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

Click to Close

Rate last updated: 02/01/2014 11:15:04 AM

Daily Business News Flash March 28, 2024

Bangladesh revenue up 16% in eight months

Bangladesh’s government revenue grew by a healthy 16% in the first eight months of the current fiscal year (2023-24), exceeding the average growth rate of 10% over the past five years. However, despite this positive trend, the National Board of Revenue (NBR) still faces a significant revenue shortfall. The February collection surge of over 19% was the second-highest of the year. Analysts attribute this growth to a combination of factors, including rising import prices and improved tax collection efforts. However, this has not been enough to bridge the gap. The NBR currently faces a shortfall of Tk18,221 crore for the eight-month period, even after a downward revision of the initial revenue target. Income tax collection has been the bright spot, witnessing a growth rate of around 20% in the first eight months, with February showing a particularly strong increase of 29%. Even though imports have decreased overall over the past eight months, import tax revenue has increased by roughly 11%, while VAT revenue has increased by more than 16%.

Source: https://www.tbsnews.net/economy/bangladesh-revenue-16-eight-months-target-shortfall-remains-815146

 Singer becomes first firm to start production in Japanese Economic Zone

Singer Bangladesh, one of the leading manufacturers and retailers of home appliances in the country, has begun manufacturing products at its new factory, becoming the first entity to do so inside Bangladesh Special Economic Zone (BSEZ) at Araihazar in Narayanganj. Established with an investment of $78 million from Turkish multinational Arcelik, which holds the controlling stock, the new facility is aimed at reducing import dependence and locally manufacture over 90 percent of components. The company’s paid-up capital is Tk 98 crore and market capitalisation reached Tk 1,465 crore since being listed with Dhaka Stock Exchange in 1983. Its net profit was Tk 52 crore in 2023.

Source: https://www.thedailystar.net/business/news/singer-becomes-first-firm-start-production-japanese-ez-3576296

Banks promoting tax free offshore banking to net foreign deposit

In a move to build foreign deposits, increase their dollar liquidity and boost the country’s foreign exchange reserve, private commercial banks are holding a series of roadshows abroad to promote Bangladesh as a new tax haven. The shows are highlighting the recently passed offshore banking law that offers various benefits to foreign depositors such as tax exemptions, easy cross-border fund transfers, and relaxed financial regulations. An offshore bank account is held in a country where the account holder does not reside. It provides the ability to handle payments, savings, and investments in multiple currencies, making it convenient for managing regular international transactions.

Source: https://www.tbsnews.net/economy/banking/banks-promoting-tax-free-offshore-banking-net-foreign-deposit-814351

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 39,760.08
↑ 477.75↑ 1.22 %
FTSE100$ 7,931.98↑ 1.02↑ 0.01 %
Nikkei 225$ 40,302.77↓ 459.96↓ 1.13 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 81.72↑ 0.37↑ 0.45 %
Crude Oil (Brent)$ 86.33 ↑ 0.24↑ 0.28 %
Gold Spot$ 2,194.39↓ 0.40↓ 0.02 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 110.0000
BDT 110.0000

*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