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 September 23, 2019

BB extends Liquidity support to prop up Stocks

Bangladesh Bank yesterday announced liquidity support for Banks with a view to ramping up their capacity to invest in the capital market as part of a concerted effort to arrest the ongoing bear run. Between June 27 and September 22, DSEX, the benchmark index of the Dhaka Stock Exchange [DSE], sank 511 points, or 9.41 percent, to 4,920 — which is well below the psychological 5,000-mark — and investors lost Tk 28,892 crore. The liquidity support will be provided in the form of Repurchase Agreement [repo], a form of short-term borrowing by Banks from the Central Bank by placing government securities as collateral securities, as per the BB notice sent out to all lenders. Lenders will have to count 6 percent interest rate to enjoy the liquidity support through repo. The repo will be for 28 days but the fund will be extended for six months. The liquidity support extended to Banks will be equivalent to 95 percent of the value of the treasury bills and bonds they present to the Central Bank. The lenders, whose investment volume is below the Central Bank ceiling, will get the support. The capital includes paid-up capital, share premium, statutory reserve and retained earnings. Banks will have to open fresh beneficiary owner account to invest the fund through their own portfolio. They will have to apply to the Central Bank within the next three months.

Source: https://www.thedailystar.net/business/news/bb-extends-liquidity-support-prop-stocks-1803982

41pc Migrants’ Households will suffer sans Remittance: WB

Forty-one percent of households with at least one family member engaged as a migrant worker would be in poverty without remittance, according to a senior World Bank Official yesterday. International migration helps many households come out of poverty but challenges for migration are greater for the poor, according to Stefano Paternostro, practice manager for social protection and jobs for South Asia at the Washington-based multilateral lender. The labour force was growing by 1.7 million per year but the domestic labour market was currently unable to provide jobs at a sufficient pace. Unemployment among youth increased to 11.6 percent in 2018 from just over 6 percent in 2010 and is higher than the South Asian average of 10.6 percent, according to a presentation by Paternostro. Of the employed youth, most work in low-paid and low-productive informal sector, especially in urban areas. Less educated youth, especially those from poorer households, tend to be in informal and low productivity jobs in the domestic labour market. 590,000 migrant workers left Bangladesh on an average every year from 2007 to 2017 and 8 percent of the households have at least one international migrant. Remittances account for 60 percent of income in households with international migrant.

Source: https://www.thedailystar.net/business/news/41pc-households-migrants-be-poor-without-remittance-wb-1803970

Students Deposit Tk 204.5m under School Banking

Some 58,462 students both boys and girls in different educational institutions have, so far, deposited Tk 204.5 million [Tk 20.45 crore] under the school Banking programme in Rajshahi district. Deposit collection under the School Banking programme has gradually been rising as awareness is increasing among the students day by day in this regard, reports BSS. This was revealed at the opening ceremony of the daylong ‘School Banking Conference-2019, Rajshahi’ in Rajshahi city. One Bank Limited hosted the conference. A large number of Bankers and 420 pupils from different educational institutions attended the fair, aimed at increasing savings habits side by side creating awareness on banking services among the students. The programme was held as a part of financial inclusion programme of the Central Bank aiming to bring more un-Banked people into the Banking network from across Bangladesh. The launching of school Banking is a part of the government’s initiatives for development of education.Terming the school Banking as a milestone in the new era of the country`s economy. A total of 42 schedule Banks in Rajshahi region took part in the conference which has been aimed at raising awareness among pupils as well as their guardians.

Source: http://today.thefinancialexpress.com.bd/trade-market/students-deposit-tk-2045m-under-school-banking-in-rajshahi-1569170215

Bangladesh, Vietnam trade to reach $1.0b by Next Year

Bangladesh and Vietnam expect to promote bilateral import and export turnover to reach $1.0 billion by 2020. In order to realize this target, joint efforts of both the countries is a sine qua non. Business leaders opined this at a recent event held in Hanoi on the occasion of visit of a business delegation of Bangladesh Metropolitan Chamber of Commerce Hong Kong. The economic relationship between Vietnam and Bangladesh has seen many positive changes in recent years, especially after the establishment of the Joint Trade Committee with the first meeting held in April 2015. This is a positive signal for finding opportunities for business and investment cooperation between the business communities of the two countries. Bangladesh import-export turnover has increased sharply from US$14 million in 2002 to $813.5 million in 2018. Particularly in the first eight months of this year, the bilateral trade turnover between Vietnam and Bangladesh reached $527.8 million. The main export products of Vietnam to Bangladesh are clinker, cement, and Lime stone, Construction Stone, steel billet, mobile phones and spices. Vietnam mainly import textile, leather, shoes materials, medicine and sesame seed from Bangladesh., In terms of investment, by April 2019, Bangladesh’s total investment in Vietnam reached $1.18 million, ranking 43 out of 80 countries and territories investing in Vietnam. Vietnam has one investment project in Bangladesh with a total capital of $27, 900. Bangladesh currently ranks 68 out of 72 countries and territories in which Vietnam has invested.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/bangladesh-vietnam-trade-to-reach-10b-by-next-yr-1569167360

BRAC Bank to help boost BD Jute Sector

The golden fiber of Bangladesh gets a boost as a refinancing scheme is to ensure reasonable price for the growers. Under Bangladesh Bank’s refinance scheme, BRAC Bank Limited will provide easy term credit to the millers and traders who purchase raw jute from the farmers. Without financing, the millers and traders do not usually show much appetite to purchase just after the harvest. The refinancing with subsidized rates will help ensure reasonable price for the farmers. This came as BRAC Bank Limited signed the Participation Agreement for the refinance scheme of Bangladesh Bank worth BDT 300 crore for jute sector. Chowdhury Akhtar Asif, Deputy Managing Director, BRAC Bank Limited, exchanged documents with Md. Habibur Rahman, General Manager, Agricultural Credit Department, Bangladesh Bank.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/brac-bank-to-help-boost-bd-jute-sector-1569166946

AIIB to invest $1.09b in ASEAN countries’ Interconnectivity

The Asian Infrastructure Investment Bank [AIIB] will invest in six projects with 1.09 billion US dollars in countries of the Association of Southeast Asian Nations [ASEAN], according to AIIB President Jin Liqun. The Bank will play a bigger role in promoting interconnectivity between China, ASEAN and other Asian countries. In the past four years, AIIB has invested a total of 1 billion dollars in 10 projects in six ASEAN countries. Highlighting the role of the Belt and Road Initiative in boosting interconnectivity in the ASEAN region Headquartered in Beijing, AIIB is a China-initiated multilateral Development Bank which focuses on infrastructure investment beginning operations in 2016, the Bank has expanded its membership to 100 and approved 46 loan projects with a total amount of 8.5 billion dollars for its 18 members.

Source: http://today.thefinancialexpress.com.bd/trade-market/aiib-to-invest-109b-in-asean-countries-to-boost-interconnectivity-1569170291

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DSEX4920.96723↑ 64.98 ↑1.33
FTSE1007,344.92↓ 11.50 ↓0.16%
Nikkei 225 22,079.09 ↑34.64↑0.16%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI)$ 58.69 ↑ 0.60 ↑ 1.03%
Crude Oil (Brent)$ 64.96 ↑ 0.68 ↑ 1.06%
Gold Spot $ 1,516.45 ↓ 0.45 ↓ 0.03%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 82.8899
GBP 1BDT 103.331
EUR 1BDT 91.3333
INR 1BDT 1.16357





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