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 3, 2016

Credit growth exceeds MPS target

Private sector credit growth rose sharply to 14.8% in the first month of current year surpassing the three year’s high of 14.2% growth achieved in December last. The new height of growth touches the credit ceiling of 14.8% set for June in the latest Monetary Policy Statement (MPS) of January-June this year. The net credit at private sector stood at BDT 6,205.0 billion in January against the ceiling of BDT 6,184.0 billion set for the month in monetary policy. The total credit rose by BDT 166.0 billion during the first month of current year from BDT 6,039.0 billion in December last year. Bangladesh Bank is not concerned about the sharp rise of private sector credit growth as public sector credit growth is still far below its target, said Allah Malik Kazemi, change management adviser to the central bank. He said though the private sector credit growth already reached the target set for June, it will not put pressure on inflation until public sector credit growth crosses the ceiling of monetary program. He assumed that the rise in credit growth will continue as economy started to move forward.

Source: http://www.dhakatribune.com/business/2016/mar/03/credit-growth-exceeds-mps-target#sthash.NSwnb33Q.dpuf

Green Delta, BD Venture to raise BDT 2.5 billion

Green Delta Capital and BD Venture Wednesday signed an agreement for raising a fund worth up to BDT 2.5 billion to facilitate fund arrangements for the prospective firms. This is the first initiative to facilitate the firms, which require fund support at early stage, after the securities regulator formulated rules for venture financing in June, 2015. Md. Rafiqul Islam, managing director and CEO of Green Delta Capital, and Shawkat Hossain, managing director and CEO of BD Venture, signed the agreement on behalf of their respective organizations. Nasir A Chowdhury, advisor and founding managing director of Green Delta Insurance, Farzana Chowdhury, managing director and CEO of Green Delta Insurance, Mohammed Nasir Uddin Chowdhiry, chairman of BD Venture, among others, were present at the signing ceremony held at the capital. As per the agreement, Green Delta Capital will act as ‘Mandated Arranger and Book Runner’ for the BD Venture to raise a fund worth up to BDT 2.5 billion. The initial target of the companies is to raise a fund worth BDT 1.5 billion.

Source: http://print.thefinancialexpress-bd.com/2016/03/03/135494

Major nationwide Electronic Money Transfer Services (EMTS) expansion underway

The government will expand electronic money transfer services to the union level by May, considering the growing demand, a top postal official said. The official said the Directorate of Bangladesh Post Office (BPO) will appoint thousands of agents for implementing the services, known as EMTS, in every union of the country. All the retailers of Banglalink along with post-e centres and post offices will also provide the EMTS. “We hope to expand this service (EMTS) every nook and corner of the country. This may take three months,” Deputy Postmaster General of BPO Md Zakir Hasan Nur told the FE. The EMTS now covers districts, upazila and some busy post offices in rural locations. Initially, the BPO will appoint 5,000 to 10,000 agents, mostly unemployed youths, for running the EMTS, he added. In response to the growing popularity of the electronic money transfer services (EMTS), the BPO slashed the service charge to BDT 15 from BDT 27 for sending BDT 1,000 from January 3, 2016. The online-money transfer market is flourishing in the country, which has inspired the postal authorities to appoint agents for expanding the EMTS services.

Source: http://print.thefinancialexpress-bd.com/2016/03/03/135516

Remittances drop in 8 months

Remittance inflow decreased by 1.15% to USD 9.8 billion in eight months of the financial year of 2015-16 compared with that in the same period of FY15, according to the Bangladesh Bank data released on Wednesday. The remittance inflow figure was USD 9.9 billion in the July-February period of FY15. Experts said the fall might put an adverse impact on the country’s gross domestic product. Former interim administration adviser Mirza Azizul Islam told New Age on Wednesday that it was a matter of concern that the country’s inward remittance was on the decline for the last few months. He said, ‘The economies of Arabian countries, which are our main manpower export destinations, are now facing crisis that has put an adverse impact on the country’s inward remittance.’ Besides, an anti-immigration sentiment is building up in whole Europe, forcing Bangladeshi nationals to leave the countries of the continent, he said.


USD 200.0 billion economy club beckons Bangladesh this fiscal

Bangladesh economy broadens onto the brink of ‘two-hundred-billion club’ with the GDP, by government count, totaling USD 195.16 billion as of last financial year. Officials said Wednesday Bangladesh Bureau of Statistics (BBS) in its final calculations showed the size of the economy having grown by nearly USD 0.19 billion from its earlier provisional estimation of USD 194.87 billion. In the previous financial year (FY) 2013-14, the size of the country’s GDP (gross domestic product) was USD172 billion at current price. Meanwhile, although the total GDP size has inches to cross into the USD 200-billion mark, the gross national income (GNI) went past the graduation line with an “impressive” figure of USD 207.83 billion in the last FY2015. The state-run statistical department agency, measuring the major macroeconomic indicators, also puts per-capita income (per-capital GNI) at USD 1316.0 finally from its provisional estimation of USD 1314.0 for the last fiscal. BBS officials said when they received the final crop-production estimation and income of some service sectors, the total size of the GDP increased a little bit from its provisional figure, usually prepared based on the first three quarters’ data. The final count has shown that the economy grew at 6.55% rate in the last FY. The provisional one had shown a 6.51% growth earlier.

Source: http://print.thefinancialexpress-bd.com/2016/03/03/135559

Eyes on next budget: outlay to get bigger

Finance Minister AMA Muhith is set to kick off his dialogue series with think-tanks, trade bodies, lawmakers and media on the forthcoming budget, tipped to be about BDT 3400.0 billion — about 15.0% higher than the current year’s. The first meeting is scheduled for today with the representatives of the Policy Research Institute, Economic Research Group and Bangladesh Institute of Development Studies and Bangladesh Economic Association at the NEC. Muhith will hold nine meetings until May on the budget. The Finance Division has already started work on this year’s revised budget and the budget for fiscal 2016-17, according to a finance ministry official. The National Board of Revenue and the planning ministry have also started their work on the budget formulation. In the next budget, a big chunk will be required for paying the salaries and allowances of public servants. In the current fiscal year, the public servants’ basic salaries were paid as per the new pay scale, but from next year their allowances will also have to be according to that system. An additional BDT 159.0 billion will be required in the current fiscal year for payment of their basic salaries, according to finance ministry data.

Source: http://www.thedailystar.net/business/eyes-next-budget-outlay-get-bigger-785467

Top global denim maker considers investment

Top global denim maker considers investing in fabrics manufacturing, but the perceived infrastructure hurdles are dampening its interest. “There is a big potential in the denim sector as the country has to import more than half of its denim fabrics requirement,” Thomas Dislich, who heads up Asia and Europe regions at Brazil-based Vicunha Textile, told the FE. “We ourselves are very interested to invest in Bangladesh, but there are some hurdles which are not easy to overcome for a foreign investor,” he said. He noted that Bangladesh is positioning itself fast in the denim sector and the development is “noticeable”. Vicunha produces 18 million meters of denim yarn every month and sell to 40 countries. The global demand for denim fabric is 6.0 billion meters and 80% of this used for making pants. He, however, identified electricity, water and energy supplies as primary obstacles in setting up a factory.


World Stock and Commodities

Index NameClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$34.65(0.01)(0.03%)
Crude Oil (Brent)*$36.86(0.07)(0.19%)
Gold Spot*$1,238.57(1.41)(0.11%)
Dow Jones Industrial Average16,899.3234.240.20%
Nikkei 22516,895.08148.530.89%
FTSE 1006,147.06(5.82)(0.09%)


Exchange Rates

USD 1BDT 78.50*
GBP 1BDT 109.55*
EUR 1BDT 85.29*
INR 1BDT 1.16*

*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