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 28, 2017

Bangladesh Bank sells $45m more to three banks

The central bank of Bangladesh has sold US$45 million more to three commercial banks to meet the growing demand for the greenback in the market. “We’ve sold the foreign currency to the banks on Wednesday at market rate to settle outstanding letters of credit (LCs) against imports particularly fuel oil, food grains and capital machinery,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.

Source: https://businessnews-bd.net/bangladesh-bank-sells-45m/

BB urges all to abstain from transactions of virtual coins

Bangladesh Bank (BB) has requested all to abstain from online-based virtual currency or crypto currency, like bitcoin, ethereum, ripple and litecoin as there is no legal framework of the currencies in any country across the world, reports BSS. “Virtual currency is not legal in any country. So no one can have financial claim to any authority against the transactions through the currency,” said a BB’s recent notice. Virtual currency is not recognised by the central bank or any other agencies of the Bangladesh Government, said the BB notice. The notice said virtual currency transactions take place through online-based networks, which is not approved by any central authority or by the payment system that controls authority. Therefore, the clients may be affected, it added.


Industrial default loans soar 30pc

Defaults in the industrial sector soared 30.31 percent at the end of September as large borrowers who enjoyed restructuring facilities under a special Bangladesh Bank scheme in 2015 failed to repay their loans. As of September, industrial default loans stood at Tk 31,270 crore, up from Tk 23,997 crore a year earlier, according to data from the BB. “Some business groups misused the central bank’s restructuring facility,” said MA Halim Chowdhury, managing director of Pubali Bank. Owing to the economic damages caused by the political unrest, the central bank in a special move offered borrowers who had loans amounting to more than Tk 500 crore rescheduling facility on relaxed terms. For rescheduling, the borrowers had to make down payment of just 1-2 percent of the loan amount instead of the usual 10-15 percent. Some 11 large borrowers took up on the offer and loans amounting to Tk 15,000 crore were restructured. “Those groups have slid into the default zone again,” Chowdhury said, adding that some other business groups have recently joined them, all of which have puffed up the non-performing loans in the industrial sector. Syed Mahbubur Rahman, managing director and CEO of Dhaka Bank, echoed the same.


Bangladesh economic growth may slow to 6.9pc this fiscal

Bangladesh economy may grow at a slower pace of 6.9 per cent this fiscal year after a record growth of 7.28 per cent in the last fiscal, a global financial giant forecasts. The latest reckoning on the state of economy of the country came from Standard Chartered — after prospective ratings by several foreign financiers to Bangladesh, who also a little lowered the growth below government projection. The lagged impact of floods is likely to dampen growth during the second half of FY18 and election-related uncertainty may lead to lower economic activity during the first half of FY19, it cautioned in its global economic research views revealed Wednesday. “Bangladesh is entering 2018 with strong fundamentals — growth is at an all-time high, a balance-of-payments surplus has boosted reserves to a record high, and debt remains manageable,” the banking giant noted about things of the near-past. Focusing on the flipside that may cast its shadow, it said inflation started rising in the country and banking-sector nonperforming assets (NPAs) remained elevated.

Source: http://today.thefinancialexpress.com.bd/first-page/bangladesh-economic-growth-may-slow-to-69pc-this-fiscal-1514396592

Prime Bank arranges Tk 6,000m syndicated term loan for BSRM

Prime Bank arranged its 29th syndication loan deal involving Tk 6,000 million (600 crore) for Bangladesh Steel Re-Rolling Mills Limited (BSRM Limited) recently at a local hotel in the city. Prime Bank with seven others, namely the Dhaka Bank Limited, City Bank Limited, Jamuna Bank Limited, Mercantile Bank Limited, National Credit and Commerce Bank Limited, Pubali Bank Limited, and Trust Bank, Limited participated in the loan syndication. Rahel Ahmed, Managing Director & CEO of Prime Bank, M. A. Halim Chowdhury, Managing Director & CEO of Pubali Bank, Ishtiaque Ahmed Chowdhury, Managing Director & CEO of Trust Bank, Kazi Masihur Rahman, Managing Director & CEO of Mercantile Bank, Adil Islam, Additional Managing Director of The City Bank, Md. Shakir Amin Chowdhury, Deputy Managing Director of Dhaka Bank, Muhammad Shahidul Islam, Deputy Managing Director of Jamuna Bank, Abu Zafore Md. Saleh, Deputy Managing Director of NCC Bank, and Aameir Alihussain, Managing Director of BSRM Limited, inked the agreement on behalf of their respective organisations and spoke on the occasion.

Source: http://today.thefinancialexpress.com.bd/trade-market/news-briefs-28-12-2017-1514393250

Prime Bank Investment Ltd shifts head office

The Prime Bank Investment Ltd (PBIL), a subsidiary of Prime Bank Ltd on Wednesday inaugurated its head office in the city’s Banani shifting from Motijheel to focus more on the corporate clients. To this connection, an inauguration ceremony was held at the new PBIL office located at Tajwar Centre in road 19/A of Banani. Prime Bank Ltd chairman Azam J Chowdhury, PBIL chairman M Farhad Hussain, its director Ahmed Kamal Khan Chowdhury, and PBIL managing director & chief executive officer (CEO) Tabarak Hossain Bhuiyan were present at the inauguration ceremony. Mr Tabarak said PBIL shifted its corporate office to Banani from Motijheel to expand its activities related to corporate advisory and issue management of the valued clients.

Source: http://today.thefinancialexpress.com.bd/trade-market/dutch-bangla-bank-opens-175th-branch-in-capital-1514306961

City Bank arranges $15m to support SME, RMG portfolios

City Bank has recently arranged USD 15 million funds from Oesterreichische Entwicklungs bank AG (OeEB), the Austrian Development Bank to support the growing need of the Bank’s SME, RMG and Offshore Banking portfolios. A Financial Closure Ceremony was organised in Vienna, Austria where City Bank Managing Director & CEO Sohail R. K. Hussain, OeEB Executive Director Andrea Hagmann and Managing Director, Investment Finance Division Sabine Gaber signed a financing agreement on behalf of their respective organisations, said a statement.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/city-bank-arranges-15m-to-support-sme-rmg-portfolios-1514390306

Bank Asia joins Coca-Cola’s women empowerment project

Bank Asia recently joined a Coca-Cola Bangladesh project to impart agent banking training among 25 successful women entrepreneurs of Jamalpur in the latter’s Bhaluka plant in Mymensingh. The women are from a Coca-Cola project titled Women Business Centers (WBC), which aims to assist rural women into providing a variety of services supporting and developing their income generation capacities. Starting off in January 2015 with 10 WBC in Jamalpur, Khulna and Bagerhat districts, the project now has 40 WBC, having imparted knowledge on agricultural production, marketing, mobile balance recharge and photocopy and nutrition services to 40,000 entrepreneurs. Bank Asia from now on will support this project by training women into becoming its agents, helping communities at the farthest corners access financial and banking services.

Source: http://www.thedailystar.net/business/bank-asia-joins-coca-colas-women-empowerment-project-1511302

Southeast Bank opens branch at Muktagachha, Mymensingh

Southeast Bank Limited inaugurated its 132nd branch at Muktagachha’s “Rabeya-Momtaz Tower” on the Mymensingh-Tangail main road (old bus stand), Muktagachha Municipality, Mymensingh on Wednesday, says a statement. S.M Mainuddin Chowdhury, Additional Managing Director, Southeast Bank Limited, formally inaugurated the Muktagachha branch as the chief guest.

Source: http://today.thefinancialexpress.com.bd/trade-market/news-briefs-28-12-2017-1514393250

bKash organises AML, CFT workshop

bKash Limited, the largest mobile financial service provider in the country, organised a training workshop on ‘Anti Money Laundering and Combating Financing of Terrorism’ for its distributors of Dhaka South City Corporation area recently, says a statement. The workshop highlighted the AML and CFT issues relevant to the distributors. Chief Executive Officer (CEO) of bKash Kamal Quadir, Chief External and Corporate Affairs Officer Major General Sheikh Md Monirul Islam (Retd), Chief Commercial Officer Mizanur Rashid and Head of Sales of bKash Emon Kalyan Dutta attended the programme, held at the Hotel Lakeshore in the capital.

Source: http://today.thefinancialexpress.com.bd/trade-market/bkash-organises-aml-cft-workshop-1514393051

Bangladesh again denied GSP

Bangladesh’s trade privilege in US markets has been again denied as President Donald Trump’s administration goes on to enforce the trade preference programme’s eligibility this week. The Generalised System of Preferences (GSP) facility for Bangladesh was suspended in June 2013 after the Rana Plaza building collapse in April, the reasons cited being poor labour rights and unsafe working conditions in factories. The then Obama administration also gave 16 conditions to be fulfilled for regaining the trade privilege. Bangladesh fulfilled the conditions and twice submitted reports to United States Trade Representative (USTR). But the US has not been reinstating the trade privilege, now citing poor labour rights.

Source: http://www.thedailystar.net/business/bangladesh-again-denied-gsp-1511323

NBR to introduce AEO for fast customs clearance

The National Board of Revenue (NBR) will soon introduce ‘Authorized Economic Operator (AEO)’ on experiment basis to assist clearing import-export goods at lower costs and in shortest possible time, reports BSS. “We’re going to introduce this special facility for assisting the business houses. As the country’s businesses sector is expanding gradually, the customs will have to maintain pace with it. It is a step to modernise our customs,” said NBR chairman Md Nojibur Rahman while speaking at a workshop on AEO at a city hotel yesterday. NBR member (customs inspection and international trade) Khandaker Md Aminur Rahman, chief of NBR’s AEO committee Prokash Dewan and Dr Muhammad Khairuzzaman of USAID, among others, attended the opening session of the workshop.


Bangladesh to import 1.4 m tons crude oil from KSA, Abu Dhabi

Bangladesh will import 1.4 million tons of crude oil from Saudi Arabia and Abu Dhabi for the current fiscal year 2017-18 to meet the domestic requirement. Cabinet Committee on Public Purchase on Wednesday approved two separate proposals placed by the Energy and Mineral Resources Division in this regard. Cabinet Division additional secretary Mustafizur Rahman informed that the bulk petroleum will be imported under the government-to-government contracts and about Tk. 4901 crore would be spent for the imports.


Favourable dollar-taka exchange rate saves apparel exports

Bangladesh’s exported garment items in the first 11 months of 2017 amounted to USD 26.40 billion, up 1.38 per cent year-on-year, according to data from the Export Promotion Bureau (EPB). The favourable dollar-taka exchange rate has lent a helping hand to apparel exporters in the outgoing calendar year. At the start of the year, the greenback traded between Tk 78 and Tk 79 and during the course of the year it crawled up. On December 20, it traded at Tk 83.20. “The current exchange rate is favourable for exporters. We should handle the exchange rate softly,” said executive director of the Policy Research Institute of Bangladesh Ahsan H. Mansur. He went on to suggest that the dollar can be allowed to appreciate to up to Tk85. If it goes past the Tk 85-mark, it will be bad for the balance of payment and macroeconomic stability as imports would become costlier.

Source: http://thefinancialexpress.com.bd/economy/bangladesh/favourable-dollar-taka-exchange-rate-saves-apparel-exports-1514370384

No cheer for cement industry in 2017

The price hike of raw materials, the depreciation of local currency and intense competition among too many makers have hit the cement industry hard in the outgoing year, market players said. Even the ongoing mega infrastructure projects are failing to bring the cement manufacturers much cheer these days.

Source: http://www.thedailystar.net/business/no-cheer-cement-industry-2017-1511329

ICT can drive away graft

Corruption will be eliminated from the country if the information and communications technology is used properly, Finance Minister AMA Muhith said yesterday. “The most effective tool to fight corruption will be the ICT,” he said at The Daily Star ICT Awards ceremony in the capital’s Le Méridien Hotel yesterday. Two individuals and five local IT firms were awarded by The Daily Star and Bangladesh Association of Software and Information Services (BASIS) for their outstanding contribution to the country’s fast growing ICT industry. The event was organised in association with Microsoft Bangladesh Ltd, the country office of the world’s leading technology company, and private commercial lender Brac Bank, with Le Méridien as hospitality partner.

Source: http://www.thedailystar.net/frontpage/laurels-ict-heroes-1511392

BTRC to hold meeting with stakeholders on VAS guidelines

The posts and telecommunications ministry has sent back the draft telecommunication value-added service guidelines prepared by the Bangladesh Telecommunication Regulatory Commission for revision. In August this year, the telecom regulator drafted the guidelines titled ‘Regulatory Guidelines for Issuance of Registration Certificate for Providing Telecommunication Value Added Services in Bangladesh’ and published the guidelines on its web site seeking public opinion.

Source: http://www.newagebd.net/article/31293/btrc-to-hold-meeting-with-stakeholders-on-vas-guidelines

Summit Power brings changes to its Memorandum of Association

As part of business expansion plan, Summit Power Limited (SPL) has made changes to its Memorandum of Association (MA) at the 16th Extra-Ordinary General Meeting (EGM). With these changes, Summit Power Limited will be able to generate electricity for Bangladesh Power Development Board (BPDB) in addition to Bangladesh Rural Electrification Board (BREB). Furthermore, Summit Power Limited will be able to generate electricity for others in both Bangladesh and abroad subject to permission from the concerned authority.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/summit-power-brings-changes-to-its-memorandum-of-association-1514390475

Many Japanese companies to invest in BD next year

Japanese Ambassador to Bangladesh Hiroyasu Izumi said Japanese investors are keen to invest in Bangladesh. “Honda’s decision to set up an assembly plant near Dhaka is an epoch-making development and it jacked the confidence of other Japanese companies up to invest in Bangladesh,” the Japanese Ambassador said while addressing the 13th annual general meeting (AGM) of Japan-Bangladesh Chamber of Commerce and Industry (JBCCI) held recently in the city. “The year 2017 is the 45th anniversary of establishment of our bilateral relations. Delightfully, I see more and more Japanese companies have considered investment in Bangladesh and I see next year many Japanese companies will invest here,” he said. A total of 75 members of JBCCI attended the AGM, conducted by its secretary general Tareq Rafi Bhuiyan.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/many-japanese-companies-to-invest-in-bd-next-year-1514390260

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
Nikkei 22522,939.09↑27.88↑0.12%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 59.76↑0.12↑0.20%
Crude Oil (Brent)$ 66.60↑0.16↑0.24%
Gold Spot$ 1,288.87↑1.69↑0.13%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 82.69
GBP 1BDT 110.94
EUR 1BDT 98.43
INR 1BDT 1.29





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