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 May 17, 2023

LC opening, settlement both fall

The opening and settlement of letters of credit (LCs) in Bangladesh fell 26.80 per cent and 8.15 per cent year-on-year in the July-April period of the current financial year. LC opening stood at $56.36 billion in the first 10 months of 2022-23, down from $76.99 billion a year ago. The settlement fell to $62.39 billion from $67.93 billion during the period, said the Bangladesh Bank in its monthly update on major economic indicators. The fresh opening of import LCs fell by 26.80 per cent in July-April as a result of the close monitoring.  The central bank has taken moves to curb the imports of non-essential and luxury items in order to stop the erosion of the foreign currency reserves. Owing to higher commodity prices in the global market, the forex reserve has fallen by about 28 per cent in the past one year, falling to $30.35 billion on May 10 this year from $41.95 billion on the same day last year.  The opening of LC for consumer goods fell 18.19 per cent to $6.68 billion while the settlement declined by 11.70 per cent to $6.62 billion. Importers opened LCs worth $4.49 billion for intermediate goods in July-April, a decrease of 31.39 per cent from a year ago. The settlement dropped 24 per cent to $4.54 billion.

Source: https://www.thedailystar.net/business/news/lc-opening-settlement-both-fall-3322056

Per capita income rises in taka, falls in dollar

The country’s per capita income dropped in US dollar value, but in Bangladeshi taka the amount rose by Tk 29,367 in 2022-23 thanks to the exchange rate fluctuations. The per capita income was Tk 241,047 in 2021-22, which was estimated to increase to Tk 270,414 in 2022-23, according to the provisional projection of the Bangladesh Bureau of Statistics (BBS). However, per capita income dropped by $28 in the US dollar value to $2,765 from the previous year’s $2,793. Due to the depreciation of the local currency, the per capita income rose in Bangladeshi taka. The taka depreciated 24 per cent to Tk 107.8 in the last one year, according to the Bangladesh Bank data.

Source: https://www.thedailystar.net/business/global-economy/news/capita-income-rises-taka-falls-dollar-3322041

Interbank dollar rate rises to Tk108.50

Within a week, the interbank exchange rate for dollars rose from Tk108 to Tk108.50, which is the highest in the country’s history. The rate at which one bank sells dollars to another bank is called the interbank exchange rate. According to central bank data, the dollar traded at the lowest rate of Tk107.26 and highest rate of Tk108.50 on Monday. Earlier on 7 May, the dollar rate rose to Tk108 in interbank exchange. This was the highest dollar rate in this market till day. Bankers said the interbank dollar rate has increased mainly due to the increase in remittance rates. Banks do not have enough dollars to sell. Due to the dollar crisis, they have reduced the opening of import letters of credit. So banks are now doing interbank dollar transactions on request from other banks. Currently, an average of $1.5-2 million is transacted on this platform every day.

Source: https://www.tbsnews.net/economy/interbank-dollar-rate-rises-tk10850-632962

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 33,012.14
↓ 336.46↓ 1.01 %
FTSE100$ 7,751.08↓ 26.62↓ 0.34 %
Nikkei 225$ 30,091.79↑ 248.80↑ 0.83 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 70.92↑ 0.06↑ 0.08 %
Crude Oil (Brent)$ 75.01↑ 0.10↑ 0.13 %
Gold Spot$ 1,991.97↑ 2.80↑ 0.14 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 107.2600
BDT 108.5000

*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