United News of Bangladesh

The Bangladesh Financial Intelligence Unit (BFIU) has introduced a mandatory “Ethical Undertaking” and “Declaration” for chairmen, directors, and chief executives of commercial banks to address lapses in corporate governance and loan management. In a policy directive issued to the managing directors and chief executive officers of all banks, the BFIU emphasised the need to strengthen ethical standards, accountability, and transparency to combat money laundering and financial crimes. Mandatory Undertaking for Directors According to the new instructions, bank chairmen and directors must sign a specific "Ethical Undertaking". This document binds them to several key principles. They must refrain from using their positions for personal, family, or group interests and must provide written disclosure if any potential conflict arises, directors are strictly prohibited from providing informal or policy-violating instructions regarding loan approvals, rescheduling, or restructuring and they must not interfere in the reporting process for suspicious transactions (STR/SAR) and must cooperate fully with BFIU directives. Public Declaration by CEOs Managing Directors and CEOs are now required to sign a “Declaration” affirming their commitment to fostering a culture of compliance and accountability. Notably, this signed declaration must be prominently displayed in their respective offices. The declaration highlights the executive's pledge to remain free from internal or external influence and to prioritise the stability and reputation of the country's financial sector. Anti-Corruption Awareness The BFIU also directed banks to display posters and banners regarding complaint submission procedures and anti-corruption slogans in visible areas of the bank. These slogans include messages such as "No to Corruption and Bribes," "Safe Banking in Legal Transactions," and "No Loan Approval Outside Policy". The BFIU stated that these measures are essential to rectify the lack of effective capacity in risk control and credit management observed in recent years. The directive, issued under the authority of the Bangladesh Bank, takes effect immediately for all current and future appointments or re-appointments of top-tier bank officials.

Commerce Minister Khandakar Abdul Muktadir on Wednesday called for bringing the gold trade under the formal economy, asserting that the jewellery sector holds untapped export potential worth billions of dollars for Bangladesh. “People think the gold business is part of a black economy. I will not get into the black-and-white debate; what we want is the entire sector to become part of the visible economy,” he said while speaking at a consultative committee meeting of the National Board of Revenue (NBR) held at a city hotel. Muktadir talks tough against artificial crisis, market manipulation Pointing to India's $52 billion annual earnings from gold jewellery exports, Muktadir said Bangladesh possesses craftsmen of comparable skills, yet the country has little to show for it. “Bangladesh should be earning at least $12-14 billion from this sector, but that is simply not happening.” To unlock the sector's potential and generate export revenue, he stressed the need to upgrade laboratory facilities, modernise jewellery designs, and overhaul government policies to align with contemporary market demands. The minister also identified the energy crisis and high interest rates on bank loans as major impediments to doing business, cautioning that failure to improve the tax-to-GDP ratio will significantly constrain the country's economic momentum. He called on the business community to shift their mindset towards tax compliance and contribute meaningfully to national development. Earlier in the meeting, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) proposed raising the tax-free income ceiling to Tk 5 lakh for general taxpayers and Tk 5.5 lakh for women in the upcoming budget, while also recommending capping the highest tax rate at 25 percent. The apex trade body further demanded an increase in the Export Development Fund (EDF) beyond its current $7 billion limit and sought budgetary support for the implementation of the ‘One District, One Product (ODOP)’ programme.

Policymakers and business leaders on Wednesday called for sweeping reforms to Bangladesh's regulatory and investment environment as the new government finalises its policy agenda and prepares for the upcoming national budget. They made the call while addressing a business climate dialogue, jointly organised by the Metropolitan Chamber of Commerce and Industry (MCCI) and Policy Exchange Bangladesh with support from the Australian High Commission in the MCCI Chamber Building. The dialogue brought together industry veterans, legal experts, and foreign investors under the banner: “Improving the Investment Climate: Why It's Critical for the New Government Priorities and the Upcoming National Budget.” MCCI urges NBR to make upcoming budget ‘supportive, not punitive’ MCCI Secretary General and CEO Farooq Ahmed, in his welcome remarks, underscored the imperative of strengthening the investment climate to underpin sustainable economic growth. Delivering the keynote address, Dr M Masrur Reaz, Chairman and CEO of Policy Exchange Bangladesh, stressed the urgency of timely reforms to unlock private sector growth, sharpen the country's competitiveness, and draw both domestic and foreign capital. A panel discussion, also moderated by Reaz, surfaced a broad consensus on the structural bottlenecks hampering investment. Zinnia Huq, Chief Financial Officer of Unilever Bangladesh Limited, argued that investors demand speed, transparency, predictability, and inter-agency coordination, and that policies must evolve from person-dependent arrangements to institution-based frameworks to generate durable investor confidence. EuroCham Chairperson Nuria Lopez cautioned that the absence of firm commitments on free trade agreements and dependable export access was keeping prospective investors on the sidelines. She called for policy consistency, modernisation of customs infrastructure, improved energy supply, and public-private engagement underpinned by clear accountability. Margub Kabir, Head of Chambers at Margub Kabir & Associates, pressed for the overhaul of antiquated procedural laws, arguing that streamlined commercial dispute resolution mechanisms are essential for a functional investment ecosystem. President of Bangladesh Garment Manufacturers and Exporters Association Mahmud Hasan Khan warned that without reliable, quality energy supply, Bangladesh's aspirations of moving up the value chain into higher value-added industries would remain elusive. The dialogue concluded with a unified call for coordinated reforms and sustained public-private engagement, with participants urging that the day's deliberations be translated into concrete policy action capable of reinforcing investor confidence and securing Bangladesh's long-term growth trajectory.

Bangladesh Bank is planning to form a special refinance fund to provide low-interest loans for reopening closed industrial units, aiming to boost employment across the country. According to central bank sources, a high-level 19-member committee, led by Deputy Governor Dr. Md. Kabir Ahmed, has been formed to determine the structure of the fund. The committee will evaluate whether the fund will be financed by the government or from the central bank’s own resources and will submit a comprehensive report detailing the necessary financial and policy support. The initiative is being aligned with the government's broader employment targets. Specifically, it seeks to support the goal of creating one crore jobs within the first 18 months, as outlined in the Bangladesh Nationalist Party (BNP) election manifesto. The plan will prioritize viable industrial units that were forced to shut down during the July uprising. However, firms involved in fraud, money laundering, or major financial crimes will be excluded from this facility. Garment production hit in Savar as fuel crisis, load shedding disrupt operations The proposed assistance package includes several key measures to ease the burden on struggling industries: Relaxed downpayment conditions for regularizing existing loans, new low-interest funding facilities, enhanced banking support for import and export activities, and opportunities to open Letters of Credit (LCs) with lower margins. Banks will be authorized to provide these benefits based on the track record and behavior of the clients prior to the factory closures. Despite the potential benefits, the International Monetary Fund (IMF) has raised objections to the formation of new refinance funds. The IMF suggests that existing funds should be gradually phased out rather than creating new ones. The organization expressed concern that new central bank financing could inject excess liquidity into the market, potentially fueling further inflation. Data Collection Underway Bangladesh Bank has already started collecting a list of closed factories that were established with bank financing. Arif Hossain Khan, Executive Director and spokesperson of the central bank, stated that a complete report based on the collected data will be submitted to the government soon. In light of the IMF's concerns, the central bank is also reportedly exploring alternative methods to revitalize closed industries without destabilizing the broader economy.

Production in garment factories in Savar and Ashulia industrial belt has been severely disrupted due to fuel oil shortage, persistent load shedding and rising energy costs, industry sources said on Tuesday. Factory owners and officials said overall production has dropped by around 15 to 20 percent as frequent power cuts and fuel shortages continue to affect operations and logistics. At AKH Group in Hemayetpur, Deputy Managing Director Abul Kashem said production is falling by nearly 10 percent daily due to energy constraints. He added that transportation has become a major challenge as fuel shortages are delaying shipment of finished goods. Even when production is completed, delayed shipment is creating bigger problems. Sometimes covered vans are getting stranded on the way due to fuel shortage, forcing us to miss shipment schedules, he said, adding that foreign buyers are already reducing purchase orders. He urged the government to take urgent steps to stabilize the energy supply for the apparel sector. During visits to several factories, including Al Muslim Group and JK Group, it was found that production is being maintained using gas-run generators due to electricity shortages. JK Group General Manager Mahbub Alam said their daily output has dropped from 100,000–110,000 pieces to around 80,000–90,000 pieces. In some cases, exporters are forced to send goods by air at higher costs to meet deadlines. At Standard Group’s Stitchers Ltd in Karanpara, production has also declined significantly, with output falling from 15,000–20,000 pieces to around 10,000 per day, officials said. Dhaka Palli Bidyut Samity-1 Senior General Manager Akhtaruzzaman Laskar said electricity supply remains below demand due to fuel and generation constraints, but government initiatives are underway to improve the situation soon.

Global gold demand, including over-the-counter trading, rose 2 percent year on year to 1,231 tonnes in the first quarter of 2026, an industry report said Wednesday. Global demand for gold bars and coins increased 42 percent year on year to 474 tonnes, marking the second-highest quarter on record, with Asian investors hoovering up gold investment products, according to the report released by the World Gold Council. According to the report, jewelry consumption stood at 300 tonnes, down 23 percent, but the levels of spending increased 31 percent, signalling continued positive sentiment toward gold jewelry. Central banks continued to purchase gold, with global gold reserves rising by 244 tonnes in the first quarter of the year, according to the council. Demand for gold used in technology edged 1 percent higher to 82 tonnes, fuelled largely by the continued growth in AI infrastructure, according to the report. During this quarter, the supply of gold increased 2 percent to 1,231 tonnes, said the report, attributing the increase to a modest growth in mine production together with a 5 percent uptick in recycling. 

Gold prices in Bangladesh have dropped by Tk 4,432 per bhori over two consecutive days after the Bangladesh Jewellers Association (BAJUS) announced a fresh downward revision on Wednesday, setting the price of 22-carat gold at Tk 2,42,495 per bhori. In a statement issued on Wednesday morning, BAJUS said the price adjustment reflects a decline in local market rates of refined gold. The latest cut of Tk 2,216 per bhori follows an identical reduction on Tuesday, bringing the cumulative two-day drop to Tk 4,432. Under the revised rates, 21-carat gold has been priced at Tk 2,31,472 per bhori,  down Tk 2,100 while 18-carat gold now stands at Tk 1,98,405, a reduction of Tk 1,808. Traditional-method gold has been set at Tk 1,61,605 per bhori, lower by Tk 1,458. The previous adjustment was made on April 28, when Bajus reduced the price of 22-carat gold by Tk 2,216 to Tk 2,44,711 per bhori. In 2026, Bajus has revised gold prices 58 times so far, raising them on 32 occasions and cutting them on 26. Silver prices, however, remained unchanged. A bhori of 22-carat silver is currently trading at Tk 5,482, while 21-carat stands at Tk 5,190, 18-carat at Tk 4,491, and traditional-method silver at Tk 3,383 per bhori. Silver rates have been revised 36 times this year, with 19 upward and 17 downward adjustments.

Asian stock markets mostly moved higher on Wednesday, even as Wall Street slipped, while oil prices dropped after the United Arab Emirates announced it will leave OPEC, dealing a blow to the influential oil group. U.S. futures showed slight gains, while markets in Japan remained closed for a public holiday. In Asia, South Korea’s Kospi rose 0.3% to 6,657.40. Hong Kong’s Hang Seng index climbed 1.4% to 26,029.02, and China’s Shanghai Composite index gained 0.3% to 4,091.01. Australia’s S&P/ASX 200 edged down 0.3% to 8,689.50. Taiwan’s Taiex fell 0.6%, while India’s Sensex added 0.4%. Oil prices declined in early trading. Brent crude for June delivery fell 0.5% to $110.71 per barrel, while July contracts dropped 0.6% to $103.74. Before the war began in late February, Brent was trading near $70 per barrel. U.S. benchmark crude also slipped 0.6% to $99.32 per barrel. The UAE is set to leave OPEC on Friday, a move closely watched by global oil markets. The group produces about 40% of the world’s oil, and the UAE is one of its biggest producers. In recent years, the country has pushed back against OPEC’s output limits, seeking to increase its oil exports. Analysts at ING said the UAE’s exit could boost oil supply, noting the country has long been frustrated by production caps that limit its full capacity. However, analysts say short-term oil price movements will depend more on whether the Strait of Hormuz reopens. The key shipping route, which previously handled about one-fifth of global oil supply, remains largely closed amid stalled U.S.-Iran talks. Before the Iran war, the UAE was the third-largest producer in OPEC. ING said its departure could weaken the group’s ability to control global oil supply. Investors are also watching for progress in U.S.-Iran negotiations. Iran has offered to reopen the Strait of Hormuz if the U.S. lifts its blockade on Iranian ports, but Washington appears unwilling to reach a deal that excludes Tehran’s nuclear programme. The U.S. Federal Reserve is expected to announce its latest interest rate decision later on Wednesday. On Wall Street, stocks pulled back from recent record highs on Tuesday. The S&P 500 fell 0.5% to 7,138.80, while the Dow Jones Industrial Average slipped 0.1% to 49,141.93. The Nasdaq composite dropped 0.9% to 24,663.80, led by losses in technology and artificial intelligence-related stocks. Chipmaker Broadcom fell 4.4%, Nvidia lost 1.6% and Micron Technology dropped 3.9%. Major tech companies including Alphabet, Amazon, Microsoft and Meta Platforms are set to release their earnings later Wednesday. In currency trading, the U.S. dollar edged up to 159.63 Japanese yen from 159.62 yen. The euro weakened slightly to $1.1708. The yield on the U.S. 10-year Treasury remained steady at 4.35%.

Commerce Minister Khandaker Abdul Muktadir on Tuesday called for a greater flow of American investment into Bangladesh to diversify exports and strengthen bilateral economic ties by expanding access to the US market. The Minister made these remarks while attending a luncheon meeting titled "Advancing the US-Bangladesh Economic Partnership," organized by the American Chamber of Commerce in Bangladesh (AmCham) at a city hotel. Muktadir talks tough against artificial crisis, market manipulation Highlighting the government’s industrial strategy, the Minister stated that priority is being given to several key sectors to broaden the country's export basket beyond traditional items. These sectors include-Pharmaceuticals, Leather goods, Agricultural products, Light engineering, Information and Communication Technology (ICT). The Minister also addressed Bangladesh's upcoming graduation from the Least Developed Country (LDC) status. He emphasized that continued support from the United States is crucial for a smooth transition. To this end, Dhaka has proposed an extension of the transition period, aiming for a final graduation by November 2029. Special Guest US Ambassador Brent T. Christensen underscored the significance of the Agreement on Reforming Trade (ART). He noted that the agreement is instrumental in maintaining Bangladesh's access to the vital US market at a competitive 19 percent tariff, which would otherwise stand at 35 percent. Ambassador Christensen further added that the ART facilitates changes in both tariff and non-tariff trade barriers. This not only aids in increasing imports from the US but also helps maintain a healthy trade balance. He reaffirmed the United States’ firm commitment to supporting Bangladesh through trade, investment, and economic cooperation. AmCham President Syed Ershad Ahmed, who chaired the session, highlighted the Chamber's role in the significant growth of bilateral trade. He stressed the necessity of maintaining this partnership in a shifting global landscape and reiterated AmCham’s commitment to fostering a favorable environment for investment and responsible business practices. The event saw a broad representation of stakeholders, including senior ministry officials, diplomatic representatives, and top business leaders. A dynamic question-answer session concluded the meeting, allowing the business community to engage directly with the Minister and the Ambassador on critical trade issues and future prospects. The luncheon was supported by prominent companies including Colgate-Palmolive, Excelerate Energy, Omera LPG, Air Alliance Limited (UPS), Sabre Travel Network (Bangladesh) Ltd, and Beyond Innovations & Technologies Ltd.

The exchange rate of the US dollar against the Bangladeshi Taka has remained stable in the interbank foreign exchange market, according to the latest data from Bangladesh Bank. As of April 27, the exchange rate was fixed at Tk 122.75 per dollar. Amid the pressure on foreign exchange and IMF congratulations on the market based exchange rate, the domestic currency Taka is stable so far after the national election in February. The central bank stated that the rate is determined based on market demand and supply within the interbank sector. During the day’s trading, both the bid (buy) and ask (sell) rates stood at Tk 122.75. The Weighted Average Rate (WAR) also maintained the same level, signaling a period of relative stability in the market. NCC Bank recommends 21% dividend Bangladesh Bank applies this rate for foreign currency transactions with the government and international organizations. Cross Rates with Other Major Currencies: While the dollar remained steady, slight fluctuations were observed in the cross rates of other major currencies: Euro: Trading between Tk 143.86 (bid) and Tk 143.91 (ask). British Pound: Ranging from Tk 166.09 to Tk 166.13. Australian Dollar: Exchanged between Tk 87.74 and Tk 87.80. Canadian Dollar: Traded at Tk 89.80–89.81. Singapore Dollar: Positioned between Tk 96.13 and Tk 96.21. Japanese Yen: Priced at Tk 0.77 per yen. In terms of regional currencies, the Bangladeshi Taka stood at approximately Tk 1.30 against the Indian Rupee and Tk 2.59 against the Sri Lankan Rupee. Market Outlook: Market analysts suggest that future movements in the exchange rate will depend heavily on the supply of foreign currency, remittance inflows, and import expenditure. However, for the time being, the interbank market is showing no signs of major volatility.