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 30, 2024

Bangladesh’s forex reserves cross $27b

Bangladesh’s foreign exchange gross reserves have crossed $27 billion as the International Monetary Fund (IMF) and other lenders have provided the country with $2.25 billion in loans in recent days, the central bank claimed on 28 June. Bangladesh started to follow the forex reserves calculation using the BPM6 formula from June 2023 in line with the suggestion of the IMF. Central bank officials said the gross reserves is now around $22 billion according to BPM6. 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. In a review report, the IMF said the Bangladesh Bank was given a waiver for maintaining the net reserve target set for December 2023 based on the two corrective actions – the appropriate realignment of the exchange rate and operationalization of the new exchange rate arrangement; and the authorities’ commitment to a tighter policy mix to counter inflation. The Bangladesh Bank failed to meet the net reserve target of $17.7 billion set for December when the actual net reserve was $16.7 billion, according to the IMF report.

Source: https://www.tbsnews.net/economy/forex-reserves-cross-26b-imf-others-gave-225b-loans-cenbank-886131

Central bank’s cash injections ease banking liquidity crisis

Commercial banks appear to be recovering gradually from a persistent liquidity crisis, helped by cash injections from the central bank despite ongoing tight monetary policy. This much-anticipated improvement is reflected in two key indicators of liquidity: the volume of excess liquidity in banks and uninvested cash in the vaults in recent months. Excess liquidity includes cash and cash-equivalent assets like treasury bills and bonds, along with cash reserves other than liquid assets. Uninvested cash means credits that are available in the vaults. According to Bangladesh Bank (BB) data, uninvested excess cash in the banking system stood at Tk 116.30 billion in June 2023. This figure fell to Tk 54.30 billion in November 2023 and Tk 51.56 billion in January 2024. However, there has been a rebound since then, with the figure rising to Tk 76.43 billion and Tk 84.09 billion in February and April 2024 respectively. The Bangladesh Bank data shows it was Tk 1.66 trillion in June 2023. The volume then fell to Tk 1.41 trillion in November 2023 and Tk 1.55 trillion in January 2024. However, it rose to Tk 1.62 trillion in February and Tk 1.76 trillion in April 2024.

Source: https://today.thefinancialexpress.com.bd/first-page/central-banks-cash-injections-ease-banking-liquidity-crisis-1719680703

World Bank approves $650m to help develop Bay Terminal

The Bay Terminal, the biggest expansion project in the Chattogram port’s history, made major progress as the World Bank’s board of executive directors approved a $650 million loan on Friday to finance the dredging of the access channel and construction of the breakwater. Once implemented, the terminal alone will be able to handle around 5 million TEUs of containers. The current port facilities have been handling 3.2 million TEUs in recent years. The new, modern Bay Terminal, to be operated by leading international terminal operators, will accommodate larger vessels, such as panamax vessels, and substantially decrease vessel turnaround time, potentially saving the economy about $1 million daily, the World Bank hoped.

Source: https://www.thedailystar.net/business/economy/news/world-bank-approves-650m-help-develop-bay-terminal-3645166

Record budget support helps Government meet IMF’s reserve condition for first time

Bangladesh is going to fulfil the International Monetary Fund’s condition on foreign exchange reserves in June on the back of record budget assistance from global creditors, the first time since the IMF approved its $4.7 billion loan programme more than a year ago. The development comes after several bilateral and multilateral lenders approved $4.8 billion this month. Of the volume, budget support amounted to $2.76 billion and project loans stood at $2.04 billion. The IMF unveiled the loan scheme in January 2023 as the country was compelled to turn to external creditors owing to the unprecedented balance of payments crisis amid a sharp decline in the forex reserves because of higher outflows against inflows. The country was given a revised target of keeping an NIR of $17.78 billion in December. The actual NIR stood at $16.73 billion. In order to secure the fourth instalment, the country would have to keep an NIR of $14.79 billion on June 30. However, thanks to the disbursement of a record amount of budget support, the country is going to hit the goal.

Source: https://www.thedailystar.net/business/economy/news/record-budget-support-helps-govt-meet-imfs-reserve-condition-first-time-3645186

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 39,118.86
↓ 45.20↓ 0.12 %
FTSE100$ 8,164.12 ↓ 15.56↓ 0.19 %
Nikkei 225$ 39,583.08 ↑ 241.54↑ 0.61 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 81.54↓ 0.20↓ 0.24 %
Crude Oil (Brent)$ 85.00↓ 0.26↓ 0.30 %
Gold Spot$ 2,326.75↓ 0.98↓ 0.04 %

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