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 June 09, 2021

Bangladesh GDP growth 2nd-best in South Asia

The World Bank yesterday upgraded Bangladesh’s GDP growth forecast for this fiscal year by 2 percentage points to 3.6 percent, making it the second best-performing economy in South Asia behind the Maldives. In fiscal 2020-21, neighbouring India’s economy is forecasted to contract by 7.3 percent, while Pakistan will register a GDP growth of 1.3 percent, according to the latest version of the Washington-based multilateral lender’s flagship publication ‘Global Economic Prospects’, which was released on Tuesday.The improved WB’s GDP growth forecast for this fiscal year is still lower than the government’s target of 6.1 percent, which is closer to the Asian Development Bank’s forecast of 5.5-6 percent.Subsequently, the Bangladesh economy is forecasted to grow at 5.1 percent in the next fiscal year that begins in July — up by 1.7 percentage points from its forecast earlier in January but once again lower than the government’s target of 7.2 percent.In fiscal 2022-23, Bangladesh’s GDP is forecasted to grow at 6.2 percent, behind India and the Maldives in South Asia. Per capita income losses will not be unwound by 2022 for about two-thirds of emerging market and developing economies. Among low-income economies, where vaccination has lagged, the effects of the pandemic have reversed poverty reduction gains and aggravated insecurity and other long-standing challenges.

Source: https://www.thedailystar.net/frontpage/news/bangladesh-gdp-growth-2nd-best-south-asia-2107565

BB buys record $7.7b to keep taka stable

The central bank purchased $7.68 billion from the banking system in the first 11 months of the current fiscal year, the highest on record, to contain any abnormal appreciation of the local currency. The previous highest was posted in 2013-14 when Bangladesh Bank bought $5.15 billion.The US dollar purchase is helping the export sector as local products become cheaper in foreign markets. It is also swelling the foreign exchange reserves. But it has flooded the financial sector with excess liquidity. But a lower credit demand has adversely impacted the cost of funds for banks as liquidity has largely remained idle. The excess liquidity in the banking industry stood at around Tk 200,000 crore in April.The interbank exchange rate has been hovering around Tk 84.80 per USD since July. The rate was Tk 84.95 on June 2 last year. Had the central bank had not intervened in the exchange market, local currency would have appreciated.Between July and May, Bangladesh received $22.8 billion in remittance, already the highest in a single year. The pile-up of US dollars will help the country to a large extent when imports start picking up. Foreign reserves stood at $45.08 billion on June 2, up 34.70 per cent year-on-year.

Source: https://www.thedailystar.net/business/news/bb-buys-record-77b-keep-taka-stable-2107437

Standard Chartered ‘Best International Bank’

Standard Chartered Bank Bangladesh said to have been recently recognised as “Best International Bank” at FinanceAsia Awards 2021. This is the 11th time the bank has been recognised since 2009 while the fifth major international award in the first quarter of 2021. “As the longest-serving financial institution of Bangladesh, we have a unique perspective on the amazing growth story of Bangladesh,” said NaserEzazBijoy, chief executive officer, Standard Chartered Bangladesh. “After a decade of stellar progress, this is the time for Bangladesh to embark on the next phase of its journey of progress and prosperity,” he said. In 2020, the bank secured 25 major international awards.

Source: https://www.thedailystar.net/business/news/standard-chartered-best-international-bank-2107377

How IPDC outperforms market competitors during pandemic

IPDC Finance Limited, a non-bank financial institution, has experienced the highest business growth even at the pandemic time, through lending to small ventures that are usually turned down by most lenders. The company posted a 36.61% hike in its net profit in the January-March quarter – the highest in the last six years. Not only in quarterly performance, but the IPDC has also outperformed its market competitors, such as IDLC Finance Limited, Lanka Bangla Finance and Delta Brac Housing Finance Corporation, in terms of deposit, credit, and profitability since 2015. Over the last six years, the IPDC’s annual profit grew by 24%, while the IDLC registered a 12% growth, the DBH 5.4% and Lanka Bangla negative 4.3% during the same period, according to a detailed analysis of the IPDC. The introduction of a new business concept – supply chain financing to small businesses by collaborating with corporates – helped the company achieve high growth, said Mominul Islam, managing director of the IPDC.Small suppliers and retailers are getting loans at 9% interest like corporates under the financial product, the IPDC managing director said. Default loan is zero in supply chain finance as suppliers and distributors are involved in businesses with corporates. If they fail, they will lose business. The total deposits of IPDC stood at Tk4,192 crore at the end of March this year.

Source: https://www.tbsnews.net/economy/corporates/how-ipdc-outperforms-market-competitors-during-pandemic-257923

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 34,599.82
↓30.42↓ 0.09%
FTSE100$ 7,095.09↑17.87 ↑0.25%
Nikkei 225$ 28,871.69 ↓91.87 ↓ 0.32%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 70.51 ↑0.46↑0.66%
Crude Oil (Brent)$ 72.66↑0.44↑0.61%
Gold Spot$ 1,894.25↑1.36↑0.07%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 84.8020
GBP 1BDT 120.2662
EUR 1BDT 103.3736





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