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 16, 2020

Govt eyes Tk 17,000cr in budget support next fiscal year

The government has set a target to mobilise Tk 17,000 crore in budget support from development partners in fiscal 2020-21 to meet its additional financing need owing to the coronavirus pandemic. The budget support being sought is way higher than the Tk 2,100 crore set in the original fiscal plan for this year and Tk 56 crore in the previous one. The budget support for the next fiscal year accounts for 18.31 per cent of the Tk 92,837 crore external borrowing target set. The ADB has approved $500 million and the AIIB sanctioned 250 million. The WB may approve $250 million by this month. This means, the government is on track to mobilise funds from the development partners. Although the funds from the development partners have been approved in the current fiscal year, they would be spent in the fiscal 2020-21’s plan. If needed, the government may borrow from the ADB and the IMF in the next fiscal year as well. The budget deficit for the current fiscal year was estimated at Tk 145,380 crore and it was pushed upwards to Tk 153,513 crore in the revised budget, which is 5.5 per cent of GDP. The overall budget deficit will be Tk 190,000 crore in fiscal 2020-21, which is 6 per cent of GDP, said Finance Minister AHM Mustafa Kamal in his budget speech. Bangladesh would receive Tk 4,013 crore in grants in fiscal 2020-21, up from Tk 3,454 crore in the revised budget. Of the grants, Tk 613 crore would come in the form of food support and Tk 3,400 crore in project assistance. Of the external financing, Tk 88,824 crore will come in the form of loans, which was Tk 63,659 crore in the revised budget. The support for loans includes Tk 67,102 crore in project assistance. Continued remittance weakness in the coming months will slow fiscal 2019-20’s growth to 1.4 per cent and lead to a 7 per cent fall in fiscal 2020-21, the IMF said recently. Revenue collection crashed more than 55 per cent in April and the National Board of Revenue may end up facing a shortfall of Tk 100,000 crore in the current fiscal year. The government has unveiled various stimulus packages amounting to $103,117 crore, which is 3.7 per cent of the country’s gross domestic product, to help people, businesses, entrepreneurs, farmers, industrialists and exporters counter the impact of the pandemic.

Source: https://www.thedailystar.net/business/news/govt-eyes-tk-17000cr-budget-support-next-fiscal-year-1915293

BB extends loan status classification to Sep 30

The central bank has extended the deadline for loan status classification by banks further to September 30, as it now forecasts the economy would be enshrouded by the coronavirus-induced gloom for longer than it had imagined earlier. Now, banks will have to maintain the same credit status of a borrower as on January 30 until the new deadline. Banks, however, would be able to classify any loan if their situation improves, the Bangladesh Bank said in a notice yesterday to help businesses and industries operate in the adverse scenario brought on by the coronavirus pandemic. On March 19, less than two weeks after the government first reported the country’s maiden coronavirus cases, the central bank asked lenders not to consider businesspeople as defaulters if they fail to repay instalments until June 30 this year. It came after banks in April requested both the finance ministry and the central bank to push back the deadline for loan status classification to December 31 from June 30 as many borrowers are failing to pay instalments because of coronavirus-induced losses. All instalments of the term loans, including agriculture and small credits and investment, between January 1 and September 30 would be considered as deferred. The instalment size and numbers would be re-fixed in October. he repo rate was lowered from 6 per cent to 5.75 per cent in March and later to 5.25 per cent on April 12. The cash reserve ratio was initially reduced from 5 per cent to 4.5 per cent (daily-basis) and from 5.5 per cent to 5 per cent (bi-weekly basis), with a further reduction to 3.5 per cent and 4 per cent, respectively, from April 15. The BB has raised the loan-deposit ratio and investment-deposit ratio by 2 percentage points to facilitate credit to the private sector and improve liquidity in the banking system. As part of the stimulus packages, the central bank has injected Tk 73,000 crore in the banking system through the refinancing schemes and the cut in the CRR. There was Tk 113,000 crore additional liquidity in the banking sector as of April 30, after meeting the statutory liquidity ratio. There is another Tk 62,000 crore additional fund owing to the healthy reserve.

Source: https://www.thedailystar.net/business/news/bb-extends-loan-status-classification-sep-30-it-fears-pandemic-would-ram-1915289

Internet-based trading in the offing

Country’s main bourse has taken a move to launch digital trading considering the safety and security of investors and other market stakeholders as the deadly virus goes virulent across the country. Mobile app and other devices will be used in such kind of trading. As part of the move, a two-day workshop titled ‘role of stock brokers in internet-based trading’, arranged by DSE Training Academy ended on Monday. A total of 400 officials of brokerage houses of DSE participated in the course and they learned about many aspects of internet-based trading. In order to avoid large gathering at one place and to maintain social distancing for holding shareholders’ meeting, if necessary, board meeting, board committees’ meeting and meeting of the teams formed by the board, both the stock exchanges may use digital platform at different locations considering the safety of the investors and the professionals. The BSEC issued a directive in this regard on March 25 following the proposals made by some listed companies and the Bangladesh Association of Publicly Listed Companies (BAPLC). The securities regulator said the directors of the listed companies may hold their board meetings through digital platform subject to limitation and compliances in other regulatory framework.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/internet-based-trading-in-the-offing-1592238088

Stocks extend losses, turnover below Tk 1.0b-mark

Stocks extended the losing streak for the second consecutive session on Monday as the proposed budget failed to meet investors’ expectations. DSEX, the key index of the Dhaka Stock Exchange, went down by 5.91 points or 0.15 per cent to close at 3,958. The core index of the prime bourse is hovering between 3,953 and 3,969 points in the past 10 sessions as most of the investors were reluctant to make any fresh investment amid worsening situation of the deadly virus. Turnover slumped below Tk 1.0 billion-mark for the past five trading sessions to Tk 615 million on Monday, a 14 per cent higher than the previous day, as the investors were not showing any enthusiasm for buying shares. The panicked investors liquidated their position from pharma, insurance, food and miscellaneous sectors stocks to escape further losses while the market observed some movement on banking sector stocks. Most of the shares remained stuck at the trading floor. Of the issues traded, 221 remained unchanged while only 7 issues advanced and 34 declined on the DSE trading floor. The DS30 index, comprising blue chips, also fell 4.25 points to finish at 1,324 and the DSE Shariah Index lost 1.94 points to close at 917. A total number of 12,808 trades were executed in the day’s trading session with a trading volume of 28.74 million shares and mutual fund units. The market-cap of the DSE also inched down to Tk 3,102 billion, from Tk 3,105 billion in the previous session. The pharma sector dominated the turnover board and grabbed 43 per cent of the day’s turnover. Beximco Pharma topped the turnover chart with shares worth Tk 82 million changing hands, followed by Linde Bangladesh, National Bank, Central Pharma and Bangladesh Submarine Cable Company. Vanguard AML Rupali Bank Balanced Fund was the day’s best performer, posting a gain of 2.22 per cent while Beximco Synthetics was the worst loser for the second straight day, losing 5.55 per cent. The Chittagong Stock Exchange edged lower with its All Shares Price Index (CASPI)-losing 21 points to close at 11,238 and the Selective Categories Index – CSCX -shedding 13 points to finish at 6,808.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/stocks-extend-losses-turnover-below-tk-10b-mark-1592238151

Sheikh Fazle Fahim elected VP of Saarc Chamber

Sheikh Fazle Fahim, president of the Federation of Bangladesh Chambers of Commerce and Industry, has been elected as the vice-president of the Saarc Chamber of Commerce and Industry (Saarc CCI). The business leader will serve as the vice-president for the Islamabad-headquartered regional trade body for 2020-2021, according to a press release from the FBCCI.

Source: https://www.thedailystar.net/business/news/fahim-elected-vp-saarc-chamber-1915273

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DSEX3,958.36635↓ 5.91↓ 0.15
↑157.62↑ 0.62 %
FTSE1006,064.70↓ 40.48↓ 0.66%
Nikkei 22522,244.96↑ 714.01↑ 3.32%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 37.02 ↓ 0.10↓ 0.27 %
Crude Oil (Brent)$ 39.60↓ 0.12↓ 0.30 %
Gold Spot$1,730.38↑ 5.22↑ 0.30%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.4597
GBP 1BDT 104.697
EUR 1BDT 94.0860
INR 1BDT 1.10116





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