Rains disrupt business
Quorum crisis halts DSE trading
BDNEWS, Dhaka
Heavy overnight rains that submerged many parts of the capital, including Motijheel business hub, disrupted business and economic activities yesterday with banks reporting a decline in transactions by up to 50 percent. The Dhaka Stock Exchange (DSE) even failed to start trading on the day due to quorum crisis, as most members could not go to the bourse in Motijheel, which was under knee-deep water. More than 60 branches of different banks located in Motijheel and Dilkusha areas suffered most in terms of transactions, as most of the clients failed to make their way to Motijheel. Banks in other areas of the capital also witnessed a major fall in transactions. "Our transactions fell by 50 percent today as clients failed to come to Motijheel due to heavy rains and knee-deep water," said Kawsar Mahmud, an executive of the principal branch of South East Bank Ltd. Jafrul Ahsan Imroj, chief cashier of the Easten Bank Ltd's principal branch in Motijheel, said: "Today we received about 100 vouchers and paid almost the same, while the receipts and payments were 205 and 219 on Saturday." Dewan Faruk, manager of Uttara Bank's local office, said: "We had to put sand bags at the entrance of our branch to prevent water from entering the branch." "There was virtually no transaction in our branch today," he added. DSE's media officer Shafiqur Rahman said only 40 to 45 members of the bourse were able to attend the market by 10:30am and the trading had to be suspended due to quorum crisis. Rahman said presence of 60 members is required to start trading on the DSE. The trading of foreign currencies in the informal market at Dilkusha was also badly affected, with the dollar brokers cursing rains. The restaurants and fast food shops located in the areas also suffered huge loss. "Our main customers are officials who work with different banks and other offices in Motijheel. It is supposed to be jam-packed right now," said a waiter of Gharoa restaurant, giving frustrated look at the vacant chairs in front of him at about 1pm.
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