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 June 09, 2020

BD to get WB’s $250m budgetary aid in June

Bangladesh is likely to receive US$250 million budgetary support from the World Bank (WB), as the Washington-based lender might approve the assistance next week, officials said on Monday. The WB board, in its upcoming meeting on June 19, might endorse second instalment of the Development Policy Credit (DPC), amounting to $250 million, for Bangladesh. After one and a half years, the government is set to receive instalment of the WB’s $750-million DPC for Bangladesh amid severe impact of the deadly coronavirus pandemic on the national economy. On January 9 last year, the WB confirmed first instalment of the assured DPC, amounting to $250 million, for Bangladesh. Its board endorsed the credit instalment on December 12, 2018. According to the WB Dhaka office, the DPC-II, which is basically a budgetary support for Bangladesh, is expected to be placed in its executive board meeting in Washington DC on June 19. “Upon approval, we expect disbursement of the $250 million budgetary support on an emergency basis to facilitate the national budget expenditure,” said an official of the Economic Relations Division (ERD).

Source: https://today.thefinancialexpress.com.bd/last-page/bd-to-get-wbs-250m-budgetary-aid-in-june-1591638052

Cabinet okays draft law to scrap BB governor’s age limit

The cabinet approved in principle Monday the draft of “The Bangladesh Bank (Amendment) Act, 2020” by abolishing the ‘proviso’ of the 65-year age limit for the governor of the central bank.The cabinet secretary said an experienced person is appointed in the financial sector as the governor. “But it’s not possible to appoint an efficient and experienced person in the financial sector after his/her 65 years of age as the current law has fixed the highest age limit at 65 years. Islam said even it’s not possible to reappoint an experienced person who performed the responsibility of the governor at the Bangladesh Bank. In this connection, he referred that the highest age limit of the governor of central bank of neighbouring countries of India and Sri Lanka has not been mentioned.

Source: https://today.thefinancialexpress.com.bd/last-page/cabinet-okays-draft-law-to-scrap-bb-governors-age-limit-1591638224

Govt asks BGMEA to stop termination of workers

The government has asked apparel sector trade bodies to take measures to stop termination of workers to avoid any possible labour unrest amid the coronavirus pandemic. The government’s instructions came after 67 factories had terminated a total of 17,579 workers,althoughatripartite meeting decided that no worker or factory would be laid off during the pandemic especially before Eid-ul-Fitr.Citing DIFE’s 23 zonal offices report prepared after Eid, the letter said a total of 17,579 workers were terminated at labour intensive industrial zone of Dhaka, Gazipur, Narayanganj and Chattogram. As a result, 2,450 workers from Tanaz Fashions and Viyellatex garments on June 01 blocked the Dhaka-Mymensingh highway which was resolved by law enforcement agencies and DIFE. They said although the owners got a Tk 500 billion stimulus package with two per cent service charge from the government, many workers who joined their duty did not get their full salaries and bonuses. The workers in the RMG sector have now been passing tough times due to the outbreak of Covid-19 in the country.

Source: https://today.thefinancialexpress.com.bd/last-page/govt-asks-bgmea-to-stop-termination-of-workers-1591638200

BEA proposes Tk 13.97t alternative budget

Bangladesh Economic Association (BEA), a professional body of economists, on Monday proposed an alternative budget amounting to Tk 13.97 trillion or 2.47 times higher than the existing budget. The size of the alternative budget is equivalent to 55 per cent of gross domestic product (GDP). Revenue collection has been estimated at Tk 12.7 trillion or 91 per cent while the remaining 9.0 per cent as deficit.DrBarkat said of theTk 1.35 trillion deficit, Tk 700 billion will come from savings instruments while the remaining amount may come from reissuance of savings certificates and launching new savings instruments through public- private partnership.The education budget should be at least 5.0 per cent of the GDP. During the 66-day lockdown, he said, a total of 36 million people lost their jobs. The status of the rich, however, remained unchanged at 17 million, he said, adding that there was a significant change in classes of the people during the lockdown.Prof Barkat said the Gini coefficient, a popular measure of income inequality, rose to 0.635 against 0.48 earlier. The rise in 0-1.0 scale implies higher income inequality in the society. According to the Palma ratio, he said, an alternative to the Gini coefficient shows 7.53 against 2.92 previously.

Source: https://today.thefinancialexpress.com.bd/last-page/bea-proposes-tk-1397t-alternative-budget-1591638384

Dhaka Bank launches ‘Account from Home’ platform

Dhaka Bank Limited has introduced Online Account Opening platform “Account from Home”. Using this platform prospective customers will enjoy the option of submitting their information from the comfort of their homes by filling in the simple account opening form. To access this the customers will just need to click the following link to open their account.Dhaka Bank nominated agent will deliver welcome pack at customers’ doorstep (maintaining health and safety standard) including free debit card and cheque book and collect documents with their signature.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/dhaka-bank-launches-account-from-home-platform-1591633913

Biman to operate charter flight on Dhaka-Rome route

Biman Bangladesh Airlines will operate a charter flight from Dhaka to Rome from June 12 (Friday), reports UNB. As per Bangladesh government directives, the chartered flight will carry stranded Bangladeshi nationals, who are holding valid resident cards of Italy as per list certified by the Ministry of Foreign Affairs and Embassy of Italy in Dhaka.Biman has published a list of 265 passengers, and directed them to collect tickets from its sales outlets in Dhaka, Chattogram and Sylhet.

Source: https://today.thefinancialexpress.com.bd/trade-market/biman-to-operate-charter-flight-on-dhaka-rome-route-1591634038

Safety net outlay to hit 3pc of GDP for first time

The government may allocate Tk 95,155 crore for the safety net programmes in the next fiscal year as it looks to broaden the number of beneficiaries to support those who are struggling to make ends meet after the coronavirus outbreak.The allocation would be 27.95 per cent higher than Tk 74,367 crore set aside in the current fiscal year and 3 per cent of the gross domestic product of Bangladesh, according to an official of the finance ministry. The allocation was 2.58 per cent of the GDP in FY2019-20.

Source: https://www.thedailystar.net/business/news/safety-net-outlay-hit-3pc-gdp-first-time-1911489

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
↑461.46↑1.70 %
Nikkei 22522,970.33↓207.77↓0.90%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$38.54 ↑0.35↑0.92%
Crude Oil (Brent)$ 41.09 ↑0.29↑0.71%
Gold Spot$1,695.87↓2.66↓0.16%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.3655
GBP 1BDT 105.853
EUR 1BDT 94.1540
INR 1BDT 1.10610





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