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 16, 2017

Telcos can’t hold shares in mobile banking companies: Bangladesh Bank

Bangladesh Bank will not allow mobile network operators to hold any shares in the companies which run mobile financial service, according to the BB’s latest draft guidelines on the MFS. The draft guidelines said that the MNOs would just provide networking services to settle clients’ transaction through the MFS. The MNOs have been demanding for long to allow their investment in the MFS operation, but the BB high-ups are openly opposing their (MNOs) demand at different seminars and events as the central bank has decided to follow a bank-led model in this regard. In 2015, Trust Bank decided to form a subsidiary with Malaysia’s Axiata Group to provide the MFS, but the BB did not entertain their initiative. Axiata Group is now holding the majority of shares of Robi Axiata Ltd, one of the MNOs operating in Bangladesh. If approved, Trust Bank would have held the subsidiary company’s 51.0% shares while Axiata would have owned the rest.

Source: http://www.newagebd.net/article/15651/telcos-cant-hold-shares-in-mobile-banking-cos

Banks asked to impose condition on loans against 11 more item

Bangladesh Bank on Monday asked banks to impose condition for using mandatorily jute bags in packaging 11 more commodities when they (banks) will approve loans to manufacturers and supplier companies of the products. The 11 commodities are onion, ginger, garlic, pulses, potato, flour, chilli, turmeric, coriander seeds and husks of rice and wheat. The BB issued a circular to managing directors and chief executive officers of all banks asking them to follow the directive in line with an inter-ministerial meeting decision taken on April 9, 2017. On October 12, 2015, the central bank had asked banks to impose condition for using jute bags mandatorily in packaging six commodities during loan approval to the manufacturers and supplier companies of the products.

Source: http://www.newagebd.net/article/15657/banks-asked-to-impose-condition-on-loans-against-11-more-items

Four state banks’ BDT 277.0 billion caught in legal tussle

The credit amounts of the four state banks that are stuck in lawsuits pending with the money loan court rose BDT 56.0 billion in 2016. Sonali, Janata, Agrani and Rupali had a combined BDT 277.0 billion caught in unresolved cases with the money loan court as of December 2016, up 2.54% on 2015 when it was BDT 220.0 billion, according to Bangladesh Bank data. The huge amount of loans remain stuck with the courts because of a tendency among clients to file writs so they are not declared defaulters, said Md Obayed Ullah Al Masud, managing director of Sonali Bank.

Source: http://www.thedailystar.net/business/four-state-banks-tk-27700cr-loans-caught-legal-tussle-1405840

Exporters can repay foreign loans using ERQ fund

Bangladesh Bank on Monday said that the exporters would be allowed to pay instalments of foreign loans from their respective export retention quota accounts. The BB issued a circular to authorized dealer branches of all banks saying that from now on an exporter would be allowed to pay his or her company or subsidiary companies’ foreign loan from the ERQ fund. The exporters earlier paid the instalments of foreign loan converting the local currency Taka to the US Dollar. ERQ account is the portion of export earnings that an exporter saves as foreign currency. With this account balance, exporters were earlier allowed to promote their businesses abroad, open liaison office, and cover import cost of raw materials and machineries without needing prior approval of the BB. A BB official told New Age on Monday that the central bank had taken the initiative to liberalize the country’s foreign exchange regime so that the businesspeople would be able to settle foreign exchange transactions easily.

Source: http://www.newagebd.net/article/15655/exporters-can-repay-foreign-loans-using-erq-fund#sthash.jrDhDrLW.dpu

Govt plans to use $7.55b foreign aid next year

The government is gunning for record foreign aid utilisation next fiscal year with the view to wooing the electorate ahead of the national election scheduled for 2019. Bangladesh could never utilise more than $4 billion of foreign aid in a year, but the government plans to utilise about $7.55 billion of foreign aid in fiscal 2017-18. The disclosure comes after Finance Minister AMA Muhith last week said the budget for fiscal 2017-18 — the last full fiscal year before the elections — will be an exceptional one. The government wants to accelerate the progress of a number of transformational projects such that they can take some shape when the Awami League gets into campaigning mode, said planning ministry officials. Meanwhile, Prime Minister Sheikh Hasina yesterday approved Tk 153,331 crore as the outlay for next fiscal year’s Annual Development Programme, which is 39 percent higher than the current year’s allocation. The government’s own fund contribution has been raised 23.98 percent to Tk 96,331 crore and foreign fund 73.32 percent to Tk 57,000 crore.

Source: http://www.thedailystar.net/business/govt-plans-use-755b-foreign-aid-next-year-1405231

Business-friendly VAT rate finalized

The government is set to implement the new VAT law from July this year but with some modifications to give some comfort to businesses and consumers. The development comes after Prime Minister Sheikh Hasina at a meeting on proposed budgetary measures for fiscal 2017-18 on Sunday night gave the nod to the adjustments in the VAT law. He said most of the issues regarding the implementation of the VAT law have been finalized; the rest will be sorted later by the prime minister and the finance minister. Finance ministry officials said the uniform VAT rate under the new law will most definitely be flat 12.0% instead of the 15.0% rate that was envisaged when the law was framed in 2012.

Source: http://www.thedailystar.net/business/business-friendly-vat-rate-finalised-1405852

Bangladesh signs two One Belt, One Road (OBOR) deals with China

Bangladesh signed two agreements with China under the OBOR initiative in the global forum that concluded Monday in Beijing with a massage of not pushing any political agenda among the participating countries. Under the couple of deals, China will enhance industrial investment, trade connectivity and finance power-grid upgrading, thermal power, coalmine modernization, tyre-factory projects in Bangladesh, one of China’s key OBOR locations entering the Indian Ocean. Details of the treaties were not available till the filing of the report.

Source: http://print.thefinancialexpress-bd.com/2017/05/16/172587

Government shortlists four international companies for Matarbari LNG terminal

Power Cell has short-listed four international firms to build an onshore LNG (liquefied natural gas) terminal under an equity partnership of developer, financier and a state-owned entity of Bangladesh, said officials. The proposed terminal having a capacity of 3.5 million tonnes per year would be built at Matarbari of Moheshkhali Island in the Bay of Bengal, director general of Power Cell Mohammad Hossain told the FE Monday. The short-listed firms have been selected from among 15 contenders that initially submitted expression of interests (EoIs), he said. The short-listed firms are Japan’s Mitsui & Co. Ltd, China’s consortium of China Huanqiu Contracting and Engineering Corporation & Yifeng Industrial Gas Co Ltd, India’s Petronet and Royal Dutch’s Shell EP International Ltd.

Source: http://print.thefinancialexpress-bd.com/2017/05/16/172576

Local and Global Stock Indices

Index NameClose ValueValue ChangePercentage Change
Nikkei 22519,924.56↑54.71↑0.28%

World Commodities

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$49.10↑0.25↑0.51%
Crude Oil (Brent)*$52.03↑0.21↑0.41%
Gold Spot*$1,234.47↑3.65↑0.30%

Major Currencies Exchange Rates Movement in Last Seven Days





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