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

Important Business News Extracts April 02, 2019

Remittance up 10.28pc as Banks offer higher rate: Syed Mahbub, Chairman, ABB

Inward remittances edged up 10.28 percent year-on-year to $11.87 billion in nine months to March this year thanks to the steady depreciation of the taka against the US dollar. As per the bankers, majority of the banks have taken steps to boost foreign exchanges because of their higher import payments than export earnings. As per Syed Mahbubur Rahman, Chairman of the Association of Bankers, Bangladesh, many lenders have been forced to offer remitters a lucrative rate amid foreign currency shortage in the banking sector. The large deficit in the country’s current account is an indication of the existing scarcity of the greenback in the banking sector. As per Mr. Rahman, many banks are being compelled to give higher rates than the average bills for collection (BC) selling rate. As per an official of a commercial bank, in recent months, many banks offered between Tk 86 and Tk 87 per dollar to encourage remitters to send money through foreign exchange houses. The BC selling rate, which is used for import payments and has put a positive impact on the inflow, hovered between Tk 84.20 and Tk 84.30 per dollar last month. One year ago, the rate was between Tk 82.95 and Tk 83. The inter-bank exchange rate stood at Tk 84.25 on March 30, up from Tk 82.96 a year earlier.

Source: https://www.thedailystar.net/business/news/remittance-1028pc-1723702

Write-off Policy relaxed for NBFIs as well

The central bank yesterday relaxed its write-off policy for non-bank financial institutions as it had done for banks on February 6 this year. According to a notice of Bangladesh Bank, the NBFIs are now allowed to write off from their balance sheet default loans hovering in the bad category for three years, down from five years previously. They also do not have to file any case with Artha Rin Adalat (Money Loan Court) to write off delinquent loans of up to Tk 2 lakh, up from Tk 50,000 previously. The central bank usually adopts the same policies for banks and NBFIs on loan rescheduling, classification and write-offs. Experts earlier chastised the central bank’s move, saying that the write-off policy would allow banks to artificially show lower default loans on their books. The central bank introduced the write-off policy in January 2003 aiming to put the brakes on rising default loans. But the move turned out to be a disappointment as banks and NBFIs failed to recover a majority of the written-off loans.

Source: https://www.thedailystar.net/business/news/write-policy-relaxed-nbfis-well-1723693

DSE to seek tax waiver for SME share trading

Dhaka Stock Exchange in its budget proposal for financial year 2019-20 will seek tax waiver for share transaction of companies that would be listed with the small capitalised board. As per the DSE officials, DSE will place its proposal before National Board of Revenue today. Transaction of securities listed with SME platform must pay tax at 0.05 per cent in line with the existing law for the main market. According to DSE officials, the exchange was offering a new avenue for SMEs in Bangladesh to access a deep pool of local capital. It is a fund raising initiative to reduce debt burden, enhance corporate profile and create an optimal value for innovative SME entrepreneurs. The government must consider and waive the tax from transaction of securities listed with SME platform of the exchanges to facilitate the sustainable development of SMEs. The bourse will also seek 20 per cent gap in corporate tax rate between listed companies and non-listed companies instead of 10 per cent gap to attract more multinational companies to the capital market. The bourse will also seek tax exemption on dividend income up to Tk 1 lakh to attract the small investors to invest in capital market and ensure sustainable development of the market. At present, the capital market is facing serious liquidity crisis.

Source: http://www.newagebd.net/article/68938/dse-to-seek-tax-waiver-for-sme-share-trading

Stocks rebound on GP, Banking issues

Stocks posted a marginal gain Monday, the opening day of April, as optimistic investors showed their buying appetite on large-cap shares. As per the market analysts, some investors were active on Grameenphone (GP) and banking shares amid lucrative price level, taking the market in the green territory. According to a leading broker, dividend declaration by two companies — Marico Bangladesh and Premier Bank also attracted some investors. Marico has declared 200 per cent interim cash dividend on the basis of audited financial statements for 11 months period and the Premier Bank recommended 15.50 per cent stock dividend. The insurance sector passed a shining session as the sector gained 5.0 per cent with 43 insurance companies, out of 47, closed higher. The day’s top ten gainer were also insurance companies. The market opened on upward note and the positive trend sustain until end of the session with marginal volatility. At the end of the session, DSEX, the prime index of the Dhaka Stock Exchange (DSE), went up by 11.17 points or 0.20 per cent to settle at 5,503. The two other indices-the DS30 index and the DSE Shariah Index (DSES) – saw marginal gain. The DS30 index, comprising blue chips, advanced 4.42 points to finish at 1,971 and the DSE Shariah Index gained 2.21 points to close at 1,277.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/stocks-rebound-on-gp-banking-issues-1554140011

Marico declares 200pc interim cash dividend

The board of directors of Marico Bangladesh has declared 200 per cent interim cash dividend on the basis of audited financial statements for 11 months period for the period ended on February 28, 2019. The record date for entitlement of the interim cash dividend is on April 18. The multinational company has also reported earnings per share (EPS) of Tk 61.55, net operating cash flow per share (NOCFPS) of Tk 80.88 and the net asset value (NAV) per share of Tk 58.93 for the period ended on February 28, 2019 which was Tk 49.75, Tk 41.61 and Tk 47.38 for the same period of the previous year. The company has already disbursed two interim cash dividends this financial year. The company has disbursed 150 per cent (first) interim cash dividend based on three months financials for the period ended on June 30, 2018. The company has also disbursed 250 per cent (second) interim cash dividend based on six months financials for the period ended on September 30, 2018. The company disbursed a total of 600 per cent cash dividend for the year ended on March 31, 2018. Each share of the company, which was listed on the Dhaka bourse in 2009, closed at Tk 1,387.60 on Monday, losing 3.42 per cent over the previous day.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/marico-declares-200pc-interim-cash-dividend-1554140043

Review meeting on draft ADR guidelines held

The third tripartite review meeting of the Committee, on the draft ADR guidelines to resolve commercial disputes including non-performing loans was held recently at BIAC office. Mr. Muhammad A. (Rumee) Ali, CEO of Bangladesh International Arbitration Centre (BIAC), presided over the meeting. The draft ADR guideline, as it stands, after incorporating recommendations made by the committee members were thoroughly discussed. Representatives of Bangladesh Bank, Association of Bankers, Bangladesh (ABB) and BIAC are the members of the body. It was agreed in the meeting that incorporating the ADR (Mediation-Arbitration or Med-Arb) clause in all bank contracts will provide banks with a tool to protect themselves from the risk of non-performance of contracts. The clause will be framed in a manner that will give the banks an additional safeguard against the risk of default in loan contracts. Banks will have the discretion to use the ADR Cause appropriately in risk mitigation.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/review-meeting-on-draft-adr-guidelines-held-1554139982

DBH approves 35pc dividend

As per a press release, the shareholders of Delta Brac Housing Finance Corporation Ltd. (DBH) on Sunday unanimously approved 35pc (25% cash & 10% stock) dividend for the year ending December 31, 2018 as proposed by the Board of Directors. The approval was given at the 23rd annual general meeting (AGM) of the company held at “Delta Life Conference Hall” in the city with its Chairman, Nasir A Choudhury in the chair. The meeting was attended by its directors- Dr. A M R Chowdhury, Vice- Chairman, Mr. Md. Sayeed AhmedFCA, Mr. Md. Mujibur Rahman, Mr. Irfan Syed, Maj. Gen. Syeed Ahmed (Rtd.), Q. M. Shariful Ala FCA, Managing Director & CEO and Jashim Uddin, Company Secretary as well as the general shareholders.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/dbh-approves-35pc-dividend-1554140126

Most Japanese Companies want to expand business in BD: Survey

Japanese companies consider the cheapest wage a most competitive feature for continuing business in Bangladesh among 20 Asian countries and two regions though the country’s rate of year-to-year wage increase is higher than three other countries. A JETRO survey on business scenario of Japanese companies, however, found that the country’s position in cargo clearance both at seaports and airports by companies is worse. The survey also found that the wages of engineers and managers in the manufacturing and non-manufacturing sectors are comparatively higher in the country than Sri Lanka, Myanmar and Pakistan. Secretary General of Japan-Bangladesh Chamber of Commerce and Industry (JBCCI) Daisuke Arai shared the business scenario of Japanese companies in Bangladesh while disclosing the findings of JETRO Survey 2018 at the JETRO office on Sunday.

Source: http://today.thefinancialexpress.com.bd/trade-market/most-japanese-companies-want-to-expand-business-in-bd-survey-1554140769

Set up separate SME Bank

The Dhaka Chamber of Commerce and Industry (DCCI) has placed a set of demands, including establishment of an SME bank to help boost the country’s small and medium enterprises (SME). The chamber also called for imposing higher tariffs on imported SME goods and reducing electricity tariff and taxes for the local SME industries in order to protect the sector. The demands were made on Monday when the newly-elected office-bearers of the DCCI, led by its President Osama Taseer, met with Industries Minister Nurul Majid Mahmud Humayun at his office in the city on Monday. Emphasising the importance of setting up a separate SME bank, the DCCI leaders said that the bank will help enhance competitiveness of the local industries. Osama Taseer advocated for allowing back to back LC for industries which are getting priority like ready-made garment (RMG) sector.

Source: http://today.thefinancialexpress.com.bd/trade-market/set-up-separate-sme-bank-1554140840

Reliance Insurance gets new Chairman, Vice Chairman

Shahnaz Rahman, a director of Transcom Group, has recently been elected chairman of Reliance Insurance. The election took place at a meeting of the insurer’s board of directors following its 31st annual general meeting (AGM) at Lakeshore Hotel in Dhaka on Sunday. Shamsur Rahman, the outgoing chairman, presided over the meeting. The insurer also elected Habibullah Khan as vice chairman, the company said in a statement yesterday. Moreover, Srimati Shaha and Atiqur Rahman have been elected new directors from among the company’s public shareholders in the AGM.

Source: https://www.thedailystar.net/business/news/reliance-insurance-gets-new-chairman-vice-chairman-1723681

Nazmul re-elected President of BAPI

As per a press release, Beximco Pharmaceuticals managing director Nazmul Hassan has been re-elected president and Hudson Pharmaceuticals managing director SM Shafiuzzaman as general secretary of Bangladesh Association of Pharmaceuticals Industries for 2019-21.

Source: http://www.newagebd.net/article/68940/nazmul-re-elected-president-of-bapi

CSE gets new Independent Director

Bangladesh Securities and Exchange Commission (BSEC) has approved the appointment of Mr. S. M. Abu Tayyab as Independent Director of Chittagong Stock Exchange Ltd. Mr. Tayyab is Managing Director of Independent Apparels Ltd, Brother’s Apparels Ltd and Director of Mozaher Aushadhalaya.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/cse-gets-new-independent-director-1554140180

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
Nikkei 22521,574.83↑65.80↑0.31%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 61.90↑0.31↑0.50%
Crude Oil (Brent) $ 69.31↑0.30↑0.43%
Gold Spot$1,287.60↓0.12↓0.01%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.9773
GBP 1BDT 109.7583
EUR 1BDT 94.0714
INR 1BDT 1.2142





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