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 – October 26, 2017

Seven errant banks seek exoneration from penalty

Seven commercial banks have appealed to the central bank’s board of directors to waive the financial penalty imposed on them for violating the rules relating to share-market investment. According to the officials, their petitions may be included in the agenda for the board meeting scheduled to be held next month. Earlier this month, the central bank imposed fines on the banks for violating the rules of the existing Banking Companies Act and the central bank’s instructions on share-market investment. Three state-owned commercial banks (SoCBs) along with four private commercial banks (PCBs) are on the list of the banks meted out pecuniary penalty — BDT 1.7 million each. Under the revised provisions, the banks are now allowed to submit their reports on fresh investment in the capital market to the BB on a weekly basis, mentioning daily transactions separately.

Source: http://today.thefinancialexpress.com.bd/first-page/seven-errant-banks-seek-exoneration-from-penalty-1508953395

BB boss hopeful of recovering entire amount

Bangladesh Bank Governor Fazle Kabir has said that the entire amount of stolen reserve money of the central bank will be recovered after conclusion of the judicial case in this connection. He came up with the remarks on Wednesday after attending a discussion programme at the Club Road in Barisal. The BB chief said, “It’s possible to recover the complete amount of the remaining stolen reserve money after completion of the judicial case.” Hackers in February last year stole USD 101 million from BB’s account with the Federal Reserve Bank of New York. Money amounting to USD 20 million was later channeled to Sri Lanka and USD 81 million to the Philippines. The New York-based Federal Reserve Bank blocked the remaining transactions – amounting to USD 850 million.

Source: https://thefinancialexpress.com.bd/economy/bb-boss-hopeful-of-recovering-entire-amount-1508948097

BD financial market needs credible benchmark

Bangladesh’s financial market runs sans effective benchmark called ‘Dhaka Interbank Offered Rate (DIBOR)’, leaving parties to quote rates in contracts and other financial instruments impromptu. Such ratings without a formal reference rate for the financial market are not always acceptable to foreign parties, and local stakeholders also get into difficulties in financial dealings, sources said. Though DIBOR initiative was launched at least eight years back, it remained a forgotten name as it couldn’t make any headway in terms of its acceptance and popularizing. As a result, the country’s financial market has no functional benchmark rates for contracts or future products. Many suffer for this vacuum and many use Treasury bond or bill rates as reference in financial dealings. People having stakes on the financial market said a credible benchmark has immense contribution to make to the stability of the financial system and mitigating financial risks. People familiar with the matter at its implementing agency and others told the FE that this is very much needed as the financial market has been expanding with its new and innovative products.

Source: https://thefinancialexpress.com.bd/economy/bd-financial-market-needs-credible-benchmark-1508904951

New DMD for Al-Arafah Islami Bank

Mohammed Zubair Wafa has recently joined Al-Arafah Islami Bank as deputy managing director, the bank said in a press release yesteday. He worked in different positions at Bangladesh Shilpa Bank, American Express Bank and Commercial Bank of Dubai. Wafa is experienced in both credit and marketing areas which will add value to the new organisation.

Source: http://www.thedailystar.net/business/banking/new-dmd-al-arafah-islami-bank-1481821

Q1 sees rise in ADP implementation rate

The first quarter (July-September) of the current fiscal year (FY18) has witnessed an increase in the implementation rate of Annual Development Programme (ADP). Planning Minister AHM Mustafa Kamal said the rate was found to be 10.21 per cent with an overall expenditure of Taka 167.55 billion. He stated this while briefing the journalists emerging from the ECNEC meeting at Sher-e-Bangla Nagar in Dhaka on Tuesday, a BSS report said. The ADP implementation progress during the first quarter of the last fiscal year (FY17) was nine per cent with an overall expenditure to the tune of Tk 107.89 billion.

Source: https://thefinancialexpress.com.bd/economy/q1-sees-rise-in-adp-implementation-rate-1508855904

Move to explore new manpower markets

A research firm has been appointed by the government to carry out a survey on labour markets in 52 countries, including 20 new ones, across the world. The revelation came on Wednesday during a meeting of the Parliamentary Standing Committee on Expatriates’ Welfare and Overseas Employment Ministry held at the Jatiya Sangsad Bhaban with its Chairman Nurul Majid Mahmud Humayun in the chair. According to a handout, the meeting was told that the government has been trying relentlessly to explore new labour markets side by side safeguarding the existing ones. As part of the efforts, it was also informed, a separate labour market research cell has already been set up in the ministry.

Source: https://thefinancialexpress.com.bd/economy/move-to-explore-new-manpower-markets-1508953487

NBR asks 37 companies to pay BDT 6.9 billion in unpaid VAT

The large taxpayers unit (value-added tax) of National Board of Revenue has issued demand notices to 37 public and private companies, asking them to pay BDT 6.9 billion in VAT and source VAT which was earlier ‘evaded’ by the entities. The LTU issued the primary demand notices in September for the ‘evaded’ amount which was detected through auditing and scrutinizing the documents including VAT returns submitted by the companies and through other intelligence and investigation activities. Of the amount, state-owned Bangladesh Telecommunications Company Limited alone evaded BDT 3.8 billion in VAT. The LTU also asked three mobile operators — Grameenphone, Robi and Banglalink — to pay BDT 72.5 million, BDT 75.8 million and BDT 83.5 million respectively which the operators did not submit as VAT on floor space and establishment rent. Earlier, the VAT office had demanded another BDT 830.0 million in VAT from the operators on the same ground.

Source: http://www.newagebd.net/article/26945/nbr-asks-37-cos-to-pay-BDT-694cr-in-unpaid-vat

Steel millers oppose bid to hike power tariff

Leaders of trade bodies of rod and steel industries on Wednesday demanded that the government do not increase the power tariff for the sector to save them from losses. Bangladesh Auto Re-Rolling & Steel Mills Association, Bangladesh Steel Mill Owners Association and Bangladesh Re-rolling Mills Association made the demand at a joint press conference at the Jatiya Press Club in the capital. They also urged the government to stop importing MS (mild steel) rods from abroad and providing them duty-free facilities. Bangladesh Auto Re-Rolling & Steel Mills Association (BARSMA) General Secretary M Shahiullah read out a written statement at the press conference. Shahiullah said the steel industry faces a serious crisis due to the electricity problems. Electricity cost is the highest in steel rod production after the raw materials.

Source: http://thefinancialexpress.com.bd/trade/steel-millers-oppose-bid-to-hike-power-tariff-1508952472

Akij to remit $20m to buy Malaysian firms

Akij Jute Mills is all set to become the seventh Bangladeshi company to invest abroad after the government yesterday gave it the green light to remit $20 million to buy a Malaysian company along with its subsidiary for $80 million. The approval came at a meeting of the cabinet committee on economic affairs chaired by Finance Minister AMA Muhith, capping off a year-long suspense for Akij Jute Mills, a concern of Akij Group. “This is a milestone for Bangladeshi enterprises,” Sheikh Bashir Uddin, managing director of Akij Group, told The Daily Star over telephone. Akij will acquire Robin Resources and its subsidiary Robina Flooring — both of which manufacture reconstituted wood products and export to about 60 countries, generating $8-9 million in profit a year, according to the investment proposal. It will remit the $20 million from its export retention quota (ERQ). As of June 22, the company has more than $25 million of foreign currency under its ERQ.

Source: http://www.thedailystar.net/business/akij-remit-20m-buy-malaysian-firms-1481833

Govt to import another 2.5 lakh tonnes of rice

The government is set to import 2.5 lakh tonnes of parboiled rice under a state-to-state arrangement and competitive bidding as part of its aggressive push to boost stocks. The cabinet committee on purchase yesterday approved the proposal for import of 1.5 lakh tonnes of rice for $465 per tonne from Thailand through government arrangement. The committee also approved another proposal for importing 1 lakh tonnes of rice through open tender for Tk 43,440 to Tk 44,330 per tonne. The rice will be delivered in 38 lots to 38 government silos across the country. When converted to dollar, the per tonne price of rice, including freight to silo, would come to $523 to $534. As per food ministry calculation, one dollar equals Tk 83. In recent months, the government has moved to import rice through competitive bidding, which tends to be lower than the price obtained under government-to-government arrangements.

Source: http://www.thedailystar.net/business/govt-import-another-25-lakh-tonnes-rice-1481824

E-procurement begins a new phase

The World Bank has renewed its partnership with Bangladesh on establishing transparency and accountability in public purchases and improving the overall government procurement management in the country. The Washington-based lender is providing $55 million for the $60 million Digitising Implementation Monitoring and Public Procurement Project. Under the project, the government plans to go for paperless tendering by this year, said a senior official of the Central Procurement Technical Unit (CPTU) of the Implementation Monitoring and Evaluation Division. Finance Minister AMA Muhith inaugurated the five-year project at a ceremony at the Radisson Blu Water Garden in Dhaka yesterday in presence of AHM Mustafa Kamal, planning minister, MA Mannan, state minister for finance and planning, and Qimiao Fan, country director of the WB Bangladesh. In Bangladesh, annual expenditure on public procurement amounted to over $7 billion in recent years, representing 70 percent of the annual development programme.

Source: http://www.thedailystar.net/business/e-procurement-begins-new-phase-1481830

BTRC formulating integrated service quality regulation

Bangladesh Telecommunication Regulatory Commission has formed a committee to formulate an integrated regulation on service quality for all kinds of telecom service providers to ensure better satisfaction of end users. Currently there are about 500 service providers such as mobile phone, internet service, Wi-Max and landphone operators who are directly connecting a telecom service to users. The telecom regulator says there are over 14 crore registered connections availing the services. The BTRC earlier formulated a service quality guideline for mobile operators, who are yet to accept it. The new regulation will concentrate on every service, meaning there will be specific quality requirements, said a top official, who is also a member of the committee. The Quality of Service Regulations of BTRC 2017 will also contain provisions for punitive measures.

Source: http://www.thedailystar.net/business/telecom/btrc-formulating-integrated-service-quality-regulation-1481815

Local and Global Stock Indices

Index NameClose ValueValue ChangePercentage Change
DSEX6,001.53↑ 33.51↑ 0.56%
DJIA23,329.46↓ 112.3↓ 0.48%
FTSE1007,447.21↓ 79.33↓ 1.05%
Nikkei 22521,768.16↑ 60.54↑ 0.28%

World Commodities

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)*$52.11↓ 0.07↓ 0.13%
Crude Oil (Brent)*$58.37↓ 0.07↓ 0.12%
Gold Spot*$1,279.79↑ 2.26↑ 0.18%

Major Currencies Exchange Rates Movement in Last Seven Days

Exchange Rates
USD 1BDT 81.98
GBP 1BDT 108.74
EUR 1BDT 96.94
INR 1BDT 1.27





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