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
Rate last updated: 02/01/2014 11:15:04 AM
Transactions of all banks will remain closed on Sunday (tomorrow) as it is the last day of 2017. “Banking transactions will be closed. But we will perform our official activities,” said Abdul Baten Chowdhury, head of the principal branch of the Southeast Bank Limited. BSS says there will also be no transactions at Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) on the day.
Source:
http://thefinancialexpress.com.bd/trade/bank-transactions-to-remain-closed-on-sunday-1514642676
http://www.newagebd.net/article/31476/transactions-of-banks-trading-on-bourses-to-remain-closed-today
Senior bankers and experts suggest Bangladesh’s banks be cautious in liquidity management from the start of 2018 as a majority of them have been facing a shortage of available liquid funds at the extreme end of this year. An increasing trend in private sector credit growth, large import payments and declining depositors’ confidence on the banking sector may erode banks’ liquidity base, they said. The higher interest rate of government savings tools compared to that of banks’ credit products will further hit the banks’ liquidity management next year. Syed Mahbubur Rahman, managing director of Dhaka Bank, said the banking sector might face a liquidity shortage in 2018 as loans disbursed by banks registered a higher growth than deposits in the outgoing year. The banks may also face a shortage of foreign currency funds because of the need to make a huge amount of import payments, he said.
Source: http://www.thedailystar.net/business/banking/banks-should-manage-liquidity-caution-1512790
The central bank has advised service exporters to open notional accounts only with the Online Payment Gateway Service Providers (OPGSPs) having arrangement with banks in Bangladesh. “We’ve revised the instructions on repatriation of export proceeds through OPGSPs to ensure the use of such earnings in Bangladesh,” a senior official of the Bangladesh Bank (BB) told the FE while explaining the main objective behind the revision. Under the existing provisions, such exporters are allowed to receive their overseas payments of maximum US$5,000 through the OPGSPs, such as – Xoom, a Paypal Service, Payza and Payoneer. The authorised dealer banks, officially known as ADs, will enter into standing arrangements with the internationally recognised OPGSPs and maintain separate Nostro collection account for each OPGSP to repatriate the service export-related payments. BB issued a revised circular on repatriation of export proceeds through the OPGSPs on Thursday. “The service exporters availing this facility will open notional accounts only with the OPGSPs having arrangements with the ADs in Bangladesh,” the central bank said in the circular.
Street children have saved up to Tk50 lakh in their bank accounts in three years, the central bank said. As of September 30, around 4,671 street children have opened bank accounts, according to a report by Bangladesh Bank. The bank accounts, opened in 19 banks, now collectively hold over Tk46.9 lakh as of September. According to the report, the children saved around Tk20.4 lakh in various banks between July and September.
Source: http://www.dhakatribune.com/business/banks/2017/12/29/street-children-lakh-savings/
As much as 63 percent of the SME loans disbursed in the first nine months of the year went to the trading sector, neglecting the manufacturing zone in the process. In the first nine months of the year, Tk 77,718 crore of SME loans was disbursed to the trade sector, up 20.28 percent year-on-year. “It is not a good indication at all that a lion’s shares of SME loans have been disbursed in the trade sector,” said Salehuddin Ahmed, a former governor of the Bangladesh Bank. The manufacturing sector accounted for 24.02 percent of the total SME loans disbursed during the period and the service sector 12.81 percent. Between the months of January and September, banks and non-bank financial institutions managed to disburse 92 percent of their SME target for the year. The target was Tk 133,853 crore. “The central bank should investigate whether the disbursed loans had actually gone to the SME sector,” Ahmed said.
Source: http://www.thedailystar.net/business/banking/lions-share-sme-loans-goes-traders-1511851
Banks got into a last-minute race seeking permission from the central bank to allow rescheduling loans under special considerations to help avert further buildup of their classified loans, as the year draws to a close, officials said. And the scrambles forced the central bank to operate today (Saturday) on the weekend under a special arrangement. The commercial banks are trying to get approval from the Bangladesh Bank (BB) for their loan rescheduling to avert further swelling of their non-performing loans (NPLs). Over the last few days, a good number of banks have rushed to the central bank to seek the BB green signal for rescheduling loans at the eleventh hour to manage higher profits in 2017 by downsizing the actual volume of classified loans, the sources said.
Eastern Bank Ltd (EBL) has launched country’s first Artificial Intelligence (AI) based banking chatbot titled ‘EBL DIA’ (EBL Digital Interactive Agent) – where anyone can interact with EBL through chatting with an AI based Chat Robot on social media platform. It is as simple as chatting with a person but in this context user will be responded by interactive software. The banking Chatbot, first of its kind in Bangladesh, will help the users to get information regarding accounts, credit card and prepaid cards along with general service information through Facebook Messenger, one of the most popular social media platforms in the country. Managing Director and CEO of EBL, Ali Reza Iftekhar launched the chatbot at a ceremony held at a city hotel recently.
Source:
http://today.thefinancialexpress.com.bd/trade-market/ebl-launches-ai-based-banking-in-bangladesh-1514649279
http://www.thedailystar.net/business/banking/ebl-introduces-artificial-intelligence-faster-services-1512781
The board of directors of Dutch-Bangla Bank Limited (DBBL) approved issuance of the 2nd subordinated bond worth Tk 5.0 billion (500 crore), said an official disclosure Thursday. The bank will issue the bond for increasing the Tier 2 capital to meet the capital requirement under Basel III and strengthen the regulatory capital base of the bank, said the disclosure. Basel III is a comprehensive set of reform measures developed by the Basel Committee on Banking Supervision to strengthen regulation and supervision and reduce risks of the banking sector globally. Nature of the bond is unsecured, non-convertible, subordinated and the mode of placement is private with a seven-year tenure.
Source: http://today.thefinancialexpress.com.bd/public/stock-corporate/dbbl-to-issue-tk-50b-bond-1514477728
City Bank has recently arranged a fund of $15 million from a development bank of Austria, to support the growing needs of City’s small and medium enterprises, garments and offshore banking portfolios. Sohail RK Hussain, CEO of City Bank; Andrea Hagmann, executive director of the Austrian bank Oesterreichische Entwicklungsbank AG (OeEB), and Sabine Gaber, managing director of OeEB’s investment finance division, signed the financial deal in Vienna. Sheikh Mohammad Maroof, deputy managing director of City Bank; Mahbub Jamil, head of structured finance, and Ilka Vogel, vice president of OeEB for investment finance, were also present at the ceremony.
Source: http://www.thedailystar.net/business/city-bank-gets-15m-austrian-lender-1511818
Mercantile Bank Limited recently inaugurated its 129th branch at ‘Munshirhat’, Feni. A.K.M. Shaheed Reza, Chairman of the Bank presided over the inaugural ceremony of Munshirhat Branch. Nizam Uddin Hazari MP, Feni-2 constituency inaugurated the branch as the Chief Guest.
BRAC Bank Limited held a Branch Managers Convention recently at Grand Sultan Tea Resort in Sreemangal. The two-day convention focused on Branch Banking strategy for capitalizing market opportunities and providing a delightful banking experience to the customers. Selim R. F. Hussain, Managing Director & CEO, A. K. Joaddar, Deputy Managing Director &CFO, Chowdhury Akhtar Asif, Deputy Managing Director & CRO, were present along with all the branch managers, business heads and the senior officials of the bank.
Bangladesh’s stocks rebounded last week that ended on Thursday, the last week of 2017, breaking a four-week losing spell, as were on buying mood on large-cap stocks. Market operators said the market rebounded backed by substantial gain of large-cap stocks like Lafarge Surma Cement which dominated the week’s turnover and gainer chart.
Source: https://businessnews-bd.net/bangladeshs-stocks-years-last-week-end-high-note/
Country’s capital market witnessed a good year in 2017, showing signs of bouncing back from a sluggish trend that continued for more than six years since a debacle seven years ago. The downside of the outgoing year was, however, less-than-required listings of new issues, which experts thought would be a must for maintaining the growth momentum in the years ahead, experts said. “The market passed a mildly rising trend round the year and there was no severe fluctuation in the indices, which is good,” AB Mirza Azizul Islam, former adviser to the caretaker government, told the FE.
Speakers at a programme on Thursday identified lack of innovative loan products, managerial capacities and access to markets as the key constraints for further development of small and medium enterprises (SMEs) in the country. Social barriers and prejudice against women are also additional barriers for the country’s women SME entrepreneurs, they noted. They opined that a centralized database and credit rating system for the SMEs will help these entities to go to next level. The speakers said these at a dialogue titled “Evidence Dialogue on SME Development in Bangladesh” at a city hotel. Innovations for Poverty Action (IPA), Bangladesh and Access to Information (a2i) Program of Prime Minister’s office jointly hosted the dialogue.
The Gregorian calendar sheds 2017 today (Sunday) into the archives of time, leaving socioeconomic, political and cultural landscapes of Bangladesh, as also of the world, marked by some important events. On the financial front at home, the year began with major changes in the shariah-based Islami Bank Bangladesh. Issues pertaining to changes to different banks’ boards — concomitant with major developments in the banking circles — continued to prevail round the calendar year. There were natural calamities as well, with their adverse impacts on the economy and people’s livelihoods. Two spells of devastating flooding damaged standing crops and subsequent agriculture, resulting in shortage of rice and some spices and price rises. Prices of the staple food hit an all-time high on the local market, so did onion prices.
Some major economic-financial indicators performed well below par in the outgoing calendar year, casting their adverse impacts on Bangladesh’s economic health, experts said. The underperformances are: a negative overall balance of payments (BoP), negative growth in reserve money as a result of low net foreign asset and net domestic asset with the central bank, and inadequate broad-money growth as a result of poor demand deposits. The net sales of national savings certificates continued to rise over expectation, leading to low growth in the banking sector and leaving huge liabilities for the government. And imports expanded substantially, driven mainly by import of food and machinery mostly meant for Padma Bridge and capital machinery, affecting the balance of trade. Economists are of the view that financial sectors, especially the banking sector, passed a bad year as the non-performing loans (NPLs) kept swelling. The call-money rate started rising on account of slow deposits and higher outstanding loans. They said savers opt for saving certificates instead of depositing their money with banks for high yields on the government borrowing tools and low interest rates on bank deposits.
Referring to the non-resident Bangladeshis’ (NRBs) contribution to the country’s economy, speakers at a programme on Saturday said NRBs will return to the country with knowledge and investment if congenial and enabling environment is created for them. They also said currently, there are a large number of sectors in the country where NRBs can engage themselves with innovative ideas and investments covering the areas including agriculture, health, education and specially IT that roughly covers every other sector. The views were expressed at the first ever ‘NRB Conclave’ with theme ‘Transforming Bangladesh through Knowledge Remittance’ organised by Bangladesh Brand Forum (BBF) at a hotel in the city’s Khilkhet. The programme was addressed by Bangladesh Investment Development Authority (BIDA) executive chairman Kazi M Aminul Islam, Bangladesh Bank (BB) chief economist Faisal Ahmed, London School of Economics governor and visiting professor-in-practice Lutfey Siddiqi, ACI Ltd managing director Dr Arif Dowla, and BBF founder and managing director Shariful Islam.
The revenue authority has extended the deadline for obtaining nine-digit electronic Business Identification Number (e-BIN) until March 31, 2018 for the businesses, having 11-digit BINs. Validity of the 11-digit old BINs, which is known as VAT registration numbers, will expire immediately after obtaining the nine-digit e-BINs. The National Board of Revenue (NBR) issued a public notice on Thursday, making some amendments to its previous notice to this effect. After the extended deadline, the taxpayers will require to submit their challans, monthly returns and other formalities through mentioning the new nine-digit e-BINs, according to the NBR notice.
Industries in Economic Zones (EZs) across the country will require about 0.26 million junior, about 7.03 thousand mid-level and 4.65 thousand senior employees in the next five years, reports BSS. “Considering the fact, it is forecasted that the industries will face problems to recruit about 22.33 thousand junior, about 628 mid-level and 400 senior employees due to lack of training,” said a study of the Access to Information (a2i) programme. The study titled “A Journey Towards Development Country: Sustainable Employment Opportunities and Skills Demand in Economic Zones” observed that to overcome the challenges, about 24 training centers will be required for the employees of the industries. “Among these training centers, 22 centers are needed for developing junior level of employees, one training center for mid-level and senior level each. These training centres can develop around 24,000 skilled employees per year,” the study said. Bangladesh Economic Zones Authority (BEZA) and a2i unveiled the result of the study at a function at the Prime Minister’s Office (PMO) in the city on Thursday.
The United Kingdom has again imposed 10 conditions to lift an embargo on direct cargo flights from Dhaka. It came as a blow for the government which was expecting an announcement this month on ending the cargo ban. A three-member team of representatives from the UK recently visited the Hazrat Shahjalal International Airport to observe its security system.
Source: http://www.dhakatribune.com/business/2017/12/29/cargo-ban-uk-imposes-10-conditions/
Inflation is likely to edge upwards in 2018 upon food price rises, according to economists, in a projection that is bound to cast a gloom upon the low-income families. “The economy has been overheating with actual growth exceeding the potential growth rate,” said Zahid Hussain, lead economist of the World Bank’s Dhaka office.
Source: http://www.thedailystar.net/business/economy/no-relief-high-food-prices-2018-1512793
The month-long Dhaka International Trade Fair begins tomorrow although construction works of majority of the stalls and pavilions were yet to be completed till Saturday. Prime minister Sheikh Hasina is scheduled to inaugurate the largest trade fair in the country at Sher-e-Bangla Nagar in the city on Monday.
Source: http://www.newagebd.net/article/31473/month-long-ditf-begins-tomorrow
Khurshid Irfan Chowdhury has recently been appointed as the new managing director of Transcom Beverages Ltd, the only franchisee of PepsiCo in Bangladesh. Chowdhury will take charge of the company on February 1 next year, the company said in a statement yesterday. Prior to the appointment, he has been serving the company as deputy managing director. He joined the company as general manager for sales and marketing in 2002 and also served the company as executive director between 2010 and 2015. Prior joining Transcom, he was the sales director of Reckitt Benckiser Bangladesh.
Source: http://www.thedailystar.net/business/new-ceo-transcom-beverages-1512730
Gemsclip, a concern of eGeneration Group and another leading conglomerate Reckitt Benckiser Bangladesh (RB Bangladesh) Limited recently signed a Memorandum of Understanding together for the sale of consumer household & toiletries products of RB Bangladesh on Gemsclip’s website (www.gemsclip.com). This B2B e-commerce front runner said that, it has become the online distributor of multinational consumer goods company RB Bangladesh, in a deal; that will yield their clients who aim not only for wide ranges of top notch quality products but also the best value for their money. Under the deal, Gemsclip’s consumers will be able to order authorized RB Bangladesh’s household and toiletries products conveniently just by one click. CEO of Gemsclip; Md. Monowar Hossain Khan, Head of Sales of RB Bangladesh Ltd.; Md. Redwanul Islam, Trade Category Manager; Arman Salam and Key Account Manager; E-Commerce; Saurav Chatterjee were present on the occasion.
Source: http://today.thefinancialexpress.com.bd/stock-corporate/gemsclip-signs-deal-with-reckitt-1514570348
| Index Name | Close Value | Value Change | Percentage Change |
|---|---|---|---|
| DSEX | 6,244.52 | ↑58.06 | ↑0.94% |
| DJIA | 24,719.22 | ↓118.29 | ↓0.48% |
| FTSE100 | 7,687.77 | ↑64.89 | ↑0.85% |
| Nikkei 225 | 24,764.94 | ↓19.04 | ↓0.08% |
| Commodity | Close Value | Value Change | Percentage Change |
|---|---|---|---|
| Crude Oil (WTI) | $ 60.42 | ↑0.58 | ↑0.97% |
| Crude Oil (Brent) | $ 66.87 | ↑0.71 | ↑1.07% |
| Gold Spot | $ 1,302.80 | ↑7.76 | ↑0.60% |
| Exchange Rates | |
|---|---|
| USD 1 | BDT 82.69 |
| GBP 1 | BDT 111.74 |
| EUR 1 | BDT 99.27 |
| INR 1 | BDT 1.29 |
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