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 13, 2020

World Bank makes grim economic forecast

Bangladesh’s economic growth will be between 2.0 and 3.0 per cent in the current fiscal in the aftermath of coronavirus pandemic, the World Bank has forecast. The WB has made the forecast on Bangladesh’s economic growth in its report on “South Asia Economic Focus Spring 2020: A Cursed Blessing of Public Banks”. The government has a GDP (gross domestic product) growth projection at 8.2 per cent for the fiscal 2019-20. The growth rate will get even worse during fiscal year 2020-21, dipping as low as 1.9 per cent. The GDP cannot crashland since the economy is on a strong footing except for export growth during the first eight and a half months to March 15. The bank has also drawn a grim picture in fiscal management as it said the lower revenue collection and higher recurrent spending are likely to increase the fiscal deficit to 7.7 per cent of GDP in FY2020. The bank said a decrease in international remittances is expected to have a smaller short-term impact on the poverty rate, as migrants tend to come from better-off households. The World Bank prepares its forecasts independently using international and national data, observed trends, and global risk factors.

Source: https://today.thefinancialexpress.com.bd/first-page/world-bank-makes-grim-economic-forecast-1586711608

Closure of DSE puts market’s reputation at stake

The indefinite closure of the Dhaka Stock Exchange (DSE) and the Bangladesh SEC’s circular in March that prevents stock prices falling below their five day average, have wrought significant damage to your stock market’s reputation among international institutional investors. Every other stock market in the world (other than Colombo Stock Exchange) remains open at this time, since the functioning of the capital markets is considered an essential service. Meanwhile, there is almost no precedent in recent times for the BSEC’s circular imposing a floor on the stock market; the result will be vastly constrained trading once the exchange reopens. International investors have continuous liquidity needs and depend on the reliability and functionality of underlying markets in order to meet those needs. Serious repercussions are already in train for Bangladesh: there have been suspensions of some mutual funds outside of Bangladesh, which until now have invested enthusiastically in your country, and questions are being asked by specialists in operational risk control as to whether the DSE should be rendered permanently non-investible for foreign funds.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/closure-of-dse-puts-mkts-reputation-at-stake-1586706013

Public banks can spearhead Govt’s rescue efforts: WB

Public banks in Bangladesh and other South Asian nations can play a positive role in figuring out the impending financial crisis from the coronavirus pandemic by providing financial services to the rural economy. The Cursed Blessing of Public Bank” said the lenders had played a positive role during the financial crisis between 2008 and 2010. In the current economic situation, public banks are needed to provide countercyclical lending — as they did during the last global financial crisis. And in some cases, they may be needed to inject capital into weak private banks. Bangladesh has 60 banks in total, of which 8 are public banks. And public banks have better coverage across districts than private ones. However, public banks’ share of loans to agriculture and micro, small, and medium enterprises (MSME) is not very different from that of private banks. The state-run banks represent nearly 65 per cent of all rural branches, being responsible for ‘social safety net’ payments and other government services but with limited compensation). SCBs and SDBs have 53 and 88 per cent of all their branches in rural areas, respectively, while private commercial banks (PCBs) have just 35 per cent, and foreign commercial banks (FCBs) have none. Credit to agriculture and MSMEs is only a small part of the SCBs’ loan portfolios, suggesting a limited developmental impact. Credit to traditional key targets for improving the incomes of poor and excluded groups (agriculture, fishing, forestry, and MSMEs in the industry) is low for SCBs at just 13 per cent of their total portfolio, which is not that different from PCBs and FCBs at 9 and 6 per cent respectively.

Source: https://www.thedailystar.net/business/news/public-banks-can-spearhead-govts-rescue-efforts-wb-1892434

foodpanda teams up with Shwapno

foodpanda, country’s leading online delivery service company in collaboration with country’s largest retail brand Shwapno have officially launched an on-demand grocery and medicine delivery service through its app in Bangladesh. It presents customers an access to a range of daily lifestyle offers, including on-demand delivery service for groceries, daily essentials and medicine, easily delivered at their doorsteps. Customers will be able to get frozen food, dry food, fresh fruit, vegetables and daily household necessities like soap and shampoo. The new service that was piloted last week is made available on the already existing ‘foodpanda’ app in playstore. .

Source: https://today.thefinancialexpress.com.bd/stock-corporate/foodpanda-teams-up-with-shwapno-1586706156

S. Alam Group supplies PPE to Chattogram City Corporation

S. Alam Group is continuing the social aiding activities to prevent the spread of worldwide pandemic coronavirus (COVID-19) in the country under the direction of Mohammed Saiful Alam Masud, Chairman of S. Alam Group . S. Alam Group provided 2,000 pieces of Personal Protective Equipment (PPE) for doctors, nurses, ward boys and all health assistants of all hospitals under Chattogram City Corporation.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/s-alam-group-supplies-ppe-to-chattogram-city-corporation-1586706094

US-Bangla gets nod to operate cargo flights

The US-Bangla Airlines, one of the local carriers, has received approval from the Civil Aviation Authority, Bangladesh (CAAB) to operate cargo flights for importing medical equipment as well as export goods amid the prevailing situation of COVID-19 pandemic. General manager (PR) of the airlines Kamrul Islam said they will operate the cargo flights with four passenger Boeing 737-800 aircraft to the countries having bilateral air service agreements on cargo with Bangladesh. They will be able to carry maximum 20 tonnes of goods at the cargo hold of our Boeing 737-800 aircraft, if there are no passengers.

Source: https://today.thefinancialexpress.com.bd/trade-market/us-bangla-gets-nod-to-operate-cargo-flights-1586705898

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
↑ 285.80↑ 1.22 %
FTSE1005842.66↑ 164.93↑ 2.90 %
Nikkei 22519141.32↓ 357.20↓ 1.83 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$23.83↑ 1.07↑ 4.70 %
Crude Oil (Brent)$ 32.83↑ 1.35↑ 4.29 %
Gold Spot$1,684.35↓ 12.30↓ 0.73 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.0430
GBP 1BDT 103.375
EUR 1BDT 90.7761
INR 1BDT 1.09485





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