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

Click to Close

Rate last updated: 02/01/2014 11:15:04 AM

Important Business News Extracts November 21 2016

8 banks face huge provision shortfall

As of September, provision shortfall of the eight banks stood at Tk4,381 crore, declining from Tk 4,445 crore in June, according to the Bangladesh Bank data. Though the number of banks having provision shortfall has increased in July-September quarter, the total amount of shortfall declined slightly compared to the previous quarter, thanks to slower growth in default loans.The banks with provision shortfalls are BASIC Bank, Rupali Bank, Sonali Bank, Bangladesh Commerce Bank, National Bank, Premier Bank, Standard Bank and Bangladesh Krishi Bank. The scam-hit BASIC Bank had the highest shortfall of Tk 3,789 crore as of September, marginally up from Tk 3,651 crore in June. General provisions are balance sheet items representing funds set aside by a company as assets to pay for anticipated future losses. For banks, a general provision is considered to be supplementary capital under the first Basel Accord.

Source: http://www.dhakatribune.com/business/2016/11/21/8-banks-face-huge-provision-shortfall/

Stronger dollar weighs on remittance

A stronger US dollar against currencies in Bangladesh’s expatriate hubs has affected the inflow of remittances from those host economies. If the devaluation of currencies, such as pound, euro, ringgit and riyal continues, the amount of remittance will go further down, according to analysts. “We have identified a devaluation of currencies as the major reason for the decline in remittance,” said a senior Bangladesh Bank official. Other reasons for the fall are — the use of informal channels to send remittance home and job or wage cuts in the Middle East following the oil price drop, the official said. Bangladesh received around $4.26 billion in remittances between July and October, down 15.42 percent from the same period a year ago, according to data from the central bank. Bangladesh’s remittance inflow has taken a hit as the US economy is slowly gaining strength amid weakening growth in China and a fragile European Union. The US Dollar Index has appreciated in value, rising 21 percent in the last two years until July 2016.The US dollar this week has climbed to its highest level in almost 14 years and major indices remained in near-record territory

Source: http://www.thedailystar.net/business/stronger-dollar-weighs-remittance-1317847

Mastercard BD celebrates 3rd year

Mastercard Bangladesh office recently celebrated the completion of its third year in the country. This also coincided with their celebration of 20 years of Mastercard cards being present in the country, having introduced the first branded plastic card in Bangladesh in 1997. Mastercard is the first technology company in the global payments industry to start a dedicated country office in Bangladesh back in 2013. In the span of these three years, the company has forged significant partnerships with 16 leading financial and commercial institutions – AB Bank, Bank Asia, Al-Arafah Islami Bank Ltd, Brac Bank, Dutch Bangla Bank, Eastern Bank Limited, Mutual Trust Bank Limited, National Bank Limited, Premier Bank, Prime Bank, Pubali Bank, Southeast Bank Ltd, Standard Chartered Bank, The City Bank, United Commercial Bank (UCB) and LankaBangla Finance.

Source: http://www.thefinancialexpress-bd.com/2016/11/20/53649/Mastercard-BD-celebrates-3rd-year

AB Bank tops DSE transaction chart for 2nd day

AB Bank dominated the Dhaka Stock Exchange (DSE) transaction chart on Sunday for the two consecutive session while Grameenphone (GP) was the most-traded issue on the port city bourse. Five most-active shares in terms of value on the DSE were AB Bank, Quasem Drycells, National Tea Company, Bangladesh Building Systems and Mithun Knitting and Dyeing. According to statistics available with the DSE, some 10.72 million shares of AB Bank were traded, generating a turnover of above Tk 225 million, which was 3.92 per cent of the DSE’s total turnover value. The bank’s share price hovered between Tk 19.50 and Tk 21.30, before closing at Tk 21.20 on Sunday, jumping 9.28 per cent over the previous session. The bank’s (un-audited) third quarter earnings soared nearly 147 per cent year-on-year in July-September, 2016 period. Consolidated earnings per share (EPS) from July-September, 2016 stood at Tk 0.37 as against Tk 0.15 for the same period a year ago.

Source : http://www.thefinancialexpress-bd.com/2016/11/20/53719/AB-Bank-tops-DSE-transaction-chart-for-2nd-day

ADB approves $167m loan for improving gas sector

The Asian Development Bank (ADB) has approved a $167 million loan to improve production efficiency at a key gas field north of Dhaka and to expand transmission infrastructure. The Asian Infrastructure Investment Bank (AIIB) is expected to lend an additional $60 million, subject to board approval, which will be managed by ADB. It is the second project to be co-financed by ADB and AIIB, says a ADB press release. Bangladesh’s economy is growing fast. But domestic natural gas supplies cannot keep pace with soaring demand for energy, resulting in a rising dependence on oil and diesel-based power generation.

Development spending slightly up

Development spending went up more than 2 percentage points to 13.6 percent in the first four months of fiscal 2016-17 from a year earlier but it is still lagging behind given the government’s ambitious budget. This year’s annual development programme of Tk 123,346 crore is 50.9 percent larger than last year’s, and has crossed the Tk 1 trillion ($12.7 billion) mark. In terms of amount spent, the government’s expenditure for July-October went up 44.64 percent year-on-year to Tk 16,772 crore, according to statistics from the Implementation, Monitoring & Evaluation Division of the planning ministry. The government has recently taken a number of initiatives to accelerate ADP implementation, which has been languishing in the slow lane since fiscal 2012-13. The power division spent 24.21 percent of its allocation, the local government division 20.57 percent and the primary education ministry 18.09 percent. But the bridges division spent only 7.13 percent, the railways 10.78 percent, the roads division 8.05 percent, the health ministry 6.41 percent, the education ministry 9.17 percent, the public works ministry 10.27 percent and the water resources ministry 5.22 percent. In July-October, the science and technology ministry spent 49.33 percent of its allocation, which is the highest among all ministries and divisions, followed by the disaster management and relief ministry at 36.61 percent. The legislative and parliamentary affairs division spent 36.57 percent, the economic affairs division 32.37 percent, the internal resources division 27.33 percent, the law ministry 24.84 percent and the women and children’s affairs ministry 24.50 percent. The size of the ADP is large in relation to the government’s ability to implement spending, said the World Bank.
Source : http://www.thedailystar.net/business/development-spending-slightly-1317853

Govt to adjust fuel oil prices after impact assessment of last cut

The government would consider fresh adjustment in fuel oil prices after assessing the impact of the last cut on transport fare. The government wants to see the direct benefits of price cut in the transport sector,” State Minister for Power, Energy and Mineral Resources. Earlier in April this year, the government had reduced the fuel prices-long after the oil price fell to historical low in the international market. It took time to offset the losses the state-run Bangladesh Petroleum Corporation (BPC) incurred over the years due to selling the fuel oil at local market at much lower than international price.Following the April revision, the government had simultaneously announced that it would again consider further revision while the extent of the cut would depend on the benefits people got from it. The transport fares, however, do not reflect the benefit as expected.
Source : http://www.thefinancialexpress-bd.com/2016/11/21/53742/Govt-to-adjust-fuel-oil-prices-after-impact-assessment-of-last-cut

Oil prices climb on expectation of OPEC-led output cut

Oil prices rose around 1.0 per cent on Monday as producer cartel OPEC moved closer to an output cut to rein in oversupply that has kept prices low for over two years. International Brent crude oil futures LCOc1 were trading at $47.35 per barrel at 0023 GMT (7.23 p.m. ET), up 49 cents, or 1.05 per cent, from their last settlement. US West Texas Intermediate (WTI) crude CLc1 was up 0.98 per cent, or 44 cents, at $46.14 a barrel. Traders said that markets were being supported by advancing plans by the Organization of the Petroleum Exporting Countries (OPEC) to cut production in a bid to prop up the market following over two years of low prices as a result of output exceeding demand.
Source : http://www.thefinancialexpress-bd.com/2016/11/21/53754/Oil-prices-go-up

VAT causes split in businesses

Businesspeople stand divided over the value-added tax (VAT) dispute with small traders sticking to demands. A section of small businesses raised four-point demands, including continuation of the package VAT with its rate cut. Other members of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) play a different tune on the demand. Babosayee Oikya Forum (BOF), mainly businessmen in city’s old Dhaka, earlier had set a deadline for meeting their demand that expired Sunday. However, leaders of BOF agreed to wait until the end of this month, with their demand following assurance from the revenue authority after a meeting at the National Board of Revenue (NBR).
Source : http://www.thefinancialexpress-bd.com/2016/11/21/53746/VAT-causes-split-in-businesses

Local and Global Stock Indices

Index NameClose ValueValue ChangePercentage Change
Dow Jones Industrial Average18,867.93↓35.89↓0.19%
Nikkei 2256,775.77↓18.94↓0.28%
FTSE 10018,097.37↑129.96↑0.72%

World Commodities

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$46.29↑0.60↑1.31%
Crude Oil (Brent)*$47.5↑0.64↑1.37%
Gold Spot*$1,211.05↑3.16↑0.26%

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