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 29, 2018

Inflation of clothing, footwear jumps by 4.80pc in FY18

Price inflation of clothing and footwear across the country jumped by 4.80 per cent in the past fiscal year. Latest statistics, released by Bangladesh Bureau of Statistics (BBS), showed that Consumer Price Index (CPI) for clothing and footwear stood at 255.24 points in FY18, which was 243.56 points in FY17. As a result, inflation rate of clothing and footwear stood at 4.80 per cent in the past fiscal year, which was 4.36 per cent in FY17. Clothing and footwear is a sub-group of the non-food CPI and it accounts for 16.65 per cent of non-food CPI and 6.85 per cent of total CPI. Inflation rate of clothing and footwear stood at 4.12 per cent in the rural area in the past fiscal year, which was 4.64 per cent in FY17. The rate in the urban area declined to 4.07 per cent in FY18 from 5.60 per cent in the previous year.

Source: https://thefinancialexpress.com.bd/economy/inflation-of-clothing-footwear-jumps-by-480pc-in-fy18-1532759127

17pc remittance comes from Saudi Arabia in FY18

Bangladeshi expatriates living in the Kingdom of Saudi Arabia (KSA) sent over 17 per cent, or US$2,591.58 million of the total inflow of remittance $14,978.86 million in the outgoing fiscal 2017-18 (FY18). According to available data of the central bank, Bangladesh received $3,345.23 million remittance from the KSA in 2014-15 fiscal, $2,955.55 million in 2015-16 fiscal and $2,267.22 million in 2016-17 fiscal. In FY18, Saudi Arabia is followed by the United Arab Emirates (UAE) as NRBs residing in the gulf country remitted $2.428.06 million. Both the countries in the Middle-East constantly maintain their highest position in sending remittance by Bangladesh expatriates. As per the central bank data, Bangladesh received $2093.54 million from the UAE in the FY17. The data showed, Bangladesh received $1,997.49 million remittance from the USA in FY18 while $1,199.70 million from Kuwait. In the same period, Bangladesh received remittances of $1,107.21 million from Malaysia, $1,105.55 million from the UK, $958.19 million from Oman, $844.06 million from Qatar, $662.22 million from Italy, $541.62 million from Bahrain, $330.16 million from Singapore, $153.15 million from South Africa and $134.40 million from France.

Source: https://thefinancialexpress.com.bd/economy/17pc-remittance-comes-from-saudi-arabia-in-fy18-1532696504

Weekly analysis: Average turnover rises to Tk 8.91b

The Dhaka bourse witnessed volatility in last week ended on Thursday following correction incurred by major sectors. In the first two sessions of the week, the prime index was positive while in the last three sessions it observed correction. The investors mainly liquidated their holdings from telecom, ceramic, fuel & power, financial institution and pharmaceutical sectors. At the end of the week, the DSEX, the broad index of Dhaka Stock Exchange (DSE), settled at 5,305.17 with a marginal loss of 32.20 points. The average turnover of the week stood at Tk 8.91 billion on the premier bourse DSE as the investment capacity of Investment Corporation of Bangladesh (ICB) rose to a significant level due to intervention of the finance ministry. The average trade volume increased 12.4 per cent and total numbers of trade decreased 0.5 per cent. And the market participation on the premier bourse increased 1.5 per cent in the last week. Weekly top gainer and loser lists were mostly comprised of small cap stocks. Point to point estimate revealed that during this week the blue chip index DS30 and shariah based index DSES lost 14.0 points and 13.3 points respectively to their previous week’s indices. Among the major sectors based on market capitalisation – telecom declined 3.8 per cent followed by ceramic 3.1 per cent, fuel & power 1.6 per cent, financial institution 1.5 per cent, and pharmaceuticals & chemicals 1.4 per cent. Of the gaining sectors, IT advanced 7.8 per cent, services & real estate 6.8 per cent and cement 2.5 per cent. In last week, week, the CSE30, CSCX and CASPI lost 199.95 points, 38.13 points and 70.97 points respectively in the port city bourse Chittagong Stock Exchange (CSE).

Source: https://thefinancialexpress.com.bd/stock/weekly-analysis-average-turnover-rises-to-tk-891b-1532752308

FID reminds BB, SoBs to recover bad loans

Financial Institutions Division has reminded the Bangladesh Bank and the state-owned banks of its 26 recommendations, including regular disclosure of identity of big loan defaulters for quickening recovery of bad loans. The division under the finance ministry issued the reminder on July 25 as neither the central bank nor the state-owned banks gave any feedbacks to the division about the actions they took to check widespread loan scams and growing bad loans. On April 3, the division recommended 26 short-term, medium-term and long-term measures, to be implemented in three months, six months and more than six months, as the defaulted loans of eight state-owned banks, 40 private sector banks and nine foreign banks rose to Tk 74,303 crore in 2017 from Tk 62,172 crore in 2016. The defaulted loans in the six state-owned banks — Sonali, Janata, Agrani, Rupali, BASIC and Bangladesh Development Bank — increased to Tk 38,517.32 crore as of September 30, 2017 from Tk 34,580 crore as of June 30, 2017, according to Bangladesh Bank statistics.

Source: http://www.newagebd.net/article/47166/fid-reminds-bb-sobs-to-recover-bad-loans

1.15 lakh BO accounts closed in July

A total of 1,14,853 beneficiary owners’ accounts were closed in July due mainly to non-payment of annual account renewal fees by the accountholders. The number of active BO accounts was 27,64,387 at the end of June, but the figure declined to 26,49,534 on July 26, Central Depository of Bangladesh Limited data showed. Of the annulled BO accounts, most of them became void as the accountholders failed to pay the annual fees by the June 30 deadline set by the CDBL. In 2016, the Bangladesh Securities and Exchange Commission reduced the renewal fee to Tk 450 from Tk 500 for each BO account with the aim of reducing financial burden on investors. Of the Tk 450, the CDBL gets Tk 100, while the government, DP and BSEC get Tk 200, Tk 100 and Tk 50 respectively. Of the current active BO accounts, individual investors operate 16,76,556 BO accounts, investors jointly operate 9,61,035 BO accounts and 11,943 accounts are operated by different companies including institutional investors, the CDBL data showed. Of the accounts (excluding the company-operated BO accounts), 24,80,412 BO accounts are owned by Bangladeshi investors and 1,57,179 accounts by non-resident Bangladeshi investors. Of the 26,49,534 accounts, 19,35,803 are owned by male investors and 7,01,788 by female investors. The BO account opening declined for last three consecutive years. The number of active BO accounts was 26,57,240 as of July 31, 2017 after the CDBL closed BO accounts for non-payment of maintenance fees in the year.

Source: http://www.newagebd.net/article/47057/115-lakh-bo-accounts-closed-in-july

NBR detects evasion of Tk 8.7b in tax

Income tax intelligence and investigation cells across the country have uncovered tax evasion worth Tk 8.71 billion. The two wings of the National Board of Revenue (NBR) have detected the evasion after scrutinising some 2,847 cases since their inception. According to revenue board data, the cells have so far logged some 3,881 allegations of tax evasion from various sources and means including written, verbal and telephonic. Of the allegations, it has detected tax evasion in 73.35 per cent cases. Audit, intelligence and investigation wing of the income tax department recently compiled the data until March 2018 of a total of 31 investigation and intelligence cells (IIC) in each of the tax zones. The NBR formed the intelligence and investigation cells between December 2016 to January 2017 at each of its tax zones for unearthing tax evasion and dealing with suspected tax files. The field-level tax officials have initially selected 2,216 cases for investigation. Until March last, the cells realised Tk 160 million evaded taxes by resolving some 657 cases. However, some Tk 8.55 billion evaded taxes, detected by the cells, remained unrealised.


Govt’s non-tax revenue earnings on the slide: Target revised downward by Tk 43b in FY ‘18

The government’s non-tax revenue (NTR) earning, which mostly includes resources mobilised from dividend, profit and fees by various departments, has been much below the expectation. Implementation of the National Pay Scale (NPS) 2015 and low profit-making trend of many government organisations are believed to be the main reasons behind the underperformance. Following the poor turnover, the government had revised its NTR earning target downward by nearly Tk 43 billion in the last fiscal year (FY), 2017-18. The contribution of NTR in the total revenue dropped by nearly 6.0 percentage point in four years, ending in FY 17. Its shares in terms of the country’s gross domestic product (GDP) also dropped by 0.06 percentage point during the period. NTR’s annual growth also fell by nearly 7.0 percentage point from FY 14 to FY 17.

Source: https://thefinancialexpress.com.bd/economy/govts-non-tax-revenue-earnings-on-the-slide-1532749899

Export to US up by 2.40pc in FY18

The country’s merchandise export to the United States (US) increased by 2.40 per cent in the past fiscal year, according to the statistics released by Export Promotion Bureau (EPB). It showed that the export to the US stood at $5.98 billion in FY18, which was $5.84 billion in FY17. Annual export to the US reached the highest ever level in FY16, when it fetched $6.22 billion. The export to the US is subject to higher tariffs. In last year, the average tariff rate Bangladesh faced was 15.2 per cent, the highest among 232 countries, territories and other jurisdictions that export to the US.

Source: https://thefinancialexpress.com.bd/trade/export-to-us-up-by-240pc-in-fy18-1532765841

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
Nikkei 22522,712.75↑142.97↑0.63%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$68.69↓0.69↓0.99%
Crude Oil (Brent)$74.29↑0.32↑0.43%
Gold Spot$1,224.22↓6.74↓0.55%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 84.2250
GBP 1BDT 110.3769
EUR 1BDT 98.1811
INR 1BDT 1.2267





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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Managing Director & CEO
Dhaka Bank Limited