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 March 22, 2016

Draft of new industrial policy gets cabinet nod

The cabinet yesterday approved the draft National Industrial Policy-2016 aimed at increasing industrialization and investment in the country. Foreigners will have to double investments in Bangladesh to get Bangladeshi citizenship, according to the proposed industrial policy. Any foreigner who will invest USD 1.0 million in Bangladesh or transfer USD 2.0 million to any recognized financial institution in the country will get Bangladeshi citizenship, Cabinet Secretary Mohammad Shafiul Alam told reporters after the meeting. The amounts, as per the National Industrial Policy-2010, were USD 0.5 million and USD 1.0 million respectively. In addition, the amount of investment to get temporary residency in Bangladesh while doing business in the country has also been increased to USD 200,000 from USD 75,000 in the past, he said. The new policy has been framed by updating the 2010 policy. The industrial sector has been divided into five categories — high priority, priority, service, reserved and controlled industries. The draft policy has a guideline to set up infrastructure for industrial clusters and industrial parks in the underdeveloped areas in order to establish economic zones, Alam added. As per the policy, Bangladesh Bank will provide incentives and assistance to women entrepreneurs to encourage them to establish micro, small and cottage industrial units.

Source: http://www.thedailystar.net/business/draft-new-industrial-policy-gets-cabinet-nod-1197799

World Bank advises government to introduce carbon tax

World Bank has advised the government to impose carbon tax. It said the tax would be a “fiscally prudent measure” by protecting the country’s revenue. World Bank’s new country director for Bangladesh Qimiao Fan made the advice in a letter to Finance Minister AMA Muhith on March 17. A carbon tax is usually defined as a tax based on greenhouse gas emissions generated from burning fuels. “A carbon tax will be a fiscally prudent measure by protecting revenues when domestic prices are linked with the currently low international prices, given a stable nominal exchange rate against the US dollar,” Qimiao Fan’s letter read. Referring to a note on petroleum products pricing, he said: “Essentially the note argues that the best approach is to let domestic prices follow international prices while using a tax instrument to account for carbon pricing.” “This can be done through periodic automatic indexation of domestic petroleum prices to reflect changes in international oil prices and the nominal exchange rate.” Fan said a protracted period of low oil prices such as the one the world was experiencing currently was also ideal to introduce carbon tax. In the global market, the price of crude oil has gone down by 70% since the summer of 2014, and is expected to stay in the range of USD 30-40 a barrel in the next few years.

Source: http://www.dhakatribune.com/business/2016/mar/22/world-bank-advises-govt-introduce-carbon-tax#sthash.q26bcoZ9.dpuf

China wants to build expanded production base in Bangladesh

China held out offer to substantially invest in Bangladesh and cooperate with other countries in building the country’s first deep-sea port at any location in the Bay of Bengal. The world’s second-largest economy also wants to help build expanded production base in Bangladesh so it could share trillions of dollars worth of imports China makes and thus cut a huge trade gap. “There remains a huge trade gap between the two countries and it cannot be offset by simply doing trade,” said Chinese Ambassador in Dhaka Ma Mingqiang at a talk show styled “DCAB Talk” at the National Press Club Monday. To reduce the widening trade gap, the Chinese envoy stressed the need for more Chinese investment in Bangladesh and strengthening the country’s manufacturing base to produce goods to cater the Chinese needs. At present, the two-way annual trade accounts for USD 9.0 billion with the balance heavily tilted towards China. The ambassador, however, mentioned the figure as USD 14.6 billion.

Source: http://print.thefinancialexpress-bd.com/2016/03/22/137181

FBCCI hopes further lowering of interest rates

The country’s apex trade body FBCCI on Monday hoped that the rate of interest of bank loans will be reduced further after it came down to single digit in some cases. “The interest rate of bank loan has come down to single digit in some cases because of joint efforts of FBCCI and central bank. Since the rate of inflation remained under control during the last couple of days, FBCCI hopes that further lowering of interest rate will be possible through joint efforts,” it said in a statement. In the statement president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Abdul Matlub Ahmad also congratulated the newly appointed governor of Bangladesh Bank Fazle Kabir. He said the apex trade body is also interested to work with the central bank on development of small and medium enterprises sector, taking effective steps for women entrepreneurship development, taking appropriate steps about non-performing loans, and starting works to form housing fund for apparel sector workforces.

Source: http://print.thefinancialexpress-bd.com/2016/03/22/137138

Redline, CAAB ink deal on HSIA security

Civil Aviation and Tourism Minister Rashed Khan Menon Monday dispelled the ‘misgiving’ that the overall security management of Hazrat Shahjalal International Airport (HSIA) is being given to a foreign firm. The minister said the contract awardee, Redline Aviation Security Services Ltd, which got airport security management jobs for two years, will do advisory, operational and supervisory works in relation to security of Dhaka airport. “It is not true that the total security management of the airport has been handed over to any foreign company. They are providing advice and services and their performance will be reviewed after every six months under a two-year contract,” said Menon. The civil aviation minister was talking to the newsmen prior to the signing the agreement between Redline Aviation Security Services and Civil Aviation Authority of Bangladesh (CAAB) at CAAB office in the city. Redline chief executive Paul Mason and acting director of HSIA Nurul Islam signed the agreement on behalf of their respective sides when Rashed Khan Menon and outgoing CAAB chairman Air Vice-marshal Sanaul Huq were present.

Source: http://print.thefinancialexpress-bd.com/2016/03/22/137191

Keep present VAT pack until 2021

Dhaka Chamber of Commerce and Industry (DCCI) proposed that the government keep the existing package Value Added Tax (VAT) until 2021 by upward revision of the amount. The package VAT system is scheduled to stand scrapped from July 1, 2016 with the implementation of the new VAT and Supplementary Duty Act. In its budget proposal for fiscal year (FY) 2016-17, the chamber maintained that small and medium enterprises (SME) have yet to develop their infrastructure to adapt to the VAT system like developed countries. The DCCI recently placed the proposals to the National Board of Revenue (NBR) for its consideration in the next national budget. In an alternative proposal, the trade body proposed 3.0% VAT to be levied for SME business and 7.0 for large businesses. Currently, small businesses and shop owners in Dhaka and Chittagong city corporation areas pay BDT 14,000 as VAT annually while those in other city corporations BDT 10,000 and district city municipality areas BDT 7,200 and other areas BDT 3,600.

Source: http://print.thefinancialexpress-bd.com/2016/03/22/137185

US firm plans to pump USD 200.0 million into Bangladesh: IT, e-commerce, and healthcare sectors to get priority

Fenox Venture Capital, a US-based venture capital firm located in Silicon Valley, has shown interest to invest some USD200 million in potential sectors of Bangladesh through a 10-year plan. According to official website, Fenox VC provides early stage and final round funding, targeting opportunities in areas like IT, healthcare, artificial intelligence, internet of things (IoT), robotics, big data, virtual reality, augmented reality, FinTech and next generation technologies. Anis Uzzaman, general partner and president of Fenox VC, recently visited Bangladesh and talked to the FE about his company’s plan to invest in the country’s potential firms. He said Fenox VC has set its initial target to make investments in the companies of IT, e-commerce and healthcare sectors. Mr Anis Uzzaman, also the CEO of Fenox VC, said his company has already made some investments in three local companies – Prio.com, Shohoz.com and HandyMama.com.

Source: http://print.thefinancialexpress-bd.com/2016/03/22/137153

World Stock and Commodities

Index NameClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$41.45(0.07)(0.17%)
Crude Oil (Brent)*$41.45(0.09)(0.22%)
Gold Spot*$1,246.592.840.23%
Dow Jones Industrial Average17,623.8721.570.12%
Nikkei 22516,919.42194.611.16%
FTSE 1006,184.58(11)(0.36%)

Exchange Rates

USD 1BDT 78.38*
GBP 1BDT 112.67*
EUR 1BDT 88.23*
INR 1BDT 1.18*

*Currencies and Commodities are taken from Bloomberg.




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