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 28, 2019

BB eases offshore banking rules

The Central Bank recently revised its policy to allow local industrial enterprises to take foreign currency loans from Offshore Banking Units (OBUs) as a concessionary move towards Banks. An offshore banking unit is a Bank’s shell branch that conducts regular banking activities but in foreign currency. With a view to bringing discipline to the offshore banking programme, the Bangladesh Bank on February 25 issued a full-fledged policy for it. But the policy did not go down well with Banks. Later on April 24, the Association of Bankers, Bangladesh (ABB), a platform of Private Banks’ Managing Directors, called upon the central bank to revise the policy, which has made running their OBUs rather difficult. As a conciliatory move, the BB has revised the policy to allow local companies to take loans from OBUs at LIBOR plus 3.5 percent, a much cheaper rate.

Source: https://www.thedailystar.net/business/news/bb-eases-offshore-banking-rules-1749946

City Bank embracing digital innovations with gusto

Local City Bank, a 36-year-old lender, has taken to this new wave of digital transformation with gusto. Young adults and millennials are least interested in the traditional branch-led banking model; they are more comfortable with banking from their smartphones. According to Mashrur Arefin, MD and CEO of City Bank, they want to be largely a virtual bank in three years. Even, marginal people residing in a remote place should get banking services through QR Code, point-of-sales terminals and biometric devices. City Bank has a plan to become a Digital Bank that will operate online with no addition of physical branches. It also wants to run its lending programme through digital financial services (DFS), which will subsequently decrease operational costs. Regulatory support will be required from both the Central Bank and the government as the traditional KYC (know-your-client) will have to be changed to implement the DFS model.

Source: https://www.thedailystar.net/business/news/city-bank-embracing-digital-innovations-gusto-1749985

Credit issuance to EPZ, EZ, HTP units eased

Bangladesh Bank on Monday eased rules on loan sanction from Banks’ Offshore Banking Units for the entities located in the export processing zones, economic zones and high-tech parks. The Central Bank issued a circular stating that the changes would smoothen the offshore banking operation in Bangladesh. Under the revised provision, Banks are allowed to issue short-term loans to joint venture Companies in the export processing zone (EPZ), economic zone (EZ) and high-tech park (HTP) in the country without taking permission from the Central Bank. Besides, fully foreign entities would also be able to take all kinds of regular banking services from the Banks except taking mid-term and short-term loans. In case of issuing mid-term and short-term loans to fully foreign entities, banks will have to take prior approval from the Central Bank.

Source: http://www.newagebd.net/article/73717/credit-issuance-to-epz-ez-htp-units-eased

Sindabad.com raises $4.15m

Local e-commerce platform Sindabad.com has received $4.15 million from Aavishkaar Frontier Fund (AFF), a venture fund managed by Aavishkaar, a leading Asian impact Investment Company, in order to fine-tune and scale up its Business. Sindabad, the country’s first Business-to-Business (B2B) e-commerce platform, is a concern of Zero Gravity Ventures Ltd and provides Business buyers a convenient, transparent and seamless platform for manufacturing and consumption purchases with direct-to-office deliveries. According to Asif Zahir, Co-founder and MD of Zero Gravity, this new investment in Sindabad is beyond simple financing; rather, with the greater investment portfolio of Aavishkaar Ventures, they are looking to incorporate best practices and future collaboration with similar Companies and start-ups in the region who have already succeeded in the B2B space.

Source: https://www.thedailystar.net/business/news/sindabadcom-raises-415m-1749943

Govt to frame policy for informal sector

The government will formulate a policy guideline for informal sector to help ensure its sustainable growth and increase contribution to the national economy.To this effect, the Informal Sector Industry Skills Council (ISISC) is outlining a draft policy to submit it to the Ministry of Industries (MoI) by next month (June). Based on the draft, the Ministry will form a policy for the sector. This development was disclosed at a workshop on ‘Drafting Policy Guideline for the Informal Sector Industries’. Abdul Halim, secretary of the MoI, was the Chief Guest of the programme, while Begum Parag, additional secretary of the ministry, chaired it.

Source: http://today.thefinancialexpress.com.bd/last-page/govt-to-frame-policy-for-informal-sector-1558979347

US-Bangla operates new aircraft as 1st pvt carrier

The US-Bangla Airlines has included brand new aircraft to its fleet as the first ever country’s private carrier to operate domestic routes. The airlines procured two brand new next generation ATR 72-600 aircraft recently and scheduled to get two more same modelled turboprop next month to operate flights in domestic routes. Equipped with modern technology, this ATR series aircraft was also being used by Air India, Indigo, Malaysian Airlines, Malindo and Lion Air.

Source: http://www.newagebd.net/article/73719/us-bangla-operates-new-aircraft-as-1st-pvt-carrier

Narail farmers happy with banana production, price

In recent years, cultivation of bananas in Bangladesh has created a great buzz among farmers drawn by the lure of the higher profits it generates. The UN’s Food and Agriculture Organization ranks bananas as the world’s fourth-most important crop after the major cereals. The country produces just under 1 million tonnes of bananas annually, last year it was 807,000 tonnes. Banana farmers in Narail, who had a bumper crop this year, are also pocketing three-to-four times the usual price during Ramadan.

Source: https://thefinancialexpress.com.bd/trade/narail-farmers-happy-with-banana-production-price-1558953169

New CEO: Sena Hotel Developments

Radisson Blu Chattogram Bay View’s owning Company, Sena Hotel Developments, Chattogram Office, has recently appointed a new Chief Executive Officer. Completing a 33-year military career, Brig Gen (retd) M Abul Hashem has served in a blend of command, staff and instructional appointments at various levels within Bangladesh Armed Forces and overseas United Nations missions.

Source: https://www.thedailystar.net/business/news/new-ctg-chief-sena-hotel-developments-1749928

BRAC Bank organizes Agent Banking workshop

BRAC Bank Limited organized a workshop on “Building awareness among bank resources and agents regarding Agent Banking” in Cumilla recently. Abul Bashar, General Manager, Financial Inclusion Department, Bangladesh Bank, attended the programme as the chief guest. A H M Rafiqul Islam, Joint Director, Financial Inclusion Department, Bangladesh Bank; Md. Nazmul Hasan, Head of Agent Banking, BRAC Bank and other senior officials were also present.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/brac-bank-organizes-agent-banking-workshop-in-cumilla-1558977664

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DJIA25,585.69 ↑95.22 ↑0.37%
Nikkei 22521,253.70↑71.12↑0.34%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 59.04↑0.41↑0.70%
Crude Oil (Brent) $ 69.94↓0.17↓0.24%
Gold Spot $1,283.12↓2.24↓0.17%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 82.5641
GBP 1BDT 104.8460
EUR 1BDT 92.4502
INR 1BDT 1.1876





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