Dhaka Bank joins ADB’s trade and supply chain finance programme
Dhaka Bank Limited has recently signed an agreement with Asian Development Bank (ADB) to engage in the latter’s Trade and Supply Chain Finance Programme (TSCFP) as a confirming bank to expand its trade facilities.As per the confirming bank agreement, the regional bank will provide Dhaka Bank with guarantees to cover all or part of the risks associated with Dhaka Bank’s add confirmation and/or discounting of qualifying trade finance transactions issued by selected banks in ADB’s developing member countries.Adding payment confirmation to the letter of credit will secure the export receivables which will give comfort to the Bangladeshi exporters.Thus, it will help to have a direct impact on the growth of the Bangladesh economy.
Core index marginally up after modest volatility
Stocks extended the rally with key index of the Dhaka Stock (DSEX) surpassing the 7,300-mark on Wednesday, for the first time after the index was introduced nearly nine years back.The market opened on a positive note and sustained till end amid modest volatility, finally ended slightly higher. Although the key index rose marginally, it’s enough to reach an all-time high.DSEX, the benchmark index of the DSE, went up by 5.61 points or 0.07 per cent to settle at 7,302-the highest since its inception on January 27, 2013, replacing the then key index — DGEN.However, the all-time high DGEN Index was 8,918 points recorded on December 5, 2010, when the market saw a bull run before a crash.The DS30 index comprising blue chips also followed the suit to close at its historical high at 2,696, after gaining 5.05 points. The DS30 Index was also launched on January 27, 2013.However, the DSE Shariah Index (DSES) went down slightly by 1.62 points to finish at 1,583.Turnover, another important indicator of the market, stood at Tk 22.69 billion on the prime bourse, which was 6.28 per cent higher than the previous day’s tally of Tk 21.35 billion.
Aug imports surge as economy rebounds
Bangladesh sees an import surge as apparel exporters made big purchases of textile products as capital goods from the international market to meet buyers’ enhanced requirements after the reopening of economies in the western world.A rising trend in fuel-oil prices on the global market following restoration of connectivity gradually across the world despite the ongoing Covid-19 pandemic has also pushed up overall import-payment obligations, market operators said.The settlement of letters of credit (LC), generally known as actual import, in terms of value, ballooned by 30.62 per cent to $5.17 billion in August 2021 from $3.96 billion in the previous month, according to the central bank’s latest statistics.On the other hand, the opening of LCs, generally known as import orders, rose more than 48 per cent to $6.29 billion in August from $4.25 billion a month before.Actual imports for petroleum products jumped by nearly 57 per cent to $325.62 million in August from $207.85 million in July 2020, according to the central bank data.
Dhaka to import 100,000 tonnes of Russian wheat
Bangladesh has decided to import 100,000 tonnes of wheat from Russia to meet the growing demand for the staple food in the country.The government took the decision during a meeting on Wednesday, according to Shamsul Arefin, additional secretary of the Cabinet Division, reports bdnews24.com.The price would be finalised later by the Cabinet Committee on Public Purchase, he said.In the meeting, the state-run Karnaphuli Fertilizer Company Limited (KAFCO) was also given the nod to buy 100,020 tonnes of urea fertilizer from Qatar and Saudi Arabia.Meanwhile, 40,000 tonnes of furnace oil is being imported from Indonesia at a cost of Tk 1.74 billion for Bangladesh Petroleum Corporation.