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 July 27 2016

Private sector credit to grow sans change in policy rates

The central bank under the changed management unveiled Tuesday its maiden monetary policy for the first half of the current fiscal year cautiously with key policy rates remaining unchanged. However, the policy expects credit to the private sector to go up to 16.5% until June 2017 from the existing rate of 16.4%. Credit to the private sector was programmed in January last at 14.8% but rise in imports and consumer loans propped it up to 16.4 as of last May. Economists familiar with the monetary policy preparations say the latest monetary policy statement (MPS) is just a copycat of the previous one, reflecting the policymakers’ cautious exercise to retain the macroeconomic fundamentals achieved so far. The central bank chief hopes the MPS will support and advance the momentum of inclusive, equitable and environmentally sustainable growth, further “consolidating inflation moderation and macroeconomic stability”. Keeping the economic growth at 7.2% and inflation target at 5.8% in consideration, Mr Kabir said the broad money would grow at 15.5% until June 2017. It was 14% during January-May period. He said credits to the public sector would grow by 15.9% year-on-year in fiscal year 2017, as the government has a plan to borrow BDT 390 billion from the banking system.

Bangladesh Bank for reducing IPO cost

The Bangladesh Bank (BB) has said the access of corporates to the capital market should be ‘facilitated’ by reducing the cost of equity issuance for the sake of market vibrancy. The BB laid emphasis on facilitated move for raising finance in its monetary policy statement (MPS) unveiled Tuesday for July-December, 2016. “Attention of capital market authorities now needs to focus on further streamlining processes and bringing down costs in equity issuance, facilitating access of corporates to capital markets for raising finance,” the central bank said in its MPS. According to the MPS, the capital market in Bangladesh was largely stable during the FY16 as reflected in the DSE broad index (DSEX), market capitalization, and the price-earnings ratio. The DSEX index stood at 4507.6 at the end of June 2016 which is slightly lower than the level of 4583.1 in June 2015. The market capital to GDP ratio declined to 14.7% at the end of May 2016 from 15.04% in January 2016.
Source: http://print.thefinancialexpress-bd.com/2016/07/27/147399

BB: Entire heist money is possible to recover

The central bank will recover its US$81 million heist fund from Philippine. Bangladesh Bank (BB) Governor Fazle Kabir came up with the disclosure while announcing the half-yearly monetary policy at a programme held at Bangladesh Bank headquarters in the city yesterday. In one of the biggest cyber heists in history, hackers stole $81 million from the Bangladesh Bank’s account at the Federal Reserve Bank of New York on February 4. On February 4, unknown hackers used SWIFT credentials of Bangladesh Central Bank employees to send more than three dozen fraudulent money transfer requests to the Federal Reserve Bank of New York asking the bank to transfer millions of the Bangladesh Bank’s funds to bank accounts in the Philippines, Sri Lanka and other parts of Asia.

Gazprom completes drilling of two onshore wells

Russian firm Gazprom has completed the drilling of three onshore gas wells and started production from two, under its second stint in the country, with ‘less-than-expected’ output. The company has completed the drilling of Srikile-4, Bakhrabad-10 and Rashidpur-10 onshore gas wells, a senior Petrobangla official said. Production of natural gas started from Srikail-4 and Bakhrabad-10 wells at around 7.0 million cubic feet per day (mmcfd) and 6.0 mmcfd respectively, he said. Srikail and Bakhrabad gas fields are owned by the state-run Bangladesh Petroleum Exploration and Production Company Ltd (Bapex) and Bangladesh Gas Fields Company Ltd (BGFCL). Rashidpur field is owned by Sylhet Gas Fields Ltd (SGFL). The foreign firm started the five-well drilling programme in February this year aiming to ramp up overall natural gas production, said officials. It was awarded the drilling programme in three state-run gas fields at a cost of around USUSD 98.19 million. The company was awarded the project work bypassing competitive tender process.
Source: http://print.thefinancialexpress-bd.com/2016/07/27/147442

USD 11.4 billion loan deal signed for nuclear power plant

Russia and Bangladesh yesterday signed an USD 11.4 billion loan agreement, paving the way for the main construction work of Rooppur Nuclear Power Project. The inter-governmental loan agreement was signed in Moscow, according to a statement from the ASE Group of Companies, the general contractor of the project. The Russian loan covers 90% of the project cost and carries an interest rate of LIBOR plus 1.75%. The interest rate will not exceed 4%. The repayment period is 30 years, including a grace period of 10 years. Disbursement will begin in 2017. Bangladesh is borrowing the funds from Russia to build the 2,400-megawatt nuclear power plant.
Source: http://www.thedailystar.net/business/1138b-loan-deal-signed-nuclear-power-plant-1259944

Government to upgrade jute mills to boost production

The government has undertaken a move to modernize the decades-old 24 state-owned jute mills for producing diversified jute goods. Under the project titled Balancing, Modernization, Rehabilitation and Expansion (BMRE) of Public Sector Mills, primarily three jute mills will be upgraded at an estimated cost of USD340m under the Chinese assistance. If the project is implemented under the supervision of Bangladesh Jute Mills Corporation (BJMC), the production will be increased to 2, 75,500 metric tons high quality traditional and multipurpose jute goods annually. Products like dash boards, doors, windows and seats of the expensive vehicles, which are now in high demand of car manufacturers, will be produced, using the jute goods. To this effect, Vice President of China Textile Industrial Corporation for Foreign Economic and Technical Cooperation Fang Eei and BJMC Chàirman major general (retd) Humayun Khaled signed a MoU on behalf of their respective organizations at the secretariat yesterday. State minister for jute Miza Azam also attended the meeting.
Source: http://www.dhakatribune.com/business/2016/jul/27/government-upgrade-jute-mills-boost-production#sthash.whOZBgKT.dpuf

Singer opens new refrigerator factory

Singer Bangladesh Limited formally inaugurated its new refrigerator factory in Savar, Dhaka recently, said a statement. The factory is part of International Appliances Limited, which is mostly owned by Singer, in joint venture with a large international home appliance manufacturer based in China. The refrigerators feature the latest designs and technology, highest quality materials and are sold at competitive prices in a wide range of popular colors. Commercial production has commenced for sale in Singer shops and dealers countrywide and all products carry the quality and trust that makes the Singer brand famous internationally and a long standing household name in Bangladesh.

Siam City Cement starts its journey in Bangladesh

Bangkok-based Siam City Cement Public Company has recently acquired cement maker Cemex and started its operation in Bangladesh. The company with operations in different countries in South East Asian region has 47 years of experience in the industry. Cemex, a Mexico-based cement manufacturer, sold its operations in Bangladesh and Thailand to Siam City for about USD53 million. The proceeds obtained from the transaction will be used mainly for debt reduction and general corporate purposes, according to the website of Cemex. Cemex started its journey in Bangladesh in 1999, and began sales and distribution activities in May 2000 by importing finished goods from Indonesia.

Local and Global Stock Indices

Index NameClose ValueValue ChangePercentage Change
Dow Jones Industrial Average18,473.75↓19.31↓0.10%
Nikkei 22516,583.63↑200.59↑1.22%
FTSE 1006,724.03↑13.9↑0.21%

World Commodities

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$42.77↓0.15↓0.35%
Crude Oil (Brent)*$44.72↓0.15↓0.33%
Gold Spot*$1,318.17↓2.09↓0.16%

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,

Emranul Huq
Managing Director & CEO
Dhaka Bank Limited