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 March 16, 2023

Interest rate target-based monetary policy from June

The Bangladesh Bank has made a policy decision to introduce an interest rate target-based monetary policy partially in the next monetary policy to be announced in June as per the suggestion of the International Monetary Fund (IMF). With this interest rate target, the central bank will manage inflation following the monetary policy model that India follows, said a senior executive of the central bank. A committee has been formed comprising a group of Bangladesh Bank officials who will visit India to gain hands-on experience from The Reserve Bank of India under the capacity development project of the IMF, he said. The IMF has set the condition for the Bangladesh Bank to go for a flexible interest rate-based monetary policy as part of its $4.7 billion loan approved for the country in February. At present, the Bangladesh Bank follows a money supply target-based monetary policy model which failed to tame inflation as the money supply is not the cause of the current price pressure but it has been fuelled by external factors and energy price adjustment.

Source: https://www.tbsnews.net/economy/banking/interest-rate-target-based-monetary-policy-june-600262

Latin-Bangladesh sign deal with BIDA to open new door for trade, investment

Latin America-Bangladesh Chamber of Commerce & Industry (LABCCI) signed a Memorandum of Understanding (MoU) with Bangladesh Investment Development Authority (BIDA) at its office at Agargaon area in Dhaka on Wednesday. Executive Chairman of BIDA, Lokman Hossain Miah, Senior Secretary was present as the chief guest of the MoU signing ceremony. The ceremony was conducted by Md. Matiur Rahman, Executive Member (Additional Secretary), Marketing & Communication as a chairperson of the event. LABCCI president Md. Anwar Shawkat Afser and Md. Matiur Rahman, Executive Member (Additional Secretary), Marketing & Communication signed the MoU, reports BSS. Speaking on the occasion, Lokman Hossain Miah, Executive Chairman (Senior Secretary) of BIDA, mentioned that the present government led by Prime Minister Sheikh Hasina created a friendly environment for businessmen.

Source: https://thefinancialexpress.com.bd/economy/bangladesh/latin-bangladesh-sign-deal-with-bida-to-open-new-door-for-trade-investment

Banks waive off Tk5,064cr in loan interests in 2022

Default loan rescheduling and loan interest waivers have increased at an unusual rate in the banking sector, according to the latest Bangladesh Bank data. Lenders waived off some Tk5,064 crore while rescheduling loans throughout 2022. It is Tk3,209 crore higher than that of the previous year. For such a situation, sector insiders blamed the liberal policy of the central bank which empowered bank owners to waive loan interests on nominal down payments. Besides, the desperate attitude of banks to recover outstanding loans which got stuck thanks to pandemic-induced relaxed policies also contributed to the surge in waived-off interests. “All the benefits of loan rescheduling and waiver are received by some large borrowers, who are mostly wilful defaulters,” Salehuddin Ahmed, former central bank governor, told The Business Standard. “Currently the banking sector is very unfortunate. The central bank is not taking proper actions, banks are tactfully making their balance sheet look good. No one is giving due importance to protecting the interests of the depositors.” “The central bank should play a stronger role to curb such irregularities in the banking sector. For example, strict measures should be taken if any customer defaults. At the same time, new loans should be scrutinised properly,” he added. According to the Bangladesh Bank, banks waived off Tk1,194 crore in loan interest in 2018 as the figure jumped to Tk2,293 crore next year. It dropped slightly to Tk1,578 crore in 2020 and spiralled again to Tk1,855 crore in 2021. Besides, banks rescheduled loans of Tk27,279 crore in 2022, almost two times more than Tk12,380 crore in 2021. It was Tk13,468 crores in 2020.

Source: https://www.tbsnews.net/economy/banking/banks-waive-tk5064cr-loan-interests-2022-600270

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
FTSE100$7,344.45 ↓292.66 ↓3.83%
Nikkei 225$26,931.55↓297.93↓1.09%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$68.04 ↑0.43↑0.64%
Crude Oil (Brent)$74.20↑0.51↑0.69%
Gold Spot$1,913.70↓4.88↓0.25%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 105.4700
BDT 107.0000

*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.

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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