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 8, 2016

Hackers steal USD 100.0 million from Bangladesh Bank account

Bangladesh Bank has identified the people involved in the hacking of around USD 100.0 million (BDT 7.8 billion) from its foreign currency account with the Federal Reserve Bank of New York, claim BB officials. Almost the entire amount was transferred online to the Philippines banking system and a small portion of it to Sri Lanka by suspected Chinese hackers on February 5, they said. The incident took place at a time when Bangladesh’s banking system is trying to recover from the recent ATM and credit card fraud. A senior BB official told The Daily Star yesterday that a small portion of the stolen money has already been recovered from Sri Lanka. But the money, which is in the Philippines, is yet to be recovered. “We are dealing with the issue. Those who were behind the hacking have been identified,” said the official. The BB has around USD 28.0 billion in foreign currency reserve. Nearly one-third of the reserve is in the form of liquid assets with the Federal Reserve Bank in the US and the Bank of England. The rest is invested in bonds and gold. In a statement yesterday, the BB said it has been able to recover a portion of the stolen money. But it did not mention the amount.


BDT to weaken against dollar this year: BMI Research report

The BDT is likely to weaken against the dollar this year, impacted by a significant slowdown in remittance growth due to low oil prices and poor economic growth prospects in the Middle East, according to an analysis. The lacklustre investment outlook in Bangladesh will also exert downside pressure on the BDT, said the London-based BMI Research, a company of Fitch Group. “However, we believe that Bangladesh Bank will maintain a tight grip on the foreign exchange market to ensure broad stability on the unit, and the threat of a one-off devaluation is relatively low as Bangladesh’s external accounts are in a much stronger shape than in 2011.” The BDT remained relatively stable against the dollar for most of 2015, trading within a tight range of BDT 77-80. The BDT has been exceptionally strong in real effective terms over the past year, partly due to the windfall it has received from lower oil and commodities import costs as well as a steady inflow of remittances which supported the current account, according to the report. BMI Research said that it expects the currency to face downside pressures over the coming quarters as remittances growth is likely to slow considerably due to an unfavorable macroeconomic backdrop in the Middle East. In addition, the rise in domestic security threats and a poor business environment are likely to curb direct investment and portfolio inflows, further removing support for the BDT, according to the report.

Source: http://www.thedailystar.net/business/BDT-weaken-against-dollar-year-report-787903

Financial literacy program: BSEC to form nine sub-committees

The technical committee on nationwide financial literacy program has initiated a move to form nine sub-committees including a body for preparing guidelines to run the program, officials who attended the meeting told New Age. Bangladesh Securities and Exchange Commission executive director Md Mahbubul Alam chaired the first meeting of the technical committee, where Dhaka Stock Exchange managing director Swapan Kumar Bala, Chittagong Stock Exchange acting managing director Md Ghulam Faruque, Central Depository Bangladesh managing director MH Samad, Bangladesh Merchant Bankers Association president Md Sayadur Rahman were also present. Mahbubul told New Age that the committee in its first meeting discussed different issues including that of how the program could be implemented. The committee decided to form nine sub-committees regarding different tasks, but it will require approval from the steering committee before they starts functioning, he said. Another committee member said the committee at the meeting also segregated its tasks into three phases — short-term, mid-term and long-term. He said that the short-term plan would span from 2016-18, mid-term from 2018-19 and long-term plan would be implanted in 2020 and afterwards.

Source: http://newagebd.net/209445/financial-literacy-programme-bsec-form-nine-sub-committees/

Hong Kong firm to invest USD 30.0 million in Ishwardi EPZ

Hong Kong-based Must Group will set up a garment manufacturing unit in Ishwardi Export Processing Zone, its fourth in Bangladesh. The fully foreign-owned company, Hoi Bun Fashions Ltd, will be established with an investment of USD30 million, Bangladesh Export Processing Zones Authority said in a statement. Hoi Bun Fashions will have a production capacity of 10.4 million pieces of garment items a year, and will create employment opportunities for about 3,750 Bangladeshis. An agreement to set up the new unit was signed at the Bepza Complex in Dhaka yesterday. Abdul Halim Molla, member (investment promotion) of Bepza, and Waseem Mohd Siddiqui, a director of Hoi Bun Fashions, signed the deal, while Major General Mohd Habibur Rahman Khan, executive chairman of Bepza, was also present.

Source: http://www.thedailystar.net/business/hong-kong-firm-invest-30m-ishwardi-epz-787882

Changes in ADP implementation guidelines on the cards

The government has decided to bring about changes in criteria of formulating and implementing projects against the backdrop of chronic slow progress of the annual development program, officials said. They said a committee, headed by the cabinet secretary, had been appointed for preparing recommendations on new guidelines for projects approval and their implementation. The latest decision by the government reflected the longstanding demand from experts and donor agencies to increase the ADP implementation rate by improving efficiency of the project implementing agencies. Former caretaker government adviser Mirza Azizul Islam said the capacity of the implementing agencies needed to be increased on urgent basis by changing the decades-old criteria. The ADP implementation rate in the first seven months is lowest in last eight years, he noted. Officials said finance minister AMA Muhith while reviewing the foreign-funded projects in a meeting last month decided to appoint the committee.

Source: http://newagebd.net/209461/changes-adp-implementation-guidelines-cards/

World Stock and Commodities

Index NameClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$37.46(0.44)(1.16%)
Crude Oil (Brent)*$40.34(0.5)(1.22%)
Gold Spot*$1,267.10(0.23)(0.02%)
Dow Jones Industrial Average17,073.95+67.18+0.40%
Nikkei 22516,651.71(259.61)(1.54%)
FTSE 1006,182.40(17.03)(0.27%)

Exchange Rates

USD 1BDT 78.44*
GBP 1BDT 111.78*
EUR 1BDT 86.4400*
INR 1BDT 1.17*

*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