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 31, 2017

BB resumes selling US dollar to stabilise exchange market

The central bank has resumed after one month the sales of US dollar to the commercial banks to provide them with foreign exchange support and stabilise the market, officials said.As part of the move, Bangladesh Bank (BB) sold US$ 20 million at market rate to two commercial banks directly on Thursday to meet the growing demand for the greenback in the exchange market.”We’ve sold the US dollar to facilitate the banks for making payments against import bills of petroleum products,” a senior official at the BB told the FE.He said the central bank might continue supporting the banks with the foreign currency subject to market requirement.

Source:   http://print.thefinancialexpress-bd.com/2017/07/31/179285

BB unveils Financial Stability Report 2016 today

Financial Stability Report for the year 2016 is going to be unveiled at Bangladesh Bank (BB)’s headquarters in the city today. The bank’s governor Fazle Kabir is likely to be present as chief guest at the programme. The stability report contains report on banks’, overall health ranging from diagnosing the problems and providing treatment to the banks.

Source:  http://www.observerbd.com/details.php?id=87173

New tech to deepen financial inclusion: HSBC analysis

Bangladesh’s banks should not worry about the advancement in financial technology, also known as fintech, as it can create a huge opportunity for greater financial inclusion and expansion of basic services, according to an analysis of HSBC Bangladesh. The banking giant said the new wave of fintech is often portrayed as a disruptive force that threatens banks with new, agile and savvy competitors. But fintech is transforming the way people and companies connect with their banks, and the way banks manage their back-office operations, the bank said.“Fintech complements rather than threatens banking institutions,” said Francois de Maricourt, chief executive officer of HSBC Bangladesh, in a statement.“In my experience, banking has always been about technology, so today’s financial-technology innovation boom represents evolution rather than revolution for traditional banking. It is supplementing and diversifying the existing financial system – not replacing or disrupting it.”Fintech market in Bangladesh is at an early stage. However, it can be used as a powerful means to expand access beyond financial services to other sectors, including agriculture, transportation, water, health, education, and clean energy.

Source: http://www.thedailystar.net/business/new-tech-deepen-financial-inclusion-hsbc-analysis-1441207

Banks’ EPS see upward trend in Q2

The earnings of most of the listed banks rose in April-June (Q2), 2017 compared to same period of the previous year.
According to the companies’ un-audited financial statement for the Q2, some banks’ consolidated earnings per share (EPS) jumped up to 320 per cent. Among the banks, Rupali Bank reported its consolidated EPS of Tk. 0.31 for April-June, 2017 as against Tk. 0.09 for April-June, 2016. The company’s consolidated EPS was Tk. 0.73 for January-June, 2017 as against Tk. 0.35 for January-June, 2016.The consolidated net asset value (NAV) per share was Tk. 47.91 as of June 30, 2017 and Tk. 42.87 as of December 31, 2016.

Source:  http://print.thefinancialexpress-bd.com/2017/07/31/179294

The 28th Meeting of the Board of Directors of Modhumoti Bank Limited

The 28th Meeting of the Board of Directors of Modhumoti Bank Limited was held at its head office in the city recently. Chairman of the Board of Directors Humayun Kabir, Chairman of Executive Committee Barrister Sheikh Fazle Noor Taposh and Managing Director & CEO of the bank Md. Shafiul Azam were present on the occasion.

Source:  http://print.thefinancialexpress-bd.com/2017/07/31/179321

SBAC Bank opens 56th branch

The 56th branch, at N S Road (Noor Tower) in Kushtia of South Bangla Agriculture & Commerce (SBAC) Bank Limited was opened Sunday.  Mr. S.M Amzad Hossain, Chairman, Board of Directors of SBAC Bank Ltd inaugurated the branch as Chief Guest. Among others Eng. Md. Moklesur Rahman, Director of SBAC Bank Ltd, Mr. Syed Hafizur Rahman, Director of SBAC Bank Ltd, Mr. Md. Rafiqul Islam, Managing Director & CEO of SBAC Bank Ltd, Mr. Mostafa Jalal Uddin Ahmed, Additional Managing Director of SBAC Bank Ltd were present.

Source:   http://print.thefinancialexpress-bd.com/2017/07/31/179302

Imports to be costlier

The gap between buying and selling rates for US dollar has recently widened to Tk 1.50 from Tk 1, in a development that has made imports costlier and can go on to create inflationary pressure and squeeze the foreign exchange reserves. For years, the gap has been Tk 1 a dollar as per the instruction of the central bank, according to data from the Bangladesh Bank and Bangladesh Foreign Exchange Dealers’ Association.“Basically, it’s a supply-demand conundrum,” said Anis A Khan, managing director of Mutual Trust Bank and a former chairman of BAFEDA, about the widening gap. Exports and inward remittances, the two major sources of foreign currency in Bangladesh, are on the wane while imports are rising, widening the current account deficit.“All these factors have led to the increase in demand for the greenback and the rising gap between the selling and buying prices,” he said. Remittance inflow in fiscal 2016-17, of $12.77 billion, was the lowest in six years. And for the first time in 15 years, Bangladesh’s apparel exports failed to register even single digit growth. The apparel export growth last fiscal year was just 0.20 percent. In contrast, in the last 10 years growth averaged about 13 percent.

Source:   http://www.thedailystar.net/business/imports-be-costlier-1441222

Export target $37.5b

The export target for fiscal 2017-18 has been set at $37.5 billion — 8.23 percent higher than last fiscal year’s receipts.Bangladesh exported goods worth $34.65 billion last fiscal year, up 1.61 percent year-on-year, according to data from the Export Promotion Bureau.The garment sector would be gunning for a $30.16 billion export target, 7.19 percent higher than fiscal 2016-17’s receipts.The current economic outlook, policy changes in different export destinations, the trade report of the World Trade Organisation, exporters’ feedback, exchange rate movement and supply side capacity were considered during the setting of the export target, Commerce Minister Tofail Ahmed said while disclosing the figure yesterday.Bangladesh could not achieve the export target last fiscal year because of the devaluation of the Euro and pound sterling against the US dollar, the minister said.Brexit, national elections in major export destinations in the EU, and the lower prices of goods, especially garment, were also responsible for missing the target last fiscal year.

Source:  http://www.thedailystar.net/business/export-target-375b-1441216

Ctg port’s incompetency raising cost of doing business

Country’s businesses on Saturday said that incompetency of the Chittagong port was increasing the doing business cost and no steps were taken to reduce time and cost at the port though a lot of discussion were taken place on the issue. At a roundtable ‘Chittagong Port: Current Status and Way Forward’ organised by the Dhaka Chamber of Commerce and Industry at the Lakeshore Hotel in Dhaka, businesses said that to achieve a sustainable economic development the governance at the port should be improved significantly. ‘Operations at the Chittagong port have become handicapped. Eid holidays and natural disasters also affect the port performance. An alternative mechanism is needed to address the problem,’ International Chamber of Commerce president Mahbubur Rahman said. He emphasised development of waterways from the Chittagong port to Pangaon and to divert minimum 50 per cent of road container traffic to waterways .Requesting the government to engage the private sector in the port operation, Mahbubur said that a port development plan should have to be developed and implemented before 20 years.Abul Kasem Khan, president of the DCCI, said that despite an improved ranking globally, the port faced manifold challenges and problems, resulting in serious efficiency issues that downgraded the business competitiveness of Bangladesh.

Source: http://www.newagebd.net/article/20823/ctg-ports-incompetency-raising-cost-of-doing-business

Mercantile Bank focuses on SMEs

Mercantile Bank has shifted its focus on retail and SME banking instead of corporate lending, CEO Kazi Masihur Rahman said yesterday.“We won’t waste our time running after big clients. I have asked our officials to look for SME (small and medium enterprises) and retail customers,” he told journalists while disclosing the bank’s half-yearly earnings at a programme at its headquarters in the capital.As part of the move, he said the bank has segregated its branches based on corporate, SME and retail banking. It aims to disburse Tk 3,200 crore in loans to SMEs this year, up 60 percent year-on-year, he said.Established in 1999, Mercantile Bank earned more than Tk 500 crore in operating profit for the first time last year. It went up to Tk 325 crore in this year’s first half, up 42 percent from the same period a year ago.“now sky is the limit for us,” said Rahman. He said they were investing a huge amount of money on their IT wing to ensure security of customers. But, he declined to disclose the figure.

Source:  http://www.thedailystar.net/business/mercantile-bank-focuses-smes-1440901

World Commodities

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$ 49.90 ↑0.19↑0.38%
Crude Oil (Brent)*$ 52.84↑0.32↑0.61%
Gold Spot*$ 1,268.07↓1.57↓0.12%

Major Currencies Exchange Rates Movement in Last Seven Days

Exchange Rates
USD 1BDT 80.65*
GBP 1BDT 105.87*
EUR 1BDT 94.58*
INR 1BDT 1.26*





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