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 June 12, 2018

E-commerce sites allowed online export using banking channel

Bangladesh Bank on Monday issued a circular facilitating export of goods from Bangladesh using the banking channel against customers’ online orders from abroad. As per the BB circular, banks would be allowed to work as authorized dealers for such export up to $5,000 in a single transaction. According to the BB circular, in order to promote business-to-consumer export by hosting goods on e-commerce web site accessible through internet to foreign buyers, it has been decided that authorized dealers may provide acquiring services to eligible exporters for repatriation of export proceeds against sales orders of exportable goods received on e-commerce web sites. The ADs must have merchant agreement with the exporters having necessary arrangement for safe internet transactions. The facility will only be available for small value export of value in cost and freight term not exceeding $5,000 per transaction.
Upon receipt of the export proceeds in the NOSTRO accounts, the ADs would facilitate shipping of goods and report the EXP form in the online reporting system of Bangladesh Bank. After receipt of the Second Original of EXP form from exporters within 14 days of shipment, the ADs will credit export proceeds to the respective accounts of exporters and report the execution of export with proceeds realized in the online reporting system.

Source: http://www.newagebd.net/article/43490/e-commerce-sites-allowed-online-export-using-banking-channel

Dhaka stocks end flat after two-day fall

Dhaka stocks ended almost flat on Monday, after two days of negative trading in the past two straight sessions on pre-Eid sale pressure. Market insiders said the market closed almost flat as pre-Eid sale pressure somewhat subdued. However, many investors remained cautious as there was no specific direction on the capital market except corporate tax cut for listed banks and financial institutions, they said. The market started on an upward trend and the key index of the DSE soared nearly 32 points within 30 minutes of trading. But rest of the session wiped out most of the early gains. Finally, DSEX, core index of Dhaka Stock Exchange (DSE), settled at 5,326, advancing 3.15 points or 0.05 per cent over the previous session. However, the other indices of the premier bourse ended lower. The DS30 index, comprising blue chips, fell 1.08 points to finish at 1953 points and DSES (Shariah) lost 1.40 points to close at 1,228 points. Trading activities remained below Tk 5.0 billion level as total turnover on the DSE amounting to Tk 4.50 billion, which was 10 per cent higher than the previous day’s Tk 4.08 billion. The port city bourse—CSE—closed lower with its CSE All Share Price Index–CAPSI—shedding 34 points to settle at 16383 and elective Categories Index–CSCX–falling 21 points to finish at 9907 points.


BSEC okays Tk 30cr IPO of Silva Pharma

Bangladesh Securities and Exchange Commission on Monday approved a Tk 30-crore initial public offering of Silva Pharmaceuticals under the fixed price method. The pharmaceuticals company will float 3 crore shares at an issue price of Tk 10 each. The pharmaceutical company will use its IPO proceeds in purchasing machinery, constructing building, repaying bank loan and meeting up IPO expenses. As per the entity’s audited financial statement for the year ended on June 30, 2017, the company’s net asset value per share and weighted average earnings per share are Tk 16.48 and Tk 1.03 respectively.
Imperial Capital Limited, Prime Finance Capital Management Limited and SBL Capital Management Limited are the issue manager of the company’s IPO.

Source: http://www.newagebd.net/article/43497/bsec-okays-tk-30cr-ipo-of-silva-pharma

T-bills’ interest rates up ahead of Eid

The interest rates on the treasury bills (T-bills) increased significantly, as the banks showed unwillingness to invest their funds in the government securities ahead of the Eid. The cut-off yield, generally known as interest rate, on 91-day T-bills jumped to 4.14 per cent on Sunday from 1.20 per cent of the previous auction, held on June 03. On May 13, the cut-off yield was 1.00 per cent. Besides, the cut-off yield on 182-day T-bills rose to 4.19 per cent on the day from 4.00 per cent of the previous auction. The government had fixed the borrowing target at Tk 30 billion through holding auctions of the T-bills on the day. The call money rate moved up slightly in the recent days mainly due to higher withdrawal of money from the banks ahead of the Eid. The call money rate ranged between 1.00 per cent and 5.00 per cent on Thursday against the previous rate ranging between 0.75 per cent and 5.00 per cent. Most of the deals were settled at rates varying between 2.50 per cent and 3.50 per cent.

Source: https://thefinancialexpress.com.bd/trade/t-bills-interest-rates-up-ahead-of-eid-1528689262

Parliament passes supplementary budget for FY18

The parliament has passed the supplementary budget of Tk 153.398 billion for the fiscal 2017-18 to meet the increased expenditures under different ministries and divisions. Finance Minister placed the supplementary budget in the House on June 7 along with the national budget. According to the budget document, a sum of Tk 4.002 trillion was allocated in favour of 62 ministries and divisions for the 2017-18 fiscal. But in the supplementary budget allocation for 24 ministries and divisions have been increased to Tk 153.398 billion while Tk 460.556 billion reduced for 35 ministries and divisions. As a result, the budget allocation for these ministries and divisions was reduced to Tk 287.71 billion and the total allocation now stands at Tk 3.714 trillion.

Source: https://thefinancialexpress.com.bd/economy/parliament-passes-supplementary-budget-for-fy18-1528713670

BERC starts public hearing on gas price hike

The public hearing on the proposals for raising gas prices started at the Bangladesh Energy Regulatory Commission (BERC) in Dhaka on Monday. On the first day of the hearing held at TCB Auditorium, the body heard the appeal of state-owned Gas Transmission Company Limited (GTCL) which sought a hike in its transmission charge by 68.65 per cent to Tk 0.4476 per cubic metre (CM) from the existing Tk 0.2654. To justify the GTCL’s plea, Petrobangla chairman said they have undertaken a number of gas transmission projects to facilitate the supply of imported LNG (liquefied natural gas) which will push up their transmission cost. GTCL is a subsidiary body of Petrobangla. A BERC technical committee disagreed with the GTCL appeal and recommended that the transmission charge could be raised at best by Tk 0.1027 per CM to offset its revenue deficit to be created due to new project implementation. However, the BERC five-member commission, headed by its chairman, will take the final decision on the appeal of the GTCL.

Source: https://thefinancialexpress.com.bd/national/berc-starts-public-hearing-on-gas-price-hike-1528717878

Mobile app for large taxpayers

The tax administrator’s field office—Large Taxpayers Unit, Value Added Tax (LTU, VAT)—yesterday launched a mobile app called LTU-VAT to make it easy for businesses to get to know about the indirect tax. The taxpayers would be able to contact revenue officials and get to know about VAT rules, interpretations of various services, forms and VAT deposit codes. Initially available on Google Play Store for android phones, the app also contains information about the companies under the LTU, VAT and on alternative dispute resolution.


Apparel exports to US rebound

Garment exports to the US grew 2.90 percent year-on-year to $1.87 billion in the first four months of the year as Bangladeshi manufacturers benefit from the Trump administration’s abandonment of the Trans-Pacific Partnership. The TPP was a sweeping trade pact between the US and 11 other countries — Australia, Japan, New Zealand, Canada, Mexico, Singapore, Malaysia, Vietnam, Brunei, Chile and Peru — representing about 40 percent of the world economy. In the January-April period of 2018, Bangladesh was the sixth largest garment exporter to the US, according to data from the US Office of Textiles and Apparel. Another reason for the retailers’ fresh patronage of Bangladesh’s garment factories is the near-completion of remediation works by the Accord and Alliance, the foreign inspection agencies formed in the aftermath of the Rana Plaza collapse in 2013 to tangibly enhance workplace safety in the country’s apparel factories. The rising export of value-added garment items was also another reason for the higher receipts in the first four months of 2018. As of April, China sent $10.92 billion worth of garment items to the US, which is the highest. It was followed by India ($2.67 billion), Vietnam ($3.99 billion) and Pakistan ($928 million).

Source: https://www.thedailystar.net/business/apparel-exports-us-rebound-1590001

Eight firms apply for tower company licences

The telecom regulator received eight applications for tower company licences, including one from state-owned Bangladesh Telecommunication Company Ltd, as the deadline to apply ended yesterday. Among the applicants, some are joint ventures set up by local and foreign firms. Some local companies have also applied individually, said an official who is dealing with the issue. The commission will soon send its recommendation to the government seeking approval. The BTRC will award four licences to run the tower business with a view to separating the network business from telecom services — a move that is expected to rationalise the number of towers in the country and reduce the use of land needed to set up towers. No auction will take place to choose the licensees. Instead, the BTRC will use its criteria to evaluate the applications before recommending names to the government, said the official. According to the Tower Sharing Guideline, foreign companies can receive the licence if they form a joint venture with a local company and can own a maximum 70 percent stake in the joint entity.


Used cars become costlier

Prices of imported used cars have gone up by Tk 1 lakh to Tk 4.5 lakh owing to cuts in duty benefit in the proposed budget for 2018-19, said dealers yesterday. The association urged the government to revise the budgetary measure. The National Board of Revenue reduced the depreciation benefit, which is used to calculate the duty of imported used cars, by 5 percentage points. For cars of one to two years old, the depreciation will be 10 percent from the incoming fiscal year, down from 15 percent in 2017-18. For cars between two years to three years old, the depreciation will be 20 percent as opposed to 25 percent in the outgoing fiscal year. Used car importers, however, welcomed the cut in the supplementary duty for hybrid cars of 1600cc-1800cc to 20 percent from 45 percent in the outgoing fiscal year. This duty rate will be applicable for electric cars as well. Old car imports rose 34 percent year-on-year to 17,727 units in the first eight months of the fiscal year, according to data compiled by the association.

Source: https://www.thedailystar.net/business/used-cars-become-costlier-1590004

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
Nikkei 22522,804.04↓148.74↓0.17%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$66.10↑0.58↓0.89%
Crude Oil (Brent)$76.36↑0.13↓0.17%
Gold Spot$1,295.49↓4.06↓0.31%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.62
GBP 1BDT 111.73
EUR 1BDT 98.38
INR 1BDT 1.23





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