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 20, 2023

BB to impose 4% penal interest on banks

The central bank has decided to impose a 4 per cent penal interest on the banks’ unpaid amount of loans made from its Export Development Fund (EDF). In 2017, the Bangladesh Bank issued rules on the procedures and realisation of principal and accrued interest on EDF loans. If the loans and interests are not repaid within the deadline, the BB can debit the overdue amount from the foreign currency clearing accounts that authorised dealer banks maintain with the Bangladesh Bank. In a circular yesterday, the BB said it is observed that EDF loans are not being realised in accordance with instructions. In view of the situation, it has been decided that a 4 per cent penal interest, or compensation in the case of Shariah-based banking, will be charged per annum above the prevailing interest rate on the overdue amount of EDF loans for the delayed period. The BB asked ADs to submit a debit authority for realising the principal and accrued interest, including penal interest, at the time of application for the EDF loan.

Source: https://www.thedailystar.net/business/economy/news/bb-impose-4-penal-interest-banks-3275636

67% RMG export earnings come from 10 items

About 68 per cent of Bangladesh’s annual export earnings from apparels is still confined to just 10 items, indicating that product diversification in the industry is yet to reach expected levels even after a journey of four-and-a-half decades. The 10 most exported apparel items accounted for $30.94 billion of the country’s $45.70 billion earnings from the industry last year, according to data from the Export Promotion Bureau compiled by the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). As always, knitted cotton T-shirts saw the highest exports in 2022, registering earnings of $8.93 billion with roughly 26 per cent year-on-year growth. This means that T-shirts contributed some 20 per cent of the total apparel exports that year, when Bangladesh captured 23 per cent of global trade in the sector, the data shows. Men’s woven trousers were the second highest earner, registering about 23 per cent year-on-year growth to hit $5.94 billion with a 13 per cent share of the total apparel exports. Locally made men’s trousers, including child sizes, hold a 21 per cent stake in the global market. Women’s trousers were the third largest export item, earning $3.63 billon with year-on-year growth of 19.10 per cent. The sector has a global market share of around 16 per cent.

Source: https://www.thedailystar.net/business/economy/news/67-rmg-export-earnings-come-10-items-3275621

New inflation measure to replace outmoded index

Bangladesh is updating the consumer inflation index with lot many goods and services in count, with 2021-22 as new base year, as price rises have upset indices locally and globally. Officials say the updated gauge to measure inflation is likely to be launched next fiscal year, beginning in July, as the existing one uses 2006 fiscal as base year and fails to portray real picture of inflation. The updating with the additional items in basket will result in new weightings for the components of its Consumer Price Index (CPI) basket, people at the national statistics office told the FE Sunday. “There have been huge changes in the consumption habits over the years, so we need the latest commodity basket to reflect the real picture of the price changes,” said a senior official working at the national accounting wing of Bangladesh Bureau of Statistics (BBS).

Source: https://thefinancialexpress.com.bd/economy/bangladesh/new-inflation-measure-to-replace-outmoded-index

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
FTSE100$7,335.40 ↓74.63↓1.01%
Nikkei 225$27,046.17↓287.62↓1.05%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$66.32 ↓0.42↓0.63%
Crude Oil (Brent)$72.53↓0.44↓0.60%
Gold Spot$1,973.92↓15.33↓0.77%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 107.0000
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.

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