GDP growth tops 26 Countries
Bangladesh recorded the highest economic growth among a list of 26 countries in the last 10 years, according to The Spectator Index. Since 2009, the country’s Gross Domestic Product [GDP] expanded 188 percent at the current prices. In the past decade, China’s economy grew 177 percent, India 117 percent, Indonesia 90 percent, Malaysia 78 percent, Australia 41 percent and Brazil 17 percent, according to a chart posted on The Spectator Index’s Twitter and Instagram accounts. Bangladesh will set an example in the world if the present trend of the GDP growth continues under the leadership of the prime minister according to Mr. Kamal. The country’s GDP size was $102 billion in 2009. Last year, it stood at $274 billion on the back of steady economic growth, data from the World Bank showed. The GDP size surpassed the $300-billion mark in June, government figures showed.
DBL launches Contactless Mastercard Titanium Credit Card
Dhaka Bank Limited has announced a partnership with Mastercard to launch their Mastercard Titanium Contactless Credit card in Bangladesh during a product launching ceremony Monday, said a statement. Mr. Syed Mahbubur Rahman, Managing Director & CEO, Dhaka Bank Limited and Mr. Syed Mohammad Kamal, Country Manager, Bangladesh, Mastercard were present in the event. Moreover, Mr. Emranul Huq, Additional Managing Director, Mr. Shafquat Hossain, SEVP & Head Retail Business Division of Dhaka Bank Limited along with other senior executives of both the organizations were present at the event With this launch, the Bank along with Mastercard has embarked on the journey of bringing latest technology of card-based payments in the country. The launching ceremony was held at a renowned hotel in the capital city. The Contactless EMV-enabled Mastercard Titanium Credit Card will facilitate more secure way to transfer and store credit card information of the users as well as ease cardholders’ day-to-day transactions by allowing them to simply tap the card in front of a card-reader or POS terminal to complete the transaction, thereby eliminating the need for swiping or inserting the card into the terminal. Along with the relentless pursuit of pacing up with new technology, Dhaka Bank Limited and Mastercard will also bring luxury and convenience for the cardholders by offering a range of benefits and discounts through Mastercard’s wide network of over 3,000 partner outlets in the country and globally. In addition to promotional offers like BOGO [Buy-1-Get-1] at top hotels in the country and International Lounge access offer through LoungeKey, Dhaka Bank Limited and Mastercard will be offering exclusive Discounts & EMI at dining, lifestyle and electronic outlets throughout the country.
ADB will provide Risk Guarantee Assistance for issuing Green Bond
The Asian Development Bank [ADB] has come up with risk guarantee assistance for issuance of Green Bond in Bangladesh to help mobilize funds from abroad, officials have said. Before that the government has decided to carry out a feasibility study to see the pros and cons of issuing the bond with ADB’s technical assistance. Both the ADB and the government have agreed that Bangladesh needs to mobilize a large volume of foreign fund to finance the ongoing development activities. Formation of a long term loan market by issuing bonds and long term securities through capital market is now needed as an alternative to loans from the Banking sector. Mobilizing fund through issuing corporate bonds will, in one side, help bring stability in the capital market and, on the other side, help reduce risk of liquidity management of Banks.
Remittance climbs on Cash Incentive
Remittance increased about 5 percent year-on-year to $1.48 billion in August due to a recent government move to extend incentives to expatriates for sending money home through the legal channel. Last month’s inflows though are 6.92 percent lower than July’s receipts, according to data from Bangladesh Bank. The country celebrated Eid-ul-Azha, one of the largest religious festivals in the Muslim-majority nation, on August 12, so July’s receipts were higher. Remittance inflows dropping in the following days after Eid is a regular phenomenon. In the current budget, the government introduced a 2 percent cash subsidy for remitters to encourage them to send money home through the legal channel. Remittance will get more momentum in the months ahead because of the latest initiative, which will help the government to mitigate crisis derived from balance of payments.
Shimanto Bank thrusts on Rural Banking, Entrepreneurship ethos
Shimanto Bank Limited has planned to develop a new rural Banking model aiming to bring unbanked people particularly from rural areas of Bangladesh into the Banking network. They are now working to introduce a farmers-friendly rural Banking model to provide services with lower charges to the teeming people of rural areas. The Bank will formally announce the model shortly. The Private Commercial Bank [PCB] also prefers progressive Banking instead of aggressive one to ensure its sustainable financial growth in the coming years. This is not proper time for aggressive Banking mainly due to presence of higher non-performing loans [NPLs] in the country’s Banking system,” the senior Banker explained. The Bank has already emphasized on financing in Micro, Small and Medium Enterprises [MSMEs] to help creating employment opportunities through developing entrepreneurship across the country.
HC stays Auction of Oxford Development’s Property
The High Court on Monday stayed for three months the auction of mortgaged property of Oxford Development Ltd. by the National Housing Finance and Investment Limited, a Non-Banking Financial Institution [NBFI]. The auction process was scheduled to be held on the day as per Section 12 of the Artha Rin Adalat Ain, 2003. The High Court bench of Justice M. Enayetur Rahim and Justice Md. Khairul Alam passed the stay order after a hearing on two separate writ petitions filed by Managing Director of Oxford Development Ltd. Md Akbar Hossain Arif. The Oxford Development received Tk 17 million in loans from the National Housing Finance and Investment Limited in 2013 and 2014. But the institution failed to pay the dues in time. The court also issued a rule asking the respondents to explain in four weeks as to why the auction process initiated by the National Housing Finance and Investment Limited should not be declared illegal.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|FTSE100||7,281.94|| ↑74.76 ||↑1.04%|
|Nikkei 225|| 20,634.48||↑14.29||↑0.07%|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 54.91 ||↓ 0.18||↓ 0.33%|
|Crude Oil (Brent)||$ 58.72||↑ 0.06||↑ 0.10%|
|Gold Spot||$ 1,524.21 ||↓ 5.08||↓ 0.33% |
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.1451|
|GBP 1||BDT 100.586|
|EUR 1||BDT 91.2482|
|INR 1||BDT 1.15498|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<