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 27, 2024

RMG export to EU rises by 2% in 11 months

Garment export to the European Union (EU) rose by 2 percent year-on-year to $21.64 billion in the July-May period of the current fiscal year. Shipments to Spain, France, Netherlands, Poland and Denmark grew by 6.23 percent, 1.02 percent, 16.27 percent, 17.28 percent and 26.96 percent respectively. On the other hand, garment export to Germany, the largest EU market for Bangladesh, declined by 10.12 percent year-on-year, according to data from the Export Promotion Bureau compiled by Bangladesh Garment Manufacturers and Exporters Association today. Apparel export to Italy also declined by 6.1 percent in the 11 months to May this year. Meanwhile, apparel export to the USA hit $7.46 billion in the period, posting a 3.43 percent fall. At the same time, exports to the UK grew by 12.34 percent year-on-year to $5.15 billion and to Canada it declined by 0.31 percent to $1.3 billion. However, garment export to non-traditional markets grew by 6.47 percent year-on-year to $8.18 billion. Among the major non-traditional markets, shipments to Japan, Australia and South Korea posted respectively 1.83 percent, 11.76 percent and 14.34 percent growth.

Source: https://www.thedailystar.net/business/news/rmg-export-eu-rises-2-11-months-3642386

Liquidity plummets 77% in 3 months of Islamic banks in Bangladesh

Liquidity at Islamic banks in Bangladesh has decreased drastically, deepening a lingering cash crunch at the crisis-hit Shariah-based banks. Excess liquidity at Islamic banks fell by 77.14 percent to Tk 1,518 crore at the end of March this year, according to the Bangladesh Bank’s latest quarterly report on Islamic banking. It was Tk 6,643 crore at the end of December last year. This means that the excess liquidity dropped by Tk 5,125 crore in the span of just three months. Year-on-year, the March figure was down by 27.82 percent, meaning Tk 585 crore. The total amount of outstanding loans in the banking system increased by Tk 12,020 crore or 2.70 percent to Tk 456,994 crore at the end of March 2024 compared to the end of December 2023. It was also Tk 44,597 crore or 10.81 percent higher from that at the end of March 2023. Islamic banks accounted for 28.24 percent of the total loans and advances of the whole banking sector at the end of March 2024.

Source: https://www.thedailystar.net/business/economy/banks/news/islamic-banks-liquidity-plummets-77-3-months-3642741

Dhaka Bank Holds 29th Annual General Meeting

The 29th Annual General Meeting of Dhaka Bank PLC was held on a digital platform at the Head Office of the bank on Tuesday. Abdul Hai Sarker, Chairman of the Board of Directors of Dhaka Bank, presided over the meeting. Among others, Vice Chairman Amanullah Sarker, Founder Vice Chairman A. T. M Hayatuzzaman Khan, Directors Reshadur Rahman, Altaf Hossain Sarker, Mohammed Hanif, Md. Amir Ullah, Tahidul Hossain Chowhdury, Abdullah Al Ahsan, Mirza Yasser Abbas, Jashim Uddin,Rokshana Zaman,Manoara Khandaker, Rakhi Das Gupta and Independent Directors Ahbab Ahmed, Feroz Ahmed, Dr. Mohammad Ali Taslim and Acting Managing Director A K M Shahnawaj were also present. The meeting approved 10% cash dividend for the year 2023.

Source: https://today.thefinancialexpress.com.bd/trade-market/dhaka-bank-holds-29th-annual-general-meeting-1719416099

Central bank signals more flexible exchange rate, monetary policy tightening

The central bank hinted that it would go for further flexibility of exchange rate after introducing the crawling peg system in May this year, a move that will allow the value of the taka to fluctuate more freely in response to market forces, such as supply and demand, rather than being tightly controlled or pegged to another currency. On 24 June, despite missing the net international reserves ceiling and revenue target, the IMF approved releasing $1.15 billion as the third tranche of Bangladesh’s $4.7 billion loan package. The funds are expected to be disbursed within two days. On 8 May, the Bangladesh Bank introduced the crawling peg exchange rate system, marking the largest single-day devaluation of the taka, raising the dollar price from Tk110 to Tk117. The IMF also revised down the net reserve ceiling for June this year to $14.78 billion from an earlier target of $20.1 billion. In April this year, net reserves fell to $12.8 billion, down from $19.6 billion at the end of June 2023, according to the IMF review report.

Source: https://www.tbsnews.net/economy/banking/cenbank-signals-more-flexible-exchange-rate-monetary-policy-tightening-885526

Bangladesh Venture Capital invests Tk2.5cr in Chaldal and Sokrio

Bangladesh Venture Capital Limited (BVCL) has announced investing a total of Tk 2.5 crore in Chaldal Limited and Sokrio Technologies Limited. The announcement was made at an event organised by BVCL in the capital’s Daffodil Plaza on Tuesday. Md Sabur Khan, BVCL chairperson, said the financing was aimed at promoting the growth of the startups. Chaldal.com, a leading e-commerce platform in Bangladesh that leads the online grocery delivery industry, received Tk2 crore in investments from the local venture capital firm. On the other hand, Sokrio Technologies Limited, a software as a service (Saas) platform providing distribution management system (DMS), received Tk50 lakh in investments.

Source: https://www.tbsnews.net/economy/bangladesh-venture-capital-invests-tk25cr-chaldal-and-sokrio-885051

Mr. Aziz Al Kaiser, Mr. Hossain Khaled re-elected chairman, vice chairman of City Bank

The board of directors of City Bank announced re-election of Aziz Al Kaiser as Chairman and Hossain Khaled as vice chairman. This marks their fourth consecutive term in these positions. Aziz Al Kaiser, a founding director of City Bank, first took on the role of chairman in 2007, steering the bank through three successive years of growth. His leadership has been instrumental in launching several pioneering initiatives, such as fully centralised operation and online banking, retail banking, American Express cards, Citygem priority banking, City Alo women’s banking, small and microfinance business, digital loans, and the country’s inaugural Bancassurance business. Furthermore, he has been pivotal in the creation of the bank’s subsidiaries, including City Brokerage, City Bank Capital Resources, CBL Money Transfer Sdn. Bhd. in Malaysia, and City Hong Kong Ltd. Hossain Khaled, another sponsor director of City Bank, is an alumnus of the University of Toledo, Ohio, where he earned his BBA in accounting, and of Texas A&M University (TAMU), Texas, USA, where he completed his MBA in international banking. Having joined the Anwar Group of Industries in 2000, Mr. Khaled has led various company divisions and achieved numerous accolades, including being the youngest President of the Dhaka Chamber of Commerce & Industry and Co-Chairman of the Bangladesh Better Business Forum.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/kaiser-khaled-re-elected-chairman-vice-chairman-of-city-bank-1719418282

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 39,127.80
↑ 15.64↑ 0.04 %
FTSE100$ 8,225.33 ↓ 22.46↓ 0.27 %
Nikkei 225$ 39,250.03 ↓ 417.04↓ 1.05 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 80.68↓ 0.22↓ 0.27 %
Crude Oil (Brent)$ 85.03↓ 0.22↓ 0.26 %
Gold Spot$ 2,299.89↑ 1.66↑ 0.07 %

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