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

Click to Close

Rate last updated: 02/01/2014 11:15:04 AM

Important Business News Extracts December 11, 2017

Stronger US dollar plays role in inflow of remittance

The continued appreciation of US dollar against Bangladeshi Taka (BDT) is playing an important role in increasing the inflow of remittances into Bangladesh, observed experts, reports BSS. The inflow of remittance over the first five months of the current fiscal year witnessed an upward trend as the expatriate Bangladeshis sent US $5,768.54 million during the period from July to November (2017-2018 fiscal year). This is a 10.76 per cent rise over the amount sent during the same period in the previous fiscal year. Bangladesh received $5,208.12 million remittances during July to November of 2016-17 financial year, according to Bangladesh Bank (BB) data. The inter-bank exchange rate of the US dollar stood at Taka 82.50 on December 7, up from Taka 79.10 on January 1 this year and Taka 78.70 on December 7, 2016.

Source: http://www.thedailystar.net/business/sales-savings-tools-the-rise-1502818

Prime Minister (PM) gives the nod to three new banks

Prime Minister Sheikh Hasina has given the go-ahead to three new banks – Bangla Bank, People’s Bank, and Police Bank – to start their operations in Bangladesh. The prime minister stamped her approval on a summary letter from the Ministry of Finance, which was recently forwarded to the Bangladesh Bank for the final approval, sources said. “We have relayed what the prime minister wants [regarding the three new banks] to the central bank,” said an official of the ministry’s Bank and Financial Institutions Division, requesting anonymity. “Internal communication to this end is currently in progress between the government and the central bank.” Bangladesh Bank sources said the central bank had already started the formalities after receiving the letter.

Source: http://www.dhakatribune.com/business/banks/2017/12/10/pm-gives-nod-three-new-banks/

Bangladesh Bank (BB) relaxes terms for refinance fund of Shariah-based banks

Bangladesh Bank has raised the tenure of investment, to one year from three months, made by Shariah-based banks and non-bank financial institutions in a refinancing fund for agro-based product processing industries, small enterprises and green ventures. The central bank in a circular on Sunday extended the tenure of investment in the Islamic Refinance Fund Account which was introduced by the BB in 2014 for the Shariah-based banks and NBFIs. Under the revised terms, Shariah-based banks and NBFIs can now invest in the fund for one year for the agro-based projects, small enterprises and renewable energy ventures, said the BB circular. In addition, the schedules of repayment and recovery of the financing have also been extended. Refinancing facility availed from the BB is now made repayable annually, which could earlier be availed at the end of each quarter along with profit.


Foreign funds in stocks double

Foreign investors’ participation in the stock market almost doubled in November from a month earlier as price indices rebounded following the central bank’s action in October against overexposed banks. The monthly turnover of foreign portfolio stood at Tk 1,253.43 crore last month in contrast to Tk 642 crore in October, according to data from the Dhaka Stock Exchange. The net position of foreign portfolio surged to Tk 19 crore in November, which was Tk 151.72 crore in the negative a month earlier. The foreign investment portfolio plunged into the negative territory in October due to mounting sell pressure after the central bank fined seven banks for overexposure to the capital market, said a senior executive of the DSE.

Source: http://www.thedailystar.net/business/foreign-funds-stocks-double-1503115

StanChart opens biz dev office at Mongla EPZ

Standard Chartered has recently inaugurated a Business Development Office for Mongla Export Processing Zone in Mongla, Bagerhat. This is the sixth such office after Dhaka, Chittagong, Adamjee, Karnaphuli and Comilla EPZ. With this office the Bank expands its offerings to better serve the corporate clientele at Mongla EPZ. The office will provide strategic service representation to the existing and potential clients. This will include trade documentation assistance and collection of day-to-day instructions and documents from clients for onward processing. In addition to this, clients will be able to avail various certifications required for trade transactions directly from the EPZ area.

Source: http://today.thefinancialexpress.com.bd/trade-market/news-briefs-11-12-2017-1512932504

BRAC Bank receives Women’s Market Champion Award

BRAC Bank Limited received the Women’s Market Champion Award from the Global Banking Alliance for Women (GBA). BRAC Bank received the prestigious award in recognition of its launch of the comprehensive women’s banking product suite, TARA. Selim R. F. Hussain, Managing Director & CEO, BRAC Bank, received the award at GBA Annual Summit in London recently. Bilquis Jahan, Head of Human Resources, and Zara Jabeen Mahbub, Head of Communications and other senior officials of BRAC Bank were at the ceremony.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/news-briefs-11-12-2017-1512931034

Market sees hefty rise in rights fund in 2017

Funds raised by listed companies from rights shares soared more than three-fold in the outgoing calendar year 2017 compared to the previous year. Four listed firms netted around BDT 11.14 billion by issuing more than 868 million rights shares, with IFIC Bank accounting for half of the fund, according to data from the Dhaka Stock Exchange (DSE). In 2016, three listed companies collected BDT 3.66 billion by issuing nearly 274 million rights shares. Market insiders said regulatory requirements and a better situation in the secondary market were the main factors behind the jump in capital raised through rights shares. Of the four firms that raised funds through rights shares in 2017, two were from the financial sector, one from engineering and the rest from services & real estate sector. Khairul Bashar Abu Taher Mohammed, chief executive officer of MTB Capital, noted that the financial sector companies issued rights shares either to reach their capital adequacy ratio or to strengthen their capital base in line with regulatory requirements. Meanwhile, rights subscription of LankaBangla Finance is set to begin on December 17 which will raise BDT 1.59 billion by issuing 159 million ordinary shares of BDT 10 each to comply with the condition of BASEL-III.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/market-sees-hefty-rise-in-rights-fund-in-2017-1512930778

Amend new VAT law to salvage it

The revenue authority may consider amending the ditched new VAT law to resolve all controversies that forced its deferment, said a parliamentary body chief. Initiatives should be taken so that the apex chamber could not raise any question after implementation of the law, said Dr Md Abdur Razzaque, chairman of the parliamentary standing committee on finance ministry. The chief of the parliamentary watchdog on finance noted that the law couldn’t get through following strong opposition from the country’s apex chamber-the Federation of Bangladesh Chambers of Commerce and Industry or FBCCI. “The government should review what steps it has taken so far to sort out the reasons for deferment of the new VAT law,” he said at a seminar and awarding ceremony for the highest VAT-payers. The National Board of Revenue (NBR) organised the programme on the occasion of celebrating the National VAT Day 2017 and VAT Week at its under-construction building in Agargaon area of the capital.

Source: http://today.thefinancialexpress.com.bd/first-page/amend-new-vat-law-to-salvage-it-1512928045

Govt signs deal with Summit

The government singed a power purchase agreement (PPA) with Summit Group on Sunday to buy electricity from Gazipur 300 MW Power Plant, reports UNB. As the state-owned body the Power Development Board (PDB) on behalf of the government signed the contract with Summit. An implementation agreement (IA) was also signed between the Summit, Power Division and Power Grid Company of Bangladesh (PGCB) in this respect. As per contracts, the Summit Group will set up the plant at Kodda of Gazipur and start its commercial operation by May 9 next year. Addressing at the contract signing event, State Minister for Power and Energy, Nasrul Hamid said this will add 3000 MW power to the grid next year. Appreciating Summit, he said like the private firms, the public sector entities are also performing well. Summit Group Chairman Mohammad Aziz Khan and PDB Chairman Khaled Mahmud also addressed the function.


ICT to emerge as biggest contributor to export basket, says PM

Prime Minister Sheikh Hasina yesterday expressed the optimism that the ICT sector will be the biggest contributor to the country’s foreign currency earning in near future, reports UNB. “I think this (ICT) will be our biggest contributor to the export basket, we want to give training to our children towards that end,” she said. The Prime Minister said this while formally inaugurating the newly-built ‘Sheikh Hasina Software Technology Park’ in Jessore through a videoconference from her official residence Ganabhaban in the capital. The Software Technology Park is expected to generate jobs for around 12,000 youths.


Govt bars office bearers from polls after 2 consecutive terms

The government has amended Trade Organisations Rules barring a person from contesting executive committee election of a trade body like Bangladesh Garment Manufacturers and Exporters Association and Bangladesh Knitwear Manufacturers and Exporters Association after serving the office for two consecutive terms. It has also increased the number of directors of the board of the Federation of Bangladesh Chambers of Commerce and Industry, the apex trade body of the country, to 72 from 60.

Source: http://www.newagebd.net/article/30198/govt-bars-office-bearers-from-polls-after-2-consecutive-terms

Bangladesh can make two or three bridges like Padma

The Customs will auction out undelivered cargoes to clear port jams as part of package measures undertaken Sunday for augmenting activities of the country’s prime seaport. Chittagong Port Advisory Committee in a meeting, chaired by Shipping Minister Shajahan Khan, adopted the decisions in the wake of deepening shipping problems facing the port.

Source: http://today.thefinancialexpress.com.bd/last-page/customs-to-auction-undelivered-cargoes-to-clear-port-congestion-1512928891

Customs to auction undelivered cargoes to clear port congestion

The Customs will auction out undelivered cargoes to clear port jams as part of package measures undertaken Sunday for augmenting activities of the country’s prime seaport. Chittagong Port Advisory Committee in a meeting, chaired by Shipping Minister Shajahan Khan, adopted the decisions in the wake of deepening shipping problems facing the port.

Source: http://today.thefinancialexpress.com.bd/last-page/customs-to-auction-undelivered-cargoes-to-clear-port-congestion-1512928891

Apparel export to US falls 4.22pc

Bangladesh’s garment export to the US fell in the 10 months into October this year with higher shipments from competing countries such as China, India and Vietnam. The country’s apparel shipment to its single largest export destination declined 4.22 percent year-on-year to $4.54 billion, according to data from the US Department of Commerce. Indonesia, South Korea and China also experienced a fall to the US market. China, the global leader in apparel exports, shipped $32.89 billion worth of garments to the US, down 0.58 percent year-on-year, according to the data.

Source: http://www.thedailystar.net/business/apparel-export-us-falls-422pc-1503094

NBR rewards 149 top VAT payers

The National Board of Revenue on Sunday awarded top nine VAT paying businesses at the national level and 140 other entities at districts level for depositing the highest amounts of value-added tax to the government exchequer for the fiscal year 2015-2016. The awards have been given to the businesses under three categories — production, service and business — at functions held at eight divisional cities on the occasion of National VAT Day (December 10) and VAT Week (December 10-15).


BTRC invites bids to appoint auditors for BL, Airtel

Bangladesh Telecommunication Regulatory Commission on Sunday invited tenders for the appointment of audit firms for information system audit of two mobile phone operators, Banglalink and Airtel. Airtel was merged with Robi in November, 2016. The tender invitation was published on the BTRC’s web site on Sunday after getting approval at the commission’s latest meeting held on November 27, a senior BTRC official told New Age on Sunday. Having an expert IT partner or consultant has been made mandatory for getting the job, said the tender invitation that will be published in daily newspapers and National e-Government Procurement (e-GP) portal as well. IT firm or consultant of the audit firm must have at least one year of experience in the area of telecom or IT sector along with five years of experience of the audit firm. The deadline for submission of expression of interest will be 5:00pm on January 11, 2018, while the commission would seek final quotation from seven firms based on initial expression of interest from auditors.


Govt to act against hoarders as onion prices jump sky-high

The government has, of late, set monitoring teams after the ‘hoarders’ as onion prices climbed sky-high, reaching up to Tk 120.00 per kilogramme. Officials said under the move, the Ministry of Commerce (MoC) has also directed the district administrations to tame the hike in onion prices in the local markets. “We asked the monitoring teams to intensify market-monitoring drives and hunt down scrupulous traders who are involved in onion hoarding illegally,” additional secretary of the MoC Munshi Shafiul Haque told the FE.

Source: http://today.thefinancialexpress.com.bd/last-page/govt-to-act-against-hoarders-as-onion-prices-jump-sky-high-1512928768

BD losing 2.7pc of GDP yearly, says WB study

Bangladesh is losing 2.7 per cent of its gross domestic product (GDP) each year due to environmental degradation in urban areas, reveal the preliminary findings of a recent World Bank (WB) study. Simultaneously, the WB analysis has also found that 5.3 million people in the country will be vulnerable to the effects of climate change by 2050, while this will also lead to reduction in agricultural productivity, increase in malnutrition and decrease of water availability. Such projections were shared during a workshop in the capital on Sunday. It was organised to disseminate the preliminary findings of the ‘Country Environment Assessment for Bangladesh’ being carried out by WB. The detailed analysis found that ambient air pollution alone is causing 1.0 percent GDP loss for the country each year, while indoor air pollution is causing a further 0.6 per cent GDP reduction.

Source: http://today.thefinancialexpress.com.bd/first-page/bd-losing-27pc-of-gdp-yearly-says-wb-study-1512928269

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
Nikkei 22522,821.20↑10.12↑0.04%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 57.08↓0.28↓0.49%
Crude Oil (Brent)$ 63.09↓0.31↓0.49%
Gold Spot$ 1,248.55↑0.06↑0.00%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 82.53
GBP 1BDT 110.55
EUR 1BDT 97.19
INR 1BDT 1.28





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