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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Important Business News Extracts May 16, 2016

Three banks adjust stock overexposure without selling shares

Bangladesh Bank has already provided policy support to three banks — AB Bank, Pubali Bank and Mercantile Bank — to streamline their capital market exposure without selling shares, an official of the central bank said. The support came after the BB’s announcement on April 28 that it would provide policy support to the banks which have overexposure to the capital market so that they (the banks) can bring down their investment in the market to the allowable limit by the July 21 deadline. The BB official told New Age that the capital market exposure of the three banks were brought down within the allowable limit by extending paid-up capital of their capital market subsidiaries. A BB circular issued in December last year excluded banks’ equity investment in their subsidiary companies from the calculation of the banks’ capital market exposure.

Source: http://newagebd.net/230153/three-banks-adjust-stock-overexposure-without-selling-shares/

Government backtracks on floating euro-pound sterling bonds

The government is going to withhold a move to introduce premium and investment bonds in euro and pound sterling as it finds the new instruments unnecessary when adequate foreign currency is in hand, officials said. Four bonds were supposed to be launched by the National Savings Directorate. Of them two are euro premium bond and euro investment bond and the rest two are pound sterling premium bond and pound sterling investment bond. The Internal Resources Division (IRD) sought opinion recently from the Finance Division sending draft of rules of the proposed bonds. The Finance Division recently gave its opinion where it termed launching of the proposed bonds unnecessary. The Finance Division in this case referred opinion of central bank which suggested not to float any new bond now and for making treasury bill and bonds attractive to non-resident Bangladeshis (NRBs). The central bank in this case has taken into consideration the state of rate of interest of loans in international market, country’s foreign currency reserve, exchange rate of taka with foreign currencies, and comparing proposed bonds with marketable treasury securities.


Search body recommends 3 for deputy governor

A search committee, formed to look for candidates to replace two Bangladesh Bank deputy governors, on Sunday handed over the recommendation of three candidates for the post to the government. Search committee chairmen Qazi Kholiquzzaman disclosed it while talking to the journalists at the central bank and said ‘We recommended three out of twenty one candidates who have more capability for the post.’ Now the government will appoint the appropriate candidates after examining the recommendation, he added. Government formed a four-member search committee to recommend two deputy governors for Bangladesh Bank after the posts at the central bank fell vacant.


The Federation of Bangladesh Chambers of Commerce and Industry turns to Prime Minister for resolving tensions over the enforcement of new VAT law

Country’s apex trade body has sought the prime minister’s intervention to resolve raging tensions over the move on the part of the Ministry of Finance to enforce a new law that would levy a blanket rate of 15% VAT on businesses. The business community aired the fear of escalation in prices of products and adverse effect on small and medium enterprises if the government enforced the Value Added Tax (VAT) and Supplementary Duty Act 2012. The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President, Abdul Matlub Ahmad, sounded such forewarning in a letter sent Saturday to Prime Minister Sheikh Hasina. He regretted that the law the enforcement of which delayed deliberately was going to be pushed through without amendment following recommendations made by a joint consultative committee. “The country’s economic development might face a blow if the law is enforced without bringing necessary amendments to it. Also, some vested quarters may try to create political instability taking advantage of the agitation by small and medium businessmen over the VAT law,” the letter reads.

Source: http://print.thefinancialexpress-bd.com/2016/05/16/141655

New budget to focus on growth, local investment

The government is going to increase the total outlay of upcoming budget by 17.69% from the current budget to about BDT 3,520.0 billion, said a top official. “The outlay of expenditure in next fiscal year will be increased to BDT 3,520.0 billion from the current budget of BDT 3,400.0 billion,” Senior Finance Secretary Mahbub Ahmed told the Dhaka Tribune. He said: “We are preparing the FY2016-17 budget giving major focus on growth, development and equal distribution of growth.” Finance secretary said the highest allocation in the upcoming budget will go to education sector, followed by health sector and manpower development sector. “The government will take several development projects in the budget for skill development of low-level workers and enhancing managerial skills of officials,” Mahbub Ahmed said.

Source: http://www.dhakatribune.com/business/2016/may/16/new-budget-focus-growth-local-investment#sthash.eryrC9Mw.dpuf

Court grants more time for Robi-Airtel merger

The High Court yesterday gave the government three more weeks to submit its recommendations on the proposed merger between Robi and Airtel. The order comes after the telecom division sought more time to submit its recommendations. This is the fifth time that the government has got time extension from the HC for submitting its opinions on the proposed merger, which will create the country’s second largest telecom operator. The next hearing on the matter will be on June 6, said Barrister Tanjib-ul-Alam, a lawyer for the two operators. The recommendations will be sent to Prime Minister Sheikh Hasina for her approval before forwarding them to court. One of the recommendations that the ministry is preparing is an additional payment of BDT 7.0 billion as spectrum fees from the merged entity to adjust the spectrum price of Airtel.


Compensation for call drops from next month

Mobile phone subscribers will get a free minute for each call drop as compensation from next month if they experience the disruption more than once a day. The decision came yesterday in a joint meeting of the telecom division, telecom regulator and mobile phone operators at the secretariat. In January, Bangladesh Telecommunication Regulatory Commission made compensation for call drops mandatory. However, operators ignored the issue and sent letters to the BTRC, asking for more discussion on call drops.


World Stock and Commodities

Index NameClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$46.82+0.61+1.32%
Crude Oil (Brent)*$48.43+0.6+1.25%
Gold Spot*$1,276.24+2.79+0.22%
Dow Jones Industrial Average17,535.32(185.18)(1.04%)
Nikkei 22516,615.22+203.01+1.24%
FTSE 1006,138.50+34.31+0.56%

Exchange Rates 

USD 1BDT 78.38*
GBP 1BDT 112.61*
EUR 1BDT 88.63*
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