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 October 06, 2022

Inflation jumps to 9.5% in Aug, drops to 9.1% in September

Bangladesh inflation escalated to 9.5% in August, according to State Minister for Planning Shamsul Alam, thanks to rising commodity prices and record hike in fuel prices. The annual point-to-point inflation in July was 7.48%. As such, inflation increased by 2.02 percentage points in August. According to BBS data, general inflation, with the 1995-96 base year, jumped to 11.97% in September 2011. Subsequently, the base year was updated to 2005-06 as 11.97% was the highest in the past 20 years. With the new base year, the average inflation of the 2010-11 fiscal year stood at 10.91%. Point-to-point inflation has not exceeded 9% in any month since then. As such, inflation in August and September is the highest in the last 11 years. With the increase in import costs, the prices of food and edible oil in the local market also increased gradually. The authorities in August hiked fuel prices by record 40%-50%, which the economists believe had played the key role in mounting the inflationary pressure. The Euro zone countries, Bangladesh’s key export destination, have been witnessing high price gains. The region registered a double digit inflation on an average last month compared to 3.2% a year earlier. Inflation was 17.1% in the Netherlands, 12% in Belgium, 10.9% in Germany, 9.5% in Italy, 9.3% in Spain and 6.2% in France.

Source: https://www.tbsnews.net/economy/inflation-jumps-95-aug-drops-91-sep-minister-508926

Freight rates drop 50% as global trade slows

Bangladesh’s ocean freight charges have registered a 50% fall from the pandemic-led massive surges as global trade slows because of shrinking demand for goods paired with rising inflation and inventory excesses in destination countries. Vessel operations on the Chattogram-Europe route now cost $6,000-7,000 per 20-foot container in contrast to $12,500 in December 2021 when the pandemic was at its peak. Similarly, a US-bound ship now charges $10,000 per 20-foot container, down from $20,000, according to the Shipping Agents’ Association.In pre-Covid times, shipment of a 20-foot container would cost $2,500 to Europe and $3,000 to the United States.Exports and imports rose slightly by 2.1% and 2.6%, respectively, as compared to 4.8% and 6.2% in the previous quarter, according to G20 international trade statistics released by the OECD on Monday.This is a significantly larger drop than other European countries, with an expected drop in spending of 14% in Spain, 12.3% in Italy, 11.5% in France and 9.4% in Germany.

Source: https://www.tbsnews.net/economy/freight-rates-drop-50-global-trade-slows-508686

Bangladesh could grab 12% of man-made fibre market by 2030

Bangladesh has the potential to grab a 12% stake in the global man-made fibre-based apparel market that will reach $375 billion by 2030, mainly cashing in on China’s declining share, Dr MA Razzaque, chairman of the Research and Policy Integration for Development (RAPID). Apart from offering necessary policy incentives, for this, the government will also have to invest $25-30 billion more in developing a strong backward linkage, he also said in a workshop on “Man-made fibre for moving up the value chain of RMG in the context of LDC Graduation”. The country’s total apparel export will hit the $95 billion mark by 2030 with a massive jump from around $42 billion recorded in FY22. In 2030, the global market is projected to reach $625 billion.

Source: https://www.tbsnews.net/economy/rmg/bangladesh-could-grab-12-man-made-fibre-market-2030-508610

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 30,273.87
↓42.45↓0.14 %
FTSE100$ 7,052.62↓33.84↓0.48 %
Nikkei 225$ 27,383.06↑262.53↑0.97%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 87.89↑0.13↑0.15%
Crude Oil (Brent)$ 93.53↑0.16↑0.17%
Gold Spot$ 1,721.55 ↑5.29↑0.35 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 103.1000
BDT 104.1000

*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