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 23, 2022

Private credit growth in Bangladesh accelerated further

Private sector credit growth in Bangladesh accelerated to 12.94 per cent in May, the highest in more than three years, but rising inflation and deepening volatility in the exchange rate have paled the attainment. The credit growth in the first 11 months of the current fiscal year is, however, below the Bangladesh Bank’s ceiling of 14.80 per cent for the entire year. The BB will revise the target on June 30 when it is due to unveil its monetary policy statement for the coming fiscal year of 2022-23. Inflation surged to an eight-year high of 7.42 per cent in May, driven by a hike in food costs amid significant spikes in global commodity prices. Amid a sharp increase in price pressures, the central bank of Bangladesh too raised its key interest rate for the first time in a decade on May 29 as it raised the repo rate by 25 basis points to 5 per cent. But it may have to increase the policy rate once again in keeping with a revision of the lending rate cap. The central bank will keep the private sector credit growth unchanged for FY23. Between July and April, imports went up by 41 per cent to $68.66 billion, while exports grew 35 per cent to $41 billion. This resulted in a record trade deficit of $27.56 billion, up 53 per cent year-on-year. Higher import costs brought the reserves down to $41.38 billion on June 15, way lower than $46.15 billion on December 31.

Source: https://www.thedailystar.net/business/economy/news/private-credit-growth-ticks-further-3054266

Default loans now stand at Tk 126,389cr

Finance Minister AHM Mustafa Kamal told parliament yesterday that people had defaulted on repayments against loans amounting to Tk 126,389 crore in the country as of March this year according to Credit Information Bureau. Banks and financial institutions are unable to realise another Tk 21,046 crore due to High Court stay orders, he added while responding to a question. Replying to another question, Kamal said there was no specific information on money laundering from Bangladesh and it was very difficult to determine the amount. Some 20,41,534 Singaporean dollar has been returned on November 20, 2012 which was smuggled to Singapore. The repayment period of Bangladesh’s foreign loans is much longer and at lower interest rates and the Bangladesh government has no sovereign bond.

Source: https://www.thedailystar.net/business/economy/news/default-loans-now-stand-tk-126389cr-3054261

Agrani Bank to pay US$ 2.4b in foreign currencies to finance Padma Bridge

State-owned Agrani Bank will pay US$ 2.4 billion in foreign currencies to the Padma Bridge project. So far, it has supplied $1.45 billion up to the third week of June amid the ongoing volatility in the country’s forex market. The CEO said the state-owned bank is the sole supplier of the foreign currency to the Padma bridge from its own coffer. The government pays back Agrani Bank in local currency for the dollars. The Gulshan branch of the bank has been maintaining an account in the name of Padma Multipurpose Bridge Account since 2013. The total cost for the 6.15km bridge is $3.56 billion. Of this, $2.4 billion needs to be paid in foreign currency and the rest in the local currency.

Source: https://today.thefinancialexpress.com.bd/trade-market/dutch-co-to-invest-105m-in-bepza-economic-zone-1655833048

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 30,483.13
↓ 47.12↓ 0.15 %
FTSE100$ 7,089.22↓ 62.83↓ 0.88 %
Nikkei 225$ 26,146.71↓ 2.84↓ 0.01 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 103.04↓ 3.15↓ 2.97 %
Crude Oil (Brent)$ 108.86↓ 2.88↓ 2.58 %
Gold Spot$ 1,834.57↓ 3.15↓ 0.17 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 92.9268
GBP 1BDT 114.1054
EUR 1BDT 97.8671

*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