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 February 11, 2020

BB allows each bank to form Tk 2b fund

The central bank has allowed all scheduled banks to create a special fund worth Tk 2.0 billion each of five-year tenure, only for investment in the capital market. Under the fresh arrangement, the banks may form the special fund with their own resources or with fund received from the Bangladesh Bank (BB) through repo or re-financing mechanism, according to a notification, issued by the BB on Sunday. Such investment will not be included in the banks’ capital market exposures, both on solo and consolidated basis, until February 2025. The banks will be eligible to get repo (repurchase agreement) facilities against treasury bills (T-bills) and treasury bonds at 5.0 per cent interest rate instead of the existing 6.0 per cent. The interested banks will receive such low-cost fund through special repo facility without holding any auction. Under the mechanism, the banks may lend money to share market intermediaries by charging maximum 7.0 per cent interest rate. Some criteria have been set for the fund to mitigate risk through diversifying investment portfolios. On September 22 last year, the BB offered repo facility to the banks at 6.0 per cent interest rate for investment in the capital market. The facility drew very little attention, as only the City Bank Limited took Tk 500 million under the facility, although the banks had scope of borrowing around Tk 30 billion from the central bank.

Source: https://today.thefinancialexpress.com.bd/first-page/bb-allows-each-bank-to-form-tk-2b-fund-1581356791

Core index sheds 121 points in five days

Stocks witnessed a modest fall on Monday, extending the losing streak for the fifth straight session, as nervous investors continued their sell-offs on selective issues. DSEX, the prime index of the Dhaka Stock Exchange (DSE), went down by 3.20 points or 0.07 per cent to settle at 4,385. DSEX had lost a cumulative 121 points or 2.70 per cent in the past five consecutive sessions. Market operators said despite the government decided to offload shares of state-owned banks, no positive effects was visible in market amid ongoing volatility. Recently the government passed a bill to bring the surplus money of 61 state-owned and autonomous agencies to the national exchequer which eroded investors’ confidence. In recent market developments, Bangladesh Bank has decided to support the ailing stock market with liquidity and might provide a loan size of Tk 20 billion, but no positive impact on the market. The DS30 index, comprising blue chips, also saw a fractional loss of 0.88 point to finish at 1,491. However, the DSE Shariah Index gained 3.85 points to close at 1,016. Turnover, a crucial indicator of the market, also fell and amounted to three-week low to Tk 3.41 billion, which was 5.80 per cent lower than the previous day’s turnover of Tk 3.62 billion. The financial institutions sector witnessed the highest loss of 1.44 per cent, followed by telecom with 0.74 per cent, banking 0.65 per cent, food 0.60 per cent and power 0.45 per cent. On the other hand, engineering and pharmaceuticals sectors gained 0.78 per cent and 0.34 per cent respectively. Losers took a modest lead over the gainers as out of 353 issues traded, 166 closed lower, 124 ended higher and 63 remained unchanged on the DSE trading floor. A total number of 107,516 trades were executed in the day’s trading session with trading volume of 120.88 million shares and mutual fund units. The market-cap of the DSE also fell to Tk 3,357 billion, from Tk 3,363 billion in the previous session. SK Trims was the day’s best performer, posting a gain of 9.94 per cent while Metro Spinning was the worst loser, losing 6.41 per cent. The port city’s bourse, the Chittagong Stock Exchange, also saw marginal fall with its All Shares Price Index (CASPI)-losing 30 points to close at 13,381 and the Selective Categories Index – CSCX -falling 15 points to finish at 8,114. Here too, the losers beat gainers, as 118 issues closed lower, 77 ended higher and 45 remained unchanged on the CSE. The port city bourse traded 5.59 million shares and mutual fund units worth Tk 173 million in turnover.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/core-index-sheds-121-points-in-five-days-1581353935

FBCCI seeks members’ opinions by Feb 12

The apex trade-body, FBCCI, has sought opinions from its member associations regarding the possible impact of Coronavirus outbreak on the country’s trade and economy. The FBCCI has taken the initiative in line with a recent directive of the Ministry of Commerce (MoC), provided in a meeting with the apex trade-body on February 6. Subsequently, the ministry at an emergency meeting on February 7 discussed the possible impact of Coronavirus outbreak in China on Bangladesh economy, especially on export-import. The MoC has also asked various market monitoring agencies to intensify their vigilance, so that none can raise commodity prices in the name of short supply, citing China’s Coronavirus epidemic. There are examples that some unscrupulous businesses, on various occasions, took advantage of supply chain disruption, and raised commodity prices in the country. These businessmen may take the chance again, as Coronavirus is gradually spreading to more countries, posing threat to disrupt local commodity supply chain

Source: https://today.thefinancialexpress.com.bd/trade-market/fbcci-seeks-members-opinions-by-feb-12-1581352914

Inward foreign remittance and ‘Branding Award 2019’

Pubali Bank Limited has been honoured with plaque entitled `Top Ten Remittance Award’ for remarkable support service to increase the flow of inward foreign remittance and ‘Branding Award 2019’ for outstanding services from the Centre for Non-Resident Bangladeshis (NRBs). Md. Abdul Halim Chowdhury, Managing Director on behalf of Pubali Bank Limited received the award from Dr. Mashiur Rahman (3rd from right), Economic Affairs Adviser to the Prime Minister.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/inward-foreign-remittance-and-branding-award-2019-1581353887

‘Startup Kingdom’ hits the stand

‘Startup Kingdom’, a comprehensive book for startup entrepreneurs hit the stand recently. The book highlights strategies from the very the basics of building a team, creating a product, protecting the trade secrets technology or intellectual property of the company, marketing to for both domestic and global audiences and planning the exit strategy. The concepts are reinforced for the readers’ understanding with real examples from Silicon Valley, as well as successful startups from Japan, Indonesia, Bangladesh and other regions in Asia. Startup Kingdom has a clear purpose to help business owners create their own business plan and choose the right strategies that will help them meet their goals at a much faster and effective way.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/startup-kingdom-hits-the-stand-1581354013

Adani Group revving up to kickstart India Special Economic Zone

Indian corporate giant Adani Group is likely to start the site development work of the India Special Economic Zone (ISEZ) by this June, where billions of dollars of investment are expected to pour in from the neighbouring country. The ISEZ, which will be set up on 1,000 acres of land, will be exclusively for Indian investors. Now negotiation is going on whether the Bangladesh Economic Zone Authority (BEZA) will be involved in equity or not. Prime Minister Sheikh Hasina has given her nod to the Ahmedabad-based Adani Group to develop the ISEZ, according to Paban Chowdhury, executive chairman of Beza. Chowdhury believes successful implementation of the ISEZ would eventually reduce the trade imbalance between the two countries that is heavily tilted towards the neighbouring country. In fiscal 2018-19, Bangladesh’s merchandise shipments to India were $1.24 billion, crossing the $1 billion-mark for the first time, according to data from the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI). At the same time, Bangladesh imported goods worth $7.64 billion, down from $8.61 billion in the previous year. The Indian government will provide $278 million in financial support under its third Line of Credit (LoC) worth $4.5 billion to Bangladesh. Disbursement of funds from the third LoC, which was agreed upon in 2017, is yet to start. Besides, the group, whose annual turnover is upwards of $13 billion, has a plan to invest $350 million in Bangladesh to establish an industrial park in the zone under a joint venture with Singapore-based Wilmar, a manufacturer of agro-based foods and allied products. The number of companies that will set up shop at ISEZ is yet to be finalised, but the zone is expected to create about 3 lakhs jobs directly.

Source: https://www.thedailystar.net/business/news/adani-group-revving-kickstart-india-special-economic-zone-1866274

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DSEX4,385.54932↓ 3.21↓ 0.07 %
↑ 174.31↑ 0.60 %
FTSE1007,446.88↓ 19.82↓ 0.27 %
Nikkei 22523,685.98↓ 142.00↓ 0.60 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 50.14↑ 0.57↑ 1.15 %
Crude Oil (Brent)$ 53.99↑ 0.72↑ 1.35 %
Gold Spot$ 1,568.69↓ 3.46↓ 0.22 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.3061
GBP 1BDT 107.547
EUR 1BDT 91.1055
INR 1BDT 1.16685





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