United News of Bangladesh

The Asian Development Bank (ADB) on Wednesday hosted a Business Opportunities Seminar (BOS) in Dhaka to highlight business opportunities arising from ADB-financed and World Bank-financed projects. The event brought together over 800 representatives from government agencies, development partners, the private sector, contractors, consultants, suppliers, and financial institutions to foster collaboration and enhance participation in development projects, according to a press release. Multi-systemic risks due to institutional weaknesses affecting governance, fiscal environment: ADB The BOS provided a platform to share information on upcoming investment programs, procurement opportunities, private sector operations, and business opportunities arising from ADB and World Bank-financed projects in Bangladesh. S.M. Moin Uddin Ahmed, CEO of the Bangladesh Public Procurement Authority and Sangita Ahmed, Senior Vice President, Bangladesh Women Chamber of Commerce and Industry also participated in the event. Akira Matsunaga, Deputy Country Director (Officer in Charge), ADB Bangladesh Resident Mission; Jean Pesme, Division Director for Bangladesh and Bhutan, World Bank, and S. M. Jakaria Huq, Additional Secretary and ADB Wing Chief, Economic Relations Division (ERD), addressed participants during the opening session. “Bangladesh’s development ambitions will require not only financing, but also strong partnerships and effective implementation,” said Matsunaga. “Forums such as today’s seminar help strengthen collaboration among government, development partners, and the private sector to deliver sustainable development outcomes.” Pesme highlighted the importance of collaboration among development partners, government institutions and the private sector in supporting Bangladesh’s next phase of development. Huq reaffirmed the Government of Bangladesh’s commitment to transparency, fair competition, and effective implementation of development-financed projects. The BOS served as a valuable platform for networking and knowledge sharing among stakeholders, helping participants better understand upcoming opportunities and how to engage effectively in development financed projects. ADB reaffirmed its commitment to supporting private sector participation and strengthening partnerships that contribute to Bangladesh’s sustainable, inclusive, and resilient development. 

The "Islami Bank Conscious Depositors Forum" on Wednesday submitted a memorandum to the Finance Minister demanding the immediate removal of the bank’s current board Chairman, Md. Khurshid Alam and issued a 24-hour ultimatum to meet their demands. The forum warned that if their demands are not met within the deadline, they will convene an emergency central committee meeting on Thursday to announce more intensive countrywide programme. Speaking to journalists near the Jatiya Press Club, the convener of the forum, Professor Nur Un-Nabi, stated that a delegation submitted the memorandum to the Ministry of Finance. "Our core demands submitted to the ministry include the immediate removal of the illegal chairman of Islami Bank and the recovery of laundered funds from those who systematically looted the institution," Prof. Nabi said. He further added, "If our demands are ignored by today, we will unite the bank's three crore clients to launch a massive mass movement that will compel both the government and the Bangladesh Bank Governor to ensure the chairman’s removal." Earlier in the day, as part of their ongoing agitation which has crossed over a week, protesters marched through the streets before blocking the main thoroughfare connecting Purana Paltan to Gulistan. The brief blockade caused traffic disruptions in the commercial hub before the leaders instructed the crowds to clear the road following the submission of the memorandum. The depositors’s forum  have been demonstrating continuously against the central bank's decision to appoint former Deputy Governor Khurshid Alam to the top post, alleging that the appointment safeguards the interests of corporate looters rather than general depositors.

Bangladesh Bank (BB) has taken a positive stance regarding a proposal from the state-owned Export-Import (Exim) Bank of China to utilize alternative financial infrastructures—specifically the Cross-Border Interbank Payment System (CIPS) and so-called 'Panda bonds' —to reduce over-reliance on the US dollar in international trade. The issue was discussed in detail during a high-level meeting between the central bank and a Chinese delegation on Tuesday (June 9). Following the talks, central bank officials on Wednesday stated that Bangladesh Bank has no policy objections if any domestic commercial bank wishes to integrate with the CIPS network. The possibility of raising funds through issuing Panda bonds—yuan-denominated bonds sold in China's domestic market by foreign issuers—was also discussed during the meeting. According to a senior official of Bangladesh Bank, CIPS functions as an international transaction infrastructure, much like the SWIFT network. "Having more transaction channels in international trade yields greater opportunities for business. Commercial banks are free to join this platform on their own initiative," the official said, adding that no regulatory barriers have been identified so far. Experts view this development as a significant strategic opportunity for Bangladesh amid changing geopolitical dynamics in the global financial architecture and a growing worldwide push for "de-dollarization" following Western sanctions on several countries. Financially, China remains Bangladesh’s largest source of imports, with annual bilateral trade accounting for an import volume of approximately US$20 billion to $25 billion from China. Settling a portion of these transactions in Chinese currency (Yuan/Renminbi) via CIPS could significantly ease the pressure on Bangladesh’s greenback reserves. Economists, however, note that CIPS or Panda bonds are not standalone magical solutions. Their long-term strategic efficacy for Bangladesh will fundamentally rely on the depth of future Bangladesh-China trade, direct investment, and reciprocal financial cooperation.

The Association of Bankers, Bangladesh (ABB), a platform of bank chief executives, has expressed deep concern over the ongoing instability surrounding Islami Bank Bangladesh PLC, warning that the situation is affecting confidence across the country’s financial sector.  “The situation at Islami Bank is no longer isolated; its negative impact is being felt across the banking sector. As a result, bankers are seriously concerned,” ABB Chairman and City Bank Managing Director Mashrur Arefin expressed the concern after a high-level meeting with theBangladesh Bank Governor. He said the central bank governor now views the matter not only as a banking issue but also as a political concern, adding that efforts are underway to resolve the crisis through consensus among stakeholders. During the meeting, the governor reiterated his firm stance on restoring corporate governance in the banking sector, he said. He also urged bank chief executives not to come under any political pressure and directed them to ensure accurate and untampered data submission to the Credit Information Bureau (CIB). The discussion also focused on expanding credit flow in the financial sector. Arefin said the government and Bangladesh Bank are preparing a Tk 60,000 crore financial package aimed primarily at small, cottage, and medium enterprises (SMEs) under refinancing schemes. The central bank governor also highlighted irregularities and delays in import-export data reporting, noting discrepancies in declared prices of imported goods, he said. He stressed the need for commercial banks to verify international commodity prices using reliable online sources before opening Letters of Credit (LCs) to prevent over-invoicing and reduce financial risks.  

With the national budget for fiscal year 2026-27 set for announcement, the Real Estate and Housing Association of Bangladesh (REHAB) has called on the government to treat the housing sector as a growth engine rather than a revenue extraction target. It said high taxes, steep registration costs and double-digit mortgage rates are pricing out middle-income families and slowing a sector linked to some 269 downstream industries. In a press release on Wednesday, REHAB President Ali Afzal outlined a package of demands the association wants reflected in the upcoming budget, centring on single-digit interest rates on home loans, reduced flat registration and stamp duty charges, a dedicated housing credit fund for middle-income borrowers, and rationalised taxes on construction materials. “We are not asking for special privileges. We want a policy environment that makes housing accessible to ordinary people while keeping an economically vital sector functioning,” Afzal said. The REHAB President pushed back against the perception that the housing sector primarily serves developers' interests, arguing that a single apartment transaction sets off a chain reaction across steel, cement, glass, ceramics, electrical equipment, transport, banking, insurance and architectural services. “When housing moves, industry moves, employment grows, revenue rises and the broader economy gains momentum,” he said, describing the sector's cascading economic impact as a “multiplier effect.” “If registration costs are brought to a rational level, the volume of transactions will increase. The government will collect more revenue from a larger number of deals even at a lower rate,” he said. “Revenue will not fall, it will rise.” Afzal described housing as a basic need, not a luxury, and said current double-digit lending rates have pushed home ownership beyond the reach of many middle-income families whose loan instalments already strain household budgets. He called for a dedicated housing credit fund offering long-term loans on easy terms specifically for middle-income borrowers, a measure he framed as both social policy and economic stimulus. On taxes affecting construction inputs, Afzal noted that rising prices for steel, cement, glass and ceramics ultimately land on the buyer, eroding affordability. Rationalising the tax structure on these materials, he argued, would bring down construction costs and widen access to housing. Asked about the longstanding proposal to allow undisclosed funds into the housing sector, Afzal acknowledged it as a short-term measure to bring idle capital into productive use, but said the durable solution lies in a fair tax regime where rates are reasonable, compliance is simple and people are motivated to declare income voluntarily. “When the tax burden is excessive, people seek ways to evade. But when rates are rational, both revenue and compliance improve,” he said. With the budget due imminently, Afzal said REHAB remains hopeful, noting that the budgetary process allows for stakeholder input and amendments even after the initial parliamentary presentation. “Budget day is not the end of the conversation,” he said. “We remain positive until the final passage.”

Bangladesh Jewellers Association (Bajus) has reduced gold prices in the domestic market for the second time this month, cutting the price of 22-carat gold by Tk 6,591 per bhori to Tk 222,782. The new rates came into effect from 10am on Wednesday, according to a Bajus statement. Bajus said the decision was taken following a decline in the price of pure gold (tejabi gold) in the local market. Under the revised rates, a bhori (11.664 grams) of 22-carat gold will now cost Tk 222,782. The price of 21-carat gold has been set at Tk 212,635 per bhori, while 18-carat gold will be sold at Tk 182,250 per bhori. Gold produced under the traditional method will cost Tk 148,424 per bhori. The latest adjustment comes just four days after Bajus last revised gold prices on June 6, when it reduced the price of 22-carat gold by Tk 5,482 per bhori to Tk 229,373. At that time, the prices of 21-carat, 18-carat and traditional-method gold were fixed at Tk 218,933, Tk 187,674 and Tk 152,857 per bhori respectively. With the latest revision, gold prices have been adjusted 72 times in Bangladesh so far this year. Of these, prices were increased on 37 occasions and reduced 35 times. Alongside gold, Bajus also lowered silver prices in the local market. The price of 22-carat silver has been cut by Tk 350 per bhori to Tk 4,899. Under the new rates, 21-carat silver will cost Tk 4,666 per bhori, 18-carat silver Tk 4,024 per bhori, and traditional-method silver Tk 3,033 per bhori. Silver prices have been adjusted 43 times so far in 2026, with 22 increases and 21 reductions.

Asian shares mostly fell on Wednesday after a sharp sell-off in technology stocks on Wall Street, while global oil prices climbed following fresh U.S. airstrikes linked to escalating tensions with Iran. The U.S. military carried out attacks early Wednesday after the crash of an Army helicopter near the Strait of Hormuz, an incident President Donald Trump blamed on Iran. Tehran rejected the accusation and warned it would respond, saying it “will leave no attack or threat unanswered.” The renewed escalation has raised concerns over prospects for a lasting ceasefire in a conflict that has already dragged on for more than three months. The uncertainty has further unsettled global markets, which were already under pressure from heavy selling in technology firms tied to the artificial intelligence boom. Oil prices resumed their upward trend amid fears over disruptions to the Strait of Hormuz, a key global shipping route. Brent crude rose 0.9 percent to 92.30 dollars per barrel after earlier fluctuations, having traded near 70 dollars before the conflict escalated in late February. U.S. benchmark crude gained 1 percent to 89.04 dollars per barrel. ING commodities strategists Warren Patterson and Ewa Manthey said the situation remains “highly volatile,” noting that efforts by Iran and the United States to secure a stable ceasefire and ensure free movement through the Strait remain uncertain. They also pointed out that seasonal demand typically supports higher oil prices at this time of year. In equities, U.S. futures edged lower after losses in major chipmakers including Micron Technology, Advanced Micro Devices and Marvell Technology. In Asia, South Korea’s Kospi dropped 4.7 percent to 7,720.59 after a strong rally in the previous session. Samsung Electronics fell 5.8 percent, while SK Hynix slid 6.3 percent. Japan’s Nikkei 225 declined 1.4 percent to 64,524.84 after data showed producer prices rose 6.3 percent in May, the fastest increase in more than three years. SoftBank Group shares fell 8.9 percent, while Tokyo Electron rose 5.3 percent. Hong Kong’s Hang Seng lost 1.1 percent to 24,296.62 and the Shanghai Composite slipped 0.7 percent to 3,980.24. Official figures showed China’s producer prices climbed 3.9 percent in May, close to a four-year high. Australia’s S&P/ASX 200 edged up 0.2 percent to 8,624.50. Taiwan’s Taiex was down 1.6 percent in early trade, while India’s Sensex rose 0.6 percent. On Wall Street on Tuesday, the S&P 500 fell 0.3 percent, the Dow Jones Industrial Average gained 0.2 percent, and the Nasdaq composite dropped 1 percent as technology stocks led losses. Micron, Marvell Technology and AMD all declined sharply during trading. Investors are also watching upcoming U.S. inflation data, with energy prices rising due to ongoing geopolitical tensions. In currency markets, the U.S. dollar was steady at 160.36 yen, while the euro traded at 1.1550 dollars.

Bangladesh is participating as the Theme Country in the "10th China-South Asia Expo and the 30th China Kunming Import and Export Fair-2026," one of southwestern China's largest trade exhibitions, which kicked off on Tuesday in Kunming, the capital of Yunnan Province. Organised under the management of the Export Promotion Bureau (EPB) and in cooperation with the Consulate General in Kunming, a record 175 representatives from 101 Bangladeshi companies are taking part in this year's edition, the highest participation figure in the country's history at the fair, which will conclude on June 16. The six-day expo is being held at the Dianchi International Convention and Exhibition Centre, drawing around 2,300 exhibitors from 68 countries worldwide. As the Theme Country, Bangladesh had its pavilion inaugurated on the opening day alongside the formal launch of the main expo. The second day has been designated "Bangladesh Day." Commerce Minister Khandakar Abdul Muktadir will attend the event as the chief guest, joined by the Governor of Yunnan Province and other senior dignitaries from participating nations. EPB Vice Chairman and Chief Executive Mohammad Hasan Arif will deliver the keynote address on Bangladesh Day. The Bangladesh Pavilion is showcasing products from textiles, ready-made garments, pharmaceuticals, ceramics, handicrafts, jute goods, and leather goods sectors. Participating firms are engaging in B2B networking with buyers, marketers, and wholesale and retail trade representatives from around the globe. Delegates from the participating companies expressed strong optimism that the expo would further consolidate Bangladesh's position in the Chinese market and open new avenues for export growth.

Amid a continuous decline in ready-made garment (RMG) exports, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has decided to submit a comprehensive "Charter of Policy Support" to the government soon, recommending measures to stimulate investment, enhance production capacity and diversify exports. The decision was taken during an emergency meeting of the Board of Directors held at the BGMEA headquarters in Uttara on Monday with its President Mahmud Hasan Khan in the chair. BGMEA, BKMEA leaders meet PM The meeting focused on analysing the root causes of the downward trend in export earnings and strategies to recover growth. According to BGMEA sources, the upcoming charter will feature a comparative analysis of Bangladesh's position alongside its key global competitors, including India, Vietnam and Cambodia. It will highlight Bangladesh’s existing advantages, prevailing limitations, and policy gaps comparted to those rival nations. During the meeting, the board discussed how international buyers are increasingly anxious due to uncertainties surrounding Bangladesh's Least Developed Country (LDC) graduation timeline and the potential postponement of the transition. Furthermore, the rising competitiveness of India, the prospect of new trade agreements, and the strategic policy advantages enjoyed by regional competitors are emerging as major headwinds for Bangladesh’s apparel industry. The BGMEA chief stated that the country's apparel sector is navigating a new reality due to global marketplace competition and LDC graduation uncertainties. "In this context, the charter will be presented to the government with explicit recommendations to formulate policies conducive to expanding investment, boosting production, and diversifying exports, thereby strengthening Bangladesh’s position in the global market," he added. Industry insiders believe that timely and strategic policy intervention from the government has become critical to ensuring the sustainable growth of Bangladesh's primary export earning sector amidst changing global trade realities.

Depositors of Islami Bank Bangladesh PLC staged demonstrations for the seventh consecutive workday on Tuesday to press for their seven-point demand, including the immediate removal of bank’s newly appointed Chairman Md Khurshid Alam. Under the banner of the "Islami Bank Sachetan Grahak Forum” (Islami Bank Conscious Depositors’ Forum), the depositors gathered in front of the bank’s central office in the Dilkusha area of Motijheel around 10:00am. They held a sit-in there to press home their demands. The other demands are reinstatement of Omar Faruk Khan to the post of managing director of the bank, exclusion of anyone linked to past financial plundering from the bank’s Board of Directors, repeal of Section 18(A) of the Bank Resolution Act, recovery of looted funds by liquidating the seized domestic assets and ownership stakes held by the controversial S Alam Group, implementing legal barriers to ensure S Alam Group can never regain control of Islami Bank or any other financial institution, and bringing all individuals involved in looting Islami Bank and the wider banking sector to justice with exemplary punishment. Speaking at the rally, demonstrators alleged that the bank was unlawfully taken over by the previous regime in 2017 after which S Alam Group systematically emptied the institution. They stated that while the bank was liberated following the mass uprising on August 5, 2024, a fresh conspiracy is now targeting the financial institution. Following the political transition, former Bangladesh Bank Deputy Governor Khurshid Alam went into hiding, yet the bank is now being handed back to him, the protesters said, adding that they will never accept a corrupt individual like Khurshid Alam as chairman. The depositors launched the protests on June 1 after the Eid-ul-Azha holiday ended. On the day, a similar demonstration against Khurshid Alam's appointment was met with a police crackdown, where law enforcers lobbed batons, sound grenades, and water cannons against the agitators.