $19.47 billion by next June. The revised target was $14.78 billion for June this year. The primary budget deficit will have to be brought down to Tk 128,300 crore from the Tk 138,360 crore set for 2023-24, which ends on June 30. So, the government will have to tighten its belts in 2024-25.

Source: https://www.thedailystar.net/business/news/imf-sets-33-conditions-next-two-loan-instalments-3641676

Bangladesh Bank issues new rules on home loan repayment

The Bangladesh Bank has issued new directives on the repayments of industrial term and home construction loans in line with the new market-based method of calculating the interest of bank loans. The central bank scrapped the previous formula, which was based on the Six-month Moving Average Rate of Treasury bills, abbreviated as SMART, on May 8 this year in order to make interest rates fully market-based. The adverse global economic situation and the new method of calculating interest on bank loans have caused the interest rate to surpass the fixed rate that was in effect before July 1, 2023. The central bank’s instructions regarding the collection of instalments of loans disbursed before July 1, 2023, include extending the period required for collection of instalments so that recovered loans do not become part of debt restructuring.

Source: https://www.thedailystar.net/business/news/bb-issues-new-rules-home-loan-repayment-3641646

External debt decreases

Bangladesh’s foreign debt decreased by $1.34 billion in the first three months of this year. The county’s total public and private sector debt stood at $99.30 billion as of March. The external debt crossed $100 billion for the first time in December last year. At the end of March this year, the private sector’s total debt stood at $20.29 billion, three percent lower than $20.94 billion in December last year. Meanwhile, the government’s foreign debt stood at $79 billion, down from $79.69 billion at the end of 2023. In March, the private sector’s short-term foreign debt reached $11.04 billion, a decrease of $750 million from $11.79 billion in December. Meanwhile, the private sector’s long-term external debt decreased to $91.53 billion in March from $92.56 billion in December.

Source: https://www.thedailystar.net/business/news/external-debt-dips-3641656

Chinese company Alpen Banyan comes with highest ever investment proposal for Bepza EZ

Chinese company Alpen Banyan Garments BD Company Ltd will invest $108.99 million to set up a woven and knit garments factory inside Bepza Economic Zone. It will be the highest ever investment proposal coming from a single company for establishing industries inside the zone. The factory will be established on 90,000 square metres of land and it targets to annually produce 43 million pieces of woven and knit garments. The company will create employment opportunities for 11,995 Bangladeshi nationals. Investors from home and abroad gave positive responses for the Bepza EZ, the largest venture of Bepza located at Mirsharai in Chattogram. Some 29 companies have so far signed agreements to invest $688 million in the economic zone.

Source: https://www.thedailystar.net/business/news/chinese-company-alpen-banyan-comes-highest-ever-investment-proposal-bepza-ez-3641276

Mr. Romo Rouf Chowdhury re-elected chairman of Bank Asia

Mr. Romo Rouf Chowdhury has been re-elected as chairman of Bank Asia at the Board of Directors’ meeting held on June 23, 2024. Mr. Chowdhury is one of the sponsor shareholders as well as sponsor directors of Bank Asia. He is a graduate in engineering from Durham University, United Kingdom. He has more than 30 years of experience as an industrialist.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/romo-rouf-chowdhury-re-elected-chairman-of-bank-asia-1719332716

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 39,112.16
↓ 299.05↓ 0.76 %
FTSE100$ 8,247.79↓ 33.76↓ 0.41 %
Nikkei 225$ 39,692.64↑ 519.49↑ 1.33 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 81.24↑ 0.41↑ 0.51 %
Crude Oil (Brent)$ 85.39↑ 0.38↑ 0.45 %
Gold Spot$ 2,317.07↓ 2.55↓ 0.11 %

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