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 December 03, 2017

Investment in NSCs soar to Tk 17,315cr in Jul-Oct

Investment in national savings tools posted Tk 17,315 crore in July-October, growing from Tk 15,916 crore during the same period of the last year, as people continued to invest heavily in the tools because of low bank rates. According to the latest Directorate of National Savings data, clients invested another Tk 4,620 crore in national savings certificates and bonds in October after relatively slow investment of Tk 3,665 crore in September. The total investment in NSCs was Tk 4,266 crore in October 2016. Officials of DNS and Bangladesh Bank said that higher interest rate of NSCs compared with the bank rates and sluggish business environment in the country continued to encourage clients to invest in NSCs. They said that with the current trend investment in the NSCs would make fresh record in the current fiscal year of 2017-2018, after the investment had hit record Tk 52,327 crore in FY2016-2017. Banks’ interest rate on deposits has been maintaining a downward trend for the last few months, with some banks offering as low as 4 per cent while clients get between 10 and 11 per cent interest on NSCs.

Source: http://www.newagebd.net/article/29498/investment-in-nscs-soar-to-tk-17315cr-in-jul-oct

Private credit growth continues ascent

Private sector credit growth is continuing with its ascent, helped in part by the higher import of food grains and capital machinery. In October, private sector credit growth stood at 18.63 percent, which is way higher than the target of 16.2 percent set for the first half of the fiscal year, according to data from the Bangladesh Bank. The last time the credit growth was higher than this was back in March 2012, when it stood at 19.5 percent. “The high credit growth is unusual,” said a senior BB official, adding that banks are repeatedly being advised to be cautious about their lending. In July, private sector credit growth stood at 16.94 percent, exceeding the monetary target of 16.2 percent for the first half of 2017. The growth slowed slightly to 17.8 percent in September from 17.84 percent in August. The increase in credit growth was due to deferred letters of credit payment mostly for food grains and capital machinery, said MA Halim Chowdhury, managing director of Pubali Bank.

Source: http://www.thedailystar.net/business/private-credit-growth-continues-ascent-1498906

Bangladesh Bank sells $30m more to 11 banks

The central bank of Bangladesh has sold US$30 million more to 11 banks directly to minimise the mismatch between demand and supply of foreign exchange in the market. “We’ve provided the foreign exchange support to the banks on Thursday to meet the demand for the greenback in the market,” a senior official of the Bangladesh Bank (BB) told the BBN in Dhaka.

Source: https://businessnews-bd.net/bangladesh-bank-sells-30m/

World Bank to help introduce direct cash delivery by banks

The World Bank (WB) would assist in rebuilding the system of government cash transfers under the social-safety-net programme (SSNP), introducing direct delivery by banks to recipients to end irregularities. Government officials said Wednesday the Washington-based development financier will help establish transparent beneficiary-selection process and modernise the management of the cash-transfer system. Under the WB support, the government would hand over cash to the beneficiaries directly through the digital payment systems to check any possible misappropriation of the public money, Social Welfare Secretary Md Zillar Rahman told the FE. An Economic Relations Division (ERD) official said the World Bank would provide US$300 million for facilitating the modernisation and financing of government’s cash-transfer system. The Department of Social Services under the Ministry of Social Welfare will upgrade the payment system, reinforcing it with the involvement of Election Commission’s National Identity Card (NID) wing, the Office of Birth and Death Registration and Bangladesh Bureau of Statistics (BBS), to establish a transparent and modern public cash-transfer system.

Source: http://thefinancialexpress.com.bd/economy/world-bank-to-help-introduce-direct-cash-delivery-by-banks-1512103902

State-owned Commercial Banks saw their profit drop or count loss

Six state-owned commercial banks (SoCBs) saw their combined net profit erode in the last calendar year, largely for their own shortcomings, sources said. Of them, two scam-hit SoCBs — Sonali and BASIC — incurred substantial losses during the year. A recent publication styled ‘financial institutions report 2016-17’, prepared by Financial Institutions Division under the Ministry of Finance (MoF), revealed that The aggregate net profit of the state-owned banks — Sonali, Rupali, Janata, Agrani, BASIC and BDBL — dropped more than 14% to BDT 27.25 billion at the end of December 2016. Of the banks in the public sector, the net profit of two — Sonali and BASIC — in the past year was negative. The four others were in the profit domains, with BDBL profit shrinking more than in 2015. On the other hand, the combined net profit of the private commercial banks rose by nearly 18.7% to BDT 73.11 billion in the year under review. Some former bank chief executives states that the state-owned banks have low loan disbursement in comparison with their deposits, leaving substantial amounts of “idle money” in their vaults..

Source: http://today.thefinancialexpress.com.bd/public/first-page/socbs-see-profit-drop-or-count-loss-1512149937

Foreign firms must get BIDA approval for fund transfer

Bangladesh Bank on Thursday made it mandatory for foreign enterprises to get approval from Bangladesh Investment Development Authority for transferring funds from the country. To this end, the central bank on the day issued a circular aligning the guidelines on Foreign Exchange Transactions-2009 with the Bangladesh Investment Development Authority (BIDA) Act, 2016. Under the existing provision of Foreign Exchange Transections-2009, there was no requirement to get approval from the Bangladesh Bank or the now abolished Board of Investment by the foreign companies for remittance of royalty, technical knowhow or technical assistance and operational service fees. The BB circular issued on Thursday, however, repealed the paragraph 25 and 26 of the chapter 10, Volume-1.
Taking approval from the BIDA was made mandatory for the enterprises for payment of royalty, fees for technical knowledge or technical assistance and franchise fees to foreign persons or institutions in accordance. After receiving applications for remittance of funds from the country along with BIDA’s approval, authorised dealers were asked to ensure whether they were authoriesed to execute the remittance or not, the BB circular said. ADs were also asked to ensure whether the applicable taxes payable on remittable amount were duly paid, it said.

Source: http://www.newagebd.net/article/29500/foreign-firms-must-get-bida-approval-for-fund-transfer

Number growing amid lax BSEC monitoring

Lax monitoring on the part of Bangladesh Securities and Exchange Commission has paved the way for a surge in rumour-mongering Facebook pages that are being used for manipulating the stock market by spreading various rumours and tips about stock prices and scrips, market operators said. More than 1,000 rumour-mongering Facebook pages with huge number of followers are seen active in this connection and the number would increase sharply if any effective measure is not taken by the regulator, they said. Of them, DSE Investors Club, a Facebook public group, has more than 82,000 members, while FB groups Bangladesh Stock Market Share Business has 40,911, DSE Club 35,000, DSE Profit Club 33,854, DSE Current Data Analysis News 23,163, and IPO Success Group have 20,195 members. They said more and more people were joining these FB groups and seeking advices about profitable investment at the stock market, and the members were advising them with certainty that a particular scrip would go up or down, they said.

Source: http://www.newagebd.net/article/29576/number-growing-amid-lax-bsec-monitoring

NBR collects Tk 42.81b income tax until Nov 30

The National Board of Revenue (NBR) received over Tk 42.81 billion (4,281.32 crore) as income tax until November 30, 2017, up by 28.37 per cent over the corresponding time of 2016. A total of 15,56,616 tax returns were submitted until November 30, the last date for submission of returns for the individual taxpayers, said an NBR statement. The number of income tax returns submitted until November 30 this year is around 36 per cent higher than that of the same time last year, it mentioned.


NBR secures copyright of ‘Tax ID Card’

The National Board of Revenue (NBR) has secured the copyright of ‘Tax ID Card’, a creative innovation of the revenue authorities to honour taxpayers in the country. The copyright office of the Cultural Affairs Ministry granted the NBR the exclusive rights for use and distribution of the card on Thursday. Secretary of Cultural Affairs Ministry Md Ibrahim Hossain Khan handed over the copyright certificate to NBR Chairman Md Nojibur Rahman at the inaugural ceremony of National Income Tax Day 2017 held at the NBR’s office, says a BSS report.

Source: http://thefinancialexpress.com.bd/economy/nbr-secures-copyright-of-tax-id-card-1512045933

Bangladesh on right track to graduate from LDC status: UN official

A United Nations high official has said that Bangladesh seems to be on the right track to graduate from the Least Developed Country (LDC) status within the targeted timeframe. Fekitamoeloa Utoikamanu, the United Nations Under-Secretary-General for the LDCs, said, “It looks like Bangladesh is on the right track.” Utoikamanu is on a visit to Dhaka to attend the High Level Meeting on Achieving Sustainable Graduation for Least Developed Countries. She said in an interview with the FE that Bangladesh has been able to attain around 7.0 per cent GDP growth rate in recent years which is a key point to graduate from the LDC status. As per the UN provisions, inclusion and graduation of LDCs are based on three criteria: per-capita gross national income, human assets, and economic vulnerability to external shocks. The country has already reached necessary threshold levels for Economic Vulnerability Index and Human Asset Index while it is expecting to meet the threshold of Gross National Income by next year when the next round of LDC graduation review will take place.

Source: http://thefinancialexpress.com.bd/economy/bangladesh-on-right-track-to-graduate-from-ldc-status-un-official-1512035529

JICA sees SPM pipeline as major obstacle to Matarbari seaport

The pipeline of single point mooring (SPM) will emerge as a major obstacle to the main channel of the proposed seaport in Matarbari area, Japan International Cooperation Agency (JICA) has informed the government. The approved map of SPM shows that the pipeline will crisscross the main channel of the seaport. The pipeline will create barriers to plying of commercial ships and vessel movement on domestic routes, conservation of fishing zone, implementation of various development activities planned by Chittagong port, and expansion of port area, officials said. JICA has been carrying out a feasibility study on a seaport in Matarbari area. On several occasions, it requested the authority not to build the pipeline of SPM beneath the main channel of the port. The Ministry of Shipping (MoS) last week reminded the energy division not to take up any development project in Matarbari area without prior permission from the ministry.

Source: http://thefinancialexpress.com.bd/economy/jica-sees-spm-pipeline-as-major-obstacle-to-matarbari-seaport-1512188234

Extend bond facility to potential non-RMG sectors too

Speakers at a roundtable recommended Thursday the government to offer uniform incentives, including the bonded warehouse facility, to the non-readymade garment sector to help diversify export items. They said that an effective special bonded warehouse (SBW) facility could help boost non-RMG exports by approximately US$ 1.5 billion annually. They also suggested extending the SBW beyond the 100 per cent export-oriented industries to facilitate enhancing the capacity of the non-RMG sectors. RMG makes up 82 per cent of the country’s export basket, contributing around $28 billion to the country’s total export earnings of $35 billion in the fiscal year 2016-17. Private think-tank Policy Research Institute (PRI) organised the roundtable on ‘Modernization of Special Bonded Warehouse Scheme to Ensure Export Competitiveness and Diversification’ at its office in the city. Senior secretary to the Internal Resources Division (IRD) and National Board of Revenue (NBR) chairman Md Nojibur Rahman attended the programme as chief guest.


Focus on trade benefits as non-LDC

Bangladesh should negotiate in the upcoming 11th WTO ministerial conference in Buenos Aires keeping in mind its graduation from the least developed country group to a developing country, a leading trade analyst said yesterday. The World Trade Organisation (WTO) is an important platform for the participating nations for realising preferential trade benefits through discussions and negotiations. Bangladesh is likely to be recommended by a United Nations committee for the graduation from the bloc in 2018, and could come out of the LDC group in 2024 if it can meet conditions.

Source: http://www.thedailystar.net/business/focus-trade-benefits-non-ldc-1498912

Bangladesh slips one step in global entrepreneurship index

Bangladesh fell one notch down the latest Global Entrepreneurship Index to 134th position among 137 countries taken for global ranking, indicating some drawback to the country’s business environment. The country also placed itself at the bottom of all the Asian countries included in the ratings, and only three Sub-Saharan African nations, namely, Burundi, Mauritania and Chad, came behind Bangladesh in the index. By comparison, Bangla-desh’s giant-neighbour India stood 68th in this index with a score of 28.4, more than twice Bangla-desh’s score of 11.8. Among other South Asian countries, Sri Lanka is in the 90th position with a score of 21.9 while Pakistan is 120th with a score of 15.6.

Source: http://thefinancialexpress.com.bd/economy/bangladesh-slips-one-step-in-global-entrepreneurship-index-1512185778

National helpline number 999 to launch next week

The nationwide emergency helpline 999 is set to be inaugurated by prime minister’s Information and Communication Technology Adviser Sajeeb Wazed Joy next week. The office of the service has already been opened at the police control room in Dhaka city’s Abdul Gani Road area, said sources from police headquarters.

Source: http://www.dhakatribune.com/bangladesh/2017/12/02/national-helpline-999-launch/

Google says number of active internet users in Bangladesh 40.0 million, half the government count

Google said that the number of active internet users in Bangladesh is 40.0 million although government data showed the number at 79.0 million. A Google official representing Asia Pacific said that out of the 40.0 million internet connected people, 35.0% use internet every day, which is about 14.0.0 million. Asked about the difference between Google data and Bangladesh Telecommunication Regulatory Commission’s data, an official representing Google said that internal data of Google and the monthly or daily active internet users were counted in the figure. The figure was found based on use of youtube, playstore and Gmail, and other social media used by the people. As per the BTRC data, only the number of active mobile phone internet users was shown as 73.8 million.

Source: http://www.newagebd.net/article/29506/google-says-number-of-active-internet-users-in-bdesh-4cr-half-the-govt-count

Local and Global Stock Indices

Index NameClose ValueValue ChangePercentage Change
DJIA24,231.59↓ 40.76↓ 0.17%
FTSE1007,300.49↓ 26.18↓ 0.36%
Nikkei 22522,819.03↑ 94.07↑ 0.41%

World Commodities

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$ 58.36↑ 0.96↑ 1.67%
Crude Oil (Brent)*$ 63.73↑ 1.10↑ 1.76%
Gold Spot*$ 1,280.62↑ 5.61↑ 0.44%

Major Currencies Exchange Rates Movement in Last Seven Days

Exchange Rates
USD 1BDT 82.07
GBP 1BDT 110.61
EUR 1BDT 97.63
INR 1BDT 1.27





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.

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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,

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Managing Director & CEO
Dhaka Bank Limited