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 February 25, 2020

BB sets 9.0pc lending rate for all sectors

The central bank has instructed banks to fix a maximum 9.0 per cent interest rate on all loans except credit cards as part of the government initiative to bring down the lending rate to a single digit. The new instruction will come into effect from April 01, 2020, according to a notification, issued by the Bangladesh Bank (BB) on Sunday night. Borrowers will have to pay an additional 2.0 per cent as panel interest along with the new rate if they become defaulters despite getting the facility, it added. The BB, however, kept unchanged the interest rate at 7.0 per cent for exporters. On December 30 last year, finance minister AHM Mustafa Kamal told reporters that the single digit interest rate on all loans, excepting credit cards, will take effect from April 01. Besides, the seven-member committee, led by the BB Deputy Governor S M Moniruzzaman, was formed on December 01 to find ways to cut down ending rates to single-digit from the existing level to facilitate achieving higher economic growth.

Source: https://today.thefinancialexpress.com.bd/first-page/bb-sets-90pc-lending-rate-for-all-sectors-1582566894

Tariff commission fears serious impact on trade with China

The impact of novel coronavirus on Bangladesh-China bilateral trade is already visible and may seriously affect it in the long run. The commission forwarded on Sunday a preliminary report on coronavirus, or COVID-19, epidemic to the ministry of commerce where it also stated that Bangladesh’s major export sectors have already been affected. It said some 15 to 20 per cent raw materials and 80 to 85 per cent dyeing chemicals and accessories of knitwear sector comes from China. “The supply chain of these items is already facing disruption. The commission said some 60 to 65 per cent of country’s total finished leather and leather goods is being exported to China. The sector may incur loss worth Tk 30 billion due to the coronavirus outbreak. The report said some 40 per cent raw material of garment accessories and packaging manufacturing industry worth $1.6 billion is being imported from China per annum. “Due to the supply chain disruptions the stakeholders fear a loss worth Tk 15 billion. According to the report each month Bangladesh imports some 200 containers of cosmetics and toiletries worth Tk 750 million from China. Due to the virus outbreak import and shipment of the items remained suspended. The report said some 80 to 85 per cent machinery and spare parts of electrical merchandise manufacturing industry was being imported from China. The commission is now calculating the possible loss from the shipment suspension due to the coronavirus epidemic. Bangladeshi jute spinners export goods worth $5.32 billion annually to China which now remained suspended due to the spread of virus, the commission said. The report said the annual import of raw materials of printing industry from China stands at $1.8 billion. “Due to the present shipment suspension, the loss may reach up to $3.6 billion.

Source: https://today.thefinancialexpress.com.bd/first-page/tariff-commission-fears-serious-impact-on-trade-with-china-1582566977

Japanese firms to invest $6.4b

Major Japanese large firms are to invest about $6.4 billion to implement six infrastructure projects in Bangladesh under the public-private partnership model. The implementation timeline for the projects to be implemented by groups such as Kajima, Sojitz and Marubeni will be set at the fourth Bangladesh-Japan Joint PPP Platform meeting in Dhaka next month. The feasibility study, the construction period and other issues will also be fixed at the meeting, said officials of the Prime Minister’s Office and the planning ministry. The government had submitted a list of 18 projects to the Japanese government in December 2017. But Shinzo Abe’s administration picked the six projects from the list that it deemed suitable for investment through Japanese private investors. The approximate length of the proposed revised alignment is 130km, of which 46km is new alignment and 84km will follow existing alignment that needs to be improved. The handling capacity of the proposed ICD is 354,000 twenty-foot equivalent units. The lead company is Sojitz.

Source: https://www.thedailystar.net/business/news/japanese-firms-invest-64b-1872655

GP slump drags down DSEX

Stocks continued to fall for the third straight session on Monday, with cautious investors indulging in sell-offs during the ongoing dividend declaration season. At the end of the day, DSEX, the benchmark index of the Dhaka Stock Exchange (DSE), settled 48 points or 1.02 per cent lower at 4,650. The DSEX lost a total of 108 points in the past three consecutive sessions, as a number of large-cap companies reported poor year-end earnings and declared lower dividends. The Grameenphone (GP) took a big hit, with its share price plunging 6.63 per cent to close at Tk 298.40 on Monday. It soared 8.12 per cent the previous day. The GP, the largest company in terms of market-cap, alone wiped out 41.53 points from the DSEX on Monday, according to the amarstock.com, a stock market data analyst. The Supreme Court on Monday also ordered GP to pay the remaining Tk 10 billion to the Bangladesh Telecommunication Regulatory Commission (BTRC) within the next three months, which prompted investors to sell GP shares. Two other indices also ended in the red. The DS30 index, comprising blue chips, fell 20.54 points to close at 1,571 and the DSES (Shariah) index shed 12.42 points to settle at 1,073. Turnover, an important indicator of the market, stood at Tk 6.0 billion on the country’s premier bourse, falling 10 per cent over previous day’s turnover of Tk 6.68 billion.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/gp-slump-drags-down-dsex-1582563314

DBBL to issue Tk 5.0b subordinated bond

The board of directors of Dutch-Bangla Bank Ltd (DBBL) has approved the issuance of third subordinated bond worth Tk 5.0 billion through private placement. The bank will issue the bond to increase the Tier 2 capital in order to meet the capital requirement under Basel III and to strengthen the regulatory capital base of the bank. The tenure of the unsecured and non-convertible subordinated bond is seven years. The board has also decided that any subsequent changes in the features of the bond, if deemed necessary by the bank or required by the regulatory authorities, shall be placed for approval of the board of directors of the bank. The issuance of the bond is also subject to the approval of Bangladesh Bank and the Bangladesh Securities and Exchange Commission. Each share of the bank, listed on the Dhaka bourse in 2001, closed at Tk 67.20 on Monday, shedding 1.75 per cent over the previous day. Its share traded between Tk 58 and Tk 237.20 in the past one year. The bank’s consolidated earnings per share (EPS) stood at Tk 6.73 in nine months for January-September 2019 period as against Tk 5.32 for January-September 2018. Its consolidated net operating cash flow per share (NOCFPS) was Tk 18.90 for January-September 2019 as against Tk 16.95 for January-September 2018. The consolidated net asset value (NAV) per share was Tk 52.87 as on September 30, 2019 and Tk 43.08 as on September 30, 2018.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/dbbl-to-issue-tk-50b-subordinated-bond-1582563344

Confce of CAMLCOs of banks held

Bangladesh Financial Intelligence Unit (BFIU) organised a conference of ‘Chief Anti-Money Laundering Compliance Officers (CAMLCOs) of Banks’ in Habiganj recently in cooperation with the Association of Anti-Money Laundering Compliance Officers of Banks in Bangladesh (AACOBB). Governor of Bangladesh Bank Fazle Kabir inaugurated the conference as the chief guest. Abu Hena Mohd. Razee Hassan, Head of BFIU, addressed the function as special guest. Kazi Enayet Hossain, Executive Director of Bangladesh Bank, Sylhet Office, also addressed the function as a guest. Eskandar Miah, Deputy Head of BFIU and Bangladesh Bank Executive Director, presided over the function.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/confce-of-camlcos-of-banks-held-1582563547

IDCOL to finance solar project of textile mill

The Infrastructure Development Company Limited (IDCOL) signed a facility agreement with Fakhruddin Textile Mills Ltd (FTML), a concern of Urmi Group, on Sunday to finance a rooftop solar project with a capacity of 2037.75 kWp, says a statement. Electricity to be produced from this project will not only reduce electricity bills of FTML but also reduce the diesel consumption during load shedding. In addition, FTML can export unutilised electricity to be generated from the project to national grid under the Net Metering Guideline 2018. Currently, the unit cost of electricity from rooftop solar is below Tk 8.0, which makes the proposed investment very lucrative as the tariff is cheaper than the grid electricity tariff. The project will be implemented with a total project cost of Tk 140.9 million. Under this facility agreement, IDCOL will provide concessional loan of Tk 112.7 million. IDCOL plans to finance 300 MWp rooftop solar projects by 2022.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/idcol-to-finance-solar-project-of-textile-mill-1582563516

Bangladesh mobile phone market grows by 4.1pc in 2019

Bangladesh’s mobile phone market returned to growth in 2019 with a 4.1 per cent annual growth, shipping 29.6 million units during the year. Feature phones continued to dominate with 76.6 per cent share and 22.7 million units shipment with a 4.9 per cent annual growth, according to the International Data Corporation’s (IDC) Worldwide Quarterly Mobile Phone Tracker, 4Q19. The last quarter of the year (4Q19) saw the healthy growth in the overall mobile phone shipments as the category grew 19.5 per cent YoY and 16.2 per cent from the previous quarter, contributing 8.8 million shipments to the year. In June 2019, the government of Bangladesh increased the customs duty on the import of completely built units (CBU) of the smartphone to 25 per cent from 10 per cent earlier, resulting in a 4.1 per cent decline YoY in 2H19. However, as feature phones were left outside of this increased duty structure, it saw a strong recovery with 20.1 per cent YoY growth in 2H19. Walton climbed to the fourth position as its shipments saw 23.6 per cent annual growth in 2019. Walton was able to strengthen its position in the entry-level segment as its share had increased to 15.4 percent in 2019 from 11.0 per cent a year ago in the sub $100 segment. Brand’s EMI scheme is also playing a role in onboarding first-time users. Xiaomi made it to the top-5 for the first time as the brand almost doubled its shipments from a year ago. Xiaomi had been aggressive throughout the year and launched 14 new models in 2019.

Source: https://today.thefinancialexpress.com.bd/trade-market/bangladesh-mobile-phone-market-grows-by-41pc-in-2019-report-1582569521

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DSEX4,650.89541↓ 48.00↓ 1.02 %
↓ 1,031.61↓3.56 %
FTSE1007,156.83↓ 247.09↓ 3.34 %
Nikkei 22522,686.61↓ 700.13↓ 2.99 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 51.61↑ 0.18↑ 0.35 %
Crude Oil (Brent)$ 56.55↑ 0.25↑ 0.44 %
Gold Spot$ 1,658.14↓ 1.24↓ 0.07 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.1866
GBP 1BDT 107.523
EUR 1BDT 90.1309
INR 1BDT 1.15428





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