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 September 7, 2023

August import LC openings highest in last 5 months

The opening of import letters of credit (LCs) in August was the highest in the last five months even though settlements decreased due to the ongoing dollar crisis. According to central bank data, import LCs worth $5.59 billion were opened in August, the second month of the current fiscal year. LC opening has been dwindling since March, which saw $5.79 billion worth of LCs, hitting a three-year low of $4.23 billion in June, the last month of the last fiscal year. But imports started to pick up in the new fiscal year. In order to keep the economy running, LC opening should be increased further, added the seasoned banker. However, when compared year-on-year, LCs opening fell by 14% in August. LCs worth $6.52 billion were opened in August 2022. Amidst these challenges, Bangladesh’s foreign exchange reserves have dipped below $23 billion, with the central bank selling $2.3 billion from reserves in the first two months of the current fiscal year.

Source: https://www.tbsnews.net/economy/august-import-lc-openings-highest-last-5-months-696062

 Bank interest rate spread hits 40-month high

The interest rate spread – the difference between deposit and lending rates – hit a 40-month high of 3.29% last July when the monetary policy was unveiled for the second half of the year, creating a scope for banks to increase their lending rates by more than 1%. Bankers expressed their satisfaction, saying that a spread of at least 3% is required for a bank to cover its running costs comfortably. According to data from the Bangladesh Bank, banks received deposits at an average interest rate of 4.46% in July and lent the funds at 7.75% interest. A higher spread of 4.07% was recorded in March 2020, when the interest rates on deposits and lending were 5.51% and 9.58%. However, the lending activities for CMSMEs and consumer loans may be subject to an additional fee of up to 1% to cover supervision costs, and there will be no changes in the interest rates applicable to credit card loans. SMART was 7.10% in June. Accordingly, banks have the opportunity to charge a maximum landing rate of 10.10% in July. Basically, this is why the banks have increased the interest rate spread.

Source: https://www.tbsnews.net/economy/banking/bank-interest-rate-spread-hits-40-month-high-694826

 Abu Dhabi signs $100m deal with Egyptian bank to boost UAE exports

In a move aimed at reinforcing economic and trade relations between the UAE and Egypt, Abu Dhabi Exports Office, the export-financing arm of Abu Dhabi Fund for Development, has signed a pivotal financing agreement with the National Bank of Egypt. Under the agreement, a revolving loan facility worth $100 million has been established, aimed at supporting UAE export transactions to Egypt. The initiative is strategically designed to bolster economic activities and cross-border relations, further enhancing the trade landscape between the two countries, according to a report by the Emirates News Agency, also known as WAM.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/abu-dhabi-signs-100m-deal-with-egyptian-bank-to-boost-uae-exports-1694021707

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA$ 34,443.19
↓ 198.78↓ 0.57 %
FTSE100$ 7,426.14↓ 11.79↓ 0.16 %
Nikkei 225$ 33,160.55↓ 80.47↓ 0.24 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 87.24 ↓ 0.30↓ 0.34 %
Crude Oil (Brent)$ 90.36 ↓ 0.24↓ 0.26 %
Gold Spot$ 1,919.96↑ 3.40 ↑ 0.18 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 110.0000
BDT 110.0000

*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