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 September 25, 2019

Bangladesh exports 0.25m tonnes of Maize this year

Traders exported 0.25 million tonnes of maize so far this year, agriculture secretary Md Nasiruzzaman disclosed on Tuesday, thanks to a notable rise in domestic production. Production of maize in the country surpassed 3.8 million tonnes this year as many potato farmers and others switched to the crop. The production was less than 1.0 million tonnes a decade ago. The ministry has a target to raise maize production to 10 million tonnes from the current figure within next five years. The lands now engaged for tobacco cultivation will be brought under maize cultivation gradually. However, according to Maize Association of Bangladesh, which is mainly involved in maize imports, many traders exported the item this year to India and Nepal. The local feed mills have a demand for 4.5 million tonnes of maize annually which is increasing at a rate of 10-12 per cent year-on-year, according to the Feed Industries Association of Bangladesh [FIAB]. The government will have to double the crop productivity to achieve the sustainable development goals [SDGs] by 2030. The government has a target to raise productivity of crops to 5.32 tonnes per hectare within the deadline as compared to 2.66 tonnes in 2016. The ministry is going to enact a new policy on farm mechanization to provide farmers with equipment at interest-free loans.

Source: http://today.thefinancialexpress.com.bd/trade-market/bangladesh-exports-025m-tonnes-of-maize-this-year-1569342398

Strike a Rural-Urban Balance: BB

Bangladesh Bank wants Banks to strike a balance between rural and urban presence to promote balanced economic development in the country. Opening a Bank branch is mainly a profit-centred issue for a Bank but it is more than that for the regulatory body, according to SM Moniruzzaman, a deputy governor of BB. The deputy governor’s comments came at a time when the ratio of Bank branches in urban areas is increasing despite the Central Bank’s guideline on one rural branch against one urban branch several years ago. At present, there are 59 Scheduled Banks in the country and the number of branches they have is 10,326. In 2000, nearly 60 percent of the Bank branches were in rural areas against 40 percent in urban areas. The deputy governor’s comments came at a time when the ratio of Bank branches in urban areas is increasing despite the Central Bank’s guideline on one rural branch against one urban branch several years ago. At present, there are 59 Scheduled Banks in the country and the number of branches they have is 10,326. In 2000, nearly 60 percent of the Bank branches were in rural areas against 40 percent in urban areas.

Source: https://www.thedailystar.net/business/news/strike-rural-urban-balance-1804996

Concerted efforts a must to improve Investment Climate: BIDA Chief

Dhaka Chamber of Commerce and Industry [DCCI] on Monday said National FDI Strategy should be aligned with the industrial, export, import policies along with foreign exchange regulations and other government strategies to improve the investment climate of the country. The private investment needs to be scaled up to 32%-35% to come out of the stagnant situation caused by poor ranking in different indexes. At present the private investment is 23.4%, according to the DCCI President. The FDI to Bangladesh increased to US$3.6 billion in 2018 from US$2.58 billion. In order to boost private investment and drive the economic growth, Bangladesh needs to improve its position in competitive indices. Policy reforms and complex regulations and bureaucratic hurdles increase the transaction costs of doing business in Bangladesh. In order to sustain 8.0 per cent plus GDP growth, Bangladesh has to develop its infrastructure and capital market, according to Senior Vice President of DCCI Waqar Ahmad Choudhury.

Source: http://today.thefinancialexpress.com.bd/stock-corporate/concerted-efforts-a-must-to-improve-investment-climate-bida-chief-1569343551

Fortune Shoes generates highest Turnover at DSE

Ten most traded companies captured 29 per cent transactions on the Dhaka Stock Exchange [DSE] on Tuesday, with the Fortune Shoes making it to the top of the turnover list. Market analysts said that investors mostly went on selling Fortune shares as the company’s share price recently soared ‘abnormally’ which prompted many investors to book profit. The Fortune’s share price rose to Tk 42.80 each last month, hitting one year highest, following the news that the company signed an agreement with Steve Madden for export of shoes worth US$ 4.0 million [Tk 340 million], which is scheduled to be shipped by October this year. According to data available with the DSE, about 6.47 million shares of Fortune Shoes were traded on Tuesday, generating a turnover of Tk 197 million, making up 4.85 per cent of the DSE’s total turnover. The total turnover on the DSE stood at Tk 4.05 billion on the day, down from Tk 5.17 billion in the previous day. The shoemaker’s share traded between Tk 29.80 and Tk 33.10, before closing at Tk 29.90 on Tuesday, losing 9.12 per cent over the previous day. Grameenphone came second on the turnover chart, with shares worth Tk 171 million changing hands. The company’s share closed at Tk 358.40, shedding 1.21 per cent over the previous day.

Source: http://today.thefinancialexpress.com.bd/trade-market/chinese-co-wants-to-invest-in-food-processing-sector-1569259296

Bangladesh can borrow more from abroad: IMF

The country has scope to Bankroll its infrastructure projects through external borrowing as it has a very low debt to gross domestic product ratio, according to International Monetary Fund recently. Bangladesh has a low risk of external debt distress and a low overall risk of debt distress. In fiscal 2017-18, public debt in Bangladesh stood at $91 billion, which is about 34 percent of the GDP. The majority of public debt is domestic and denominated in local currency. In fiscal 2017-18, domestic debt was 56 percent of the total public and Publicly Guaranteed Debt [PPG] stock. More than one half of outstanding domestic debt is composed of National Savings Certificates [NSCs] and around a third is Treasury bond. External debt stood at $40 billion in fiscal 2017-18 and is predominantly owed to multilateral and bilateral creditors, which account for 62 percent and 23 percent respectively of the outstanding debt. As infrastructure needs in Bangladesh remain, external debt will likely be the primary avenue to finance large infrastructure projects. Favorable debt dynamics help support the sustainability of the investment effort. The IMF welcomed the government’s work on revising the Medium-Term debt Management Strategy [MTDS]. The last MTDS was prepared in 2014, but the recent rapid increases in NSC issuance reduced its relevance. The government is cautious in contracting external debt and views the low risk of debt distress as an important indicator, signaling confidence in the economy.

Source: https://www.thedailystar.net/business/news/bangladesh-can-borrow-more-abroad-1804993

Long-term financing needed to attract FDI: BB Seminar

Speakers at a seminar on Tuesday underscored the need for long-term financing to attract more Foreign Direct Investment [FDI] in the country. Foreign Direct Investment Promotion Project [FDIPP], Two Step Loan [TSL] Component. Bangladesh Bank [BB] organized the seminar in association of PADECO Co Ltd, Japan and Young Consultants. Japan International Cooperation Agency [JICA] Bangladesh Office Representative Wataru Osawa attended the seminar as the chief guest while FDIPP Project Director and BB General Manager Md Nazrul Islam presided over the event. Investment in Bangladesh will definitely expand as most foreign investors are discovering business opportunities in Bangladesh, according to Wataru Osawa.

Source: http://today.thefinancialexpress.com.bd/trade-market/long-term-financing-needed-to-attract-fdi-1569342599

Local and Global Stock Indices *

Index NameClose ValueValue ChangePercentage Change
DSEX4958.720600.00 0.00
↓ 142.22 ↓ 0.53%
FTSE1007,291.43 ↓ 34.65 ↓0.47%
Nikkei 225 22,023.59 ↓75.25 ↓0.34%

World Commodities *

CommodityClose ValueValue ChangePercentage Change
Crude Oil (WTI) $ 56.98 ↓ 0.31 ↓ 0.54%
Crude Oil (Brent) $ 62.70 ↓ 0.40 ↓ 0.63%
Gold Spot$ 1,530.23 ↓ 1.64 ↓ 0.11%

Major Currencies Exchange Rates Movement in Last Seven Days *

Exchange Rates
USD 1BDT 82.84437
GBP 1BDT 103.229
EUR 1BDT 91.1334
INR 1BDT 1.16959





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