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 July 03, 2018

Stocks nosedive first session of FY19

Stock markets nosedived on Monday, the first trading session of the Fiscal Year (FY) 2018-19, as investors were on selling spree on sector specific stocks. The market opened on negative note and the downward trend continued till end of the session with no sign of reversal, finally key index of the major bourse lost 83 points. DSEX, the benchmark index of the Dhaka Stock Exchange, settled at 5,322, slumping by 83 points or 1.53 per cent over the previous session. The two other indices ended lower. The DS30 index, comprising blue chips, fell 44 points to settle at 1,915 and the DSE Shariah Index plunged 16 points to close at 1,248. Turnover, the most important indicator of the market, also came down to Tk 7.85 billion, which was 2.0 per cent lower than the previous session’s Tk 8.01 billion. The losers took a strong lead over the gainers as out of 342 issues traded, 206 declined, 106 advanced and 30 issues remained unchanged on the DSE trading floor. The port city bourse CSE also ended lower with its CSE All Share Price Index – CASPI – shedding 186 points to settle at 16,372 and the Selective Categories Index–CSCX–losing 113 points to finish at 9,896 points. Here too, losers beat gainers as 134 issues closed lower, 80 ended higher, with 17 issues remained unchanged on the CSE. The port city bourse traded 8.77 million shares and mutual fund units worth more than Tk 425 million in turnover.


Banking sector nearing 10,000-branch mark

The banking sector is going to set a new milestone as the number of bank branches across the country is likely to reach the 10,000-mark soon. The number of bank branches both in the private and public sectors stood at 9,981 by the end of May. Of them, 5,633 branches are operating in rural areas and 4,348 in urban areas, according to the data available with the Bangladesh Bank (BB). The number of branches was 9,040 — 5,150 in rural areas and 3,890 in urban areas — at the end of December 2014. The figure was 8,685 — 4,962 in rural areas and 3,723 in urban areas — as of December 2013.

Source: https://thefinancialexpress.com.bd/trade/banking-sector-nearing-10000-branch-mark-1530506435

Remittance rises 17pc

Inward remittance has bounced back strongly in the just concluded fiscal year, thanks to depreciation of the taka against the US dollar. The country received remittances worth $14.98 billion in 2017-18, up 17.31 percent from the previous year, according to Bangladesh Bank data. In 2016-17, the receipts were the lowest in six years — $12.77 billion. The recovery of remittance has come up as a relief for the government when the financial sector is facing an acute shortage of dollar. On June 30, the interbank exchange rate was Tk 83.75, which was Tk 80.60 a year earlier. A strong pick-up in global economic activities, especially in the Middle Eastern nations, also helped the country maintain the upward trend.


SoCBs to give funds to PCBs at 6.0pc interest

The state-owned commercial banks (SoCBs) have agreed to provide deposit to the private commercial banks (PCBs) at 6.0 per cent interest rate for implementing the single-digit lending rate. The decision was disclosed at a meeting of the bankers, held at the Bangladesh Bank (BB) headquarters in Dhaka on Monday with BB Governor. The government is thinking about depositing its fund with both the public and the private sector banks at rates below 6.0 per cent to help implement the proposed interest rate. Meanwhile, the PCBs have started implementation of the proposed cut in their lending and deposit rates in line with the decisions of the Bangladesh Association of Banks (BAB). “We’ve already started implementation of the BAB-proposed interest rates,” Syed Mahbubur Rahman, chairman of the Association of Bankers, Bangladesh (ABB). He also said the PCBs are reducing the lending rates to 9.0 per cent from the existing level in line with the decisions of their respective board of directors. “The PCBs, particularly the conventional ones, will not change the interest rate on the deposits before their maturity,” the ABB chief noted. As per the BAB decisions, the proposed interest rate on deposit will be applicable in case of the deposits having three-month maturity tenure only. The interest rates of other term-deposits (for six months and one year) will not come under such jurisdiction.


NBR sets criteria for AEO status

National Board of Revenue has framed rules providing a set of benefits including completion of physical examination of import-export goods on the business premises, instead of customs houses, of trusted traders. NBR on Thursday issued the Authorized Economic Operator (Authorization) Rules-2018 specifying criteria for gaining AEO status by compliant traders, benefits for the selected AEO and other issues related to the scheme. The benefits for the AEOs include speedy and direct release or shipment of goods, completion of customs valuation procedures including submission of bill of entry and bill of export before arrival of ships at port, completion of valuation procedures with submission of important documents, prompt service from special team of customs and easy and special entrance facility at any customs stations. Businesses running activities continuously for five years in Bangladesh with satisfactory compliance record on customs, VAT and income tax laws will be eligible for the status. Applicants must have no record of proved offences or infringements of tax laws for last three years and all undisputed outstanding revenues must be paid before the application. The amount of penalty in any cases related to customs, income tax and VAT (except those under trial at courts) should not be above one per cent of total value of goods and services of last three years. Businesses having at least Tk 15 crore as authorized capital and at least Tk 5 crore as paid-up capital or above Tk 5 crore as annual turnover for last three consecutive years will be eligible for the status. In case of importer and exporter, the average value of import and export should be Tk 5 crore for immediate past three years for getting the status of trusted traders.

Source: http://www.newagebd.net/article/45032/nbr-sets-criteria-for-aeo-status

Govt mulls Tk 519cr jute textile mill

The government is going to set up a specialised jute textile mill at a cost of Tk 519 crore although public sector textile and jute mills are counting losses every year. The proposal for setting up the factory named Sheikh Hasina Specialized Jute and Textile Mill may be placed at a meeting of the Executive Committee of the National Economic Council. The mill is planned to be set up in Jamalpur district’s Madarganj upazila by 2020. The planning ministry proposal said the mill would earn additional foreign currency producing exportable low-priced garments, including denim trousers, jackets and shirts, using a mix of jute and cotton. One of the three prerequisites of availing trade preference to the US through the Generalized System of Preferences is use of mixed cotton and environment-friendly manufacturing facilities. The government has planned to take up a project worth $350 million or Tk 2,800 crore for balancing, modernizing, rehabilitating and expanding the mills, where China would invest about $280 million or Tk 2,240 crore.

Source: https://www.thedailystar.net/business/govt-mulls-tk-519cr-jute-textile-mill-1599097

Govt doubles wages for workers at state-run factories

The government has approved a new wage and allowance structure for workers at state-run factories, doubling their monthly wages. According to the new structure, state-run factory workers will be paid a minimum wage of Tk 8,300 and a maximum wage of Tk 11,200, up from Tk 4,150 and Tk 5,600 respectively. The decision was taken at a cabinet meeting chaired by Prime Minister on Monday. The cabinet accepted the ‘Wage Scale and Allowances for Workers in State-Owned Industries’ recommendation from the National Wage and Productivity Commission-2015 at the meeting. The new wage structure will be implemented retrospectively from July 2015, while the allowance will be implemented from July 2016. The commission submitted its recommendations to the Prime Minister last year. It had recommended a minimum wage of Tk 8,300 and a maximum wage of Tk 11,600.

Source: https://thefinancialexpress.com.bd/trade/govt-doubles-wages-for-workers-at-state-run-factories-1530522620

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
Nikkei 22521,852.07↓263.88↓1.19%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$74.11↑0.53↑0.72%
Crude Oil (Brent)$77.88↓0.27↓0.35%
Gold Spot$1,249.45↓1.84↓0.15%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.42
GBP 1BDT 109.57
EUR 1BDT 97.09
INR 1BDT 1.21





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.

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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