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 – January 16 2017

Bangladesh Bank cap likely to affect mobile-based transactions

The latest Bangladesh Bank (BB) restriction on mobile-based transaction (m-transaction) is likely to have a negative impact on the growth of mobile banking in the country, insiders said on Sunday. The latest move, apart from causing inconvenience to the general subscribers especially in rural areas, is likely to have detrimental impact on small businesses that are growingly becoming dependent on mobile money for their commercial transactions, they observed. The central bank in a circular issued on Wednesday, has brought down the daily ceiling of mobile cash-in to BDT 15,000 from BDT 25,000 while the maximum cash-out limit has been slashed to BDT 10,000 from BDT 25,000. Besides, monthly maximum cash-in limit has been slashed to BDT 100,000 from BDT 150,000 with the maximum monthly limit on cash-out brought down to BDT 50,000 from BDT 150,000. The new BB move is said to be aimed at discouraging ‘illegal transaction’ against the backdrop of allegations that some are misusing this service. While talking to various stakeholders, it was found that the banking industry insiders and the general subscribers alike were worried about the new central bank provision.

Source: http://print.thefinancialexpress-bd.com/2017/01/16/162232

Agent banking advancing fast

The central bank is currently working to formulate a new guideline for agent banking in the country with a view to making the burgeoning segment more structured and secure, Bangladesh Bank (BB) officials revealed this week. “We have already prepared an initial draft of the new guideline which is now being reviewed by us further”, Bangladesh Bank Executive Director Subhankar Saha told the FE on Saturday.

Source: http://www.thefinancialexpress-bd.com/2017/01/15/59188/Agent-banking-advancing-fast

BB gets 66 proposals for long term financing

Bangladesh Bank (BB) has already got 66 project proposals involving US$ 403.63 million through different private banks to facilitate long term financing under the World Bank funded Financial Sector Support Project (FSSP). “We have already approved 19 proposals with $90.26 million, of which $12.02 million has been disbursed, rest of the approved amount is under the process of disbursement,” a senior BB official told BSS on Saturday. Out of the total approved, some companies have disbursed a portion and others are under process as the amount will be disbursed through opening Letter of Credit (LC) for importing machineries, he said, reports the state owned news agency.

Source: http://www.thefinancialexpress-bd.com/2017/01/14/59135/BB-gets-66-proposals-for-long-term-financing

Islami Bank’s new deputy managing director

JQM Habibullah has recently been appointed as the deputy managing director and company secretary of Islami Bank Bangladesh. He has previously served First Security Islami Bank, NRB Global Bank and Premier Bank as company secretary. He has also worked for Dhaka Bank and GSP Finance Ltd, Islami Bank said in a statement yesterday. He completed his masters in statistics from Dhaka University, according to the statement.

Source: http://www.thedailystar.net/business/islami-banks-new-deputy-managing-director-1345822

Incentives to bump up remittance inflow

The government plans to extend incentives to Bangladeshi expatriates to encourage them to send money through the official channel in an effort to arrest the slide in remittance. The matter has already been discussed with the prime minister, finance minister and the Bangladesh Bank, he said. The minister did not elaborate on the incentives. In 2016, inward remittances stood at USD 13.6 billion — the lowest in five years, despite a 35.0% increase in migrant outflow during the period. Remittance stood at USD 15.3 billion in 2015. Migrant outflow, which, in theory, is positively correlated to remittance, was two lakh more last year. In 2016, a total of 749,249 migrant workers went abroad for jobs in contrast to 555,881 in 2015. The physical flow of migrant workers has been increasing by the day, so there is no reason behind the fall in remittance, Kamal said. GDP growth stood at 7.1% last fiscal year, whereas the WB’s projection was about 6.0%, the minister said.

Source: http://www.thedailystar.net/business/incentives-bump-remittance-inflow-1345900

27 lakh jobs to be added this year, says planning minister

Planning minister AHM Mustafa Kamal on Sunday said that 27 lakh new jobs would be created in the economy this year riding on better industrial growth, booming capital market and potential growth in foreign employment. He also advocated giving cash incentive to expatriate workers to encourage them to remit their hard-earned money through legal channels and discourage them from using informal channels like hundi. At a press briefing on the overall economic development in the country in the first half of the current fiscal year, he said that every year 20 lakh new people joined the country’s job market but the government would be able to create employment for additional seven lakh unemployed people along with new comers this year.

Source: http://www.newagebd.net/article/7053/27-lakh-jobs-to-be-added-this-year-says-planning-minister

Mirsarai Economic Zone in fast lane

The regulator will start handing over industrial plots at Mirsarai Economic Zone to prospective entrepreneurs from both home and abroad in the next one year.Tariff on the land has already been approved at a governing body meeting of Bangladesh Economic Zones Authority on January 5, and the prime minister will sign the meeting minutes in the next few days, Paban Chowdhury, executive chairman of Beza, said yesterday. Mirsarai Economic Zone is going to be the biggest in this region and should be kept free of interference from any quarter, he said. Many large Chinese and Japanese firms in power, petro-chemical and steel sectors are keen on investing in the economic zones in Bangladesh, he said. On the ongoing infrastructure development in the 30,000-acre Mirsarai zone, Chowdhury said: “Last year we developed 550 acres of land in the first phase. We are now developing another 1,300 acres in the second phase.”

Source: http://www.thedailystar.net/business/mirsarai-economic-zone-fast-lane-1345858

Bangladesh to get more trade benefits: Asia-Pacific Trade Agreement (APTA)

Bangladesh will get two types of tariff facilities for its products under the Asia-Pacific Trade Agreement, which is aimed at boosting trade between the member countries. The two types of tariff facilities are the general import tax waiver and special facilities for the Least Developed Countries under the APTA deal. APTA ministerial council made the decision on Thursday at a meeting in the Thai capital Bangkok on Thursday with Bangladesh Commerce Minister Tofail Ahmed in the chair. Tofail Ahmed said: “After the APTA meeting, the number of Bangladeshi products getting import tax waiver has been increased to 10,677 from 4,648.” Commerce ministries of seven member countries of APTA took part in the council. Bangladesh, India, China, South Korea, Sri Lanka, Laos and Mongolia are the member countries of the APTA. The APTA, previously known as the Bangkok Agreement, was signed in 1975. It was renamed in November, 2005. It is the oldest preferential trade agreement between the countries in the Asia-Pacific region.

Source: http://www.dhakatribune.com/business/2017/01/16/apta-bangladesh-get-trade-benefits/

Garment exports to Germany to rise: buyers

Garment exports to Germany, the second largest export destination for Bangladeshi apparel after the US, will continue to grow in future due to the high quality of products and competitive prices, German traders said. As a member of the EU, Germany will continue its duty privilege for Bangladesh, said Manfred Junkert, deputy general manager of the Confederation of the German Textile and Fashion Industry, at a press conference on the sidelines of the Heimtextil fair in Frankfurt, Germany on Thursday. Garment exports to Germany have been increasing over the years. Bangladesh exported garments worth $4.65 billion to Germany in fiscal 2015-16, $4.33 billion in 2014-15 and $4.37 billion in 2013-14, according to Export Promotion Bureau.

Source: http://www.thedailystar.net/business/garment-exports-germany-rise-buyers-1345846

Operators can sell blocked SIMs

Mobile operators can now resell previously blocked connections — a development that will bring a sigh of relief to market leader Grameenphone as it is close to exhausting its existing number series. The decision came in a recent meeting of Bangladesh Telecommunication Regulatory Commission, said a top official of the telecom watchdog. To resell the blocked numbers, the operators will have to transfer the balance amounts on those SIMs to the telecom regulator and also keep a register of the previous owners’ names. In August last year, BTRC had decided to allocate a new number series to Grameenphone with some conditions, as its existing ‘017’ prefix is almost full. But it went back on the decision earlier this month and formed a committee to explore the option of reselling blocked SIMs. A BTRC official said they learnt that more than three crore SIMs of Grameenphone were blocked at different times. And in light of the new information, the telecom regulator decided to allow resell of previously barred SIMs. A numbering series has 100.0 million slots and if they get new number series they can issue 100.0 million more SIMs. As of October last year, Grameenphone has 55.7 million active subscribers out of the country’s total of 127.4 million.

Source: http://www.thedailystar.net/business/operators-can-sell-blocked-sims-1345852

Bangladesh secures negotiated cut rate to import electricity

Bangladesh has secured a negotiated cut-down rate of tariff to import around 250 megawatts (MWs) of electricity from India, officials said. The reduction is estimated to save around BDT 128.70 million for the country in power purchase from the Power Trading Corporation (PTC) of India over the next six months. The Power Division under the Ministry of Power, Energy and Mineral Resources (MPEMR) secured the electricity-tariff cut to BDT 6.14 per unit (1.0 kilowatt-hour) from the previously quoted BDT 6.26 per unit, a senior power official told the FE Sunday. The proposal would be sent to the cabinet committee on government purchases this week for final nod, said the Power Division official. Meanwhile, the existing deal on electricity import through the PTC would expire on January 31, 2017. The Indian PTC had sought to sell electricity at BDT 6.26 per unit to the state-run Bangladesh Power Development Board (BPDB). Bangladesh currently imports around 650MW electricity from the neighbouring country under different mechanisms, devised amid electricity crunch in the recent past. Of the imported electricity, 250 MW comes from Indian government-allocated quota at an average tariff rate of BDT 2.78 per unit. Another 250MW power comes through PTC.

Source: http://print.thefinancialexpress-bd.com/2017/01/16/162230

Local and Global Stock Indices

Index NameClose ValueValue ChangePercentage Change
Dow Jones Industrial Average19,885.73↓5.27↓0.03%
Nikkei 2257,337.81↑45.44↑0.62%
FTSE 10019,091.58↓195.7↓1.01%

World Commodities

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$52.57↑0.2↑0.38%
Crude Oil (Brent)*$55.67↑0.22↑0.40%
Gold Spot*$1,203.01↑5.67↑0.47%

Major Currencies Exchange Rates Movement in Last Seven Days





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,

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Dhaka Bank Limited