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 26, 2024

Bank time deposits surge under SMART push

Time deposits in banks increased by Tk 865.9 billion to Tk 14.82 trillion in July-March period of this fiscal year mainly because of rate rise under uncapped interest regime. The upturn began in July when the industry introduced a new benchmark called SMART for bank lending. The change gives a push to both deposit and lending rates. In June 2023, the growth of the FDR or time deposits was in single-digit territory, and since July till March, it had climbed to a double-digit high. However, demand deposits, mostly in savings accounts, grew a bit slowly at a single-digit rate to Tk 1.94 trillion during the period under review. The weighted average interest rate on all deposits in the banking industry stood at 5.2 per cent in March while it was 9.2 per cent in the non-bank financial institutions, according to Bangladesh Bank statistics. In June 2023, the weighted average interest rate on deposits was recorded at 4.4 per cent and non-bank 7.9 per cent.

Source: https://today.thefinancialexpress.com.bd/first-page/bank-time-deposits-surge-under-smart-push-1716657103

Forex position to stabilise in next few months: Moody’s

US ratings agency Moody’s has projected that Bangladesh’s foreign exchange reserves position will stabilise over the next few months despite repeatedly failing to fulfil the IMF’s target and the drastic fall in international currency holdings over the past two years. It will be supported by the recent improvement of the current account balance to modest surpluses partly reflecting ongoing import restrictions, narrowing financial account deficits as business uncertainties gradually ease following the conclusion of the general elections in January. The latter also reflects progress on benchmarks and targets specified by the current $4.7 billion loan programme of the International Monetary Fund (IMF). On May 21 this year, the reserves stood at $18.61 billion. The Consumer Price Index grew 9.74 percent in April. It averaged 9.02 percent in the last fiscal year, the highest in more than a decade.

Source: https://www.thedailystar.net/business/economy/news/forex-position-stabilise-next-few-months-moodys-3618576

Full potential of SME remains untapped

Small and medium enterprises (SMEs) have played an important role in Bangladesh’s economic development, but their full potential remains untapped. With businesspeople and experts opining that the next few years will be more volatile due to geopolitical tensions and a global economic slowdown, the over 1 crore SMEs in Bangladesh can provide a welcome boost to the economy if an environment that allows them to prosper is created. Therefore, policymakers must work together in harmony and place a special focus on SMEs, which accounted for almost 25 percent of Bangladesh’s gross domestic product (GDP) in 2018, according to a Planning Division report. There were 78.8 lakh business establishments in the country, according to an Economic Census 2013 conducted by the Bangladesh Bureau of Statistics. Of them, 87.52 percent were cottage, 1.33 percent micro, 10.99 per cent small, 0.09 percent medium and 0.07 percent large enterprises. In the last 30-35 years, the agriculture sector has benefitted tremendously from research and development initiatives. For example, there are new varieties of rice that provide higher yields and are more resilient. The SME sector will also benefit from such initiatives as it could increase the diversity of products.

Source: https://www.thedailystar.net/business/economy/news/how-much-sme-potential-have-we-realised-3618551

Sun Pharma opens new plant in BD

Sun Pharmaceuticals (EZ) Ltd., a subsidiary of Sun Pharmaceutical Industries Limited (Sun Pharma), on Saturday announced the opening of a new manufacturing plant at Meghna Industrial Economic Zone in Narayanganj. The state-of-the-art facility is equipped with the latest technology and conforms to cGMP standards. It has an annual production capacity of approximately 1.0 billion tablets and capsules. Sun Pharma is the world’s fourth largest specialty generics company with presence in specialty, generics and consumer healthcare products. It is the largest pharmaceutical company in India and is a leading generic company in the US as well as global emerging markets. Sun Pharma’s high growth global specialty portfolio spans innovative products in dermatology, ophthalmology, and onco-dermatology and accounts for over 16 per cent of company sales. The company’s vertically integrated operations deliver high-quality medicines, trusted by physicians and consumers in over 100 countries. Its manufacturing facilities are spread across six continents. Sun Pharma is proud of its multi-cultural workforce drawn from over 50 nations.

Source: https://today.thefinancialexpress.com.bd/trade-market/sun-pharma-opens-new-plant-in-bd-1716652491

SME fair sees Tk 130m sales

Entrepreneurs have bagged purchase orders worth Tk 200 million and sold merchandise for approximately Tk 130 million as the weeklong SME Fair 2024 concluded on Saturday. Besides, around one thousand micro, small and medium entrepreneurs submitted loan applications to the banks and non-bank financial institutions after participating in the major event held at the Bangabandhu International Conference Center in Agargaon area of the city. Around 350 SMEs, including a significant number of women entrepreneurs, took part in the fair to showcase and sell their goods. About 25 banks and financial institutions disbursing SME loans joined the fair.

Source: https://today.thefinancialexpress.com.bd/trade-market/sme-fair-sees-tk-130m-sales-1716652347

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 39,069.59
↑ 4.33↑ 0.01 %
FTSE100$ 8,317.59↓ 21.64↓ 0.26 %
Nikkei 225$ 38,646.11↓ 457.11↓ 1.17 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 77.72↑ 0.85↑ 1.11 %
Crude Oil (Brent)$ 82.12 ↑ 0.76↑ 0.93 %
Gold Spot$ 2,333.83↑ 4.56↑ 0.20 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Inter-Bank Exchange Rates
CurrencyLowestHighestCurrent WAR

*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