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 – October 05, 2017

Suspend suspicious agents: BB

Bangladesh Bank (BB) has asked 17 banks providing mobile financial services to suspend agents who are suspected of being involved in dubious transactions. The Bangladesh Financial Intelligence Unit (BFIU), the central bank’s anti-money laundering wing, gave the order on September 26. A BB official told The Daily Star yesterday that the central bank on September 14 ordered bKash, Brac Bank’s mobile financial service provider, to suspend 2,887 of its agents on finding them engaged in money laundering and suspicious transactions. The 17 banks, including Dutch-Bangla Bank, United Commercial Bank, Southeast Bank, NCC Bank and Rupali Bank, have been asked to monitor activities of every agent, including the 2,887 who might be their agents too.

Source: http://www.thedailystar.net/business/suspend-suspicious-agents-bb-1471681

Central bankers begin brainstorming on sustainable finance

A three-day meet on sustainable finance with delegates from central banks of Ghana, Nepal and Nigeria began in Dhaka Wednesday to promote sound environmental and social practices by banks. Bangladesh Bank (BB) and the International Finance Corporation (IFC), a member of the World Bank Group, have jointly organised the event to share experiences in environmental and climate financing among the participates. “We’re delighted to share our experience in environmental and climate finance, policy development and implementation with other member- countries to help them develop and improve their own policies and create a greener future,” SK Sur Chowdhury, deputy governor of the BB, told a press conference at the central bank headquarters in Dhaka.

Source: http://today.thefinancialexpress.com.bd/last-page/central-bankers-begin-brainstorming-on-sustainable-finance-1507139163

BD can learn from India’s move to be cashless society, demonetisation

India’s recent demonetisation drive and its move to become a cashless society can offer valuable lessons for economies like Bangladesh, Indian Finance Minister Arun Jaitley said on Wednesday. “Cash leads to tax evasion, cash leads to shadow economy, cash leads to corruption,” Mr Jaitley, who is now on a three-day official visit to Dhaka, said in a programme at a city hotel. “Excessive cash can also lead to suppression of the poor. Because, a man who is in possession of excessive cash, is able to deprive the state of the revenue, which otherwise could be used for benefit of the poor.” “In India, we have also seen that many terrorist activities were supported by and thriving upon cash fund,” said Mr Jaitley while delivering a public lecture on the macro-economic initiatives of the Indian government.


Marginal farmers have least access

The country’s farm sector is dominated by smallholders but the small and marginal farmers have the least access to the credit and agricultural extension services provided by the state. A recent nationwide household survey found that the farmers get half the access to state-run Bangladesh Krishi Bank’s loans comparing to the large and medium farm owners. They also get half the attention from the agricultural extension services against the well-off farmers. In spite of the obstacles, the per unit output from the small and marginal farmers is much higher than the per unit yield from the richer farmers, the survey found.

Source: http://www.thedailystar.net/frontpage/marginal-farmers-have-least-access-1471696

Stock market lacks depth, breadth

The country’s capital market needs listing of more companies having good fundamentals along with introducing new products to attract investors from different level of income. Dr. Mashiur Rahman, the economic affairs adviser to the Prime Minister, said this on Wednesday at a seminar held at Bangladesh Shilpakala Academy to mark the World Investor Week 2017. He said the retired persons prefer making investments in saving certificates and instruments of fixed income as the number of listed companies having good fundamentals is yet to be up to the mark. “Under such a situation, more companies having good fundamentals should be brought to the capital market,” Mashiur said.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/stock-mkt-lacks-depth-breadth-1507133334

City Bank allots equity shares to IFC

City Bank Ltd has recently issued 5.0 per cent of its outstanding number of common equity to the International Finance Corporation (IFC) as per approval of relevant regulatory authorities. This allotment of shares completed in accordance with an agreement signed between City Bank and IFC in February, 2016, according to a statement. From now on, IFC will have its representative in the bank’s Board and it will actively contribute towards the progressive growth of the bank.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/city-bank-allots-equity-shares-to-ifc-1507133963

MTB signs deal with RIC on payroll banking solutions

Mutual Trust Bank Limited (MTB) has recently signed an agreement with Resource Integration Centre (RIC) at a simple ceremony held at the RIC Central Office, Dhanmondi, Dhaka. Under this agreement, the employees of Resource Integration Centre (RIC) can avail Payroll Banking solutions through MTB Payroll Banking. Abul Haseeb Khan, Director, Resource Integration Centre (RIC) and Tarek Reaz Khan, Head of SME & Retail Banking Division, Mutual Trust Bank Ltd. (MTB) signed the agreement on behalf of their respective entities.

Source: http://thefinancialexpress.com.bd/economy/bangladesh/mtb-signs-deal-with-ric-on-payroll-banking-solutions-1507099455

IFC launches second phase of multi-stakeholder partnership

IFC, a member of the World Bank Group, launched the second phase of its multi-stakeholder partnership to drive sustainability in Bangladesh’s textile sector at a city hotel recently. According to a press release issued on Wednesday, the event also marked the completion of the first phase of the Bangladesh Partnership for Cleaner Textile (PaCT) programme. IFC with support from the government of The Netherlands had launched the PaCT programme in 2013. PaCT, the release said, worked in partnership with the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), NGO Solidaridad, 13 global apparel brands, and two technology suppliers. The programme, towards its closing stage, was advising more than 200 factories in the country to adopt state-of-the-art efficiency and cleaner production practices to reduce water, energy, and chemical use in the textile industry.

Source: http://today.thefinancialexpress.com.bd/trade-market/ifc-launches-second-phase-of-multi-stakeholder-partnership-1507139407

Apparel makers want smooth supply of energy at predictable rates

Apparel manufacturers and stakeholders concerned have urged the government to ensure smooth supply of energy at rates with long-term predictability for further growth of the country’s textile and clothing sector. They also stressed the need for taking measures to ensure efficient functioning of the country’s seaports and Dhaka airport, simplify banking and tax regulations and continue providing cash incentive for exploration of new markets, among others. They put forward the demands at a roundtable on ‘Current Situation of the Garment Industry and Way Out’ at a city hotel, organised by Bangladesh Garment Manufacturers and Exporters Association (BGMEA).


Faster move on Bangladesh-China Free Trade Agreement (FTA)

A joint feasibility study on a bilateral free-trade area (FTA) between Bangladesh and China may begin shortly under a move to enhance the two-way trade. Officials said the first meeting on the feasibility study is proposed to be held in Beijing early November. In the meeting modalities will be framed for the launch of the joint feasibility study on the proposed free-trade area, they added. The Chinese side has drawn up terms of reference and outline and China’s delegates for the working group. Bangladesh has already sent its terms of reference, a senior official of the commerce ministry said.

Source: http://today.thefinancialexpress.com.bd/trade-market/faster-move-on-bd-china-fta-1507139271

$1b for Rooppur nuke power plant

Dhaka and New Delhi have signed a $4.5 billion credit agreement with a provision for spending nearly one fourth of the amount on Bangladesh’s first nuclear power plant at Rooppur. Through this deal, India becomes a party to the civil nuclear programme to be implemented by Russia. At the signing ceremony of the third Line of Credit (LoC) at the finance ministry yesterday, visiting Indian Finance Minister Arun Jaitley said this is the biggest-ever credit New Delhi has given to any country. Seventeen projects have already been identified for implementation under the third LoC.

Source: http://www.thedailystar.net/frontpage/1b-rooppur-nuke-power-plant-1471693

Bangladesh, India sign deal on $4.5b third LoC

India extended a fresh US$4.5 billion-worth credit line for bankrolling Bangladesh’s select development projects, with 17 hitting the preliminary priority list in the deal. The two countries signed a deal Wednesday on the third line of credit (LoC) coming from India, as the big neighbour eyes greater trade and transit cooperation with Bangladesh. Bangladesh’s Economic Relations Division Secretary, Kazi Shofiqul Azam, and Indian Exim Bank Managing Director David Rasquinah inked the deal on behalf of their respective governments and authorities. Bangladesh Finance Minister AMA Muhith and his visiting Indian counterpart Arun Jaitley witnessed the agreement-signing ceremony held at Bangladesh Secretariat.


Indian two wheelers co to export to BD

Indian two wheelers producing company Piaggio Vehicles Private Ltd (PVPL) is planning to export its products Bangladesh shortly, a top company executive said. “We are already exporting to Nepal and South America. We are now gearing up to export scooters and CVs to Nepal and Bangladesh,” Diego Graffi, MD & CEO, PVPL, said. About 10 per cent of its production is exported, he said. “We have doubled the sales volumes in 2017 as compared to the previous year. We have expanded the distribution and are planning to introduce more products.” Last month, the company sold 9,000 two wheelers and sales are expected to grow further, he said.

Source: http://today.thefinancialexpress.com.bd/trade-market/indian-two-wheelers-co-to-export-to-bd-1507142014

BTRC department for curbing foreign dominance in VAS entity

The engineering and operations department of Bangladesh Telecommunication Regulatory Commission has proposed that the commission should not allow foreign entities to hold controlling stake in a telecommunication value added service providing entity. The E&O department of the commission came up with the proposal in its observation on the draft guidelines titled ‘Regulatory Guidelines for Issuance of Registration Certificate for Providing Telecommunication Value Added Services in Bangladesh’, a senior official of the commission told New Age. Value-added services are provided by a third-party company through the mobile phone networks. The mobile phone companies offer the basic telecom services like voice and data plans, but the other services like missed call alert, welcome tune, and various application-based services are provided by VAS providers.

Source: http://www.newagebd.net/article/25456/btrc-dept-for-curbing-foreign-dominance-in-vas-entity

Number of mobile internet users crosses 7 crore

The number of active mobile internet connections in Bangladesh surpassed seven crore in July, Bangladesh Telecommunication Regulatory Commission (BTRC) stated in a report published yesterday. The number of internet connections through mobile operators was 7.02 crore at the end of July and 7.19 crore at the end of August, said the telecom regulator. BTRC did not mention anything about 3G connections and specify the numbers for each operator. However, a top official informed that Grameenphone is clearly ahead with 2.95 crore connections and Robi coming second with 2.42 crore, followed by Banglalink with 1.67 crore and Teletalk with 16 lakh.

Source: http://www.thedailystar.net/business/number-mobile-internet-users-crosses-7-crore-1471684

Local and Global Stock Indices

Index NameClose ValueValue ChangePercentage Change
FTSE1007,467.58↓ 0.53↓ 0.01%
Nikkei 22520,633.07↑6.41↑0.03%

World Commodities

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$ 49.95↓ 0.03↓ 0.06%
Crude Oil (Brent)*$ 55.89↑ 0.09↑ 0.16%
Gold Spot*$ 1,274.55↓ 0.30↓ 0.02%

Major Currency Exchange Rate 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