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 14, 2019

Total tenure of existing closed-end MFs won’t be more than 20 yrs

The stockmarket regulator has issued a directive scrapping its previous directive regarding conversion or liquidation of closed-end mutual funds on completion of tenure of ten years. According to BSEC directive, total tenure, including another term of ten years, of the existing closed-end MFs will not be more than 20 years. According to the BSEC directive, the asset managers may extend or go for redemption or conversion of the closed-end mutual funds to the open-ended ones. Meanwhile, ICB Asset Management Company has decided to extend the tenure of Prime Finance First Mutual Fund, a closed-end mutual fund, for another 10 years up to March 14, 2029. As per a disclosure posted on the Dhaka Stock Exchange (DSE) website, the ICB Asset Management Company extended the tenure as per BSEC order dated October 02, 2018 (gazette published on October 23, 2018).


BD poised to emerge as 30th largest Economy: MIGA

As per a top Official of Multilateral Investment Guarantee Agency (MIGA), Bangladesh is poised to emerge as the world’s 30th largest economy over the next few years with a trillion-dollar GDP. According to the Vice President of MIGA, in order to ensure sustained economic development, it is essential that the country is seen as a safe harbour for foreign investment, particularly in sectors that are critical towards this growth: energy, infrastructure, manufacturing and agriculture. MIGA, the political risk insurance arm of the World Bank Group, was created in 1988 to promote foreign direct investment in emerging economies. As per him, MIGA’s comparative value add rests in its ability to attract and secure foreign investment while at the same time ensuring that these investments serve a catalytic purpose which contribute towards the overall development of the country. MIGA is currently exploring the possibility of building an energy efficient fertiliser plant in Narsingdi, which will produce urea from natural gas. This will help boost domestic urea production and improve agricultural production, enhance food security, and reduce environmental pollution.

Source: http://today.thefinancialexpress.com.bd/last-page/bd-poised-to-emerge-as-30th-largest-economy-miga-1552500840

China to invest more than $50b in next 10 yrs in Bangladesh

China is expected to invest more than $50 billion in the next 10 to 15 years in Bangladesh’s thrust sectors like energy and power, transport and communications etc. Commerce Minister Tipu Munshi MP disclosed this in a Bangladesh-China Business Connections event, arranged by HSBC recently in the city. As per the Minister, China has been a trusted partner of Bangladesh for a long time now. Under the leadership of the Honorable Prime Minister, Bangladesh has on boarded into the highway of development and China has been a key partner in this journey. The Minister thanks HSBC for facilitating Chinese entrepreneurs and enhancing trade relations between China and Bangladesh. HSBC organised the event this week, bringing successful Bangladeshi and Chinese businesses and institutions, together with economic, government, industry and financial services experts to share insights to help businesses advance their China-Bangladesh commercial strategy.


Asian Carmakers eye bigger share of Bangladesh market

Bangladesh’s growing automobile market, fuelled by consistent economic growth and rising purchasing power, is drawing in automakers from around the globe, especially the Asian ones who seek to dominate the passenger car segment. Around 63 automobiles, including sport utility vehicles (SUVs), are now sold every day in Bangladesh while it was 29 in 2012 when the market started thriving, as per the Bangladesh Reconditioned Vehicles Importers and Dealers Association (Barvida). According to Bangladesh Road Transport Authority (BRTA), around 9,224 vehicles were sold in 2012 whereas it was 18,227 units in 2018, meaning there has been 98 percent growth in the past six years. In 2017, car sales amounted to around Tk 5,000 crore and the industry achieved 8 percent growth a year on an average since 2012, according to industry insiders. The figures seem tempting enough to awaken Subaru Bangladesh into launching four models of the Japanese brand — Forester, BRZ, Impreza, XV — today after a five-year gap. Another indication of automakers’ attention being focused on the country is four concurrent three-day automobile-centric shows being opened by CEMS Global at the International Convention City Bashundhara from today.

Source: https://www.thedailystar.net/business/news/asian-carmakers-eye-bigger-share-bangladesh-market-1714756

Special Audit in Banks, FIs to start soon: Finance Minister

Finance Minister AHM Mustafa Kamal Wednesday projected the country’s economy to grow at a rate over 8.0 per cent this fiscal year (FY 2018-19). As per the Minister, they have still some components to add. The growth is already 8.1 per cent at this moment. After adding the rest of the components, it will reach 8.15-8.25 per cent. According to the Minister, this year the gross domestic product (GDP) would have an unbelievable growth. He was speaking at the annual conference of scam-hit state-owned Janata Bank in the capital on Wednesday. The minister spoke of running a special audit in every bank and financial institution very soon. As per the Minister, Govt have already started work in this regard. He, however, asked the bankers not to be worried. Audits are not meant to send anybody to jail. This is an attempt to assess the situation. Mr Kamal also referred to some much-needed reforms in the banking sector, saying internal control system in banks is missing in the absence of internal audit. According to his observation, there should be a system of internal audit so that every transaction is verified automatically. The minister urged the good bankers to report against bad ones to stop corruption in banks.

Source: http://today.thefinancialexpress.com.bd/first-page/spl-audit-in-banks-fis-to-start-soon-kamal-1552500416

Businesses seek predictability of tax measures for 5yrs

Businesses on Wednesday requested National Board of Revenue for ensuring predictability of any tax measure for at least five years so that they could prepare their business and investment plan well. At a quarterly luncheon meeting, they also demanded that the advance income tax businesses paid at various stages should be treated as advance tax with a scope of refund. Metropolitan Chamber of Commerce and Industry organised the meeting at its office in Dhaka. At the programme, NBR Chairman sought cooperation from businesses to prevent sales in local markets products, including fabrics, paper, chemical and accessories, which are imported under bond licence. As per MCCI President, changing tax measures in every year should not be the way to attract investment, both local and foreign.

Source: http://www.newagebd.net/article/67292/businesses-seek-predictability-of-tax-measures-for-5yrs

Number of women in boards of DSE-listed Companies rising slowly

The percentage of woman directors in boards of the companies listed with Dhaka Stock Exchange inched up to 18 in 2018 from that of 17 a year ago, according to a research conducted by International Finance Corporation. IFC unveiled the data at a programme titled ‘Ring the Bell for Gender Equality’ at the Pan Pacific Sonargaon Hotel in Dhaka on Tuesday. IFC and DSE jointly organised the programme as a global initiative linked with International Women’s Day to promote women’s participation in the global economy to catalyse sustainable and inclusive private sector growth. The recent IFC research found that out of the total of 2,871 directors in the companies listed with DSE, 507 were women.

Source: http://www.newagebd.net/article/67298/number-of-women-in-boards-of-dse-listed-cos-rising-slowly

Bamboo products fetch good prices

A good number of indigenous families at Adivasi Palli of Mahelipara village at Chatra union under Pirganj upazila in the district are earning their living by making different bamboo products. Around one hundred families belonging to aboriginal Santal community of the adivasi palli are engaged in making household appliances from bamboo and thus earning their livelihood. Nowadays, the cottage industries based on bamboo, cane and some other fibrous plants are losing attraction in the region as well the country with the flourishing of plastic goods in the market. But these people are still pursuing their ancestral business, as some of the bamboo products are still in demand in both rural and town areas.

Source: http://today.thefinancialexpress.com.bd/country/bamboo-products-fetch-good-prices-1552491903

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
FTSE1007,159.19 ↑8.04↑0.11%
Nikkei 22521,423.14↑132.90↑0.62%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 58.34↑0.08↑0.14%
Crude Oil (Brent) $ 67.69 ↑0.14 ↑0.21%
Gold Spot $1,306.51↓2.61↓0.20%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 84.0373
GBP 1BDT 111.4923
EUR 1BDT 95.2143
INR 1BDT 1.2085





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