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 12, 2020

Govt to use forex reserves for development projects

The government has decided to use the country’s ballooning foreign exchange reserves to implement development projects. The government would pick those projects for the foreign currency loans that would have a high rate of return so that it can repay the loans also in the foreign currencies, Kamal said. In September, the central bank submitted a concept paper to the finance ministry on using the foreign exchange reserve. As per Bangladesh Bank Order 1972, there is no scope to use the reserve in any projects, the central bank informed the ministry. The central bank gave out foreign currency loans to Biman Bangladesh Airlines through state lender Sonali Bank last year to procure aircraft. The government gave the guarantee to mitigate the financial risk for the lender. The guarantee means the government will pay back the loan to the state lender if the national flag carrier fails to return the amount on time. The outstanding loans given by the central bank to the national flag carrier now stand at $580 million. In recent months, the reserve has reached a new high on the back of remittance, dwindling import payments and budgetary support and loans from the Asian Development Bank, the International Monetary Fund, the World Bank, the Asian Infrastructure Investment Bank and the Islamic Development Bank. The countries whose foreign exchange reserve is not sufficient have hardly invested the fund at home and abroad for long terms. Two years ago, the cabinet gave the go-ahead to establish a wealth fund with money from the reserves, which would be used as government investment in long-term projects. The funds to the tune of $5 billion were supposed to be used for investments in seven sectors, including power, energy and infrastructure. But the initiative came to a halt due to fluctuations of the reserve at that time. In 1990, the Norwegian parliament passed legislation to support this, creating the fund and the first money was deposited there in 1996. The fund, whose market value stood at $1,148 billion as of 2019, has been invested only abroad. The Abu Dhabi Investment Authority (ADIA) was established by the government of Abu Dhabi in 1976 to operate sovereign wealth fund. It manages a global investment portfolio that is diversified across more than two dozen asset classes and sub-categories.

Source: https://www.thedailystar.net/business/news/govt-use-forex-reserves-development-projects-1976561

Dhaka Bank has signed an agreement recently for providing cash management and payroll services to Cross World Power

Dhaka Bank has signed an agreement recently for providing cash management and payroll services to Cross World Power Limited at Dhaka Bank Corporate Office. Mr. Emranul Huq, Managing Director and CEO of Dhaka Bank Ltd, and Mr. Syed Raziur Rahman Chowdhury, Chief Executive Officer of Cross World Power Limited, signed and exchanged the agreement on behalf of their respective organisations.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/dhaka-bank-has-signed-an-agreement-recently-for-providing-cash-management-and-payroll-services-to-cross-world-power-1602430317

BD Finance to launch innovative products

Bangladesh Finance and Investment Company Ltd or BD Finance is planning to introduce innovative and customized lending and deposit options to pull together NBFI-designed funding and lending base, top executive of the non-bank financial institution said. To materialize the plan, the NBFI is planning to bring worth Tk 2.0 billion subordinate or zero coupon bond in the market for three to five years. BD Finance started its journey in 1999 with the prime objective of delivering financial services across the different segments of clienteles and business as part of its humble endeavor to contribute meaningfully to the cause of socio-economic development of the country. The Company obtained permission from Bangladesh Bank to operate as financial institution under the Financial Institutions Act 1993 on December 22, 1999 and got listed in Dhaka Stock Exchange on September 06, 2007 and Chittagong Stock Exchange on August 28, 2007. The shareholding structure of BD Finance consists of reputed corporate houses, leading industrialists and general public. BD Finance is giving minimum 10 per cent dividend on year on year andit gave 12 per cent cash dividend in 2019 even in this difficult time. BD Finance has one of the lowest NPL which is close to 4 per cent and will decrease at the end of year 2020, according to official source. The consolidated operating income of the NBFI has increased by 39 per cent in H1 2020 where operating expenses decreased by 23 per cent compared to the same period of H1 2019 which indicates higher operational efficiency.

Source: https://today.thefinancialexpress.com.bd/trade-market/bd-finance-to-launch-innovative-products-1602432226

26 awarded for Walton Digital Campaign branding

Walton, the leading multinational electronics company in Bangladesh, has awarded 26 individuals and organisations for their outstanding branding activities under its ongoing Digital Campaign Season-8 across the country, said a press release. Walton is conducting the campaign to boost its digital registration initiative in order to provide online-based swift and best after-sales service. Under the Digital Campaign Season-8, customers of Walton fridge, washing machine and microwave oven are getting up to 500 per cent sure cash vouchers or lots of free products like fridge, television, air conditioner, blender etc. On the occasion, the ‘Best Branding Award and Best Area Manager Award-2020’ ceremony was held at the Walton corporate office in the city recently.

Source: https://today.thefinancialexpress.com.bd/trade-market/26-awarded-for-walton-digital-campaign-branding-1602432311

Norway interested to help harness blue economy

Norwegian ambassador to Bangladesh Espen Rikter-Svendsen expressed on Sunday interests to provide his country’s technical support to harness the potential of the blue economy at the Bay of Bengal. Norway has a long experience in exploring maritime resources and Bangladesh can be immensely benefited by applying Norwegian experiences, said the ambassador during his meeting with industries minister Nurul Majid Mahmud Humayun at the ministry of industries (MoI) in the city. They discussed issues of mutual interests and cooperation between the two countries in different sectors for the benefits of the two nations.

Source: https://today.thefinancialexpress.com.bd/trade-market/norway-interested-to-help-harness-blue-economy-1602432358

HSBC observes customer service week

The Hongkong and Shanghai Banking Corporation (HSBC) in Bangladesh celebrated International Customer Service Week from October 5 to 8. To wrap up the week of celebrations and also discuss the changed landscape of customer service in presence of industry experts, the lender yesterday organised a webinar on “The transformed landscape of Customer Service to thrive in the New Normal”. The bank’s selected customers shared their experience of banking with HSBC at the event. The customer service week is an international celebration of the importance of customer service and of the people who serve and support customers on a daily basis. The bank is taking forward its customer experience initiative under the campaign “Exceeding Expectations Everyday” and has embedded it as a way of life for every element that the bank offers for its customers, the bank said in a statement. Customer experience is at the centre of what we offer at HSBC. Starting from designing our products and propositions to serving those to our customers, customer experience is an essential element that we consider.

Source: https://today.thefinancialexpress.com.bd/trade-market/norway-interested-to-help-harness-blue-economy-1602432358

Brac Bank wins award for female-focused lending

Brac Bank has recently been named as the Access to Finance Champion by the Financial Alliance for Women. This is for the fourth consecutive time the bank won the award. The announcement came in a 2020 Alliance Summit held recently through a digital platform, according to statement. The Financial Alliance for Women is a leading network of financial organisations in 135 countries dedicated to championing the untapped female economy. Brac Bank was awarded for continuously evolving its products and services under “TARA” to expand its reach to female customers.

Source: https://today.thefinancialexpress.com.bd/trade-market/norway-interested-to-help-harness-blue-economy-1602432358

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 28,586.90
↑ 161.39↑ 0.57 %
FTSE100$ 6,016.65↑ 38.62↑ 0.65 %
Nikkei 225$ 23,528.53↓ 91.16↓ 0.39 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 40.29↓ 0.31↓ 0.76 %
Crude Oil (Brent)$ 42.53↓ 0.32↓ 0.75 %
Gold Spot$ 1,927.42↓ 2.98↓ 0.15 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 84.8000
GBP 1BDT 110.6640
EUR 1BDT 100.3014
INR 1BDT 1.1615





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