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 11, 2019

Bangladesh second fastest growing economy: IMF

Bangladesh is among the three fastest growing economies in the world, according to the International Monetary Fund (IMF) — in yet another thumping endorsement of the country’s extraordinary growth momentum. The economy will grow at 7.3 percent this year, which will be second highest in the world, as per the IMF report ‘World Economic Outlook, April 2019: Growth Slowdown, Precarious Recovery’ revealed on Tuesday. Neighbouring India will also grow at the same pace as Bangladesh but Rwanda will grow the fastest at 7.8 percent. The three countries would be the only ones in the world to log in more than 7 percent growth this year. The IMF’s projection comes on the heels of the World Bank’s and the Asian Development Bank’s. The World Bank, which does not use calendar year in its projections like its counterpart IMF, said Bangladesh would be among the five fastest growing economies in the world this fiscal year with its 7.3 percent growth. The Asian Development Bank tipped Bangladesh to log in the fastest economic growth in the Asia-Pacific region in fiscal 2019-20. This fiscal year, the economy will grow at 8 percent. The two multilateral lenders’ projections for this fiscal year, however, are lower than the prediction of the government: 8.13 percent.

Source: https://www.thedailystar.net/business/news/bangladesh-second-fastest-growing-economy-imf-1728289

Swap getting popular in local Financial Market

Interest rate swap is gradually becoming popular in the country’s financial market, as many firms are showing interest on such type of derivative to avoid interest rate volatility. Swap is the exchange of one set of cash flows for another, floating to fixed rate or vice versa. Usually taking place over the counter (OTC), the contracts are between two or more parties according to their desired specifications, and can be customised in many different ways. For example, if a party borrows from overseas at a floating rate, swap will happen when the party wants to convert the loan into a fixed rate one, considering its long-term uncertainly. There are three different types of interest rate swap: fixed-to-floating, floating-to-fixed, and float-to-float. As per the Bankers, in recent period, two big swap deals have been signed, one by the Eastern Bank Limited and other by the BRAC Bank Limited, amounting to US$ 140 million.

Source: http://today.thefinancialexpress.com.bd/first-page/swap-getting-popular-in-local-financial-market-1554918758

Businesses sidestep Tk 10b in consumption tax during FY ’18

The amount of VAT evasion has almost doubled in a year as the tax collector has intensified audits. The VAT Audit, Intelligence and Investigation Directorate detected Tk 10.71 billion in evasion of such taxes during fiscal year 2017-18, up from Tk 5.67 billion a year ago, the data available with the revenue board showed. During the last 15 months, the wing unearthed VAT evasion worth Tk 20 billion and realised Tk 1.65 billion from businesses. As per the commissioner of the Directorate, the highest evasion took place in the manufacturing sector, followed by banks, insurers and financial institutions. The directorate realised Tk 574 million in VAT during the first seven months of the current fiscal year against Tk 449 million and Tk 99 million in FY 2017-18 and FY 2016-17 respectively. According to the commissioner, there is a huge untapped potential for VAT collection if pursued properly for realisation. VAT wing alone can contribute around Tk 2.0 trillion to the public exchequer if the VAT team works with due diligence and required facility.

Source: http://today.thefinancialexpress.com.bd/first-page/businesses-sidestep-tk-10b-in-consumption-tax-during-fy-18-1554918412

Bahrain-based Investcorp to invest in Bangladesh

Bahrain-based multinational financial institution Investcorp has expressed its interest to invest in Bangladesh’s different sectors like infrastructure, consumer goods and technology. A visiting delegation of the company expressed the interest at a press conference in the capital on Wednesday, concluding their two-day visit in Dhaka. Executive Chairman of the Investcorp Mohammed Mahfoodh Alardhi, Co-Chief Executive Officer (CEO) Hazem Ben-Gacem and Managing Director for Asia operation Timothy Mattar were present. As per the Executive Chairman, the company is now expanding its footprints in Asian countries, following its successful investment in North America, Europe and Middle Eastern countries. As per him, few years ago, they came to the view that we cannot ignore this part of the world. Admiring Bangladesh’s economic achievement in the recent years and future prospects, he added they have met different people from the private sector to government to learn about the investment climate here.

Source: http://today.thefinancialexpress.com.bd/trade-market/bahrain-based-investcorp-to-invest-in-bangladesh-1554910532

Trust Bank inks deal with Teletalk

Trust Bank Limited has signed an agreement with Teletalk Bangladesh Limited recently at Teletalk corporate office, Gulshan. Under this agreement Teletalk Bangladesh Limited will act as a facilitator of USSD (Unstructured Supplementary Service Data) network to its subscribers for Trust Bank Mobile Financial Services ‘t-cash’ through access code *201#

Source: http://today.thefinancialexpress.com.bd/stock-corporate/trust-bank-inks-deal-with-teletalk-1554916744

Bangladesh wins WSIS award for 6th time

Bangladesh has won the ‘World Summit on Information Society (WSIS) Prize-2019’ for its outstanding contribution to the development of ICT sector. The Establishment of Bangladesh National Digital Architecture (BNDA) and e-Government Interoperability Framework (e-GIF) project of Bangladesh Computer Council won the WSIS Winner Prize in category-6 this year. WSIS Forum chairman and posts, telecommunications and information technology minister Mustafa Jabbar and state minister for ICT Zunaid Ahmed Palak jointly received the award on behalf of Bangladesh from International Telecommunication Union (ITU) secretary general Houlin Zhao in Geneva of Switzerland on Tuesday. Besides, eight projects of Bangladesh have won the WSIS Champions Prize in different categories. The projects are the Development of National ICT Infra-network (Info-Sarker) project, Creating Awareness on E- Right to Information (E-RTI) through Community Radio Project, Teachers’ Portal, E- Climate justice and resilience through Community Radio in coastal areas of the Bay of Bengal in Bangladesh, Geo data to control late blight fungal disease in potato in Bangladesh, IT For The Differently Able and Mobile Based Age Verification before Marriage Registration to Stop Child Marriage project.

Source: http://www.newagebd.net/article/69691/bangladesh-wins-wsis-award-for-6th-time

WTO praises BD’s trade policy

As per the Commerce Minister, members of the World Trade Organisation (WTO) praised the country’s trade policy that contributed to the nation’s progress in different sectors over the last few years. The appreciation came during the fifth trade policy review (TPR) meeting on Bangladesh in Geneva, Switzerland on April 3 and 5 last. As per the minister, WTO members are satisfied with Bangladesh’s progress in different sectors over the last few years. The minister discussed different trade related issues with different member countries of WTO like the European Union (EU), the US and Japan and they praised the progress in our development works.

Source: http://today.thefinancialexpress.com.bd/trade-market/wto-praises-bds-trade-policy-1554910504

ERL holds 42nd AGM

Eastern Refinery Limited (ERL), the lone oil refinery of the country, held its 42nd Annual General Meeting (AGM) recently. The AGM of ERL was chaired by ERL Board Chairman and Chief Coordinator (SDG) of Prime Minister’s Office Md Abul Kalam Azad. The meeting approved the audited report of 2017-18 fiscal of the company. The ERL earned profit (before tax) of taka 13,1194 lac by selling 12.41,731 MT crude oil after refining it. The company also deposited taka 16,75.30 lac to the state coffer in last fiscal. The meeting also expressed satisfaction over the increased production and earned profit of the company.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/erl-holds-42nd-agm-1554916680

Citi creates opportunities for Chinese Corporates in Bangladesh

Citibank, N.A., Bangladesh recently hosted the “China Day Event” underlining Citi’s commitment to support Chinese clients operating in Bangladesh. Economic Counsellor Li Guangjun, Embassy of the People’s Republic of China, clients and Regional and Cluster Seniors from Citi, attended the event. Delivering the opening remarks, James Morrow, Citi Sub-Cluster Head, for Bangladesh & Sri Lanka, outlined Citi’s focus on serving Chinese clients and connectivity with the Belt and Road Initiative (BRI). As per Mr. Morrow, the Belt and Road is a very ambitious plan that holds the potential to support the development of many countries. It is a truly transnational in scope covering over 120 countries, home to 65% of the world’s population and 41 % of GDP. Citi with its worldwide network is in over half of these markets and is perfectly positioned to act as a partner.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/citi-creates-opportunities-for-chinese-corporates-in-bdesh-1554916730

ONE Bank opens booth at Ahsanullah University

ONE Bank Limited, a private commercial bank, has opened a banking booth and an ATM booth on the campus of Ahsanullah University of Science & Technology in the capital. Managing Director of ONE Bank Ltd. M. Fakhrul Alam and Pro-Vice Chancellor and Treasurer of Ahsanullah University of Science & Technology Kazi Shariful Alam jointly inaugurated the banking and the ATM booths at a ceremony recently.

Source: http://today.thefinancialexpress.com.bd/trade-market/one-bank-opens-booth-at-ahsanullah-university-1554910662

eGeneration to provide Microsoft Solutions to Robi

eGeneration Limited, Licensing Solutions Partner (LSP) of Microsoft Bangladesh, has recently signed an agreement with Robi Axiata Limited to provide Microsoft solutions. Mahtab Uddin Ahmed, Managing Director and CEO, Robi and Shameem Ahsan, Managing Director, eGeneration Ltd. signed this multimillion dollar contract on behalf of their respective companies.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/egeneration-to-provide-microsoft-solutions-to-robi-1554916650

Five lakh yaba pills seized in Patuakhali

Bangladesh Coast Guard has seized 500,000 yaba pills and held two men from the mouth of the river Ramnabad on the Bay of Bengal in Patuakhali.

Source: https://www.thedailystar.net/frontpage/news/5-lakh-yaba-pills-seized-patuakhali-1728253

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA26,157.16 ↑6.58↑0.03%
Nikkei 225 21,647.91↓39.66↓0.18%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI) $ 64.35↓0.26 ↓0.40%
Crude Oil (Brent)$ 71.57↓0.16↓0.22%
Gold Spot $1,306.79↓1.20↓0.09%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.5015
GBP 1BDT 109.1930
EUR 1BDT 94.0720
INR 1BDT 1.2032





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