United News of Bangladesh

The government has introduced a newly designed Tk 5 currency note under the theme “Historical and Archaeological Architecture of Bangladesh,” which will enter circulation from Tuesday. According to a press release issued by the Finance Division, the new note bears the signature of Finance Secretary Dr Md Khairuzzaman Mozumder and will initially be available from the Motijheel office of Bangladesh Bank before being distributed through its other offices across the country. The new Tk 5 note measures 117 mm by 60 mm and features an image of Tara Mosque in Dhaka on the left side of the front panel. The middle portion carries a background design with Bangladesh’s national flower, the water lily, including leaves and buds. The reverse side of the note contains an image titled “Graffiti-2024.” The note has a predominantly light pink colour scheme and includes several security features. These include a 2 mm-wide embedded security thread visible from both sides when held against light, and a watermark showing the face of a Royal Bengal Tiger along with a bright electrotype watermark marked “5” and the monogram of the Government of Bangladesh. In addition, the front side contains repeated microprinted “BANGLADESH” text above the bluish guilloche pattern at the lower portion of the note. The Finance Division said all existing paper notes and metallic coins currently in circulation will remain valid alongside the new Tk 5 note. Considering the interest of currency collectors, Bangladesh Bank has also printed non-exchangeable specimen notes of the new Tk 5 design. These can be collected at a fixed price from the Bangladesh Bank Currency Museum in Mirpur.

To facilitate hassle-free, world-class medical services for apparel exporters, a special "Privilege Card" from Singapore's renowned Mount Elizabeth Hospital was officially launched for the members of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and their families. The card was unveiled at a joint ceremony organized by BGMEA and Mount Elizabeth Hospital at a city hotel on Sunday, according to a press release issued on Monday. BGMEA, BKMEA leaders meet PM The launch follows a Memorandum of Understanding (MoU) signed on December 10, 2025, between BGMEA and Parkway Hospitals Singapore (now IHH Healthcare Singapore), under the leadership and initiative of BGMEA Directors Shah Rayeed Chowdhury and Nafis-Ud-Doula. Speaking at the event, BGMEA Director Shah Rayeed Chowdhury said, "We are delighted that the CEO of Mount Elizabeth Hospital, Singapore, has joined us in person, demonstrating their utmost commitment to BGMEA members. Through this card, BGMEA general members and their families will receive direct VIP status, special corporate discounts, and top priority within Singapore's world-class medical network, completely by passing any middleman or bureaucratic delays, said Shah Rayeed Chowdhury. He added that this initiative is part of the current board's ongoing and relentless efforts to ensure the overall welfare of its members. Yong Yih Ming, Chief Executive Officer of Mount Elizabeth Hospital, expressed his pride in partnering with a leading trade organization like BGMEA. "Through this Privilege Card, BGMEA members and their families can access advanced and specialized healthcare services in Singapore with premium convenience, comfort, and top priority," he said. Zahid Hasan Khan, Director of Mount Elizabeth Hospital Singapore (Bangladesh Office), detailed the scope of benefits under the new card. Under the privilege facility, BGMEA members and their dependents will enjoy special corporate discounts on various fixed medical packages, including Executive Health Screenings. Other exclusive benefits include- 24-hour dedicated emergency hotline access, highest priority in medical visa processing and specialist appointments, complimentary airport pickup from Singapore’s Changi Airport to the hospital, free medical care planning, consultations, and institutional support. The launching ceremony was also attended by IHH Healthcare Country Manager (Bangladesh, China, and Myanmar) Jack Tan; BGMEA Director Joarder Mohammed Hosne Quamar Alam, among others were present in the event.

Scheduled banks across the country will remain closed for seven consecutive days – from May 25 to May 31 – on the occasion of Eid-ul-Azha, according to Bangladesh Bank (BB). The central bank issued a notification on Monday stating that in accordance with the Ministry of Public Administration’s notification, all branches and sub-branches of scheduled banks will operate under normal working hours on May 23 (Saturday) and May 24 (Sunday), right before the holidays begin. Govt to cut bank borrowing in FY27 to spur private credit, curb inflation However, special arrangements have been made to facilitate the payment of salaries, bonuses, and other allowances to garment workers, as well as to keep import and export activities active ahead of the festival. To support this, bank branches located in garment-industrial zones, including Dhaka city, Ashulia, Tongi, Gazipur, Savar, Bhaluka, Narayanganj, and Chattogram, will remain open on a limited scale on May 25 and 26. According to the BB directive, during those two days, the office hours for these specific branches will be from 10:00am to 3:00pm, while transactions will be conducted from 10:00am to 1:00pm. Furthermore, bank branches, sub-branches, and booths situated in sea port, land port and airport areas have been directed to keep import-export activities functional on a limited scale. The central bank instructed the relevant desks to continue essential banking operations throughout the holiday period (from May 25 to May 31, excluding Eid day.

The government is set to implement a strategic shift in the national budget for fiscal year 2026-27 by significantly reducing its reliance on internal debt, particularly from the banking sector, according to an official working on budget preparation. This move aims to maintain macroeconomic stability, control persistent inflation, and ensure an uninterrupted flow of credit to the private sector, the official said, wishing anonymity. According to sources at the Ministry of Finance and Bangladesh Bank, the proposed budget for FY27 is estimated at Tk 9.38 lakh crore. While the projected budget deficit stands at approximately Tk 2.43 lakh crore, the government plans to borrow only Tk 1.19 lakh crore from internal sources. This represents a Tk 18,000 crore reduction from the current fiscal year's revised internal borrowing target of Tk 1.37 lakh crore. Shift Towards Foreign Financing To bridge the deficit while easing pressure on local banks, the government is pivoting towards long-term and more affordable international loans. The target for foreign borrowing is projected to reach Tk 1.16 lakh crore in the next fiscal year, nearly doubling the current year's revised target of Tk 63,000 crore. Officials believe that reduced government borrowing will leave banks with surplus funds to invest in industrialisation and business expansion. Furthermore, this strategy is expected to mitigate the inflationary pressures previously caused by excessive bank borrowing and the printing of money by the central bank. Aggressive Revenue Targets and Reforms To compensate for the reduction in internal debt, the National Board of Revenue (NBR) is undertaking massive reforms to achieve a revenue collection target of Tk 6.95 lakh crore. Key measures include expanding the tax net and withdrawing various VAT exemptions, increasing tax rates on online gaming and luxury goods, and enhancing transparency and liquidity within the banking sector. Economists have welcomed the move on paper but cautioned that its success depends heavily on the pace of foreign aid disbursement and the government's ability to meet its ambitious revenue targets. Former NBR Chairman Dr Muhammad Abdul Majid warned that if the NBR fails to collect the desired revenue, the government might be forced to return to heavy bank borrowing by the end of the year, risking further financial instability. While talking to UNB, he emphasised the need for strict monitoring and financial discipline from the beginning of the fiscal year.  

Bangladesh’s proposed FY2026-27 budget faces a ‘near-impossible revenue challenge’ that could force the government to choose between paying civil servants more and protecting the poor, the Citizen’s Platform warned Monday. The government has set a revenue target of Tk 6.95 lakh crore for FY27, implying a growth rate of at least 42 percent over the revised FY26 target ,CPD Additional Research Director Towfiqul Islam Khan said presenting a keynote at a pre-budget dialogue at a hotel in Gulshan, organised by the Citizen’s Platform for SDGs, Bangladesh. “No historical benchmark supports this,” he cautioned, noting that even the most optimistic compound annual growth rate from FY01 to FY19 stood at just 15.6 percent, and would still result in a shortfall of Tk 1.3 lakh crore. The National Board of Revenue (NBR) collected only Tk 2.89 lakh crore in the first nine months of FY26 against a revised target of Tk 5.03 lakh crore, meaning revenue must grow 96 percent in the final quarter alone to meet the annual goal, a scenario CPD described as virtually impossible. Towfiq said the proposed Ninth Pay Commission recommendations, which would raise minimum government salaries from Tk 8,250 to Tk 20,000 and maximum salaries from Tk 78,000 to Tk 1,60,000, would require an additional Tk 1.06 lakh crore beyond the government's current annual salary, allowance and pension bill of Tk 1.31 lakh crore. While the government is reportedly considering implementing only 50 percent of the recommended basic salary increase in FY27, at a cost of Tk 30,000 to 35,000 crore, Towfiq cautioned that once rolled out, the pay scale cannot be reversed, and will squeeze allocations for subsidies, development projects and electoral commitments. A central theme of the presentation was what Citizen’s Platform called “the tax expenditure paradox.” Bangladesh's NBR tax-to-GDP ratio has fallen to 6.6 percent in FY25, among the lowest in the world, while the country simultaneously forgoes roughly 6.9 percent of GDP through tax exemptions, based on FY22 data. “Bangladesh forgoes nearly as much as it collects,” Towfiq said, noting that direct tax expenditure alone was 148 percent of direct tax collection in FY21. The IMF, in its April 2025 review, suggested Bangladesh to begin phasing out tax exemptions from FY27. CPD recommended a calibrated approach, retaining exemptions on remittance income and standard salary deductions while phasing out concessions to power and energy firms, microcredit institutions, large garments conglomerates and autonomous bodies. Citizen’s Platform also flagged concerns over news reports suggesting the government may reintroduce tax amnesty for undisclosed income in FY27, calling it a move that would “directly contradict” the rationalisation agenda and breach a political consensus reached by all parliamentary parties. On the debt front, the IMF has downgraded Bangladesh to “moderate risk” of both external and overall debt distress. Debt service liability, interest plus principal repayments, accounted for 26 percent of total expenditure in FY24, exceeding the entire Annual Development Programme outlay by 15 percent. Bangladesh's debt service-to-revenue ratio stood at 33.4 percent in FY24, nearly double the 18 percent threshold set by the IMF for countries with medium debt-carrying capacity. Platform’s field assessment, conducted across 18 districts between May 2 and 11, found that flagship welfare programmes, the Family Card, Farmers Card, mid-day meals and free school uniforms, were showing early implementation cracks. Beneficiary selection remained unclear, grievance mechanisms were barely functional, and food quality complaints were surfacing in the school meals programme. The Family Card scheme, which aims to reach 50 lakh beneficiaries at Tk 2,500 per month, is estimated to cost Tk 14,500 crore. The Farmers Card targeting 42.5 lakh beneficiaries at Tk 2,500 annually would cost approximately Tk 1,062 crore. Summing up the budget outlook, Towfiq framed the FY27 challenge as a collision between economic compulsion and political necessity. Revenue must grow 42 percent, debt servicing is approaching a peak, and IMF conditionalities demand reform, while the government simultaneously faces pressure to raise salaries, expand subsidies and deliver on 51 manifesto commitments. “Budget FY2026-27 faces dual pressures, balancing economic stability and reforms while meeting political demands to deliver quickly, all within the tightest fiscal space in recent memory,” he said. Towfiq also urged the government to make the Ninth Pay Commission report public, publish FY25 tax expenditure estimates, and bring transparency to ADP project documents, including feasibility studies and impact assessments. “History may ultimately remember this administration for its concluding budget, rather than its beginning.” Citizen's Platform for SDGs, Bangladesh, a network of civil society organisations, is  working to advance the Sustainable Development Goals at the national level. The event brought together policymakers, economists, development practitioners and civil society representatives ahead of the national budget expected to be placed before parliament next month.

Asian stock markets mostly fell on Monday while oil prices surged after US President Donald Trump warned that “the clock is ticking” for Iran as efforts to reach a lasting agreement to end the conflict remain stalled. US stock futures also moved lower, with major indexes losing more than 0.6 percent. Japan and South Korea pulled back further after recent record highs. Japan’s Nikkei 225 dropped 0.9 percent to 60,843.09, led by losses in technology shares. The index had touched a record intraday high above 63,000 last week. The yield on Japan’s 10-year government bond rose to 2.8 percent, its highest level since the late 1990s, as the Bank of Japan gradually raises interest rates and higher energy prices fuel inflation concerns. In South Korea, the Kospi gained 0.9 percent to 7,558.50 after recovering from earlier losses. The index had crossed 8,000 on Friday, driven by strong demand for technology stocks linked to the artificial intelligence boom, before easing on profit-taking. Hong Kong’s Hang Seng Index fell 1.6 percent to 25,543.32, while China’s Shanghai Composite slipped 0.1 percent to 4,132.24 after weaker-than-expected retail sales data for April. Australia’s S&P/ASX 200 lost 1.4 percent to 8,508.40. Taiwan’s Taiex declined 1.1 percent, and India’s Sensex was down 0.6 percent. Oil prices climbed sharply after Trump said in a social media post that Iran should act quickly or “there won’t be anything left of them,” following a phone call with Israeli Prime Minister Benjamin Netanyahu. Investors remain cautious because of uncertainty over the Strait of Hormuz, a key route for global oil and gas shipments. The waterway remains largely closed, while the US has maintained a maritime blockade on Iranian ports since last month. Tensions increased further after a weekend drone attack on a nuclear power plant in the United Arab Emirates. Brent crude, the international benchmark, rose 1.9 percent to $111.31 per barrel. US benchmark crude gained 2.3 percent to $107.83 per barrel. Oil had been trading near $70 a barrel in late February before the conflict began. Analysts at ING Group said the risk of renewed escalation is increasing, despite some improvement in shipping activity around the Strait of Hormuz. The oil market is also reacting to the lack of progress following last week’s summit in Beijing between Trump and Chinese President Xi Jinping. The White House said both countries agreed that the Strait of Hormuz must remain open. Washington had hoped Beijing could use its close economic ties with Tehran to help broker a peace deal. In the bond market, the yield on the US 10-year Treasury note rose to about 4.63 percent, up from 4.47 percent last Thursday and nearly 4 percent before the conflict began. On Friday, the benchmark S&P 500 fell 1.2 percent from the record high it set a day earlier. The Dow Jones Industrial Average dropped 1.1 percent, while the Nasdaq Composite lost 1.5 percent. In currency trading, the US dollar rose to 159.02 Japanese yen from 158.62 yen. The euro edged up to $1.1626 from $1.1622.  

Dhaka Stock Exchange PLC (DSE) and Swisscontact Bangladesh signed a Memorandum of Understanding (MoU) on Sunday aimed at strengthening the SME sector in the capital market and advancing sustainable, inclusive economic development through the country's securities ecosystem. Senior officials from both organisations, including DSE Managing Director Nuzhat Anwar and Swisscontact Bangladesh Country Director Helal Hossain, were present at the signing ceremony. Nuzhat said mutual coordination and a clear roadmap had enabled swift implementation of the initiative, which she believes will play a pivotal role in developing the SME sector. She stressed the need for capacity building, corporate governance support, and compliance assistance to increase SME participation in the capital market. Swisscontact Bangladesh Country Director Helal Hossain noted that while SME companies are a key driver of Bangladesh's economy, they continue to face significant challenges related to financing, competitiveness, and compliance. He underscored the urgency of creating alternative financing and equity-based capital-raising opportunities for SMEs in the current economic climate, expressing hope that the partnership with DSE would serve as a catalyst in bringing promising SME enterprises into the capital market fold. Under the MoU, both organisations will collaborate across strategic sectors including readymade garments (RMG), healthcare, and agriculture. Joint programmes will also cover environmental, social and governance (ESG) standards, sustainability reporting, entrepreneurship development, financial inclusion, climate resilience, trade facilitation, and skills development. The two institutions will jointly conduct capacity-building programmes, awareness workshops, incubation support, and advisory activities to encourage broader capital market participation. Cooperation is also planned on developing sustainable finance instruments, including green bonds, sustainability-linked bonds, sukuk, and blended-finance models.

Li Shaopeng, Cultural Counselor of the Chinese Embassy in Dhaka, said on Saturday that tea is playing a significant role in enhancing friendly relations between Bangladesh and China. He made the remarks while speaking in a seminar as the guest of honour. The seminar was on ‘Tea and the World: Aesthetic Meeting,’ organized by the Chinese Corner of the Political Studies Department at Shahjalal University of Science and Technology (SUST). "Tea is not just a beverage; it is a symbol of friendship, mutual respect, and people-to-people connection between Bangladesh and China," Li said. "In Chinese civilization, tea represents harmony, patience, wisdom, and human connection." SUST Vice-Chancellor Prof. Dr. AM Sarwar Uddin Chowdhury attended the event as the chief guest, while Pro-Vice Chancellor Prof. Dr. Sajedul Karim and other senior faculty members were present as special guests. During the technical session, Dr. Yang Hui, Director of the Confucius Institute at Dhaka University, presented a keynote on the history and traditions of Chinese tea culture. The seminar also featured a cultural segment including dance and musical performances by students. A highlight of the event was a day-long art exhibition featuring 20 paintings by various artists, depicting their travel experiences in China and various aspects of Chinese culture. The event was presided over by Prof. Dr. Md. Nazrul Islam, Head of the Political Studies Department, and moderated by Prof. Dr. Md. Shahabul Haq, Coordinator of the Chinese Corner. Organizers noted that the exhibition remained open to students and visitors throughout the day to promote cultural understanding through art and tradition, according to a press release.

Twenty-six export-oriented garment factory owners on Saturday demanded a high-level independent investigation into what they alleged to be large-scale financial irregularities at Premier Bank PLC’s Narayanganj branch, including LC fraud and the creation of fictitious loans. Speaking at a press conference at the Economic Reporters' Forum (ERF) office in the capital, the business owners accused bank officials of siphoning off funds, illegal foreign currency transactions, and "collusion" between the branch and head office. In a written speech, Arifur Rahman, managing director of Doyes Land Apparels Ltd, claimed that funds were siphoned using his company’s name without his knowledge. "Bank officials, in collusion with the head office and the then chairman, carried out these irregularities without our consent," he alleged. The businesses claimed that the irregularities date back to 2017, involving forged sales contracts and back-to-back letters of credit (LCs) created without actual raw material imports. They further alleged that they were forced to purchase US dollars at rates Tk 12–15 higher than the market rate, creating massive financial liabilities. The garment owners expressed frustration with Bangladesh Bank, stating they had submitted 22 letters seeking intervention but received no remedy. "Bangladesh Bank conducts annual inspections. Then how did these issues go unnoticed?" questioned Dil Mohammad Imran, managing director of Knit Reflex Ltd. The press conference took a sombre turn as owners linked the "financial and psychological pressure" from the bank to the deaths of two managing directors. They claimed Md Hasibuddin Mia of Total Fashion died in December 2024 after being pressured to sign documents, while the MD of West Apparel suffered a fatal heart attack in September 2025 following "false allegations" filed with the Anti-Corruption Commission. The affected entrepreneurs warned that the suspension of banking operations for 23 of the companies now threatens the livelihoods of nearly 25,000 workers. The group demanded a neutral investigation involving the Ministry of Finance and Bangladesh Bank, alongside a full audit by a reputable firm. They noted that a formal application was submitted to the Bangladesh Bank governor on April 6 seeking immediate intervention to save their businesses and protect export earnings.

Gold prices in Bangladesh fell by Tk 6,589 per bhori across two consecutive reductions within a single day, with the Bangladesh Jewellers Association (BAJUS) setting the new price of 22-carat gold at Tk 2,38,121 per bhori on Saturday. In a statement issued Saturday morning, BAJUS announced a reduction of Tk 4,374 per bhori for 22-carat gold. The day before, on Friday morning, the association had already cut prices by Tk 2,215 per bhori, resulting in two successive reductions in under 24 hours. Under the new rates, the price of the finest 22-carat gold is Tk 2,38,121 per bhori after a cut of Tk 4,374. The 21-carat rate was reduced by Tk 4,141 to Tk 2,27,331 per bhori, while 18-carat gold was lowered by Tk 3,558 to Tk 1,94,847 per bhori. The traditional-method gold price was reduced by Tk 2,916, now set at Tk 1,58,689 per bhori. Gold prices in Bangladesh have been adjusted 65 times so far this year, with rates raised on 35 occasions and reduced on 30 others. Along with gold, silver prices were also revised downward. The price of 22-carat silver was cut by Tk 117 to Tk 5,657 per bhori. The 21-carat silver rate was reduced by Tk 175 to Tk 5,365, while 18-carat silver dropped by Tk 117 to Tk 4,607 per bhori. Traditional-method silver was also lowered by Tk 117 to Tk 3,441 per bhori. Silver prices have undergone 39 adjustments this year, with 21 increases and 18 reductions. The domestic price cuts reflect mounting pressure from the global market. According to the World Gold Council, spot gold prices fell nearly 3 percent on Saturday, while silver declined by more than 10 percent. Gold has now lost 2.26 percent of its value over the past 30 days, pointing to a sustained downward trend in international markets.