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 1, 2023

Taming inflation to be biggest bet in FY ’24

Bringing down the inflation to a rate projected for the upcoming fiscal year (FY) from the present higher levels would be the biggest challenge, economists said, terming the budgetary estimate ‘not realistic’. The national budget for FY 2023-24, which is set to be placed in parliament today (Thursday), is expected to target a lower inflation rate of 6.0 per cent aiming to facilitate desired economic growth, said an official at the Ministry of Finance. The projected inflation figure is, however, much lower than the last 12-month average of 8.4 per cent to April 2023. The rate is not realistic, rather an ‘aspiration’ of some economic numbers, an economist told the FE on Wednesday. Actually, the government’s efforts are neither working nor being implemented properly to curb inflation, said the economists. Both the point-to-point and 12-month-average inflation rates are on the rise that have already surpassed the levels of more than a decade’s history of the consumer price index (CPI) trend. The point-to-point inflation surged to 9.24 per cent in April 2023 compared to the consecutive month FY2023. In March this year, the BBS recorded inflation at 9.33 per cent which was only 6.22 per cent in March last year, and in April this year, it estimated at 9.24 per cent compared to 6.29 per cent in the same month last year1. According to the BBS, the 12-month average inflation in FY2022 was 6.15 per cent, which was 5.56 per cent in FY2021 and 5.65 per cent in FY2020.

Source: https://today.thefinancialexpress.com.bd/first-page/taming-inflation-to-be-biggest-bet-in-fy-24-1685557877

Tk581cr savings certificates sold in April – highest in FY23

The net sales of savings certificates reached TK581 crore in April – so far the highest in FY23, according to the latest Bangladesh Bank data. The net sales for the first 10 months of the fiscal year, however, stood negative at Tk3,579 crore as the government borrowed some Tk68,000 crore against the repayment of Tk71,600 crore during the period. In the corresponding period of FY22, the net sales of the tools were Tk1,7518 crore. The government set a target of borrowing Tk35,000 crore from savings tools for the ongoing financial year. It has later been reduced to Tk20,000 crore. In this calculation, the government needs a net borrowing of Tk23,579 crore in the next two months – May and June – to meet the target. According to the finance ministry, interest costs for savings tools were initially estimated at Tk42,675 crore for the current fiscal year. It has later been increased to Tk45,100 crore in the revised budget.  Meanwhile, the scope for investment in saving certificates is set to be squeezed further as the government has cut the target of borrowing from the tools by 49% year-on-year to Tk18,000 crore for FY24, according to finance ministry officials.

Source: https://www.tbsnews.net/economy/tk581cr-savings-certificates-sold-april-highest-fy23-641750

Govt to impose specific duty on fuel

The government is going replace existing duty on 13 petroleum products import by a specific duty in the next fiscal year, amounting to a maximum of Tk13.75 per litre, which likely effect from 1 June (Thursday). The specific duty would be Tk 13.75 per litre for 11 types of petroleum products, including kerosene, light diesel, motor spirit and jet fuel. If put into effect, it will have higher impact on retail price than the existing duty rate, which is 10% for 12 petroleum products. The existing duty is 5% on petroleum oils and oils obtained from bituminous minerals, crude, which will be replaced by Tk1117 per barrel (Tk7.02 per litre). Specific duty of Tk9,108 per tonne (Tk9.10 per litre) has been proposed for furnace oil, which is now subject to 10% duty.

Source: https://www.tbsnews.net/economy/budget/govt-impose-specific-duty-fuel-641790

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 32,908.27
↓ 134.51↓ 0.41 %
FTSE100$ 7,446.14↓ 75.93↓ 1.01 %
Nikkei 225$ 31,103.65↑ 215.77↑ 0.70 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 68.46↑ 0.37↑ 0.54 %
Crude Oil (Brent)$ 72.66 ↓ 0.88↓ 1.20 %
Gold Spot$ 1,964.73↑ 2.00↑ 0.10 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 107.6500
BDT 108.0000

*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