United News of Bangladesh

Bangladesh Bank has published the official holiday calendar for 2026, announcing a total of 28 bank closure days, outside the regular weekly holidays, for all scheduled banks. The circular, outlining the comprehensive list of holidays, was issued by Bangladesh Bank's Department off-Side Supervision and sent to the Managing Directors and Chief Executive Officers of all scheduled banks on Sunday. This marks an increase from the 27 holidays observed in 2025 and 24 days in 2024. The holiday calendar is dominated by major religious festivals and national commemorations. The first holiday of the year will be for Shab-e-Barat on February 4. Later that month, banks will remain closed for Shaheed Day and International Mother Language Day on February 21. The longest breaks are centered around the two major Eids. Eid-ul-Fitr, a five-day closure is scheduled from March 19 to March 23, covering Juma-tul-Bida, the day before Eid, the day of Eid, and the two subsequent days. Two of these days coincide with the weekly weekend holiday. Eid-ul-Adha, banks will be closed for five days, from May 26 to May 31, a period which also includes two weekly holidays. The central bank specified that the holiday schedule is effective for all scheduled banks and is based on a gazette notification issued by the Ministry of Public Administration on November 9 of the current year.

After days of persistent decline, the Dhaka Stock Exchange (DSE) finally returned to positive territory on the first trading day of the week on Sunday, though the Chittagong Stock Exchange (CSE) failed to recover. Both bourses opened lower in the morning, with the DSEX slipping to 4,620 points by 10:30am. But the benchmark index began to regain momentum as the day progressed, ultimately closing 29 points higher after swinging between gains and losses. The other two indices also advanced, with the Shariah-based DSES rising 8 points and the blue-chip DS30 climbing 9 points. Most stocks on the DSE edged up, as prices increased for 236 issues, while 113 declined and 35 remained unchanged. The turnover, however, dropped to Tk 298 crore, down from Tk 383 crore in the previous session. In the block market, shares worth Tk 11 crore were traded across 18 companies, including GQ Ball Pen Industries Ltd, which offloaded Tk 2.9 crore in shares. Runner Automobiles PLC topped the day’s gainers with nearly a 10% rise, while Shepherd Industries Ltd sank more than 9% to finish at the bottom of the losers’ list. Despite the rebound in Dhaka, the CSE remained bearish, with its overall index falling 74 points. Prices dropped for most companies, as 82 issues declined against 47 gainers, while 17 remained unchanged. The turnover at the port-city bourse also contracted to Tk 4 crore, from Tk 7 crore in the previous session. Runner Automobiles PLC also led the CSE gainers’ list with nearly a 10% rise, while Phoenix Finance and Investments Ltd slumped 10% to end as the biggest loser of the day.

The National Board of Revenue (NBR) is set to make the use of its Bond Automation System compulsory after nearly 10 months of trial implementation, as authorities believe mandatory adoption is essential to fully realise the intended efficiency, transparency and facilitation benefits for export-oriented industries. The update came during the third phase of the ‘Meet the Business’ stakeholder consultation on the ‘Bond Automation System – UP Module’ held  on Sunday with representatives from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Bangladesh Garments Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA), Bangladesh Textile Mills Association (BTMA), and Leathergoods and Footwear Manufacturers and Exporters Association of Bangladesh (LFMEAB). The session was chaired by the Chairman of the National Board of Revenue (NBR) M Abdur Rahman. Speaking at the event, the NBR chairman noted that despite multiple operational challenges faced by both officials and industry users, the automation module has been functioning live since January 2025. Throughout the last 10 months, the system has been running both online and offline, allowing stakeholders to gradually adapt and provide feedback, he said. “We have repeatedly received concerns and challenges from the industry, and we have made continuous efforts to address them,” he said. “We believe that unless the use of this automation system is made compulsory, the core objective of improved bond management and reduced procedural complexities will not be achieved.” Abdur Rahman emphasised that several manufacturers and exporters have already been operating successfully using the online module which demonstrates that the system is functional and ready for wider enforcement. The NBR chairman said it now considers the platform sufficiently stable to move from a voluntary to a mandatory adoption stage. During the meeting, industry representatives were invited to share their practical experience, highlighting both advantages and limitations. The NBR officials also delivered a technical presentation outlining operational readiness and future workflow plans. The authorities further informed that once consensus is reached on the final set of recommendations, the NBR will announce a clear implementation roadmap specifying what will be done, when it will come into force, and who will be responsible for each stage of execution. “We aim to reach a collective agreement today, and based on that we will officially declare the timeline for making the module compulsory,” the Chairman said.

Bangladesh Bank Governor Dr Ahsan H Mansur on Sunday (November 16) said a substantial portion of the capital from the country’s five troubled Shariah-based banks has been siphoned off abroad, leaving no option but to merge them to safeguard the sector. He made the remarks while speaking at the opening session of the Bangladesh Islamic Finance Summit 2025, held at a city hotel. The three-day summit aims to position Bangladesh as a key Islamic finance hub in South Asia. “Much of the capital from the five Shariah-based banks has been taken out of the country. Unfortunately, even the most dynamic Islamic bank in the country was hollowed out,” the governor said. The five banks currently undergoing the merger process are EXIM Bank, First Security Islami Bank, Global Islami Bank, Union Bank, and Social Islami Bank. Read more: Compensation for small investors in merged banks under review: Central Bank Bangladesh Bank dissolved the boards of all five banks and appointed administrators on November 5, initiating the formation of a new entity named Sammilito Islami Bank (Combined Islamic Bank). Dr Mansur emphasised that transparency is essential to revitalising and strengthening the banking sector. He urged active participation from all stakeholders, including investors, depositors and employees, to ensure the success of the consolidation. If strong governance can be maintained during the merger process, the initiative will ultimately benefit the country’s economy, he added. City Bank Managing Director and CEO Mashrur Arefin attended the event as the special guest. Among others, M Kabir Hassan, professor of finance at the University of New Orleans and Dr Eskandar Shah Mohd Rashid, CEO of ISRA, also spoke at the opening ceremony. The summit brought together regulators, Shariah scholars, Islamic banking professionals, and high-level delegates from countries including Bahrain, Pakistan, Malaysia, and the United States. Discussions will focus on strengthening governance, expanding financial inclusion, and integrating AAOIFI’s global Shariah, governance and accounting standards into Bangladesh’s Islamic finance framework. Read more: BB orders strict loan data updates to bar defaulters from election race

The Dhaka Stock Exchange (DSE) started the new week with another sharp fall, after ending the previous session 122 points lower, as all key indices slipped in early trading on Sunday (November 16). In the first half of the session, the benchmark DSEX dropped 45 points, while the Shariah index (DSES) shed 11 points. The blue-chip index DS30 also fell by 18 points. The turnover at the DSE stood at Tk 130 crore in the first two hours of trading. Stocks sink on week’s last trading day; DSEX plunges 122 points Most issues were in the red, with 210 companies declining against 119 gaining, while prices of 42 issues remained unchanged. The downtrend was mirrored on the Chittagong Stock Exchange (CSE) as well, where the overall index fell by 97 points in early trading. Turnover crossed Tk 2 crore in the first half of the session. At the CSE, 61 issues saw price declines, 15 advanced, and seven remained unchanged. Read more: Trading of five Sharia banks halted at Bangladesh’s stock market

After two years of rapid, war-fueled growth, Russia’s economy is losing momentum. Oil revenues have dropped, the budget deficit has widened and defense spending — the engine of recent expansion — has plateaued. Facing growing financial pressures, the Kremlin is turning to ordinary consumers and small businesses for additional revenue, signaling where President Vladimir Putin plans to find the money to stabilize state finances. A proposed increase in value-added tax (VAT) from 20% to 22% could add up to 1 trillion rubles ($12.3 billion) to government coffers. The measure is already advancing through the Russian parliament and is slated to take effect on Jan. 1. More tax hikes and higher fees expectedThe legislation also lowers the sales-revenue threshold for businesses required to collect VAT, dropping gradually to 10 million rubles ($123,000) by 2028 from the current 60 million rubles ($739,000). The move aims partly to prevent firms from splitting operations to dodge the tax — but it will also pull in many small enterprises such as neighborhood shops and beauty salons. Other proposed measures include higher excise taxes on spirits, wine, beer, cigarettes and vapes. The tax on strong liquor like vodka would rise by 84 rubles per liter of pure alcohol — roughly 17 rubles (20 cents) for a half-liter bottle, or about 5% of the minimum retail price. Fees for driver’s license renewals and international licenses are also set to increase, while a major tax break on imported cars will be scrapped. Russian media report that officials are considering a new technology tax of up to 5,000 rubles ($61.50) on high-end devices such as smartphones and laptops. G7 ministers reaffirm support for Ukraine, sidestep trade and military strike debates The unfolding tax measures underscore the trade-offs Putin faces as the war in Ukraine enters its fourth year: the tension between sustaining military spending and protecting household purchasing power. Public reaction: frustration mixed with resignationOn a Moscow street, residents told The Associated Press the changes will strain household budgets, particularly in poorer regions. Pensioner Svetlana Martynova warned that forcing smaller firms to collect VAT could backfire.“I think small and medium businesses will fold,” she said. “The budget will get less, not more.” Higher car registration costs add to the burdenThe VAT hike arrives alongside changes to the recycling fee for registering cars — a cost increase that will hit owners of higher-powered imported vehicles. Starting Dec. 1, individuals will lose access to a concessionary rate of 3,400 rubles ($42) on cars above 160 horsepower and must pay the commercial rate, potentially hundreds of thousands of rubles. But this will do little to spur domestic auto manufacturing, said Andrei Olkhovsky, head of the Avtodom auto group, citing high interest rates and the relatively small Russian market compared to China, now the main supplier of imported vehicles. He expects sales to dip in the short term and then return to current levels.“Taxes and fees will influence prices,” Olkhovsky said. “Consumers will adapt — and demand higher wages. That will raise the cost of everything around us.” Slower growth widens deficitRussia’s economy contracted early this year and is projected to grow only about 1% in 2025 — a sharp slowdown from the more than 4% logged in both 2023 and 2024. High central bank interest rates, now 16.5%, are dampening activity as policymakers try to curb inflation running at 8% after years of heavy wartime spending. Oil revenues have fallen roughly 20% due to lower global prices, according to the Kyiv School of Economics Institute. Western sanctions continue to drag on investment and raise production costs. As a result, the budget deficit has been revised upward to 2.6% of GDP, compared with 1.7% last year. Unlike many countries, Russia cannot borrow on global bond markets and must rely on domestic banks. Finance Minister Anton Siluanov has argued that raising revenue is preferable to borrowing, saying excessive debt would fuel inflation and force even higher interest rates — further weakening growth. SoftBank sells Nvidia stake for $5.8 billion to boost investments in OpenAI While the VAT increase may briefly push prices higher, economists say it could later ease inflation by reducing demand. Kremlin still has cash, but choices ahead grow harderThe tax increases mark a shift away from the earlier wartime economic model, in which higher oil prices and soaring defense spending boosted wages and kept consumer demand strong. Death payments and recruitment bonuses also pumped money into poorer regions. Putin is not at imminent risk of running short, said Alexandra Prokopenko of the Carnegie Russia Eurasia Center in Berlin. “Growth is slowing, but companies are paying taxes, people are consuming and earning salaries, and paying taxes on those incomes,” she said. “For the next 12 to 14 months, Putin has enough money to sustain the war and current spending levels.” Beyond that point, she added, the Kremlin may confront tough decisions.“He will need to choose between maintaining military spending and preserving consumer living standards so people don’t fully feel the impact of the war.” Source: AP 

Bangladesh Bank has ordered all scheduled banks to promptly update loan repayment data as prospective MP candidates, many of them business and political figures, scramble to clear defaults and overdue installments to remain eligible for the national polls. Managing directors of various banks, non-bank financial institutions (NBFIs), and Bangladesh Bank officials said they are receiving a surge in applications for loan regularisation. In response, the Credit Information Bureau (CIB) of Bangladesh Bank (BB) has issued a strict directive to all banks and financial institutions nationwide, ordering rapid updates of loan-related data to confirm the financial eligibility of potential candidates. Bangladesh Bank eases SME loan rules for refinance fund amid rising defaults Bangladesh Bank officials said on Saturday that even if a borrower secures a stay order from a court, financial institutions must report the accurate status of the loan to the CIB without any alteration. The central bank emphasised that there will be no scope to conceal information or offer ‘arbitrary’ concessions. A special meeting was held on October 29 with CIB representatives from all banks and NBFIs, where institutions were informed of the government’s firm instruction to complete loan data updates before the election to ensure no loan defaulter can contest. “The Bangladesh Bank has made it clear that the government will not allow any loan defaulter to become a candidate in the upcoming election,” said a CIB official. Arif Hossain Khan, Executive Director and spokesperson of Bangladesh Bank, said the central bank is updating customers’ loan statuses as per government instructions. He added that providing updated credit information to Bangladesh Bank is a routine responsibility of banks. Govt may compensate investors in 5-bank merger: Bangladesh Bank The central bank has also directed all institutions to strictly follow existing rules concerning borrowers attempting to reschedule long-overdue defaulted loans ahead of the election. No exceptions, special privileges, or rule violations will be permitted for rescheduling. All financial institutions, particularly those yet to submit their default data to the CIB, have been ordered to do so immediately. Updated reports detailing the full status of all new and ongoing loans, based on month-end outstanding balances, are mandatory. Banks have been specifically instructed to update the following information: Accounts of ongoing and settled loans, along with accurate balances and classification status, Maturity dates and overdue balances, Number and value of defaulted instalments, and details of installment payments or recoveries. To ensure round-the-clock verification of loan information for potential candidates, Bangladesh Bank has directed every bank branch to appoint a dedicated officer. Their names and mobile numbers must be submitted to the central bank. Bangladesh Bank directs MFS providers to halt online gambling transactions Electoral law clearly states that a candidate will be disqualified if their bank loan status is not classified as ‘regular’ up to seven days before the submission of nomination papers. Officials concerned believe this rigorous initiative by Bangladesh Bank will play a decisive role in preventing loan defaulters from securing nominations ahead of the election.

Onion prices in the capital’s retail markets have remained almost unchanged for a week, still selling at Tk 110–115 per kg, while hilsa has become increasingly unaffordable, with prices rising by up to Tk 500 per kg in just seven days. A visit to several wholesale and retail markets in on Friday showed that although the price of a 5-kg sack of onions has fallen slightly—from Tk 520 to Tk 500–510—the decline has not yet reflected on retail sales. Vendors said the price is unlikely to come down until new-season onions arrive in the market. The stocks of old onions are nearly exhausted and supplies at wholesale hubs are limited. Shariful Haque, a wholesaler at Uttar Badda onion market, said a maund (40 kg) of onions costs between Tk 3,600 and Tk 4,000, keeping the wholesale per-kg rate close to Tk 100. Meanwhile, hilsa prices have soared significantly over the past week. Retail prices have jumped by Tk 500–600 per kg, depending on size. Govt may allow onion imports if prices remain high this week In Rampura market, 600–800g hilsa is selling for Tk 1,200–1,600, up from Tk 800–1,000 last week. One-kg fish now cost Tk 3,000–3,200, compared to Tk 2,200–2,500 earlier.  Hilsa weighing over one kg has shot up to Tk 4,500–4,800 per piece, from Tk 3,500–3,800 last week. Imon, a hilsa seller at Rampura market, said supply at the wholesale level has dropped sharply.  “We aren’t getting fish like before, which pushed up the prices,” he added. Buyers expressed frustration over the surge. “If a single hilsa costs more than Tk 5,000, how can people afford to buy it?” said shopper Sanzid Hossain. “Not just hilsa—every fish price has gone up.” Across markets, rui, katla, and kalibaush are selling for Tk 380–450 per kg; shol for Tk 800–1,500 depending on size; poa for Tk 600–1,000; shing and magur for Tk 600–800; and tilapia for Tk 300–350. Vegetable prices have also increased, particularly for newly arrived winter produce.  Onion prices skyrocket in Dhaka; from Tk 70 to Tk 120 per kg Tomatoes are selling for Tk 120–150 per kg, cucumbers for Tk 80–120, and carrots for Tk 120–160. Eggplant costs Tk 100–120 per kg, barbatti Tk 80–120, and pointed gourd Tk 60–80. The prices of most vegetables have risen by Tk 20–50 per kg. Lemon supply has declined, with a large-sized set of four selling for Tk 50. Green chili prices have also surged from Tk 120–140 per kg last week to Tk 160–190 this week. Wholesalers said fewer trucks entered the markets on Thursday, disrupting supply chains and causing an immediate price spike in Friday’s market.

Dhaka stocks witnessed a sharp fall on the last trading day of the week, with the key index of the Dhaka Stock Exchange (DSE) dropping by 122 points, the second biggest single-day fall this year. At the end of Thursday’s session, the benchmark DSEX index slid 122 points to settle at 4,702. Earlier in the first week of May, the index had dropped by 150 points, the year’s biggest fall so far. The other two indices also ended deep in the red. The Shariah-based DSES index declined by 28 points to close at 976, while the blue-chip DS30 index fell by 47 points. Out of 384 issues traded, only 15 advanced, 17 remained unchanged and as many as 352 declined. Investors said they were ‘hit hard’ by the steep fall, adding that in the current market situation, “preserving capital has become a challenge, while profits are just a distant dream.” In the block market, shares worth Tk 19 crore were traded across 27 companies, with Simtex Industries PLC topping the list by offloading shares worth Tk 4.9 crore. The total turnover at the DSE stood at Tk 383 crore, up from Tk 290 crore in the previous session. Al-Arafah Islami Bank PLC topped the gainers’ chart with a 3.57 percent rise, while Miracle Industries Ltd suffered the steepest fall, losing 10 percent in value. The situation was even worse at the Chittagong Stock Exchange (CSE), where the CASPI index dropped 216 points. Of the issues traded, 20 advanced, 136 declined and 4 remained unchanged. The turnover also fell at the port city bourse to Tk 7 crore from Tk 9 crore in the previous session. Familtex (BD) Ltd emerged as the top gainer at the CSE with a 10 percent rise, while ICB AMCL 3rd Mutual Fund was the worst loser, shedding 10 percent.  

The government has announced its plan to pursue legal proceedings against those responsible for pushing five Shariah-based banks into financial distress, as authorities move forward with their merger to stabilise the sector. The Financial Division of the Ministry of Finance sent a letter recently to the Financial Institutions Division (FID) of the same ministry regarding the matter. The banks in question are First Security Islami Bank, Social Islami Bank (SIBL), EXIM Bank, Global Islami Bank and Union Bank. The letter instructs the FID to identify those accountable for the banks' troubles, including owners, members of the board of directors, relevant officials and loan defaulters, and to take legal action against them for overall mismanagement. Besides, the letter mandates the rapid recovery of the massive volume of non-performing loans (NPLs), investments, and assets of the five banks. The Financial Division's letter requests the FID to formally ask the Bangladesh Bank (BB) to take the necessary legal measures against the responsible parties. Arif Hossain Khan, Executive Director and Spokesperson for the Bangladesh Bank, told UNB that the central bank has already taken some initial steps and will take further necessary action upon receiving the formal request from the Financial Institutions Division. The five banks are being merged to form a new entity, the 'Sammilito Islami Bank' (United Islami Bank), which will be the country's largest bank. The new bank's paid-up capital will be Taka 35,000 crore, with the government contributing Tk 20,000 crore, and the remaining Tk 15,000 crore being converted from depositors' money into equity shares. FID Secretary Nazma Mobarek has been selected as the Chairperson of this new bank. The five banks hold deposits totalling Tk142,000 crore from 75 lakh depositors, against a combined loan portfolio of Tk 193,000 crore. More importantly, a staggering Tk147,000 crore, or 76 percent, of this portfolio is classified as non-performing. The non-performing loan situation is particularly dire: Union Bank has the highest NPL rate at 98 percent, followed by First Security Islami Bank at 97 percent, Global Islami Bank at 95 percent, SIBL at 62.30 percent, and EXIM Bank at 48.20 percent. Collectively, these banks operate 760 branches, 698 sub-branches, 511 agent banking outlets and 975 ATM booths nationwide.