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 3, 2016

Ten banks overexposed by BDT 20.0 billion to stocks

Ten banks have a total of BDT 20.0 billion overexposure to the capital market, but will not need to sell shares to adjust the amount in line with regulatory limit. Bangladesh Bank says it will provide the banks with all necessary policy supports to bring down the exposure. “The banks concerned have been asked to submit their proposal on what kind of support they need to adjust their stock investment beyond their regulatory limit,” said Subhankar Saha, executive director of Bangladesh Bank, in a clarification yesterday. Subhankar Saha admitted that the continuous downfall in stock prices had a connection with the adjustment of banks’ overexposure. According to the bank company law (amended), the commercial banks will have to reduce their capital market exposure to 25% of their equity by July, 2016. Before the new bank company law was enacted, the banks were allowed to invest up to 10% of their liabilities in the stock markets. Of the 10 banks, two banks have submitted their proposals to the central bank to convert their shares, which they are holding now and lend to their respective subsidiaries, into their capital of subsidiaries, according to Bangladesh Bank. The rest eight banks delayed to submit their proposals as they are yet to take approval from their respective boards.


BSEC, banks, brokers to conduct campaign

The securities regulator, merchant banks and stock brokers have agreed to conduct campaign on the central bank’s latest policy supports to aid the ailing capital market for building up confidence among the investors, officials said. The decision of conducting the campaign was taken at a meeting, held at the office of Bangladesh Securities and Exchange Commission (BSEC) on Monday. Amid the prevailing declining trend in the stock market, the chief executive officers of 40 merchant banks and brokerage firms attended the meeting, chaired by BSEC executive director Mohammad Saifur Rahman. The representatives of Bangladesh Merchant Bankers Association (BMBA) also attended it. Mr Rahman, also the BSEC spokesperson, said at the meeting the representatives of the merchant banks and brokerage firms hailed the Bangladesh Bank’s (BB) latest policy supports.

Source: http://print.thefinancialexpress-bd.com/2016/05/03/140557

Private pension market for all soon

A private pension market for all citizens has been planned for the first time in the country to ensure old-age income security for the people. Bangladesh has no private pension system. Only the employees in government services enjoy the facility, creating a discriminatory situation in society, officials concerned said. Donor agencies and others have urged the authorities to make a move in this regard to build a voluntary private pension system in the country. The government of late adopted national social security strategy which proposes a comprehensive pension program for all categories of workers, including a voluntary pension for all citizens, including the presently excluded informal-sector workforce. For realizing the strategy, the World Bank Group and the Bank and Financial Institutions Division have jointly taken up a project. A USD 100.0 million loan is being extended by the World Bank to the project.

Source: http://print.thefinancialexpress-bd.com/2016/05/03/140556

Tax lawyers plead for easy ‘black money’ investment

Tax lawyers urged the government to allow undisclosed money for investment on easy terms and conditions to prevent money laundering, encourage capital investment, generate employment and earn higher revenues. Their plea is among a set of proposals they placed with the National Board of Revenue (NBR) Monday, ahead of the next budget. A delegation led by Dhaka Taxes Bar Association President Advocate Abbas Uddin submitted the 26-point proposal to senior secretary of the Internal Resources Division (IRD) and NBR chairman Md Nojibur Rahman in the NBR conference room. The bar president suggested raising tax-free income ceiling for individual taxpayers and fixing the tax rate in keeping with one’s lifestyle expenditure. The Association urged the NBR to withdraw provision of minimum tax of 0.30% on more than BDT 5-million turnover if the company or firm incurs loss. It proposed the NBR hold monthly meeting between NBR officials and tax lawyers to develop an understanding and build a close relationship to earn more revenues and minimize harassment.


World Bank sees Bangladesh apparel trade bonanza amid China switch

A 1.0% apparel price increase in China would create 1.4% additional demand for Bangladeshi products on its largest export market, the USA. And a 1.0% raise in expected wages over there would raise the probability of women entering the labor force by 30.6% in Bangladesh. Such a probable apparel trade bonanza stemming from China switch in its economic development priorities on a higher scale is portrayed by the World Bank in a latest report, which also said 10% price increase in China on the US market would also create 4.2% more employment in Bangladesh, the second-largest apparel supplier in the globe. The report styled ‘Stitches to Riches? Apparel employment, trade and economic development in South Asia’ was launched in Dhaka Monday. The report was launched jointly with the Bangladesh Institute of Development Studies at its office in Dhaka. The WB reckoning, however, says for the European Union market, if the prices of Chinese readymade garments (RMG) were increased 10.0%, the employment in Bangladesh would decline a little bit because their trade estimates do not suggest that they are close substitute for Chinese apparel products on the EU market. World Bank Lead Economist for South Asia Ms Gladys Lopez-Acevedo gave a presentation on the report which demystifies the global and South Asian apparel markets, estimating the potential gains in exports and jobs, and identifies policies that can unleash South Asia’s export and job potential.


Golden Harvest Agro to issue bonds

The authorities of Golden Harvest Agro Industries have stated that the board of directors has decided to issue BDT 500 million (50 crore) Non-convertible Subordinated Corporate Bonds for business expansion and subject to approval from the Regulatory Authorities. In this connection, an extraordinary general meeting (EGM) will be held on factory premises at Bokran, Monipur, Babanipur, Gazipur at 9am on June 15, 2016. The record date for EGM is May 22, 2016.

Source: http://print.thefinancialexpress-bd.com/2016/05/03/140504

World Stock and Commodities

Index NameClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$45.13+0.350.78%
Crude Oil (Brent)*$46.21+0.380.83%
Gold Spot*$1,293.82+2.270.18%
Dow Jones Industrial Average17,891.16+117.520.66%
Nikkei 22516,147.38(518.67)(3.11%)
FTSE 1006,241.89(80.51)(1.27%)

Exchange Rates

USD 1BDT 78.38*
GBP 1BDT 115.10*
EUR 1BDT 90.41*
INR 1BDT 1.18*

*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