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 March 11, 2020

BB advises banks on special funds

The central bank has advised more than a dozen of scheduled banks to expedite the ongoing process of creating their special funds for investment in the capital market. In the latest move, Bangladesh Bank (BB) Governor Fazle Kabir and other high-ups communicated the advice to both public and private banks. Out of the six state-owned commercial banks (SoCBs), the chairmen and managing directors (MDs) and chief executive officers (CEOs) of four SoCBs received the advice. On February 10, the central bank allowed all scheduled banks to create a special fund of Tk 2.0 billion each with a five-year tenure only for investment in the capital market. As per the latest arrangement, the banks may form the special fund with their own resources or with funds received from the BB through repo or re-financing mechanism. Such investment will not be included in the banks’ capital market exposures, both on solo and consolidated basis, until February 2025, according to the notification issued by the BB. Besides, three private commercial banks (PCBs) — the City Bank, United Commercial Bank (UCB) and Shahjalal Islami Bank — have also set up the funds. Six more PCBs are now making preparations to create the special funds within the next week. DSEX, the prime index of the Dhaka Stock Exchange, lost 178 points in three sessions from Wednesday to Sunday. And on Monday, the DSEX experienced the biggest single-day fall of 279 points, as almost 99.99 per cent of listed securities closed in the red.

Source: https://today.thefinancialexpress.com.bd/first-page/bb-prods-banks-on-special-funds-1583862843

Protecting depositors’ money in banks and FIs

The government’s move to increase insurance coverage of single depositor of any bank has created some confusion and debate regarding the protection of depositors’ money. The existing insurance coverage of any bank deposit is Tk 1.0 lakh only. It means, no matter what the deposit amount is, a depositor will definitely get at least Tk 1.0 lakh in case of closure or liquidation of any bank while there is no insurance coverage for non-bank financial institution. Now the government has proposed to increase the coverage amount to Tk 2.0 lakh for a single depositor of both bank and NBFI. To do this, the government has decided to amend the current Bank Amanat Bima Ain 2000 (The Bank Deposit Insurance Act, 2000). It will be replaced by Deposit Protection Act 2020. Under the Act, a depositor will get back Tk 2.0 lakh within six months of the liquidation of a bank of NBFI. As the total amount of bank deposit in the country stood at Tk 10.64 trillion at the end of FY19, according to Bangladesh Bank statistics, it may be assumed that deposit worth Tk 9.78 trillion is fully insured. As per the bank company act, any depositor is legally entitled to get back his or her money when a bank or NBFI become non-functional. Provision 73, 74 and 75 of the act provides the legal path in this regard.

Source: https://today.thefinancialexpress.com.bd/views-opinion/protecting-depositors-money-in-banks-and-fis-1583848550

DSEX gains 148 points after 7-yr record fall

The main index of Dhaka bourse gained 148 points on Tuesday after the record high correction of the previous session, as majority number of listed securities closed in green zone on the day. On the day, the Dhaka Stock Exchange (DSE) broad index – DSEX – displayed buoyancy from the very beginning of the session. DSEX suffered the biggest fall of 279 points in the previous session, due to panic sale following confirmation of three cases of Coronavirus in Bangladesh. Finally, DSEX settled at 4,156.32 points with a rise of 3.69 per cent or 148.26 points, as out of the 356 issues traded, 323 closed in green. The shariah-based index – DSES – and DS30 index – comprising blue chip securities – rose by 3.35 per cent and 3.27 per cent respectively. The premier bourse posted a turnover of above Tk 3.28 billion, which was 34.24 per cent lower than the previous session. A leading brokerage firm said the turnover declined, as many investors adopted a wait-and-see stance amid volatility of the market. Among the major sectors, financial institutions witnessed the highest price appreciation of 5.4 per cent, followed by textile 5.3 per cent, engineering 4.2 per cent, fuel and power 3.7 per cent, and bank 3.3 per cent. Investors’ participation was concentrated mostly on pharmaceuticals and chemicals sector, which grabbed 22.6 per cent of the market turnover. It was followed by engineering with 13.9 per cent, textile 11.2 per cent, and bank 7.0 per cent. On Tuesday, CASPI, broad index of the Chittagong Stock Exchange (CSE), also posted a sharp rise.

Source: https://today.thefinancialexpress.com.bd/last-page/dsex-gains-148-points-after-7-yr-record-fall-1583864215

ECNEC approves Tk 177.77b Matarbari deep-sea port

The Executive Committee of the National Economic Council (ECNEC) has approved the country’s first deep-sea project that is estimated to cost Tk 177.77 billion, report agencies. The Japan International Cooperation Agency (JICA) will provide Tk 128.93 billion for the port to be built in Matarbari of Cox’s Bazar. The government and the Chittagong Port Authority, the agency assigned to implement the project, will provide a total of Tk 48.84 billion. The project is expected to be complete by 2026, according to a project document. The port will be equipped with two terminals: one is 300 metres long and the other is 460 metres long. Prime Minister Sheikh Hasina presided over the meeting that approved the project. Briefing the reporters after the meeting, Planning Minister MA Mannan said that a total of nine projects were approved involving an overall estimated cost of Taka 241.13 billion. The implementing agencies could spend Taka 797.85 billion during this eight-month period with an utilisation rate of 37.09 per cent.

Source: https://today.thefinancialexpress.com.bd/last-page/ecnec-approves-tk-17777b-matarbari-deep-sea-port-1583863994

HSBC, Ucep join hands to develop skilled workers

HSBC Bangladesh and non-governmental organisation Ucep Bangladesh have teamed up to provide training on skills and capacity development to underprivileged young people to prepare them for today’s workplace. The two signed an agreement to run the HSBC–Ucep Skills Development Programme. Francois de Maricourt, chief executive officer of HSBC Bangladesh, and Tahsinah Ahmed, executive director of the Ucep Bangladesh, inked the agreement. The Bangladesh Economic Zones Authority (Beza) will support the programme. The Beza has received $20 billion in investment proposals from home and abroad, said Paban Chowdhury, executive chairman of the Beza. The agency is working to change the scenario of the country’s industrial sector, he said. The programme intends to bridge between two needs — the employment need of youth from underprivileged communities and the continued need of skilled workforce — for the economic zones in Bangladesh. It will make youth interested about the prospects of job opportunities in the Bangabandhu Sheikh Mujib Shilpa Nagar by obtaining technical skills demanded by industries. The British lender opened its first branch in Bangladesh in 1996. Currently, it operates in both the major commercial hubs of Dhaka and Chattogram and has presence in all eight export processing zones.

Source: https://www.thedailystar.net/business/news/hsbc-ucep-join-hands-develop-skilled-workers-1879102

Matarbari to play host to deep seaport

The government is set to construct a deep seaport at Matarbari in Cox’s Bazar to help the country handle rising volumes of exports and imports and ease the pressure on the Chattogram port. The project worth Tk 17,777 crore yesterday got the approval from the Executive Committee of National Economic Council (Ecnec). Prime Minister Sheikh Hasina presided over the meeting at the NEC conference room in the city’s Sher-e-Bangla Nagar. Once completed in December 2026, Matarbari will be the fourth port in Bangladesh. Of the estimated cost, the Japan International Cooperation Agency (Jica) will put in Tk 12,893 crore and the rest, Tk 2,213 crore, will be borne by the Chittagong Port Authority (CPA), Planning Minister MA Mannan told reporters after the meeting. State-owned Coal Power Generation Company Bangladesh (CPGCBL) is implementing the Tk 35,984-crore power plant project. As part of the 1,200 megawatt power plant project on the same site, almost 90 per cent of the work for creating an artificial channel with 14.5-kilometre long, 250-metre width and 18 metres depth has already been completed. On the northern side of the channel, a 1,750-metre breakwater has been constructed in order to protect the channel from the force of the sea waves and mitigate sedimentation. The first phase of the port with two terminals — a 300-metre multipurpose terminal for bulk cargo carriers and a 460-metre container terminal — would be completed by 2026. Once the first phase is completed, the port would be able to handle 8 lakh TEUs container annually. The shipping ministry approved the acquisition of 1,084 acres of land for the deep seaport to be built in two phases, sources said. Another 288.24 acres of land would be acquired later.

Source: https://www.thedailystar.net/business/news/matarbari-play-host-deep-seaport-1879117

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DSEX4,156.32346↑ 148.27↑ 3.69 %
↑ 1,167.14↑ 4.89 %
FTSE1005,960.23↓ 5.54↓ 0.09 %
Nikkei 22519,536.96↓ 330.16↓ 1.66 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 35.21↑ 0.85↑ 2.47 %
Crude Oil (Brent)$ 38.43 ↑ 1.21 ↑ 3.25 %
Gold Spot$ 1,659.10 ↑ 9.70 ↑ 0.59 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.2512
GBP 1BDT 108.214
EUR 1BDT 94.4909
INR 1BDT 1.12287





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.

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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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Dhaka Bank Limited