Rate cut lowers Q2 fixed deposits
The volume of fixed deposits with the banking system fell by 2.41 per cent in the second quarter ending in June compared to January-March, dwindled by lower interest rate. The amount of fixed deposits decreased by Tk 139.4 billion to Tk 5.67 trillion in the three months to June compared with the preceding quarter. The volume of savings deposits, on the other hand, grew by nearly 9.0 per cent to Tk 2.7 trillion in April-June period over January-March.The current share of fixed deposit to total deposits is nearly 45 per cent while savings accounts belong to over 21 per cent.However, the share of private sector deposits was 80.99 per cent while the public sector deposits accounted for 19.01 at the end of April-June, 2020. Private sector deposits increased by 4.80 per cent at the end of the quarter under review as compared to the preceding quarter.
Al-ArafahIslami Bank re-elects Chairman, Vice Chairman
AbdusSamadLabu has been re-elected as the Chairman and Mohammed Abdus Salam as the Vice Chairman of Al-ArafahIslami Bank Limited. The 351st meeting of the board of directors re-assigned them as Chairman and Vice Chairman unanimously on Wednesday.
Prime Bank launches ‘Neera’
Prime Bank has introduced a unique women-focused initiative ‘Neera’ with a promise to help achieve financial freedom, social progress, self-care and wellness of women of all spheres of the society.The primary objective of ‘Neera’ is to integrate all women irrespective of age, profession, income, social status, of urban or rural areas into financial system especially those who are unbanked. ‘Neera’ will emphasize in catering to the unbanked women, for example, homemakers, who are not being served in traditional banking system, also those are lagging behind in the society and also those who do not have previous history of banking relationships at all. Women will find ‘Neera’ by their side in their pursuit of standing on their foot and achieving true independence and self-esteem in life.
Standard Chartered holds Saadiq Virtual Expo 2020
Standard Chartered Saadiq, the global bank’s Islamic banking division, organised a two-day “Saadiq Virtual Expo 2020” recently introducing clients and stakeholders to its Shariah-compliant banking products and digital solutions.Standard Chartered Saadiq has completed 15 years of operation in Bangladesh in 2020, according to the statement. It informed of offering retail banking, Islamic cash management, working capital and financing solutions for corporate clients. It said to have “introduced a number of firsts” such as a Shariah-compliant Islamic credit card in 2007 and a Sukuk market transaction arrangement in 2019.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|FTSE100||$ 5,899.26||↑69.80 ||↑1.20%|
|Nikkei 225||$ 23,171.71||↓174.78||↓0.75%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 39.40||↓ 0.53||↓1.33 %|
|Crude Oil (Brent)||$ 41.35||↓0.42||↓1.01 %|
|Gold Spot||$ 1,857.01||↓6.33||↓0.34%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 84.8000|
|GBP 1||BDT 107.9928|
|EUR 1||BDT 99.3008|
|INR 1||BDT 1.1536|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<