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 November 20, 2017

Banks wary of running all card transactions thru’ BB payment switch

Banks and MasterCard have urged the central bank to review its directive to route all card transactions from the New Year through the National Payment Switch of Bangladesh in a bid to mitigate risks of cyber attacks. Their concern stems from the NPSB’s lack of PCI-DSS certification, a global security standard for organisations that handle branded cards. The standard was created by the five major payment brands JCB, American Express, Discover, MasterCard and Visa to increase controls around cardholder data to reduce fraud. All major banks are in the process of getting PCI-DSS certification, while the largest issuers are already certified, according to the Association of Bankers Bangladesh, a platform for chief executives of scheduled banks. “The certified banks are not comfortable in routing their card transactions through a non PCI-DSS complaint network of NPSB,” said Anis A Khan, chairman of ABB, in a letter to the Bangladesh Bank governor last month. The central bank has asked all banks to get the PCI-DSS certification by December 2018. Furthermore, the NPSB, as of now, has the capacity to handle transactions of magnetic stripe cards and not the more secured and the latest EMV chip cards, which the BB has asked to be introduced by June next year. Accordingly, almost all card issuers in Bangladesh have started sending out EMV cards to their customers.

Source: http://www.thedailystar.net/business/banks-wary-running-all-card-transactions-thru-bb-payment-switch-1493737

Government, Asian Development Bank (ADB) ink $260 million deal for infrastructure development

The Asian Development Bank (ADB) and the government of Bangladesh on signed agreements on Sunday for $260 million in loans to help sustain and increase infrastructure investments in Bangladesh as well as renewable energy interventions, reports UNB. The private sector can get up to 80 percent of funds for infrastructure projects as cheap loans from the ADB. The assistance forms the first tranche of $526 million multi-tranche ADB loans for the Third Public-Private Infrastructure Development Facility (PPIDF 3). The support consists of a $500 million market-based loan to finance medium and large-scale PPP infrastructure projects, and a $26 million concessional loan to finance small and medium-sized renewable energy and energy efficiency facilities, primarily in the rural areas of the country. The program will also be supported by a $750,000 technical assistance to further strengthen the capacity of the IDCOL. PPIDF 3 is a continuation of the previous efforts of ADB, Government of Bangladesh and Infrastructure Development Company Ltd (IDCOL) to address the country’s infrastructure deficiencies. The project builds on ADB’s support leading to the enactment of the PPP Act and institutional support to the PPP Authority.


Bangladesh Bank (BB) eases tenure of Letter of Credits (LC) for spare parts

Bangladesh Bank has decided that the letter of credit authorization forms (LCAF) issued for the import of spare parts shall remain valid for remittances for 30 months after the month of issuance. In a circular issued on Sunday the central bank said authorized dealers of foreign exchange in Bangladesh may also open LCs on behalf of industrial units to import necessary spare parts of capital machineries for their own industrial use up to 360 days on usance basis. Earlier, according to the guidelines for foreign exchange transaction. CAFs issued for import of capital machineries and spares were valid for remittances for 18 months subsequent to the month of issuance.

Source: http://www.newagebd.net/article/28721/bb-eases-tenure-of-lcs-for-spare-parts

Farmers Bank pays back BTCL

Bangladesh Telecommuni-cation Company Ltd (BTCL) has finally got back its deposit of Tk 35.44 crore from troubled Farmers Bank’s Gulshan corporate branch. BTCL has deposited the money with Sonali Bank’s Hotel Sheraton branch after getting refused twice by the Farmers Bank in honouring the cheque. Mallik Abdullah Al Mamun, manager of the Sheraton branch of Sonali Bank, confirmed The Daily Star today that they have received the deposit of BTCL. Earlier, on November 13, Farmers Bank issued a pay order against a matured deposit of BTCL worth Tk 35.44 crore.

Source: http://www.thedailystar.net/business/farmers-bank-pays-back-btcl-1493725

Bangladeshis keen on digital payment

As much as 65 percent of Bangladeshi consumers are keen to adopt digital payment solutions, indicating increased awareness and acceptance of electronic forms of payments in the country. The study was carried out by YouGov, an international Internet based market research and data analytics firm based in London, on behalf of Visa, the global leader in digital payments technology. About 2,000 people in India, Bangladesh and Sri Lanka were surveyed in October this year. The survey was aimed at understanding the pulse of the Bangladeshi consumer and their views towards the transition to a digital economy. About 74 percent of the respondents said the key driver for adoption is the ease of transition into digital form factors of payments. Some 54 percent of the respondents said the main reason for moving away from cash is convenience, while 40 percent vouched for efficiency and speed of transaction offered by digital modes. Of the respondents for whom the adoption was tough, 69 percent find insufficient modes of payments as the key barrier, while 25 percent are worried about the security of their transactions.


New CEO for Delta Life Insurance

Adeeba Rahman has been appointed as the chief executive officer of Delta Life Insurance Company Ltd. Rahman served different international banks and life insurance companies in her career of 17 years, the insurer said in a statement yesterday. She has also been the member of the board of directors of Delta Life Insurance Company Ltd and Delta Brac Housing Finance Corporation Ltd. She is an associate of the Chartered Insurance Institute UK and Chartered Insurer. She did her MBA from Rochester, USA.

Source: http://www.thedailystar.net/business/new-ceo-delta-life-insurance-1493173

Padma Life Insurance re-elects chairman

The Board of Directors of Padma Islami Life Insurance Limited in the 149th meeting of the company unanimously re-elected AFM Obaidur Rahman as the chairman of the board for 2017-18. AFM Obaidur Rahman is a sponsor director of the company and served in various capacities, including chairman of the Executive Committee, Finance & Investment Committee, Claim Committee, Audit Committee and as chairman of the board for 2016-17.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/padma-life-insurance-re-elects-chairman-1511118191

VAT payers to get NBR honour cards

The National Board of Revenue may offer VAT honour cards to traders filing value-added tax returns regularly and depositing VAT to the government exchequer properly. The revenue board chairman Md Nojibur Rahman on Sunday said that they were considering providing VAT honour cards to businesses following huge response from income tax payers on Income Tax ID Card introduced at the tax fair. He made the comment at a partnership dialogue with the Economic Reporters Forum held at VAT Online Project office in Dhaka. He said that government high-ups including prime minister and finance minister praised the initiative of providing income tax ID card. The revenue board will arrange VAT fair during the VAT week to be observed in December and businesses may get the card during the period. Nojibur said that finance minister assured that income tax ID card would get an institutional shape with providing some facilities to the cardholders.

Source: http://www.newagebd.net/article/28719/vat-payers-to-get-nbr-honour-cards

TIB submits draft gold policy to govt, suggests opening up import

Transparency International Bangladesh has placed a draft policy on gold trade to the government suggesting reduction of import duty, full opening of import in phases and bringing all gold traders under licence for ensuring discipline, transparency and accountability in the sector. It also suggested the government for offering legality of all gold and gold ornaments irrespective of their sources through declaring a general impunity. Traders will be able to make their gold legal within a timeframe by paying taxes and the government will confiscate the unregistered gold and ornaments after the deadline. The government will also encourage export of gold ornaments through giving incentives and duty rebate on import of gold for export oriented traders, the draft policy stated.

Source: http://www.newagebd.net/article/28718/tib-submits-draft-gold-policy-to-govt-suggests-opening-up-import

Cutting trade gap with India not possible now

The possibility of tilting the trade balance with neighbouring India into Bangladesh’s favour is very slim, said Commerce Minister Tofail Ahmed yesterday in the parliament. “We are yet to reach that position,” he said, adding that Bangladesh would have to wait until 2041 to bring the trade balance in its favour. Bangladesh imports products worth nearly $6 billion from India, while its exports to the neighbouring country do not amount to more than $700 million. He dismissed suggestions that the trade gap is damaging for the country, while citing the case with the US to back his point: Bangladesh’s exports to the US stand at about $6 billion whereas its imports from the US amount to not even $1 billion, according to Ahmed.

Source: http://www.thedailystar.net/business/cutting-trade-gap-india-not-possible-now-1493719

China to support Bangladesh in earning middle income status

China will continue to contribute and extend full support to Bangladesh in its effort to be a middle income country by 2021, said Chinese Foreign Minister Wang Yi. “We know that the current priority for Bangladesh is to speed up development to deliver a better life to its people and become a middle-income country by 2021,” Yi said at the Chinese embassy in Dhaka on Saturday. “China fully supports your efforts and will continue to make contribution.” He said China is grateful to its friends in Bangladesh for firmly upholding the One-China Policy and supporting peaceful unification of China. As China is a strategic cooperative partner for Bangladesh, he said China will continue to stand by Bangladeshi people on issues of mutual interests.

Source: http://www.thedailystar.net/business/china-support-bangladesh-earning-middle-income-status-1493728

Floating solar plant on Kaptai Lake likely

Kaptai Lake and canal of Teesta Water Barrage are likely to house floating solar power plant as part of countrywide installation of such projects, officials said. If the Kaptai floating solar power plant project becomes successful, the government will implement more similar projects, the officials added. According to official sources, the Power Division under the Ministry of Power, Energy and Mineral Resources (MPEMR) has initiated the move to set up the floating solar plants with the financial support of the donor agencies. The private sector will also be involved in setting up such green energy plants, they said. Officials said the recent success of Japan, China, India, Germany, France, China and other countries has prompted the government to move for the project. Japan was the first country to install a floating solar power plant in 2006 in Chiba by a French firm while China is now the leader in setting up the largest floating solar power plant of 40 MW capacity in Huainan city of its Anhui province.

Source: https://thefinancialexpress.com.bd/economy/floating-solar-plant-on-kaptai-lake-likely-1511088499

Navana launches Corolla ALTIS

Navana Group on Sunday launched 11th generation premium class ‘Corolla ALTIS’ in the city, claiming the vehicle has features like advanced safety measures, luxury and better performance. Navana Group senior vice chairman Saiful Islam inaugurated the brand new model in the country while Toyota Tsusho Corporation general manager Takeshi Sgimoto and Navana director JA Naser were present, among others. ‘ALTIS has inherited the durability, longevity and reliability with a unique look from its previous generations,’ said Naser at a press conference. The brand new model has been re-positioned with developed engine capacity, bigger size, high grade safety features including Vehicle Stability Control and 7 airbags.


Local and Global Stock Indices

Index NameClose ValueValue ChangePercentage Change
DSEX6,306.95↑ 24.86↑ 0.40%
DJIA23,358.24↓ 100.12↓ 0.43%
FTSE1007,380.68↓ 6.26↓ 0.08%
Nikkei 22522,261.10↓ 135.7↓ 0.61%

World Commodities

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$56.63↑ 0.08↑ 0.14%
Crude Oil (Brent)*$62.60↓ 0.12↓ 0.14%
Gold Spot*1,291.70↓ 0.72↓ 0.06%

Major Currencies Exchange Rates Movement in Last Seven Days

Exchange Rates
USD 1BDT 81.06
GBP 1BDT 107.11
EUR 1BDT 95.57
INR 1BDT 1.25





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,

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Dhaka Bank Limited