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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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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 September 02, 2019

Banks’ H1 Deposit growth up slightly

The overall Deposit growth in the country’s Banking sector rose but slightly in the first-half (H1) of the current calendar year following a higher remittance inflow. Lower sales of national savings certificates (NSCs) in the recent months also helped push up the volume of Bank Deposits during the period under review. They expect that such an upward trend of Deposits in the Banking sector may continue into the coming months also. The growth of Deposits, on a year-on-year basis, rose to 11.48 per cent as of June 30 last from 11.07 per cent six months ago, according to the central Bank statistics. The Deposit growth was 10.96 per cent as of March 28, 2019. All Banks’ Deposits, excluding inter-Bank balance, rose to Tk 9,772.11 billion as of June 30 last, from Tk 9,246.36 billion as of December 31, 2018. The figure was Tk 9,365.63 billion as of March 28 last. All the Banks’ Deposit growth stood at around 12. 50 per cent in July 2019, he added. The government earlier imposed some restrictions on purchase of NSCs. The government has already developed a database of NSC investors to see if there is anyone crossing the NSC investment limit or making fictitious investments. The net sales of NSCs came down to Tk 32.08 billion (3,208 crore) in June from Tk 32.58 billion in the previous month, according to official figures. Besides, the inflow of remittances grew by 9.65 per cent to a record high of US$16.42 billion in the fiscal year (FY) 2018-19 from $14.98 billion a year ago. On the other hand, all the Banks’ credit growth came down to 12.38 per cent as of June 30 last from 14.07 per cent as of December 31, 2018. The figure was 13.15 per cent as of March 28 in the current calendar year. The Banks’ total outstanding loans, excluding inter-Bank balance, rose to Tk 11,813.38 billion as of June 30 last from Tk 1,165.34 billion as of December 31, 2018. It was Tk 11,205.51 billion as of March 28 last. The lower credit growth helped keep the overall advance-Deposit ratio (ADR) unchanged at 77.51 per cent as of June 30 compared to the level of December 31 last. The ratio was 78.26 per cent as of March 31, 2019. The ADR has been re-fixed at 83.50 per cent for all the conventional Banks and at 89 per cent for the Shariah-based Islamic Banks. The existing ratios are 85 per cent and 90 per cent respectively. The Banks need to comply with the revised limit of ADR by September 30, according to the central Bank’s latest directive.

Source: https://thefinancialexpress.com.bd/economy/bangladesh/Banks-h1-deposit-growth-up-slightly-1566965857

Joint efforts key to Sustainable Banking

A collaborative approach of industry-led initiatives and policy leadership is required to ensure sustainable financing in Banking system, experts said on Thursday. The Banks, in most cases, look less interested in green financing unless any circular is issued by the regulator, they observed. But in developed countries, the analysts added, the initiative comes from Banking Associations before being reinforced through regulatory actions. To make an effective contribution to meeting six key sustainable development goals, they laid emphasis on changing mindset of the top policymakers of a Bank. The experts suggested regular monitoring of Banks’ green financing activities by the central Bank. They made the observations at a review workshop styled ‘Sustainable Banking Activities of Bangladesh’ organised by the Bangladesh Institute of Bank Management (BIBM) in its auditorium. BIBM Director (Training) Prof Dr Shah Md Ahsan Habib presented a study paper on the topic. Sustainable Banking cannot be disaggregated from the key concerns of corporate governance, leadership and CSR (Corporate Social Responsibility) activities by Banks. Banks are mostly focusing on economic factors but financing on environmental and social areas like agriculture financing, SME funding, green financing, CSR and financial inclusions remain untapped. To protect farmers, Dr Habib said, Banks should introduce warehouse receipt financing, which has been benefiting growers globally.

Source: https://thefinancialexpress.com.bd/economy/bangladesh/joint-efforts-key-to-sustainable-banking-1567139184

Malaysian companies more interested to invest in Bangladesh: Envoy

Malaysia wants to further strengthen its relations with Bangladesh and explore opportunities in the areas of trade, investment and tourism, its envoy said Friday. Acting Malaysian high commissioner to Bangladesh Amir Farid bin Abu Hasan said they see more Malaysian companies taking interest to invest in Bangladesh. Malaysian companies that are already established in Bangladesh are expanding their foothold. Bangladesh-Malaysia Chamber of Commerce and Industry organised an event in Kuala Lumpur titled ‘Showcase Bangladesh’ in July this year to promote trade and investment between the two countries. Farid said Malaysia’s total trade with Bangladesh was $2.37 billion last year, a 35.6 percent rise compared to the year before. Bangladesh’s export to Malaysia, however, was only $260 million. According to Bangladesh Bank, Malaysia’s foreign direct investment in 2018 was $92.74 million. Malaysia is also a major tourist destination for the Bangladeshi tourists and healthcare. More than 150,000 Bangladeshis travelled to Malaysia last year. Malaysian high commission’s first secretary (immigration and consular) Mohamad Yahya bin Rahamat, Tourism Malaysia Dhaka’s marketing manager Mohammed Shoeb and Malaysia Healthcare Travel Council’s market development director Farah Delah Suhaimi also spoke at the discussion.

Source: http://www.newagebd.net/article/83109/malaysian-companies-more-interested-to-invest-in-bangladesh-envoy

Shamim, Nurul become Mercantile Bank DMDs

Shamim Ahmed and Md Nurul Islam have been promoted as Deputy Managing Directors of Mercantile Bank, said a Press Release. Prior to this, Shamim was the Senior Executive Vice President and Head of International Division and Nul was the Senior Executive Vice President and Chief Financial Officer of the Bank. Shamim started his Banking career with United Commercial Bank Limited in 1992. Later he joined Prime Bank in 1995. He joined Mercantile Bank in 1999 and worked at Foreign Trade, Remittance, Treasury, Anti Money Laundering and CFT, Off-shore Banking Unit and Head of Branch in Mercantile Bank. He obtained Honours and Masters Degree in Statistics from Dhaka University. Nur started Banking career with National Bank in 1988. Later he moved to Prime Bank when it was established in 1995 and afterward he joined in Mercantile Bank at the time of the Bank’s inception in 1999, the release said.

Source: http://www.newagebd.net/article/83156/shamim-nurul-become-mercantile-Bank-dmds

Cattle insurance with Digital Tracking

A new cattle insurance scheme based on a digital health tracking system was rolled out yesterday jointly by Phoenix Insurance and ShurjoMukhi Ltd. The product, Shurjomukhi Pranisheba, will ensure prevent inbreeding, early detection of health disorders, monitoring of calves and continuous measurement of temperature, officials said at the launch in InterContinental Dhaka. A biosensor or bolus is placed inside the stomach of an animal for at least five years, which the officials said does not create any adverse reaction. To avail the product, a farmer will have to pay Tk 500 monthly for every cattle and the premium of insurance ranges from 2.75 percent to 5.5 percent on the sum of the insured value of cattle. The insurance risk coverage is for death, theft, and permanent, total disability. Md Ashraf Ali Khan Khasru, State Minister for Fisheries and Livestock, said the insurance premium and the monthly payment for the digital service is quite high for the poor farmers.

Source: https://www.thedailystar.net/business/news/cattle-insurance-digital-tracking-1794205

Local and Global Stock Indices *

Index Name Close Value Value Change Percentage Change
DSEX 5,070.68547 ↓25.09 ↓0.49%
DJIA 26,403.28
↑41.03 ↑0.16%
FTSE100 7,207.18 ↑22.86 ↑0.32%
Nikkei 225 20,634.43 ↓69.94 ↓0.34%

World Commodities *

Commodity Close Value Value Change Percentage Change
Crude Oil (WTI) $ 55.11 ↑0.01 ↑0.02%
Crude Oil (Brent) $ 59.01 ↓0.24 ↓0.41%
Gold Spot $ 1,525.95 ↑5.57 ↑0.37%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1 BDT 82.8700
GBP 1 BDT 100.734
EUR 1 BDT 91.0375
INR 1 BDT 1.15408

*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<