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 14, 2017

Red blinking: Four large borrowers fail to pay regular instalments, out to have the loans rescheduled again

Four business groups, which got their loans of Tk 3,200 crore restructured under the central bank’s special policy around three years ago, have failed to pay regular instalments for most of the loans. The companies — SA Group, Ratanpur Group, Keya Group and MR Group — now owe the money to a dozen state-run and private banks. The amount is 4 percent of the total defaulted loans of Tk 80,307 crore in the banking sector. These large borrowers have recently applied to Bangladesh Bank for rescheduling the loans again, and are also lobbying with their lenders.

Source: http://www.thedailystar.net/backpage/red-blinking-1504711

Russia will open bank in BD

A branch of a Russian Bank will soon be opened in Bangladesh to establish banking channel aimed at expanding cooperation in the private sector. This was disclosed by Ambassador of the Russian Federation Alexander I Ignatov today. He said this while exchanging views with the leaders of Chittagong Chamber of Commerce and Industry at the CCCI office at World Trade Centre at Agrabad in the city this afternoon. Russia’s Acting Consul General in Chittagong Viacheslav Zakharov accompanied him.

Source: http://today.thefinancialexpress.com.bd/last-page/russia-will-open-bank-in-bd-1513187695

Move to disinvest shares of Rupali Bank from Summit Bank, based in Pakistan

A government move to withdraw existing shares of the state-run Rupali Bank from Pakistan-based Summit Bank has stalled for long mainly due to “bureaucratic tangles. Officials said the government took the decision to sell 1.84% or 32.77 million shares of Rupali Bank from the Pakistani bank in March 2015. To this effect, the board of directors of Rupali Bank formed a four-member high-powered committee to withdraw shares and realize all dues from the Pakistani bank. The committee comprises representatives from the finance ministry, foreign ministry, Bangladesh Bank and a deputy managing director of the Rupali Bank. The committee was recast after the post of its chief had fallen vacant. That is why it took time to come to the decision. When asked, a senior official of the bank said that neither was the bank gaining little benefit from the Pakistani Summit Bank nor is there any positive prospect for the future. As such, selling. In 2008, the Summit Bank issued 3.27 million bonus shares in favour of Rupali Bank. Currently, the Pakistani bank owes over PKR 16.3 million to the Rupali Bank, as mentioned in the Pakistani bank’s balance sheet. Currently, Rupali Bank has 1.84% shares with the Pakistani bank. Face value of each of the bank’s share is PKR 10. Market price of per share is hovering between PKR 2.37 and PKR 2.45, according to a source in the Financial Institutions Division under finance ministry.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/move-to-disinvest-rupali-bank-shares-from-pak-bank-founders-1513189656

New DMD & CFO of Prime Bank

Mohammad Habibur Rahman Chowdhury has been appointed as the Deputy Managing Director (DMD) and Chief Financial Officer (CFO) of Prime Bank Limited recently. Prior to the assignment, Habibur Rahman Chowdhury worked at United Commercial Bank Limited as its DMD and CFO, according to a statement. He also worked at Standard Chartered Bank, Bangladesh, Standard Chartered Bank, Dubai and Al Hilal Bank based in Abu Dhabi.


Dhaka Bank and Epyllion Group signed an agreement on Cash Management Services

Dhaka Bank and Epyllion Group signed an agreement on Cash Management Services at Dhaka Bank Corporate Office Tuesday. Under this agreement, Dhaka Bank Ltd will provide Cash Management facility to Epyllion Group through online portal “Dhaka Bank C Solution”. Syed Mahbubur Rahman, Managing Director & CEO of Dhaka Bank Ltd and Reaz Uddin Al-Mamoon, Managing Director of Epyllion Group signed the agreement on behalf of their respective companies.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/dhaka-bank-and-epyllion-group-signed-an-agreement-on-cash-management-services-1513189903

EXIM Bank launches fully automated SWIFT service

Export Import Bank of Bangladesh Limited (EXIM Bank) has started implementing SWIFT’s Sanctions Screening solution to prevent financial crime by making the transaction process more secure. The fully automated service will screen all incoming and outgoing transactions related to foreign trade. Managing Director and CEO of EXIM Bank Dr Mohammed Haider Ali Miah formally inaugurated the implementation of the service at a ceremony held Wednesday at EXIM Bank Head Office in city’s Gulshan area.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/exim-bank-launches-fully-automated-swift-service-1513189527

Primary securities market seems sterile, IPO flow lowest since 2009

Country’s primary securities market seems to be drying up as it witnessed the lowest IPOs (initial public offerings) and also smallest amount of funds raised in 2017 since 2009. According to information from Dhaka Stock Exchange (DSE), the amount of IPO funds declined 74 per cent this calendar year compared to previous year.

Source: http://today.thefinancialexpress.com.bd/first-page/primary-securities-market-seems-sterile-ipo-flow-lowest-since-2009-1513186787

BSEC yet to finalize amendment to mutual fund (MF) rules

The market prices of most of the listed mutual funds (MFs) are yet to cross their face value due to various reasons including investors’ shaky confidence. The Bangladesh Securities and Exchange Commission (BSEC) is yet to finalize the proposed amendment to the rules of MFs it had approved long back for bringing discipline in managing the MFs. The regulator had approved some new provisions for the amendment at a meeting held on December 7, 2015. But the BSEC is yet to take public opinion to finalize the amendment to the rules of MFs. According to the managing director of an Asset Management company, the market price of MFs can go below their net asset value (NAV). He said investment culture is required to restore investors’ confidence to MFs. According to information of Dhaka Stock Exchange (DSE), a total of 36 closed-end MFs are listed with the stock exchanges and 28 MFs are being traded below their face value of BDT 10 each.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/bsec-yet-to-finalise-amendment-to-mutual-fund-rules-1513189470

ADB to lend $6b in three years

The Asian Development Bank will lend more than $6 billion to Bangladesh in 43 projects from 2018 to 2020 to generate inclusive growth and help the country achieve the Sustainable Development Goals. The ADB said the projects will be bankrolled from its current indicative five-year plan covering 2016 to 2020. Under the current country partnership strategy, the bank will lend more than $8 billion to Bangladesh, up from $5 billion in the previous five-year period. The ADB affirmed its long-term commitment and development partnership with Bangladesh as the Manila-based lender marked its 50th founding anniversary. The Bangladesh resident mission organised an event at Le Méridien in Dhaka on Tuesday to celebrate the anniversary.

Source: http://www.thedailystar.net/business/adb-lend-6b-three-years-1504738

ADB keeps BD’s growth projection unchanged

The Asian Development Bank (ADB) in its latest outlook supplement repeated its pared-down growth projection at 6.9 per cent for Bangladesh in the current fiscal year. In September last, the Bank in its Asian Development Outlook (ADO) 2017 Update had scaled down Bangladesh’s economic growth to 6.9 per cent from the government-projected 7.4 per cent for the FY2017-18.

Source: http://today.thefinancialexpress.com.bd/first-page/adb-keeps-bds-growth-projection-unchanged-1513187267

Businesses can now courier VAT returns

The revenue authority now plans to provide businesses with the opportunity to submit VAT returns by post and courier, a senior NBR official said yesterday. “We are considering this option to reduce hassles of the taxpayers to visit field office,” said Md Rezaul Hasan, member for customs and VAT administration at the National Board of Revenue (NBR). He said the tax administrator plans to open submission of VAT returns online from the next month. “We are in discussion with businesses in this regard.”


10,500MW power generation planned for Boro season

The revenue authority now plans to provide businesses with the opportunity to submit VAT returns by post and courier, a senior NBR official said yesterday. “We are considering this option to reduce hassles of the taxpayers to visit field office,” said Md Rezaul Hasan, member for customs and VAT administration at the National Board of Revenue (NBR). He said the tax administrator plans to open submission of VAT returns online from the next month. “We are in discussion with businesses in this regard.”

Source: http://www.newagebd.net/article/30435/10500mw-power-generation-planned-for-boro-season

Bangladesh apparels at a crossroads

Bangladesh plans to increase its apparel export to the global market with a high ambition of reaching the USD 50-billion mark by 2021, in line with the government’s Vision 2021, which is centred around a goal for the country to attain the middle-income country status by that year when the nation celebrates the golden jubilee of its independence. But doubling the export, which currently stands at USD 28 billion, in just four years’ time is going to be a difficult task. The only way to increase the export amount is by adding value to the apparel.

Source: http://www.thedailystar.net/opinion/perspective/bangladesh-apparels-crossroads-1504519

Robi loses customers in October as other operators add 920 thousands

The number of active subscribers of mobile phone operator Robi Axiata Limited has declined at the end of October this year for the first time after its merger with Airtel Bangladesh last year while the country’s total mobile phone subscribers rose by 960 thousands in the month. Robi was the lone operator that lost customers at the end of October this year as its subscribers declined by 0.43,000 to 4,11,68,000 from 4,12,11,000 at the end of September this year. The subscriber base of Robi was 3,29,90,000 at the end of November 2016 when Airtel merged with the operator with 77,29,000 subscribers. Since the merger, the mobile phone operator managed to maintain growth, in terms of attracting customers, till August this year but lost the growth momentum in October. The subscriber base of the operator increased to 4,06,69,000 at the end of August. On the other hand, number of active mobile phone subscribers in the country increased to 14,16,79,000 at the end of October that was 14,07,13,000 at the end of September this year. The BTRC data also showed that number of active subscribers of Grameenphone increased the most, 559 thousand during October this year, while subscribers of Teletalk and Banglalink increased by 252 thousand and 198 thousand respectively.

Source: http://www.newagebd.net/article/30428/robi-loses-customers-in-oct-as-other-operators-add-92-lakh

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
Nikkei 22522,726.76↓31.31↓0.14%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 56.77↑0.17↑0.30%
Crude Oil (Brent)$ 62.83↑0.39↑0.62%
Gold Spot$ 1,256.86↑1.36↑0.11%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 82.61
GBP 1BDT 110.91
EUR 1BDT 97.77
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