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 31, 2016

NBFI allowed to invest 50.0% of capital in special purpose funds

Non-bank financial institutions will be allowed to invest up to 50% of their paid-up capital in non-listed special purpose funds like alternative investment fund, said a Bangladesh Bank circular issued on Wednesday The aggregate investment of any NBFI in such funds like alternative investment fund, special purpose vehicle or any other similar fund registered with the Bangladesh Securities and Exchange Commission must not exceed 50% of its paid-up capital, the BB circular said. The investment in such a single fund made by any NBFI, however, must not exceed 10% of its paid-up capital or 20% of that particular fund, whichever is lower, the circular said. The capital market regulator, BSEC, in June last year enacted alternative investment rules in a bid to pool funds from high net worth local and foreign investors. It said that the investment decision in such funds must be approved by the board of directors of the NBFIs. The NBFIs will also have to obtain approval from Bangladesh Bank before making commitment to invest in such funds. The institutions will also have to submit their latest information on capital, liquidity, quality and quantity of assets and liabilities along with all the information related to the funds to the central bank.

Source: http://newagebd.net/216240/nbfi-allowed-to-invest-50pc-of-capital-in-spl-purpose-funds/

Bangladesh Securities and Exchange Commission seeks one year extension

The securities regulator has submitted its proposal to the ministry of finance (MoF) for extending the tenure of IPO (initial public offerings) quota for affected investors by one year more, officials said. The Bangladesh Securities and Exchange Commission (BSEC) recently took the decision of submitting a proposal regarding extension of the tenure of IPO quota considering the market situation. Small investors, who were affected during 2010-11 stock market debacle, are availing 20% quota under the capital market refinancing scheme. The tenure of small investors’ quota facility in IPOs will end on June 30 this year. Rahman said affected investors will be able to avail the quota facility till June 30, 2017, if their proposal is approved by the MoF. Apart from 20% quota for affected investors, 10% quota is preserved for mutual funds and 10.0% for non-resident Bangladeshis (NRBs) in the IPOs. Earlier, the government disbursed BDT 9.0 billion as loan under the capital market refinancing scheme.

Source: http://print.thefinancialexpress-bd.com/2016/03/31/137813

Bangladesh needs to meet policy challenges to break +6% growth cycle: Asian Development Bank

The Asian Development Bank (ADB) has listed many policy challenges facing the Bangladesh economy though it has kept the growth projection unchanged at 6.7% for the current fiscal. In its latest outlook the Manila-based development financier said government employees’ pay hike has spurred consumption and steady readymade garment exports helped out the economy. However, the ADB painted a grim picture of the remittance front that feeds the economy substantially. The multilateral financier had earlier in September projected the same figure of growth for the current fiscal year (FY) 2015-16. Private consumption is rising, spurred by wage increases in public sector. But growth in remittances remained subdued, leading to stagnancy there, the ADB noted in its release Wednesday. The Asian bank sees many policy challenges in Bangladesh, like boosting investment and creating enabling business environment which are vital for stimulating growth to break the six-plus cycle. “Implementing VAT Act on time, removing anti-export bias, rationalizing administered prices of oil and electricity, strengthening financial sector disciplines remain the key policy challenges,” it observed in the economic outlook.


World Bank insists lifting ban on private sector in petroleum business

The World Bank has proposed lifting the restriction on the operation of private petroleum marketing companies in the local market and deregulation in petroleum prices so that consumers and businesses get benefit of sliding global oil prices. Urging the government for adopting automatic pricing formula, the WB in an official document submitted to the finance ministry a couple of days back asked the policymakers for structural changes on managing fuel oil import, marketing and pricing. Finance ministry officials, however, said the issue needed to involve higher authorities of the government as the suggestions from the multilateral lending agency came after the finance minister AMA Muhith had approached the World Bank a month back. The document also suggested to impose carbon tax on motorists, but would not elaborate the implementation mechanism. The Bank said the needed reforms require adoption and adherence to the pricing formula, and an action plan for opening up oil marketing to the private sector, with clear monitoring steps, designated responsibilities, and setting target dates for implementation.

Source: http://newagebd.net/216245/wb-insists-lifting-ban-on-pvt-sector-in-petroleum-business/

Bangladesh to buy 1.3 million tons of oil from KSA, UAE

Bangladesh will import 1.3 million tons of crude oil from Saudi Arabia and the United Arab Emirates (UAE) at a cost over BDT 43.98 billion. The cabinet committee on public purchase approved Wednesday this big buy of petroleum fuel alongside seven other projects worth a total of BDT 51.0 billion. Eastern Refinery Ltd will import 0.6 million tons of crude at a cost of BDT 21.33 billion from Abu Dhabi National Oil Company (ADNOC) while 0.7 million tons at BDT 22.65 billion from Saudi Arabian Oil Company (SAUDI ARAMC) for January- December 2016 calendar year.


State, private agencies owe BDT 76.56 billion to Bangladesh Power Development Board

Non-payment of over BDT 76.56 billion in dues by its customers has put the Bangladesh Power Development Board (BPDB) in serious liquidity trouble, officials said. The Board usually makes payments to creditors and finance its development projects with its sales proceeds. The development activities have been suffering due to the non-payment of arrear electricity bills by the state and other agencies, they said. The statutory body is likely to request the Ministry of Finance to help recovery of the arrear power bills or arrange an inter-ministerial meeting for tackling the existing liquidity crisis, a source concerned, who deals with financial issues at the BPDB, said. Of the defaulters, state entity Dhaka Electric Supply Authority (DESA) (former) owes BDT 28.04 billion, private/non-government organizations owe BDT 13.64 billion, Rural Electrification Board (REB) owes BDT 13.19 billion, Dhaka Power Distribution Company Limited (DPDC) BDT 11.29 billion and Dhaka Electric Supply Company Limited (DESCO) BDT 5.27 billion, according to BPDB data. DPDC, DESCO, REB and West Zone Power Distribution Company Ltd (WZPDCL) are bulk customers of the Board. On the other hand, the rest of the public and private agencies are its retail customers.

Source: http://print.thefinancialexpress-bd.com/2016/03/31/137851

Allow investment of undisclosed money: realtors

Local realtors have proposed the government to allow investment of legally-earned undisclosed money in real estate sector without any question to check capital flight from the country. They urged the National Board of Revenue (NBR) to re-introduce the provision in Income Tax Law from the budget for the next fiscal year, 2016-17, and continue it for at least five to 10 years. Real Estate and Housing Association of Bangladesh (REHAB) placed the proposal at a pre-budget meeting at NBR on Wednesday. Many countries are offering the facility of investment in second home that is driving away Bangladesh’s money to those countries, they said. The government can bring the people under tax-net with the opportunity of declaring undisclosed income, said REHAB Vice-President Liakat Ali Bhuiyan. Currently, people can invest their undeclared money in any sector, but there is no ‘indemnity’, as the government agencies can ask questions on source of their money. The REHAB leader proposed to incorporate the indemnity in the income tax ordinance 1984.


World Stock and Commodities

Index NameClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$37.80(0.52)(1.36%)
Crude Oil (Brent)*$38.86(0.4)(1.02%)
Gold Spot*$1,227.91+2.89+0.24%
Dow Jones Industrial Average17,716.66+83.55+0.47%
Nikkei 22516,890.04+11.08+0.07%
FTSE 1006,203.17+97.27+1.59%

Exchange Rates

USD 1BDT 78.38*
GBP 1BDT 112.37*
EUR 1BDT 88.67*
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