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 30 2016

Bangladesh Krishi Bank struggling as cash crunch affects LC, remittance services

Bangladesh Krishi Bank was struggling to operate some of its services due to capital shortfall, officials said. They said the government owes the country’s largest specialized bank BDT 15.6 billion against interest subsidy and interest waiver, creating the capital shortfall and affecting the banking services. As of June last, the capital shortfall stood at BDT 74.1 billion, according to Bangladesh Bank (BB) data. The bank was facing difficulties in opening letters of credit (LCs), including the ones of the state-owned organizations, and providing remittance services, a senior executive of the bank said.

Source: http://print.thefinancialexpress-bd.com/2016/11/30/158140

Bangladesh Bank asks bKash to closely monitor agents to check money laundering

Bangladesh Bank has asked mobile banking operator bKash, a subsidiary company of the BRAC Bank, to closely monitor its agents to check money laundering and terrorist financing. The central bank directive came from a meeting with bKash at the central bank headquarters in the capital on Monday. Central bank’s Payment System Department acting general manager Rezaul Karim presided over the meeting while bKash chief executive officer Kamal Quadir and officials of Bangladesh Financial Intelligence Unit were present. The central bank asked bKash to ensure physical presence of the accountholder when he or she withdraws cash from the agents. A BB official told New Age on Tuesday that an inspection team of Bangladesh Financial Intelligence Unit, a wing of the central bank, had conducted a random investigation into some bKash agents in the Rajshahi town on July 13 this year. The inspection team unearthed that the bKash agents gave money (cash-out) to the clients in favor of the accountholders violating the rules. The agents released the money by only taking signature from the persons, according to the inspection report. The investigation report said that any withdrawal of money from the agents of mobile financial service providers, especially bKash, in absence of the account holders posed risk that the money could be used in terrorism and paying ransom to kidnappers.

Source: http://www.newagebd.net/article/3787/bb-asks-bkash-to-closely-monitor-agents-to-check-money-laundering

BSEC to probe National Bank Limited move to buy BDT 560 million worth of flats

The Bangladesh Securities and Exchange Commission has formed a three-member committee to investigate into a National Bank move to purchase 50 flats worth BDT 555.7 million. The BSEC committee, comprised of its director Md Monsur Rahman, deputy director Mohammed Nazrul Islam and assistant director Md Bony Yeamin Khan, was formed on Sunday. On October 17, this year, the NBL announced that its board of directors had decided to purchase 50 flats having 74,970 square feet (approximately) along with 50 car parking spaces in a 14-storey residential building with one basement at Mohammadpur in Dhaka. An NBL official on Tuesday said, ‘The bank has postponed the decision [purchasing flats] for the time being. It is renegotiating with companies over loans against which the flats would be taken over.’ ‘We are not aware of the BSEC’s move in this connection,’ he said. The BSEC initiative came following a complaint submitted by an investor to the finance ministry that was later forwarded to the commission for further action.

Source: http://www.newagebd.net/article/3791/bsec-to-probe-nbl-move-to-buy-tk-56cr-flat

Low, middle-income housing finance market remains untapped

An enormous market in low- and middle-income housing finance remains untapped in the country due to the financial sector’s focus on upper-middle class housing finance and lack of policy support. According to a study report of World Bank Group (WBG), the market is to grow by 2020, as demand for low- and middle-income housing finance has increased from the total housing finance supply in 2015.The report projects that demand for low- and middle-income housing finance could reach BDT 818.2 billion or USD 10.4 billion at current exchange rate, as the financial sector’s total outstanding housing loans was BDT 489.9 billion in 2015. “Thus, the demand for low- and middle-income housing finance in 2020 will be 167.0% of the size of the total housing finance supply in 2015,” the report predicts.


Sector-wise trade unions in industrial units on the cards

State Minister for Labour and Employment M Mujibul Huq said the government was considering formation of sector-wise trade unions in industrial units, reports BSS. Denmark would give technical assistance in this connection, he said speaking at a press briefing after a meeting with Danish Ambassador Mikael Hemniti Winther at Bangladesh Secretariat in the city, said an official release. The state minister said the government wanted to make use of Denmark’s experience in creating confidence in owner-worker relations in industries through social dialogue.

Source: http://print.thefinancialexpress-bd.com/2016/11/30/158172

Government may trim package VAT

The government may reduce the rate of package VAT for small and medium traders for the current financial year 2016-17 following demand of the business community. The National Board of Revenue has decided to cut down the existing amount of package value-added tax and will send a proposal to finance minister AMA Muhith in this regard, NBR officials said. The revenue board, however, has yet to make any decision on how much the rate, which was made almost double in the budget for the current fiscal year, will be reduced. The government high-ups will decide it, they said adding that the decision would be finalized soon. The decision was made following a series of negotiations with agitating traders under the platform of Babosayee Oikkya Forum and the representatives of the Federation of Bangladesh Chambers of Commerce and Industries. The forum on November 20 postponed their planned indefinite strike demanding setting the package VAT at lower level and restoration of the system in the new VAT law and other issues until December 1 following a meeting with the NBR. Finance minister in the budget doubled the package VAT and set at BDT 28,000 for traders in Dhaka and Chittagong city corporation areas which was BDT 14,000 in the previous year. The package VAT for shops in other city corporations was raised to BDT 20,000 from BDT 10,000, at the district town level to BDT 14,000 from BDT 7,500, and at the upazila level the VAT amount was raised to BDT 7,500 from BDT 3,600.

Source: http://www.newagebd.net/article/3788/govt-may-trim-package-vat

Pharma sector employees may get 122% wage hike

The Wage Board has finalized its draft proposal recommending more than 122.0% hike in minimum monthly pay for the workers in divisional city and city corporations of the country’s pharmaceutical industry, officials said. The board, in a gazette notification issued on November 23 last, also sought written objections and recommendations, if any, within the next 14 days. The board recommended BDT 8,200.0 and BDT 8,050.0 minimum monthly wages for an unskilled worker living in divisional city and city corporations respectively. A BDT 4,600.0 and BDT 4,500.0 have been proposed as basic payment for unskilled workers living in divisional city and city corporations, according to the draft. In both areas, a 50% of the basic payment has been proposed as house rent, BDT 700.0 as medical allowance and BDT 600.0 for transportation. The last minimum wage for the workers and employees of the sector was set at BDT 3,625.0 and BDT 4,500.0 respectively in 2009, according to officials.


Local and Global Stock Indices

Index NameClose ValueValue ChangePercentage Change
Dow Jones Industrial Average19,121.60↑23.7↑0.12%
Nikkei 2256,772.00↓27.47↓0.40%
FTSE 10018,329.91↑22.87↑0.12%

World Commodities

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$45.51↑0.28↑0.62%
Crude Oil (Brent)*$46.76↑0.38↑0.82%
Gold Spot*1,190.28↑1.97↑0.17%

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