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 May 04, 2020

BB confiscates banks’ interest income for Apr, May

The central bank yesterday directed banks to transfer all interest accrued or to be accrued between April 1 and May 31 this year from all of their loans to an interest-free blocked account, in what can be construed as its boldest move yet amid the pandemic. A blocked account refers to an account that does not allow for the indiscriminate withdrawal but instead has certain restrictions or limitations on when, how much, and by who, capital can be withdrawn. Besides, banks are not allowed to transfer the interest or profits deposited in the blocked account of the borrowers to lenders’ income book until further notice, according to a Bangladesh Bank notice. This is a great move to help the borrowers during the ongoing fallout as banks are not permitted to impose compound interest on the total outstanding loans of the businesses. The fund — Refinance Scheme for Green Products/Initiatives/Project — would stand at Tk 400 crore from Tk 200 crore now as the demand for the funds for environment-friendly initiatives is growing. The scheme can only be used in case of term loans and can’t be used to pay consultant fee, meet repairing and maintenance expenditure and be used as working capital. Similarly, the refinancing wouldn’t go past the credit ceiling set by the BB for the products and projects. At the borrowers’ level, the interest rate for the loans with the repayment period of less than five years would be a maximum 7 per cent. The loans with payback tenures ranging between five years and eight years would carry a 7.5 per cent interest rate and that of more than eight years tenure would be 8 per cent. This will give banks’ a margin of 2 per cent, 2.5 per cent and 3 per cent respectively for the three repayment periods. However, the margin for the loan going to the agriculture sector’s solar irrigation pump would be 2 per cent as it is a priority sector for the government. No hidden charges can be applied to any loans, the BB said. The grace period would be determined depending on the relationship between banks and clients. The loan repayment would be on a quarterly basis and the loan and equity ratio would be 80:20. The government and the Bangladesh Bank have unveiled a host of stimulus packages amounting Tk 95,619 crore, which is 3.5 per cent of the GDP, aimed at aiding people’s purchasing power, widening social safety nets, increasing money supply and making working capital available for the industries, service sector firms and cottage industries.

Source: https://www.thedailystar.net/business/news/bb-confiscates-banks-interest-income-apr-may-1899253

Govt to import 0.8m tonnes of fertiliser in next FY

The government will import over 0.8 million tonnes of fertiliser during the next fiscal year (FY) 2020-2021 to meet its demand in the country, according to an official document of the agriculture ministry. The agriculture ministry has set the target to bring in fertiliser under private initiative with subsidies As part of the move, the government will import 0.6 million tonnes of DAP fertiliser, 0.2 million tonnes of MOP fertiliser and 40,000 tonnes of powder MAP under private initiative. The shipments of fertilisers will have to be completed within August 30, 2020 for DAP and powder MAP and September 30, 2020 for MOP respectively. Imported fertiliser will be preserved in four storing places–5 per cent in Chattogram, 30 per cent in Narayanganj, 35 per cent in Nagarbari and 30 per cent in Noapara. Imported fertiliser will also be stored in other ‘mokams’ after informing the government authorities and ministry concerned about it. Private fertiliser importers/authorities will submit their import proposal in a specific box that will be set up at the Bangladesh Secretariat or Bangladesh Agricultural Development Corporation (BADC) from 10 am to 1.0 pm on May 19, 2020. The country requires more or less 5.0 million tonnes of different types of fertilisers annually, a high official of the ministry told the FE on Wednesday last. He, however, said the country produces 0.8-1.0 million tonnes of urea and 0.1 million tonnes of Triple Super Phosphate or TSP respectively.

Source: https://today.thefinancialexpress.com.bd/trade-market/govt-to-import-08m-tonnes-of-fertiliser-in-next-fy-1588518344

DSE to seek permission from BSEC today

Dhaka Stock Exchange (DSE) will seek permission today (Monday) from the securities regulator to resume trading on May 10. The premier bourse DSE will send a letter to the Bangladesh Securities and Exchange Commission (BSEC) seeking its approval required to resume trading amid the ongoing general holiday. Trading on both the bourses remained closed from March 26 following the public holiday and lockdown announced by the government to contain the spread of COVID-19. Later, the closure of trading was extended till May 5 following extension of the public holiday. The DSE has moved to resume trading following some criticisms over the closure of their trading, despite trading in the stock exchanges of other countries remains open. Meanwhile, the officials said the ongoing general holiday is set to be extended till May 16. The BSEC will consider the proposal after justifying it.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/dse-to-seek-permission-from-bsec-today-1588517338

Bank Asia distributes free reaper machines to farmers

Bank Asia distributed free reaper machines to farmers as a support to overcome labour crisis due to current COVID-19 pandemic, said a statement. To support the farmers, a fund was raised by the donation of bank’s officials. Six reaper machines were distributed among the farmers of Rajshahi and Naogaon districts at Mondumala, Rajshahi, recently. Each reaper machine is able to harvest crops of three bighas of land in an hour.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/bank-asia-distributes-free-reaper-machines-to-farmers-1588517312

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
↓ 622.03↓ 2.56 %
FTSE1005763.06↓ 138.15↓ 2.34 %
Nikkei 22519619.35↓ 574.34↓ 2.84 %

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 18.36↓ 1.42↓ 7.18 %
Crude Oil (Brent)$ 25.97↓ 0.04↓ 0.15 %
Gold Spot$ 1699.07↓ 1.35↓ 0.08 %

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 83.0209
GBP 1BDT 103.667
EUR 1BDT 91.0987
INR 1BDT 1.10099





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